203 Hutchinson Ave · Buffalo, NY 14215

$144,900

3 bd · 2.0 ba · 1,287 sqft · MultiFamily public records · 52 Days on market

Built 1927 3,520 sqft lot $113/sqft · 16% below area Est $173k · 16% 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).

• Cash flow +24.0/30.0
• ARV discount +14.9/15.0
• DSCR +7.7/10.0
• 1% rule +4.9/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

A rare opportunity in Buffalo’s desirable Kensington neighborhood, this spacious four-bedroom, two full bathroom single-family home offers exceptional flexibility and value. Formerly configured differently, the property has been converted to a true single-family residence, ideally suited for today’s living needs. Freshly updated throughout, the home features brand-new laminate flooring and new carpeting, along with a freshly painted interior that gives the space a bright, move-in-ready feel. In addition to the four bedrooms, the layout includes bonus spaces perfect for a home office, playroom, or hobby area, allowing you to customize the home to fit your lifestyle. Situated on a

Key facts

• Bonus spaces
• 3,520 sq ft lot
• Built 1927

Tags

• SINGLE-FAMILY RESIDENCE
• BONUS SPACES
• QUIET RESIDENTIAL STREET
• CONVENIENT ACCESS TO PARKS
• CONVENIENT ACCESS TO SHOPPING

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water connected; Sewer connected
• Home design: Single-story residence; Resale property
• Construction: Aluminum siding; Vinyl siding; Copper and PEX plumbing; Stone foundation; Existing (year built details)
• Exterior features: Concrete driveway; Porch; Enclosed porch; City street frontage; Near public transit; Rectangular residential lot (32 x 110)

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Two main-level bedrooms
• Flooring: Carpet; Laminate; Varies
• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Gas forced-air heating; Has heating
• Interior features: Eat-in kitchen; Separate/formal living room; Enclosed porch; Bedroom on main level; See remarks
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (0.6% below list).
• Recommended offer: $141k (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: Rents flat; 237 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 38% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $14k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $145k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.99% ✗
• Cap rate: 8.65%
• Cash-on-cash: 8.42%
• DSCR: 1.37
• GRM: 8.4

CMA / ARV

• ARV (median comp): $173,309
• List price: $144,900
• Delta: -16.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
95 Westminster Ave	0.33mi	3/2.0	1,270 (-1%)	12mo	$109,500	$86	72
188 Westminster Ave	0.51mi	4/2.0 (+1)	1,326 (+3%)	12mo	$129,000	$97	56
84 Parkridge Ave	0.30mi	4/2.0 (+1)	1,452 (+13%)	9mo	$86,000	$59	52
420 Berkshire Ave	0.30mi	4/2.0 (+1)	1,391 (+8%)	22mo	$160,000	$115	49
108 Hastings Ave	0.33mi	4/2.0 (+1)	1,463 (+14%)	18mo	$1,125	$1	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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.79×
• Total profit: $-8,722
• Equity at exit: $21,605

10-year hold

• IRR: 1.0%
• Equity multiple: 1.06×
• Total profit: $2,540
• Equity at exit: $12,528

Cash invested: $40,572 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 237
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,441 high
• Mortgage (P&I): −$760
• Tax from tax record: −$33 /mo · $400/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $285

Break-even live

Break-even rent $1,080

Max offer price $144,900

Occupancy floor 75%

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
140 Parkridge Ave Buffalo, NY	3.0	1.0	990	$1,500	$1.52	43d	1	0.30mi
97 Davidson Ave Buffalo, NY	3.0	1.0	925	$1,495	$1.62	1d	1	0.31mi
220 Dartmouth Ave Buffalo, NY	2.0	1.0	1000	$1,100	$1.10	23d	1	0.40mi
189 Westminster Ave Buffalo, NY	4.0	1.5	1065	$1,595	$1.50	10d	1	0.50mi
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	14d	1	0.60mi
265 Lisbon Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,400	$1.17	43d	1	0.65mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	23d	1	0.71mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	43d	1	0.71mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,291	$2.24	1d	10	0.79mi
74 Dorris Ave Buffalo, NY	3.0	1.0	1200	$1,450	$1.21	43d	1	0.80mi
17 Proctor Ave Unit 1 Buffalo, NY	2.0	1.0	900	$1,100	$1.22	43d	1	0.80mi
92 Lasalle Ave Unit 1 Buffalo, NY	2.0	1.0	1000	$1,150	$1.15	43d	1	0.81mi
90 Sussex St Unit 2 Buffalo, NY	2.0	1.0	1000	$1,000	$1.00	43d	1	0.88mi
40 Lisbon Ave Unit Upper Buffalo, NY	2.0	1.0	1057	$1,500	$1.42	11d	1	0.92mi
71 Gerald Ave Buffalo, NY	2.0	1.0	1773	$1,100	$0.62	43d	1	0.94mi
26 Custer St Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	43d	1	1.04mi
249 Newburgh Ave Unit 2 Buffalo, NY	2.0	1.0	930	$1,300	$1.40	43d	1	1.20mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	1d	1	1.20mi
61 Courtland Ave Unit Lower Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	43d	1	1.25mi
216 Newburgh Ave Buffalo, NY	2.0	1.0	1690	$1,150	$0.68	23d	1	1.25mi
76 Vernon Pl Unit Lower Buffalo, NY	3.0	1.0	1190	$1,445	$1.21	14d	1	1.32mi
76 Vernon Pl Unit Upper Buffalo, NY	3.0	1.0	1190	$1,595	$1.34	14d	1	1.32mi
103 Preston Rd Unit Lower Cheektowaga, NY	2.0	1.0	882	$1,300	$1.47	3d	1	1.34mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	2d	1	1.46mi

Listing history 20 events

1. 2026-06-16
   status $144,900 Pending 52 DOM
2. 2026-06-15
   days on market $144,900 Active Under Contract 52 DOM
3. 2026-06-13
   days on market $144,900 Active Under Contract 50 DOM
4. 2026-06-13
   days on market $144,900 Active Under Contract 49 DOM
5. 2026-06-10
   days on market $144,900 Active Under Contract 47 DOM
6. 2026-06-09
   days on market $144,900 Active Under Contract 46 DOM
7. 2026-06-08
   days on market $144,900 Active Under Contract 45 DOM
8. 2026-06-07
   days on market $144,900 Active Under Contract 44 DOM
9. 2026-06-03
   days on market $144,900 Active Under Contract 40 DOM
10. 2026-06-02
    days on market $144,900 Active Under Contract 39 DOM
11. 2026-06-01
    days on market $144,900 Active Under Contract 38 DOM
12. 2026-05-31
    days on market $144,900 Active Under Contract 37 DOM
13. 2026-05-11
    price $144,900 879-char remark
14. 2026-04-24
    listed $159,000 Active 879-char remark
15. 2025-03-03
    price $139,900
16. 2025-02-02
    listed $159,900 Active
17. 2020-12-09
    soldstatus $70,000
18. 2017-08-10
    soldstatus $64,000
19. 2017-08-10
    soldstatus $64,000
20. 2017-03-15
    soldstatus $20,000

ⓘ 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: $400 · $33/mo
• Projected year-2 tax: $1,424 · $119/mo
• Expected delta: +$1,025/yr (+$85/mo · 256.4%)

ⓘ 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 ≥93°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: $17,289
• − Mortgage interest: −$8,117
• − Property taxes: −$400
• − Insurance: −$724
• − Repairs & maintenance: −$1,383
• − Management: −$1,383
• − Depreciation: −$4,215
• Taxable income: $1,066
• Est. tax owed @ 24.0%: −$256
• After-tax cash flow: $3,160/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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: Predominantly Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 4% Chinese 1%

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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

+624.5% since first listed

10 events — show timeline

• 2026-06-15 Pending — WNYREIS
• 2026-05-26 Contingent — WNYREIS
• 2026-05-11 Price Changed $144,900 WNYREIS
• 2026-04-24 Listed $159,000 WNYREIS
• 2025-03-03 Price Changed $139,900 WNYREIS
• 2025-02-02 Listed $159,900 WNYREIS
• 2020-12-09 Sold (Public Records) $70,000 Public Records
• 2017-08-10 Sold (Public Records) $64,000 Public Records
• 2017-08-10 Sold (Public Records) $64,000 Public Records
• 2017-03-15 Sold (Public Records) $20,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $400 · +11.4% YoY. Source: county tax records.