36 Johnson St · Buffalo, NY 14212

$153,999

4 bd · 2.0 ba · 1,876 sqft · MultiFamily public records · 56 Days on market

Built 1901 3,300 sqft lot $82/sqft · 11% below area Est $172k · 11% under

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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).

• ARV discount +12.3/15.0
• Cash flow +11.1/30.0
• Appreciation +10.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• 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 MLS

Don't pass up the opportunity to snatch up your next home or investment property. This is a multi family house. 4 bedroom, 2 bath and living-dining attach. Just needs some general updating and personal touches to make it a homey place to live. Close to Bailey Ave and retail/restaurants. Offers will be reviews on 03/27/26 at 5PM.

Key facts

• Living dining attach
• Multi family house
• 3,300 sq ft lot

Tags

• MULTI FAMILY HOUSE
• LIVING DINING ATTACH
• CLOSE TO RETAIL RESTAURANTS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $154k.

Deal economics

• At list price, monthly cash flow is $-61 ($-729/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (17.5% below list).
• Recommended offer: $127k (17.5% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 8.0% in Buffalo — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 3 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 $16k 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 ~3 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 56 days — a 3% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,025 (17.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.82% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.69%
• DSCR: 0.92
• GRM: 10.1

CMA / ARV

• ARV (median comp): $172,355
• List price: $153,999
• Delta: -10.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
443 Madison St	0.22mi	5/2.0 (+1)	1,892 (+1%)	8mo	$75,000	$40	76
324 Carlton St	0.61mi	4/2.0	1,947 (+4%)	4mo	$66,100	$34	62
236 Grey St	0.38mi	4/2.0	2,106 (+12%)	12mo	$175,000	$83	52
41 Pershing Ave	0.65mi	4/2.0	1,938 (+3%)	17mo	$145,000	$75	50
64 Sweet Ave	0.74mi	5/2.0 (+1)	1,740 (-7%)	7mo	$145,000	$83	42
121 Reed St	0.40mi	4/3.0	1,611 (-14%)	16mo	$155,000	$96	40
131 Locust St	0.71mi	4/2.0	1,772 (-6%)	23mo	$195,000	$110	38
16 Lombard St	0.69mi	4/2.0	1,677 (-11%)	22mo	$98,000	$58	32
352 Guilford St	0.71mi	5/2.0 (+1)	2,088 (+11%)	14mo	$120,000	$57	31
132 Gibson St	0.55mi	3/2.0 (-1)	1,626 (-13%)	23mo	$160,000	$98	28

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: 23.1%
• Equity multiple: 2.86×
• Total profit: $80,022
• Equity at exit: $138,734

10-year hold

• IRR: 20.6%
• Equity multiple: 6.54×
• Total profit: $238,731
• Equity at exit: $299,186

Cash invested: $43,120 (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: 10.1×

Monthly cashflow live

• Estimated rent: $1,270 medium
• Mortgage (P&I): −$808
• Tax est. 1.5%: −$192 /mo · $2,310/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $-61

Break-even live

Break-even rent $1,347

Max offer price $145,208

Occupancy floor 100%

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: $38,500
• Closing costs: $4,620
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
491 Emslie St Buffalo, NY	3.0	1.0	2488	$1,200	$0.48	14d	1	0.16mi
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	23d	1	0.64mi
79 Walden Ave Buffalo, NY	3.0	1.0	2528	$1,250	$0.49	43d	1	1.08mi

Listing history 20 events

1. 2026-05-11
   status Pending 330-char remark

   Show marketing remark (330 chars)

   Don't pass up the opportunity to snatch up your next home or investment property. This is a multi family house. 4 bedroom, 2 bath and living-dining attach. Just needs some general updating and personal touches to make it a homey place to live. Close to Bailey Ave and retail/restaurants. Offers will be reviews on 03/27/26 at 5PM.

2. 2026-03-16
   listed $153,999 Active 330-char remark

   Show marketing remark (330 chars)

   Don't pass up the opportunity to snatch up your next home or investment property. This is a multi family house. 4 bedroom, 2 bath and living-dining attach. Just needs some general updating and personal touches to make it a homey place to live. Close to Bailey Ave and retail/restaurants. Offers will be reviews on 03/27/26 at 5PM.

3. 2025-05-21
   soldstatus $137,000
4. 2022-01-05
   soldstatus $125,000
5. 2021-03-16
   soldstatus $60,000
6. 2019-04-17
   soldstatus $41,000
7. 2019-04-15
   soldstatus $41,000 Closed Sale or Rented 574-char remark

   Show marketing remark (574 chars)

   Great for investor or owner occupied. This neighborhood is on the upswing with a number of Habitat homes and close to downtown and Medical Center. Updates have been made which include roof, siding, front porch, electrical panel, 1st floor kitchen and 1st floor bathroom. Only 2nd floor kitchen and bathroom remain to be completed. Property is being sold as is and buyer will be responsible for updating search (3 years) and survey. CAN BE SOLD AS PACKAGE with 48 & 50 Johnson (B1168438, B1168425). Great opportunity to own 3 homes on the street. BRING YOUR BEST OFFER.

