99 Henrietta Ave · Buffalo, NY 14207

$155,000

5 bd · 2.0 ba · 2,030 sqft · MultiFamily public records · 59 Days on market

Built 1925 3,960 sqft lot $76/sqft · 50% below area Est $310k · 50% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Two unit 3/2 Double, Some Original woodwork, Spacious units with additional sunrooms! Easy to show!

Key facts

• Additional sunrooms
• Original woodwork
• Spacious units

Tags

• ORIGINAL WOODWORK
• SPACIOUS UNITS
• ADDITIONAL SUNROOMS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $513/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 8.0% in Buffalo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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.
• Market conditions: Rents rising fast (+8.2%/yr); 197 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,456/mo this rent would consume 74% of the median local household income ($40k/yr) (locally 2177% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $43k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 16y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $53k; list at $155k implies a 192% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.58% ✓
• Cap rate: 14.23%
• Cash-on-cash: 28.35%
• DSCR: 2.26
• GRM: 5.3

CMA / ARV

• ARV (median comp): $309,730
• List price: $155,000
• Delta: -49.96%
• 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
37 Philadelphia St	0.11mi	4/2.0 (-1)	2,118 (+4%)	1mo	$260,000	$123	82
102 Ullman St	0.27mi	5/2.0	2,098 (+3%)	3mo	$165,000	$79	79
101 Baxter St	0.34mi	6/2.0 (+1)	2,000 (-2%)	5mo	$140,000	$70	73
395 Ontario St	0.24mi	5/2.0	1,908 (-6%)	8mo	$270,000	$142	73
301 Roesch Ave	0.33mi	6/2.0 (+1)	2,000 (-2%)	6mo	$250,000	$125	72
74 Philadelphia St	0.17mi	6/2.0 (+1)	2,160 (+6%)	5mo	$170,000	$79	72
138 Ross Ave	0.20mi	4/2.0 (-1)	1,896 (-7%)	8mo	$170,000	$90	68
24 Argus St	0.11mi	4/2.0 (-1)	2,256 (+11%)	7mo	$210,000	$93	65
311 Newfield St	0.39mi	6/2.0 (+1)	2,129 (+5%)	6mo	$215,000	$101	64
129 Philadelphia St	0.25mi	6/2.0 (+1)	2,292 (+13%)	9mo	$250,000	$109	54
1176 Tonawanda St	0.47mi	4/2.0 (-1)	1,792 (-12%)	2mo	$205,000	$114	52
908 Tonawanda St	0.39mi	6/2.0 (+1)	2,332 (+15%)	2mo	$145,000	$62	50

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.7%
• Equity multiple: 2.22×
• Total profit: $53,115
• Equity at exit: $23,111

10-year hold

• IRR: 37.9%
• Equity multiple: 5.36×
• Total profit: $189,186
• Equity at exit: $13,402

Cash invested: $43,400 (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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 197
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,456 high
• Mortgage (P&I): −$813
• Tax from tax record: −$37 /mo · $448/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $1,025

Break-even live

Break-even rent $1,158

Max offer price $155,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,456
Total (2 units)			$2,456

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-04-30
   price $155,000 100-char remark

   Show marketing remark (100 chars)

   Two unit 3/2 Double, Some Original woodwork, Spacious units with additional sunrooms! Easy to show!

2. 2026-03-30
   listed $165,000 Active 100-char remark

   Show marketing remark (100 chars)

   Two unit 3/2 Double, Some Original woodwork, Spacious units with additional sunrooms! Easy to show!

3. 2025-05-01
   historical $950
4. 2025-04-19
   price $950
5. 2025-03-29
   price $1,000
6. 2025-02-28
   listed $1,100
7. 2023-10-27
   historical
8. 2023-09-13
   price $135,000
9. 2023-08-16
   price $150,000
10. 2023-07-26
    listed $160,000 Active
11. 2018-01-04
    soldstatus $53,000 Closed Sale or Rented
12. 2017-12-27
    soldstatus $53,000
13. 2017-10-10
    status Pending Sale
14. 2017-09-11
    listed $55,000 Active
15. 2011-02-09
    soldstatus $40,100
16. 2010-09-01
    listed $45,900

ⓘ 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: $448 · $37/mo
• Projected year-2 tax: $1,534 · $128/mo
• Expected delta: +$1,086/yr (+$90/mo · 242.1%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,472
• − Mortgage interest: −$8,682
• − Property taxes: −$448
• − Insurance: −$775
• − Repairs & maintenance: −$2,358
• − Management: −$2,358
• − Depreciation: −$4,509
• Taxable income: $10,342
• Est. tax owed @ 24.0%: −$2,482
• After-tax cash flow: $9,823/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

+237.7% since first listed

16 events — show timeline

• 2026-04-30 Price Changed $155,000 WNYREIS
• 2026-03-30 Listed $165,000 WNYREIS
• 2025-05-01 Rental Removed $950 PROPERTYWARE
• 2025-04-19 Price Changed $950 PROPERTYWARE
• 2025-03-29 Price Changed $1,000 PROPERTYWARE
• 2025-02-28 Listed for Rent $1,100 PROPERTYWARE
• 2023-10-27 Listing Removed — WNYREIS
• 2023-09-13 Price Changed $135,000 WNYREIS
• 2023-08-16 Price Changed $150,000 WNYREIS
• 2023-07-26 Listed $160,000 WNYREIS
• 2018-01-04 Sold (MLS) $53,000 WNYREIS
• 2017-12-27 Sold (Public Records) $53,000 Public Records
• 2017-10-10 Pending — WNYREIS
• 2017-09-11 Listed $55,000 WNYREIS
• 2011-02-09 Sold (MLS) $40,100 WNYREIS
• 2010-09-01 Listed $45,900 WNYREIS

Property tax history

+4.6%/yr

Latest (2025): $448 · +0.0% YoY. Source: county tax records.