29 Melrose St · Buffalo, NY 14220

$209,900

3 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 75 Days on market

Built 1920 3,840 sqft lot $112/sqft · 48% below area Est $403k · 48% under

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.2/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +6.1/10.0
• Rent growth +4.4/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Amazing investment opportunity with wonderful, hard to find tenants. Both upper and lower units have two bedrooms and one full bath. Two gas and two electric meters, so utilities paid by tenants. Vinyl siding for low maintenance and added security with glass block windows. Blacktop driveway with shed, laundry hookups in basement. Roof is ten years young. 24 hour notice required for showings, and showings allowed 9:30 AM- 6:00 PM daily. Offers will be reviewed as they come in.

Key facts

• 3,840 sq ft lot
• 2 parking spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $599 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $197k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 8.0% in Buffalo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 77/100 on livability (#195 in NY, #3,011 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Buffalo City School District (urban): math 41% / reading 40% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Market conditions: Rents rising fast (+7.6%/yr); 138 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 39% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $59k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $152k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $197,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.11% ✓
• Cap rate: 9.72%
• Cash-on-cash: 12.23%
• DSCR: 1.54
• GRM: 7.5

CMA / ARV

• ARV (median comp): $402,582
• List price: $209,900
• Delta: -47.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 Melrose St	0.16mi	4/2.0 (+1)	2,001 (+7%)	8mo	$223,000	$111	70
89 Melrose St	0.11mi	4/2.0 (+1)	2,038 (+9%)	7mo	$318,000	$156	70
81 Melrose St	0.10mi	4/2.0 (+1)	2,116 (+13%)	5mo	$264,000	$125	65
65 Hayden St	0.52mi	4/2.0 (+1)	1,848 (-1%)	11mo	$170,000	$92	60
74 Cazenovia St	0.47mi	3/2.0	1,938 (+4%)	18mo	$331,650	$171	58
28 Paul Pl	0.30mi	4/2.0 (+1)	2,144 (+14%)	0mo	$230,000	$107	56
61 Princeton Pl	0.40mi	4/2.0 (+1)	1,640 (-12%)	1mo	$256,000	$156	55
50 Kingston Pl	0.40mi	4/2.0 (+1)	1,631 (-13%)	2mo	$185,000	$113	54
44 Trowbridge St	0.66mi	4/2.0 (+1)	1,908 (+2%)	15mo	$225,000	$118	48
48 Ryan St	0.49mi	4/2.0 (+1)	2,084 (+11%)	8mo	$213,000	$102	47
889 Tifft St	0.64mi	4/2.0 (+1)	2,112 (+13%)	4mo	$210,000	$99	41
70 Houston St	0.58mi	4/2.0 (+1)	2,106 (+12%)	11mo	$150,000	$71	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.62% rent growth · sell at horizon

5-year hold

• IRR: 6.4%
• Equity multiple: 1.26×
• Total profit: $15,370
• Equity at exit: $31,297

10-year hold

• IRR: 19.2%
• Equity multiple: 2.93×
• Total profit: $113,281
• Equity at exit: $18,148

Cash invested: $58,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14220

• Home prices YoY: -26.7%
• Rents YoY: 7.6%
• Active inventory: 138
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $2,329 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$53 /mo · $633/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $599

Break-even live

Break-even rent $1,571

Max offer price $209,900

Occupancy floor 69%

Sensitivity live

Price	-10% $718	-5% $658	+0% $599	+5% $540	+10% $480
Rent	-10% $415	-5% $507	+0% $599	+5% $691	+10% $783
Rate	-1.0pp $705	-0.5pp $652	base $599	+0.5pp $545	+1.0pp $489

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,328
Total (2 units)			$2,329

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
86 Edgewood Ave Buffalo, NY	2.0	2.0	1700	$1,700	$1.00	0d	1	0.38mi
89 Macamley St #2 Buffalo, NY	3.0	1.0	1274	$1,100	$0.86	12d	1	0.42mi
74 Woodside Ave Unit 1 Buffalo, NY	3.0	1.0	1250	$1,510	$1.21	0d	1	0.82mi
21 Amber St Unit UPPER Buffalo, NY	2.0	1.0	2112	$1,700	$0.80	0d	1	0.93mi
78 Kirkwood Dr Unit Lower Unit West Seneca, NY	2.0	1.0	1808	$1,375	$0.76	4d	1	1.23mi

Listing history 24 events

1. 2026-06-21
   days on market $209,900 Active 75 DOM
2. 2026-06-18
   days on market $209,900 Active 72 DOM
3. 2026-06-17
   days on market $209,900 Active 71 DOM
4. 2026-06-16
   days on market $209,900 Active 70 DOM
5. 2026-06-15
   days on market $209,900 Active 69 DOM
6. 2026-06-13
   days on market $209,900 Active 67 DOM
7. 2026-06-13
   days on market $209,900 Active 66 DOM
8. 2026-06-10
   days on market $209,900 Active 64 DOM
9. 2026-06-09
   days on market $209,900 Active 63 DOM
10. 2026-06-08
    days on market $209,900 Active 62 DOM
11. 2026-06-07
    days on market $209,900 Active 61 DOM
12. 2026-06-03
    days on market $209,900 Active 57 DOM
13. 2026-06-02
    days on market $209,900 Active 56 DOM
14. 2026-06-01
    days on market $209,900 Active 55 DOM
15. 2026-05-31
    days on market $209,900 Active 54 DOM
16. 2026-05-12
    price $209,900 480-char remark

    Show marketing remark (480 chars)

    Amazing investment opportunity with wonderful, hard to find tenants. Both upper and lower units have two bedrooms and one full bath. Two gas and two electric meters, so utilities paid by tenants. Vinyl siding for low maintenance and added security with glass block windows. Blacktop driveway with shed, laundry hookups in basement. Roof is ten years young. 24 hour notice required for showings, and showings allowed 9:30 AM- 6:00 PM daily. Offers will be reviewed as they come in.

