138 Reiman St · Buffalo, NY 14206

$180,000

5 bd · 2.0 ba · 1,542 sqft · MultiFamily public records · 48 Days on market

Built 1920 3,049 sqft lot $117/sqft · 35% below area Est $276k · 35% 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 +23.8/30.0
• ARV discount +15.0/15.0
• Appreciation +9.0/10.0
• DSCR +7.7/10.0
• 1% rule +6.2/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Price lowered, motivated seller! OPEN HOUSE WEDNESDAY AUGUST 10, 3:30-5:30. OFFERS DUE MONDAY AUGUST 15 AT 6:00PM Great investment property. Vacant lot next door that is city owned. Updated PEX plumbing. Glass block windows.

Key facts

• Separate utilities
• 3,049 sq ft lot
• 2 parking spots

Tags

• MULTI-FAMILY OPPORTUNITY
• SEPARATE UTILITIES
• EXPANSIVE FULL BASEMENT
• SOLID INVESTMENT OPPORTUNITY

Property features AI

Finance

• Financial info: Property is a 2-unit multi-family building; Separate gas and electric meters for each unit (2 each); Owner pays water; water is included in rent; Operating expenses may include insurance, structural maintenance, general maintenance, professional management, trash, and water/sewer; Unit rents reported: one unit at $1,200 and the other at $1,195

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Vinyl siding; Existing (previously built) condition
• Construction: Vinyl siding construction
• Exterior features: Rectangular residential lot with 33 x 90 dimensions; City street frontage

Interior

• Kitchen: One unit features an eat-in kitchen; Second unit includes a kitchen with formal dining room
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Tile and varied flooring
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas heating; Forced-air heat; Space heaters
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $345 ($4k/yr) — positive. Per door: $172/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.

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: 169 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,011/mo this rent would consume 48% of the median local household income ($50k/yr) (locally 841% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 6 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 $95k; list at $180k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $174,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 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: 1.12% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.21%
• DSCR: 1.37
• GRM: 7.5

CMA / ARV

• ARV (median comp): $276,309
• List price: $180,000
• Delta: -34.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
362 Davey St	0.04mi	5/2.0	1,640 (+6%)	2mo	$92,000	$56	86
395 Ideal St	0.15mi	4/2.0 (-1)	1,592 (+3%)	17mo	$235,000	$148	69
250 Gold St	0.25mi	5/2.0	1,646 (+7%)	12mo	$190,000	$115	67
355 Longnecker St	0.20mi	4/2.0 (-1)	1,369 (-11%)	4mo	$152,000	$111	63
235 Davey St	0.28mi	5/2.0	1,476 (-4%)	23mo	$145,000	$98	60
1330 Lovejoy St	0.39mi	4/3.5 (-1)	1,531 (-1%)	17mo	$165,000	$108	55
100 Davey St	0.52mi	6/2.0 (+1)	1,680 (+9%)	12mo	$135,000	$80	46
34 Schiller St	0.66mi	4/2.0 (-1)	1,670 (+8%)	8mo	$95,000	$57	44
87 Dempster St	0.71mi	5/2.0	1,654 (+7%)	15mo	$187,000	$113	43
125 Gatchell St	0.64mi	4/2.0 (-1)	1,650 (+7%)	13mo	$80,000	$48	42
19 Hirschbeck St	0.65mi	5/2.0	1,320 (-14%)	19mo	$77,000	$58	30

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

Projected returns pro-forma

8.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.4%
• Equity multiple: 2.92×
• Total profit: $96,810
• Equity at exit: $137,466

10-year hold

• IRR: 23.8%
• Equity multiple: 6.25×
• Total profit: $264,656
• Equity at exit: $273,554

Cash invested: $50,400 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 169
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,011 medium
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $345

Break-even live

Break-even rent $1,575

Max offer price $180,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,012
Total (2 units)			$2,011

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	1d	1	0.83mi
1150 Bailey Ave Buffalo, NY	4.0	1.5	1100	$1,200	$1.09	23d	1	0.84mi
14 Rutland Ave Buffalo, NY	4.0	1.0	1430	$2,200	$1.54	10d	1	0.93mi

Listing history 34 events

1. 2026-06-18
   days on market $180,000 Active 48 DOM
2. 2026-06-17
   days on market $180,000 Active 47 DOM
3. 2026-06-16
   days on market $180,000 Active 46 DOM
4. 2026-06-15
   days on market $180,000 Active 45 DOM
5. 2026-06-13
   days on market $180,000 Active 43 DOM
6. 2026-06-13
   days on market $180,000 Active 42 DOM
7. 2026-06-10
   days on market $180,000 Active 40 DOM
8. 2026-06-09
   days on market $180,000 Active 39 DOM
9. 2026-06-08
   days on market $180,000 Active 38 DOM
10. 2026-06-07
    days on market $180,000 Active 37 DOM
11. 2026-06-03
    days on market $180,000 Active 33 DOM
12. 2026-06-02
    days on market $180,000 Active 32 DOM
13. 2026-06-01
    days on market $180,000 Active 31 DOM
14. 2026-05-31
    days on market $180,000 Active 30 DOM
15. 2026-04-30
    listed $180,000 Active 1034-char remark
16. 2022-11-19
    historical
17. 2022-10-22
    soldstatus $95,000
18. 2022-10-12
    soldstatus $95,000 Closed Sale or Rented 227-char remark

    Show marketing remark (227 chars)

    Price lowered, motivated seller! OPEN HOUSE WEDNESDAY AUGUST 10, 3:30-5:30. OFFERS DUE MONDAY AUGUST 15 AT 6:00PM Great investment property. Vacant lot next door that is city owned. Updated PEX plumbing. Glass block windows.