8. 2019-02-20
   status Pending Sale 574-char remark

   Show marketing remark (574 chars)

   Great for investor or owner occupied. This neighborhood is on the upswing with a number of Habitat homes and close to downtown and Medical Center. Updates have been made which include roof, siding, front porch, electrical panel, 1st floor kitchen and 1st floor bathroom. Only 2nd floor kitchen and bathroom remain to be completed. Property is being sold as is and buyer will be responsible for updating search (3 years) and survey. CAN BE SOLD AS PACKAGE with 48 & 50 Johnson (B1168438, B1168425). Great opportunity to own 3 homes on the street. BRING YOUR BEST OFFER.

9. 2019-02-11
   status Under Contract- Do Not Show 574-char remark

   Show marketing remark (574 chars)

   Great for investor or owner occupied. This neighborhood is on the upswing with a number of Habitat homes and close to downtown and Medical Center. Updates have been made which include roof, siding, front porch, electrical panel, 1st floor kitchen and 1st floor bathroom. Only 2nd floor kitchen and bathroom remain to be completed. Property is being sold as is and buyer will be responsible for updating search (3 years) and survey. CAN BE SOLD AS PACKAGE with 48 & 50 Johnson (B1168438, B1168425). Great opportunity to own 3 homes on the street. BRING YOUR BEST OFFER.

10. 2019-02-11
    status Active 574-char remark

    Show marketing remark (574 chars)

    Great for investor or owner occupied. This neighborhood is on the upswing with a number of Habitat homes and close to downtown and Medical Center. Updates have been made which include roof, siding, front porch, electrical panel, 1st floor kitchen and 1st floor bathroom. Only 2nd floor kitchen and bathroom remain to be completed. Property is being sold as is and buyer will be responsible for updating search (3 years) and survey. CAN BE SOLD AS PACKAGE with 48 & 50 Johnson (B1168438, B1168425). Great opportunity to own 3 homes on the street. BRING YOUR BEST OFFER.

11. 2019-02-01
    status Under Contract- Do Not Show 574-char remark

    Show marketing remark (574 chars)

    Great for investor or owner occupied. This neighborhood is on the upswing with a number of Habitat homes and close to downtown and Medical Center. Updates have been made which include roof, siding, front porch, electrical panel, 1st floor kitchen and 1st floor bathroom. Only 2nd floor kitchen and bathroom remain to be completed. Property is being sold as is and buyer will be responsible for updating search (3 years) and survey. CAN BE SOLD AS PACKAGE with 48 & 50 Johnson (B1168438, B1168425). Great opportunity to own 3 homes on the street. BRING YOUR BEST OFFER.

12. 2019-01-15
    listed $54,900 Active 574-char remark

    Show marketing remark (574 chars)

    Great for investor or owner occupied. This neighborhood is on the upswing with a number of Habitat homes and close to downtown and Medical Center. Updates have been made which include roof, siding, front porch, electrical panel, 1st floor kitchen and 1st floor bathroom. Only 2nd floor kitchen and bathroom remain to be completed. Property is being sold as is and buyer will be responsible for updating search (3 years) and survey. CAN BE SOLD AS PACKAGE with 48 & 50 Johnson (B1168438, B1168425). Great opportunity to own 3 homes on the street. BRING YOUR BEST OFFER.

13. 2016-03-30
    historical
14. 2016-02-26
    status Pending Sale
15. 2016-01-04
    listed $12,000 Active
16. 2016-01-04
    historical
17. 2015-10-15
    price $12,000
18. 2015-08-31
    price $18,000
19. 2015-08-18
    status Active
20. 2015-03-16
    listed $28,000

ⓘ 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: $15,243
• − Mortgage interest: −$8,626
• − Property taxes: −$2,310
• − Insurance: −$770
• − Repairs & maintenance: −$1,219
• − Management: −$1,219
• − Depreciation: −$4,480
• Taxable loss: −$3,382
• Est. tax savings @ 24.0%: +$812
• After-tax cash flow: $83/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

+450.0% since first listed

20 events — show timeline

• 2026-05-11 Pending — WNYREIS
• 2026-03-16 Listed $153,999 WNYREIS
• 2025-05-21 Sold (Public Records) $137,000 Public Records
• 2022-01-05 Sold (Public Records) $125,000 Public Records
• 2021-03-16 Sold (Public Records) $60,000 Public Records
• 2019-04-17 Sold (Public Records) $41,000 Public Records
• 2019-04-15 Sold (MLS) $41,000 WNYREIS
• 2019-02-20 Pending — WNYREIS
• 2019-02-11 Pending — WNYREIS
• 2019-02-11 Relisted — WNYREIS
• 2019-02-01 Pending — WNYREIS
• 2019-01-15 Listed $54,900 WNYREIS
• 2016-03-30 Listing Removed — WNYREIS
• 2016-02-26 Pending — WNYREIS
• 2016-01-04 Listed $12,000 WNYREIS
• 2016-01-04 Listing Removed — WNYREIS
• 2015-10-15 Price Changed $12,000 WNYREIS
• 2015-08-31 Price Changed $18,000 WNYREIS
• 2015-08-18 Relisted — WNYREIS
• 2015-03-16 Listed $28,000 WNYREIS

Property tax history

+2.9%/yr

Latest (2025): $101 · +0.0% YoY. Source: county tax records.