17. 2026-04-07
    listed $219,900 Active 480-char remark

    Show marketing remark (480 chars)

    Amazing investment opportunity with wonderful, hard to find tenants. Both upper and lower units have two bedrooms and one full bath. Two gas and two electric meters, so utilities paid by tenants. Vinyl siding for low maintenance and added security with glass block windows. Blacktop driveway with shed, laundry hookups in basement. Roof is ten years young. 24 hour notice required for showings, and showings allowed 9:30 AM- 6:00 PM daily. Offers will be reviewed as they come in.

18. 2019-10-02
    soldstatus $152,500 Closed Sale or Rented 344-char remark

    Show marketing remark (344 chars)

    29 Melrose - 2/2 Double Showings begin at Open House on Wednesday, April 24th from 5-7:30pm. Located on a beautiful South Buffalo street off Abbott, this 2/2 double features many new amenities including a new roof, mechanics and flooring to name a few. .. An opportunity not to be missed, make sure to stop by the open house on Wednesday, 4/24!

19. 2019-10-02
    soldstatus $152,500

    Show marketing remark (344 chars)

    29 Melrose - 2/2 Double Showings begin at Open House on Wednesday, April 24th from 5-7:30pm. Located on a beautiful South Buffalo street off Abbott, this 2/2 double features many new amenities including a new roof, mechanics and flooring to name a few. .. An opportunity not to be missed, make sure to stop by the open house on Wednesday, 4/24!

20. 2019-08-13
    status Pending Sale 344-char remark

    Show marketing remark (344 chars)

    29 Melrose - 2/2 Double Showings begin at Open House on Wednesday, April 24th from 5-7:30pm. Located on a beautiful South Buffalo street off Abbott, this 2/2 double features many new amenities including a new roof, mechanics and flooring to name a few. .. An opportunity not to be missed, make sure to stop by the open house on Wednesday, 4/24!

21. 2019-05-28
    price $159,900 344-char remark

    Show marketing remark (344 chars)

    29 Melrose - 2/2 Double Showings begin at Open House on Wednesday, April 24th from 5-7:30pm. Located on a beautiful South Buffalo street off Abbott, this 2/2 double features many new amenities including a new roof, mechanics and flooring to name a few. .. An opportunity not to be missed, make sure to stop by the open house on Wednesday, 4/24!

22. 2019-04-17
    listed $169,900 Active 344-char remark

    Show marketing remark (344 chars)

    29 Melrose - 2/2 Double Showings begin at Open House on Wednesday, April 24th from 5-7:30pm. Located on a beautiful South Buffalo street off Abbott, this 2/2 double features many new amenities including a new roof, mechanics and flooring to name a few. .. An opportunity not to be missed, make sure to stop by the open house on Wednesday, 4/24!

23. 2015-11-25
    soldstatus $27,500
24. 1996-09-12
    soldstatus $59,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $633 · $53/mo
• Projected year-2 tax: $2,090 · $174/mo
• Expected delta: +$1,457/yr (+$121/mo · 230.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,948
• − Mortgage interest: −$11,758
• − Property taxes: −$633
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,236
• − Management: −$2,236
• − Depreciation: −$6,106
• Taxable income: $3,930
• Est. tax owed @ 24.0%: −$943
• After-tax cash flow: $6,244/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Buffalo City School District
• NCES district ID: 3605850
• Math proficiency: 41% ▲ 11.00%
• Reading proficiency: 40% ▲ 7.00%
• Median HH income: $31,665
• Composite: 33.17/100
• National rank: #5544
• State rank: #535 of 590 in NY

Livability — Buffalo

• Score: 77/100
• State rank: #195
• US rank: #3011

Category grades

Amenities A Commute A+ Cost of living A Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Buffalo, NY
• County: Erie County · 714,559 people
• City population: 440,021
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 24,428
• Household income: $70,963
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 602.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 13% Two or more races 6% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 10% Cuban 1%
• Common ancestry: Romanian 16% Lithuanian 1% Subsaharan African 1%
• Foreign-born: 4% · Canada, Jamaica, China
• Languages at home: 90% English-only · Spanish 4% Chinese 1%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -146.29%
• Current HPI: 402.5053
• Rent YoY: ▲ 7.62%
• Metro: Buffalo-Cheektowaga, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+255.8% since first listed

9 events — show timeline

• 2026-05-12 Price Changed $209,900 WNYREIS
• 2026-04-07 Listed $219,900 WNYREIS
• 2019-10-02 Sold (Public Records) $152,500 Public Records
• 2019-10-02 Sold (MLS) $152,500 WNYREIS
• 2019-08-13 Pending — WNYREIS
• 2019-05-28 Price Changed $159,900 WNYREIS
• 2019-04-17 Listed $169,900 WNYREIS
• 2015-11-25 Sold (Public Records) $27,500 Public Records
• 1996-09-12 Sold (Public Records) $59,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $633 · +0.0% YoY. Source: county tax records.