372 Watson St · Buffalo, NY 14212

$154,900

4 bd · 2.0 ba · 1,584 sqft · MultiFamily public records · 17 Days on market

Built 1900 3,210 sqft lot Est $152k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +6.7/15.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Welcome to 372 Watson St, Buffalo, NY 14212—a beautifully maintained and extensively updated multi-family property offering exceptional versatility for both owner-occupants and investors. The lower unit features 2 bedrooms, a spacious living room, a formal dining room, a full kitchen, and one full bathroom. The upper unit also offers 2 bedrooms, comfortable living and dining areas, a full kitchen, and one full bathroom. Both units provide functional layouts suitable for a variety of living arrangements. Numerous updates were completed in 2026, including new windows, new flooring throughout, fully renovated bathrooms, and updated kitchens, enhancing the property’s overall efficie

Key facts

• New flooring
• Upper unit
• Lower unit

Tags

• MULTI-FAMILY PROPERTY
• LOWER UNIT
• UPPER UNIT
• NEW WINDOWS
• NEW FLOORING
• FULLY RENOVATED BATHROOMS

Property features AI

Finance

• Other: Two-unit building with separate gas and electric meters (2 each)
• Financial info: Operating expense details: see remarks; Owner pays: see remarks/other; Rent includes: see remarks

Exterior

• Parking: Concrete parking; Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story property; Resale condition; Existing construction
• Construction: See remarks for construction materials
• Exterior features: Rectangular lot (approx. 30 x 107)

Interior

• Flooring: Hardwood; Vinyl; Varies
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Electric and gas heating
• Interior features: Partially finished basement with crawl space; Hardwood and vinyl flooring; some varied flooring
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Recommended offer: $153k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.0% 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: 83 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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 $50k; list at $155k implies a 210% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $152,576 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.08% ✓
• Cap rate: 18.98%
• Cash-on-cash: 45.32%
• DSCR: 3.02
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $152,064
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Reed St	0.56mi	4/3.0	1,611 (+2%)	16mo	$155,000	$96	53
88 Coit St #2	0.46mi	5/2.0 (+1)	1,407 (-11%)	6mo	$135,000	$96	50
132 Gibson St	0.60mi	3/2.0 (-1)	1,626 (+3%)	23mo	$160,000	$98	43
16 Lombard St	0.70mi	4/2.0	1,677 (+6%)	22mo	$98,000	$58	40
51 Locust St	0.67mi	4/2.0	1,397 (-12%)	13mo	$120,000	$86	38
131 Locust St	0.73mi	4/2.0	1,772 (+12%)	23mo	$195,000	$110	27

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 59.6%
• Equity multiple: 5.35×
• Total profit: $188,638
• Equity at exit: $139,546

10-year hold

• IRR: 53.1%
• Equity multiple: 11.91×
• Total profit: $473,361
• Equity at exit: $300,937

Cash invested: $43,372 (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 14212

• Home prices YoY: 20.4%
• Active inventory: 83
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $3,220 high
• Mortgage (P&I): −$812
• Tax from tax record: −$29 /mo · $347/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$676
• Net cashflow: $1,638

Break-even live

Break-even rent $1,147

Max offer price $154,900

Occupancy floor 44%

Sensitivity live

Price	-10% $1,726	-5% $1,682	+0% $1,638	+5% $1,594	+10% $1,550
Rent	-10% $1,384	-5% $1,511	+0% $1,638	+5% $1,765	+10% $1,892
Rate	-1.0pp $1,716	-0.5pp $1,677	base $1,638	+0.5pp $1,598	+1.0pp $1,557

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,220
Total (2 units)			$3,220

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	24d	1	0.81mi
17 N Pearl St Unit 3 Buffalo, NY	3.0	2.0	1197	$3,100	$2.59	24d	1	1.20mi
44 N Pearl St #5 Buffalo, NY	3.0	1.0	1200	$2,400	$2.00	44d	1	1.24mi
237 Main St Buffalo, NY	1.0–3.0	1.5–2.5	1608	$4,035	$2.51	2d	9	1.45mi

Listing history 13 events

1. 2026-06-18
   days on market $154,900 Active 17 DOM
2. 2026-06-17
   days on market $154,900 Active 16 DOM
3. 2026-06-16
   days on market $154,900 Active 15 DOM
4. 2026-06-15
   days on market $154,900 Active 14 DOM
5. 2026-06-13
   days on market $154,900 Active 12 DOM
6. 2026-06-13
   days on market $154,900 Active 11 DOM
7. 2026-06-10
   days on market $154,900 Active 9 DOM
8. 2026-06-09
   days on market $154,900 Active 8 DOM
9. 2026-06-08
   days on market $154,900 Active 7 DOM
10. 2026-06-07
    days on market $154,900 Active 6 DOM
11. 2026-06-03
    days on market $154,900 Active 2 DOM
12. 2026-06-02
    remarks 687-char remark
13. 2026-06-02
    listed $154,900 Active 1 DOM

ⓘ 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: $347 · $29/mo
• Projected year-2 tax: $1,482 · $124/mo
• Expected delta: +$1,136/yr (+$95/mo · 327.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°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: $38,640
• − Mortgage interest: −$8,677
• − Property taxes: −$347
• − Insurance: −$774
• − Repairs & maintenance: −$3,091
• − Management: −$3,091
• − Depreciation: −$4,506
• Taxable income: $18,153
• Est. tax owed @ 24.0%: −$4,357
• After-tax cash flow: $15,300/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
• City population: 440,021
• Population (ZIP): 13,603

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 0.75)
• Race & ethnicity: White 32% Black 27% Asian 25% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 12% Serbian 1% Lithuanian 1%
• Foreign-born: 20% · Philippines, Canada, China
• Languages at home: 68% English-only · Other Indo-European 18% Spanish 4% Other Asian/Pacific 2%

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: ▲ 79.80%
• Current HPI: 471.6399
• Rent YoY: —
• Metro: —
• 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

+715.3% since first listed

15 events — show timeline

• 2026-06-02 Listed $154,900 WNYREIS
• 2025-10-30 Listing Removed — WNYREIS
• 2025-09-16 Listed $158,900 WNYREIS
• 2024-07-29 Sold (Public Records) $50,000 Public Records
• 2022-11-12 Listing Removed — WNYREIS
• 2022-09-26 Relisted — WNYREIS
• 2022-09-24 Price Changed $99,900 WNYREIS
• 2022-09-24 Listing Removed — WNYREIS
• 2022-09-01 Listed $109,000 WNYREIS
• 2020-12-01 Sold (Public Records) $45,000 Public Records
• 2018-04-27 Sold (Public Records) $42,000 Public Records
• 2018-02-26 Sold (Public Records) $13,000 Public Records
• 2018-02-23 Sold (MLS) $13,000 WNYREIS
• 2017-10-03 Pending — WNYREIS
• 2017-10-02 Listed $19,000 WNYREIS

Property tax history

+13.2%/yr

Latest (2025): $347 · +194.6% YoY. Source: county tax records.