19. 2022-08-28
    status Under Contract- Do Not Show 227-char remark

    Show marketing remark (227 chars)

    Price lowered, motivated seller! OPEN HOUSE WEDNESDAY AUGUST 10, 3:30-5:30. OFFERS DUE MONDAY AUGUST 15 AT 6:00PM Great investment property. Vacant lot next door that is city owned. Updated PEX plumbing. Glass block windows.

20. 2022-08-08
    price $109,000 227-char remark

    Show marketing remark (227 chars)

    Price lowered, motivated seller! OPEN HOUSE WEDNESDAY AUGUST 10, 3:30-5:30. OFFERS DUE MONDAY AUGUST 15 AT 6:00PM Great investment property. Vacant lot next door that is city owned. Updated PEX plumbing. Glass block windows.

21. 2022-06-26
    price $119,000 227-char remark

    Show marketing remark (227 chars)

    Price lowered, motivated seller! OPEN HOUSE WEDNESDAY AUGUST 10, 3:30-5:30. OFFERS DUE MONDAY AUGUST 15 AT 6:00PM Great investment property. Vacant lot next door that is city owned. Updated PEX plumbing. Glass block windows.

22. 2022-06-01
    status Active 227-char remark

    Show marketing remark (227 chars)

    Price lowered, motivated seller! OPEN HOUSE WEDNESDAY AUGUST 10, 3:30-5:30. OFFERS DUE MONDAY AUGUST 15 AT 6:00PM Great investment property. Vacant lot next door that is city owned. Updated PEX plumbing. Glass block windows.

23. 2022-05-22
    status Pending Sale 227-char remark

    Show marketing remark (227 chars)

    Price lowered, motivated seller! OPEN HOUSE WEDNESDAY AUGUST 10, 3:30-5:30. OFFERS DUE MONDAY AUGUST 15 AT 6:00PM Great investment property. Vacant lot next door that is city owned. Updated PEX plumbing. Glass block windows.

24. 2022-05-05
    listed $129,900 Active 227-char remark

    Show marketing remark (227 chars)

    Price lowered, motivated seller! OPEN HOUSE WEDNESDAY AUGUST 10, 3:30-5:30. OFFERS DUE MONDAY AUGUST 15 AT 6:00PM Great investment property. Vacant lot next door that is city owned. Updated PEX plumbing. Glass block windows.

25. 2021-10-01
    historical
26. 2021-09-24
    listed $129,900 Active
27. 2018-08-22
    soldstatus $76,100 Closed Sale or Rented
28. 2018-07-31
    status Pending Sale
29. 2018-06-30
    status Under Contract- Do Not Show
30. 2018-06-21
    listed $59,900 Active
31. 2013-10-07
    soldstatus $30,000
32. 2013-06-19
    listed $33,000
33. 2011-06-02
    soldstatus $33,000
34. 2009-10-30
    soldstatus $14,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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: $24,132
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$1,931
• − Management: −$1,931
• − Depreciation: −$5,236
• Taxable income: $1,352
• Est. tax owed @ 24.0%: −$324
• After-tax cash flow: $3,813/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): 21,631
• Household income: $50,450
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 841.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Romanian 25% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Arabic 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: ▲ 8.06%
• Current HPI: 457.3935
• Rent YoY: —
• 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

+1185.7% since first listed

20 events — show timeline

• 2026-04-30 Listed $180,000 WNYREIS
• 2022-11-19 Rental Removed — RENT.
• 2022-10-22 Sold (Public Records) $95,000 Public Records
• 2022-10-12 Sold (MLS) $95,000 WNYREIS
• 2022-08-28 Pending — WNYREIS
• 2022-08-08 Price Changed $109,000 WNYREIS
• 2022-06-26 Price Changed $119,000 WNYREIS
• 2022-06-01 Relisted — WNYREIS
• 2022-05-22 Pending — WNYREIS
• 2022-05-05 Listed $129,900 WNYREIS
• 2021-10-01 Listing Removed — WNYREIS
• 2021-09-24 Listed $129,900 WNYREIS
• 2018-08-22 Sold (MLS) $76,100 WNYREIS
• 2018-07-31 Pending — WNYREIS
• 2018-06-30 Pending — WNYREIS
• 2018-06-21 Listed $59,900 WNYREIS
• 2013-10-07 Sold (MLS) $30,000 CNYIS
• 2013-06-19 Listed $33,000 CNYIS
• 2011-06-02 Sold (Public Records) $33,000 Public Records
• 2009-10-30 Sold (Public Records) $14,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $334 · +29.4% YoY. Source: county tax records.