137 Farmer St · Buffalo, NY 14207

$59,900

3 bd · 1.0 ba · 827 sqft · SingleFamily public records · 255 Days on market

Built 1890 2,500 sqft lot $72/sqft · 35% below area Est $92k · 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special! Full Rehab Needed - Great Potential This 3-bedroom, 1-bathroom home is ready for your vision and creativity! Featuring a newer roof and vinyl siding on the exterior, much of the heavy lifting has already been done. With the opportunity to fully rehab the interior, you can customize every detail and create the perfect home or investment property. This property is ideal for investors looking to add value or homeowners seeking a project with potential. Sold as-is, cash or rehab loan required. Don’t miss this chance to transform this home into something special!

Key facts

• Newer roof
• Vinyl siding
• 2,500 sq ft lot

Tags

• NEWER ROOF
• VINYL SIDING
• FULLY REHAB THE INTERIOR

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $682 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.0% 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: Rents rising fast (+8.2%/yr); 197 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• This rent runs 40% of the median local income ($40k/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 $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 255 days — a 12% lower offer ($53k) 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 $45k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 255 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.19% ✓
• Cap rate: 19.96%
• Cash-on-cash: 48.81%
• DSCR: 3.17
• GRM: 3.8

CMA / ARV

• ARV (median comp): $91,821
• List price: $59,900
• Delta: -34.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
75 Mayer Ave	0.65mi	3/1.0	810 (-2%)	3mo	$129,000	$159	64
84 Gallatin Ave	0.61mi	3/1.0	936 (+13%)	15mo	$55,000	$59	37
98 Gallatin Ave	0.60mi	3/1.0	928 (+12%)	19mo	$150,000	$162	36
139 Howell St	0.68mi	2/1.0 (-1)	743 (-10%)	19mo	$140,000	$188	30

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: 51.7%
• Equity multiple: 3.42×
• Total profit: $40,669
• Equity at exit: $8,931

10-year hold

• IRR: 58.9%
• Equity multiple: 8.33×
• Total profit: $122,891
• Equity at exit: $5,179

Cash invested: $16,772 (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: 197
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,313 high
• Mortgage (P&I): −$314
• Tax from tax record: −$16 /mo · $196/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $682

Break-even live

Break-even rent $450

Max offer price $59,900

Occupancy floor 43%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2099 Niagara St Unit A Buffalo, NY	2.0	1.0	1000	$1,197	$1.20	43d	1	0.23mi
1920 Niagara St Unit 1 Buffalo, NY	2.0	1.0	695	$999	$1.44	43d	1	0.35mi
15 Ontario St Unit 1 Buffalo, NY	3.0	1.0	1000	$1,500	$1.50	1d	1	0.46mi
356 Hertel Ave Buffalo, NY	2.0	1.5	800	$2,300	$2.88	2d	1	0.49mi
118 Rano St Buffalo, NY	3.0	1.0	1050	$1,200	$1.14	21d	1	0.53mi
155 Germain St Apt 1 Buffalo, NY	2.0	1.0	1000	$1,000	$1.00	10d	1	0.56mi
68 Peter St Buffalo, NY	2.0	1.0	900	$900	$1.00	23d	1	0.67mi
72 Reservation St Unit 2 Buffalo, NY	3.0	1.0	950	$1,150	$1.21	23d	1	0.76mi
68 Laforce Pl Unit U Buffalo, NY	2.0	1.0	900	$1,099	$1.22	43d	1	0.76mi
239 Crowley Ave Buffalo, NY	2.0	1.0	966	$1,025	$1.06	3d	1	0.85mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$1,600	$1.23	1d	14	0.92mi
46 Hawley St #1 Buffalo, NY	2.0	1.0	900	$1,300	$1.44	43d	1	0.98mi
293 Grote St Buffalo, NY	1.0–2.0	1.0–2.0	817	$2,345	$2.87	1d	1	1.06mi
15 Beatrice Ave Buffalo, NY	2.0	1.0	950	$1,150	$1.21	14d	1	1.12mi
1558 Elmwood Ave Unit 4 Buffalo, NY	2.0	1.0	800	$1,100	$1.38	43d	1	1.12mi
1485 Niagara St Buffalo, NY	1.0–2.0	1.0	925	$2,174	$2.35	1d	1	1.13mi
134 Philadelphia St Buffalo, NY	3.0	1.0	871	$1,100	$1.26	2d	1	1.14mi
309 Bird Ave Unit 1 Buffalo, NY	3.0	1.0	1100	$2,200	$2.00	43d	1	1.26mi
57 Abbottsford Pl Buffalo, NY	2.0	1.0	1000	$1,550	$1.55	23d	1	1.28mi
163 W Delavan Ave Buffalo, NY	3.0	1.0	1000	$1,500	$1.50	23d	1	1.38mi
865 Richmond Ave Unit Rear Buffalo, NY	2.0	1.0	850	$1,100	$1.29	43d	1	1.42mi
480 W Hazeltine Ave Buffalo, NY	3.0	1.0	989	$1,900	$1.92	23d	1	1.42mi

Listing history 26 events

1. 2026-06-18
   days on market $59,900 Active 255 DOM
2. 2026-06-17
   days on market $59,900 Active 254 DOM
3. 2026-06-16
   days on market $59,900 Active 253 DOM
4. 2026-06-15
   days on market $59,900 Active 252 DOM
5. 2026-06-13
   days on market $59,900 Active 250 DOM
6. 2026-06-13
   days on market $59,900 Active 249 DOM
7. 2026-06-10
   days on market $59,900 Active 247 DOM
8. 2026-06-09
   days on market $59,900 Active 246 DOM
9. 2026-06-08
   days on market $59,900 Active 245 DOM
10. 2026-06-07
    days on market $59,900 Active 244 DOM
11. 2026-06-03
    days on market $59,900 Active 240 DOM
12. 2026-06-02
    days on market $59,900 Active 239 DOM
13. 2026-06-01
    days on market $59,900 Active 238 DOM
14. 2026-05-31
    days on market $59,900 Active 237 DOM
15. 2025-10-06
    listed $59,900 Active 588-char remark

    Show marketing remark (588 chars)

    Investor Special! Full Rehab Needed - Great Potential This 3-bedroom, 1-bathroom home is ready for your vision and creativity! Featuring a newer roof and vinyl siding on the exterior, much of the heavy lifting has already been done. With the opportunity to fully rehab the interior, you can customize every detail and create the perfect home or investment property. This property is ideal for investors looking to add value or homeowners seeking a project with potential. Sold as-is, cash or rehab loan required. Don’t miss this chance to transform this home into something special!

16. 2025-07-08
    historical
17. 2025-01-16
    status Active
18. 2024-12-31
    status Pending
19. 2024-10-09
    status Active
20. 2024-09-27
    status Pending
21. 2024-09-25
    historical Active Under Contract
22. 2024-09-05
    listed $59,900 Active
23. 2017-09-20
    soldstatus $45,000 Closed Sale or Rented
24. 2017-08-10
    soldstatus $45,000
25. 2017-05-18
    status Pending Sale
26. 2017-02-07
    listed $49,000 Active

ⓘ 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: $196 · $16/mo
• Projected year-2 tax: $604 · $50/mo
• Expected delta: +$408/yr (+$34/mo · 208.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $15,762
• − Mortgage interest: −$3,355
• − Property taxes: −$196
• − Insurance: −$300
• − Repairs & maintenance: −$1,261
• − Management: −$1,261
• − Depreciation: −$1,743
• Taxable income: $7,646
• Est. tax owed @ 24.0%: −$1,835
• After-tax cash flow: $6,351/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

+22.2% since first listed

12 events — show timeline

• 2025-10-06 Listed $59,900 WNYREIS
• 2025-07-08 Listing Removed — WNYREIS
• 2025-01-16 Relisted — WNYREIS
• 2024-12-31 Pending — WNYREIS
• 2024-10-09 Relisted — WNYREIS
• 2024-09-27 Pending — WNYREIS
• 2024-09-25 Contingent — WNYREIS
• 2024-09-05 Listed $59,900 WNYREIS
• 2017-09-20 Sold (MLS) $45,000 WNYREIS
• 2017-08-10 Sold (Public Records) $45,000 Public Records
• 2017-05-18 Pending — WNYREIS
• 2017-02-07 Listed $49,000 WNYREIS

Property tax history

+11.4%/yr

Latest (2025): $196 · +0.0% YoY. