182 Peter St · Buffalo, NY 14207

$199,900

4 bd · 2.0 ba · 1,614 sqft · MultiFamily public records · 33 Days on market

Built 1920 3,000 sqft lot Est $174k · 15% over

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Why this score? — see what drove the C 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
• DSCR +9.4/10.0
• 1% rule +7.4/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +0.9/15.0
• 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

Great opportunity to roll up your sleeves and restore this beauty to its original charm in the quickly rising Black Rock neighborhood. 3 bedroom lower, 2 bedroom upper with a happy tenant who would like to stay in place. Garage in poor condition, work needed on home both interior and exterior. Upper is a 2 level loft style very unique apartment. Owner's son lived in lower and started alot of work, but now is your chance to come in and finish this up for an unbeatable price!! Equally good options to owner occupy the lower and collect the rent, or a great addition to an investment portfolio. ALL OFFERS DUE BY TUESDAY 10/20 @ 3pm for review.

Key facts

• Seamless gutters
• Large renovation
• New hot water tank

Tags

• LARGE RENOVATION
• NEW ROOF
• MAIN SEWER LINE REPLACEMENT
• NEW HOT WATER TANK
• UPGRADED ELECTRIC BREAKERS
• SEAMLESS GUTTERS

Property features AI

Finance

• Financial info: Owner pays water (for rental); Water included in rent; Operating expenses include water/sewer

Exterior

• Parking: Paved parking; Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property
• Construction: Wood siding; Asphalt architectural shingle roof; Partial basement
• Exterior features: Near public transit; Rectangular residential lot; City street frontage

Interior

• Flooring: Carpet; Luxury vinyl; Varied flooring
• Bathrooms: Three full bathrooms
• Heating & cooling: Gas heating; Radiator heating; Space heaters
• Interior features: Ceiling fans; Cathedral ceilings
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.5-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $570 ($7k/yr) — positive. Per door: $285/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $194k (3.0% 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 (+8.2%/yr); 199 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,470/mo this rent would consume 75% 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 $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 $70k; list at $200k implies a 186% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 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 1920 — 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: 1.24% ✓
• Cap rate: 9.71%
• Cash-on-cash: 12.22%
• DSCR: 1.54
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $174,312
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
155 Germain St	0.03mi	4/2.0	1,512 (-6%)	8mo	$165,000	$109	82
74 Bush St	0.23mi	3/2.0 (-1)	1,637 (+1%)	9mo	$176,000	$108	74
105 Howell St	0.17mi	4/2.0	1,520 (-6%)	13mo	$120,000	$79	72
80 Peter St	0.17mi	5/2.0 (+1)	1,469 (-9%)	4mo	$125,000	$85	69
26 Clay St	0.31mi	5/2.0 (+1)	1,511 (-6%)	13mo	$192,500	$127	59
561-63 Military Rd	0.27mi	4/2.0	1,812 (+12%)	14mo	$350,000	$193	55
38 Saint Florian St	0.29mi	4/2.0	1,816 (+12%)	14mo	$235,000	$129	54
222 Amherst St	0.46mi	5/3.0 (+1)	1,686 (+4%)	20mo	$50,000	$30	45
270 East St	0.69mi	4/2.0	1,497 (-7%)	13mo	$80,000	$53	45
400 Tonawanda St	0.49mi	4/2.0	1,452 (-10%)	21mo	$35,000	$24	43
92 Greeley St	0.68mi	5/2.0 (+1)	1,766 (+9%)	6mo	$220,000	$125	42

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: 7.3%
• Equity multiple: 1.30×
• Total profit: $16,991
• Equity at exit: $29,806

10-year hold

• IRR: 20.6%
• Equity multiple: 3.16×
• Total profit: $121,092
• Equity at exit: $17,284

Cash invested: $55,972 (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: 199
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $2,470 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$519
• Net cashflow: $570

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 72%

Sensitivity live

Price	-10% $708	-5% $639	+0% $570	+5% $501	+10% $432
Rent	-10% $375	-5% $472	+0% $570	+5% $667	+10% $765
Rate	-1.0pp $671	-0.5pp $621	base $570	+0.5pp $518	+1.0pp $465

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2.5	$2,470
Total (2 units)			$2,470

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	16d	1	0.18mi
62 Germain St Buffalo, NY	3.0	1.0	1320	$1,250	$0.95	25d	1	0.21mi
118 Rano St Buffalo, NY	3.0	1.0	1050	$1,200	$1.14	23d	1	0.63mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	25d	1	0.66mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	3d	14	0.94mi
37 Abbottsford Pl Buffalo, NY	3.0	1.0	1130	$1,650	$1.46	45d	1	1.08mi
891 Richmond Ave Buffalo, NY	3.0	1.0	1176	$1,800	$1.53	45d	1	1.10mi
305 Bird Ave Unit 3 Buffalo, NY	3.0	1.5	1128	$2,300	$2.04	45d	1	1.13mi
309 Bird Ave Unit 1 Buffalo, NY	3.0	1.0	1100	$2,200	$2.00	45d	1	1.13mi
374 Baynes St Buffalo, NY	3.0	1.0	1126	$1,550	$1.38	45d	1	1.15mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	45d	1	1.18mi
158 Chadduck Ave Buffalo, NY	4.0	1.0	1200	$1,250	$1.04	25d	1	1.21mi
2514 Delaware Ave Unit 1 Buffalo, NY	3.0	1.0	1620	$1,650	$1.02	3d	1	1.28mi
2522 Delaware Ave Buffalo, NY	3.0	1.0	1150	$1,625	$1.41	3d	1	1.29mi
232 Dewitt St Buffalo, NY	3.0	1.0	1200	$1,300	$1.08	25d	1	1.32mi
244 Hartwell Rd Buffalo, NY	3.0	1.0	1250	$1,500	$1.20	4d	1	1.39mi
61 Baxter St Buffalo, NY	3.0	1.0	2014	$1,400	$0.70	3d	1	1.41mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	16d	1	1.43mi
88 Commonwealth Ave Buffalo, NY	3.0	1.0	1355	$1,695	$1.25	21d	1	1.45mi
825 Forest Ave Buffalo, NY	3.0	1.0	1200	$2,000	$1.67	25d	1	1.47mi
825 Forest Ave Unit 1 Buffalo, NY	3.0	1.0	1200	$1,700	$1.42	5d	1	1.47mi
79 Commonwealth Ave Buffalo, NY	3.0	1.0	1450	$1,600	$1.10	25d	1	1.48mi
77 Lovering Ave #2 Buffalo, NY	3.0	1.0	1450	$1,895	$1.31	45d	1	1.49mi
140 Commonwealth Ave Unit 1 Buffalo, NY	3.0	1.0	1250	$3,500	$2.80	45d	1	1.49mi

Listing history 29 events

1. 2026-06-21
   days on market $199,900 Active 33 DOM
2. 2026-06-18
   days on market $199,900 Active 30 DOM
3. 2026-06-17
   days on market $199,900 Active 29 DOM
4. 2026-06-16
   days on market $199,900 Active 28 DOM
5. 2026-06-15
   days on market $199,900 Active 27 DOM
6. 2026-06-13
   days on market $199,900 Active 25 DOM
7. 2026-06-13
   days on market $199,900 Active 24 DOM
8. 2026-06-10
   days on market $199,900 Active 22 DOM
9. 2026-06-09
   days on market $199,900 Active 21 DOM
10. 2026-06-08
    days on market $199,900 Active 20 DOM
11. 2026-06-07
    days on market $199,900 Active 19 DOM
12. 2026-06-03
    days on market $199,900 Active 15 DOM
13. 2026-06-02
    days on market $199,900 Active 14 DOM
14. 2026-06-01
    days on market $199,900 Active 13 DOM
15. 2026-05-31
    days on market $199,900 Active 12 DOM
16. 2026-05-19
    listed $199,900 Active
17. 2020-12-21
    soldstatus $70,000
18. 2020-12-18
    soldstatus $70,000 Closed Sale or Rented 648-char remark

    Show marketing remark (648 chars)

    Great opportunity to roll up your sleeves and restore this beauty to its original charm in the quickly rising Black Rock neighborhood. 3 bedroom lower, 2 bedroom upper with a happy tenant who would like to stay in place. Garage in poor condition, work needed on home both interior and exterior. Upper is a 2 level loft style very unique apartment. Owner's son lived in lower and started alot of work, but now is your chance to come in and finish this up for an unbeatable price!! Equally good options to owner occupy the lower and collect the rent, or a great addition to an investment portfolio. ALL OFFERS DUE BY TUESDAY 10/20 @ 3pm for review.

19. 2020-10-26
    status Pending Sale 648-char remark

    Show marketing remark (648 chars)

    Great opportunity to roll up your sleeves and restore this beauty to its original charm in the quickly rising Black Rock neighborhood. 3 bedroom lower, 2 bedroom upper with a happy tenant who would like to stay in place. Garage in poor condition, work needed on home both interior and exterior. Upper is a 2 level loft style very unique apartment. Owner's son lived in lower and started alot of work, but now is your chance to come in and finish this up for an unbeatable price!! Equally good options to owner occupy the lower and collect the rent, or a great addition to an investment portfolio. ALL OFFERS DUE BY TUESDAY 10/20 @ 3pm for review.

20. 2020-10-22
    status Under Contract- Do Not Show 648-char remark

    Show marketing remark (648 chars)

    Great opportunity to roll up your sleeves and restore this beauty to its original charm in the quickly rising Black Rock neighborhood. 3 bedroom lower, 2 bedroom upper with a happy tenant who would like to stay in place. Garage in poor condition, work needed on home both interior and exterior. Upper is a 2 level loft style very unique apartment. Owner's son lived in lower and started alot of work, but now is your chance to come in and finish this up for an unbeatable price!! Equally good options to owner occupy the lower and collect the rent, or a great addition to an investment portfolio. ALL OFFERS DUE BY TUESDAY 10/20 @ 3pm for review.

21. 2020-10-20
    historical Continue to Show- Under Contract 648-char remark

    Show marketing remark (648 chars)

    Great opportunity to roll up your sleeves and restore this beauty to its original charm in the quickly rising Black Rock neighborhood. 3 bedroom lower, 2 bedroom upper with a happy tenant who would like to stay in place. Garage in poor condition, work needed on home both interior and exterior. Upper is a 2 level loft style very unique apartment. Owner's son lived in lower and started alot of work, but now is your chance to come in and finish this up for an unbeatable price!! Equally good options to owner occupy the lower and collect the rent, or a great addition to an investment portfolio. ALL OFFERS DUE BY TUESDAY 10/20 @ 3pm for review.

22. 2020-10-15
    listed $65,000 Active 648-char remark

    Show marketing remark (648 chars)

    Great opportunity to roll up your sleeves and restore this beauty to its original charm in the quickly rising Black Rock neighborhood. 3 bedroom lower, 2 bedroom upper with a happy tenant who would like to stay in place. Garage in poor condition, work needed on home both interior and exterior. Upper is a 2 level loft style very unique apartment. Owner's son lived in lower and started alot of work, but now is your chance to come in and finish this up for an unbeatable price!! Equally good options to owner occupy the lower and collect the rent, or a great addition to an investment portfolio. ALL OFFERS DUE BY TUESDAY 10/20 @ 3pm for review.

23. 2017-07-07
    soldstatus $45,000 Closed Sale or Rented
24. 2017-07-07
    soldstatus $45,000
25. 2017-04-13
    historical Under Contract- Do Not Show
26. 2017-03-22
    listed $49,950 Active
27. 2014-02-14
    soldstatus $15,000
28. 2014-02-14
    soldstatus $15,000
29. 2013-06-23
    listed $19,900

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 59% 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 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,640
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,371
• − Management: −$2,371
• − Depreciation: −$5,815
• Taxable income: $3,887
• Est. tax owed @ 24.0%: −$933
• After-tax cash flow: $5,905/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

+904.5% since first listed

14 events — show timeline

• 2026-05-19 Listed $199,900 WNYREIS
• 2020-12-21 Sold (Public Records) $70,000 Public Records
• 2020-12-18 Sold (MLS) $70,000 WNYREIS
• 2020-10-26 Pending — WNYREIS
• 2020-10-22 Pending — WNYREIS
• 2020-10-20 Contingent — WNYREIS
• 2020-10-15 Listed $65,000 WNYREIS
• 2017-07-07 Sold (Public Records) $45,000 Public Records
• 2017-07-07 Sold (MLS) $45,000 WNYREIS
• 2017-04-13 Contingent — WNYREIS
• 2017-03-22 Listed $49,950 WNYREIS
• 2014-02-14 Sold (Public Records) $15,000 Public Records
• 2014-02-14 Sold (MLS) $15,000 WNYREIS
• 2013-06-23 Listed $19,900 WNYREIS

Property tax history

+7.0%/yr

Latest (2025): $342 · +0.0% YoY. Source: county tax records.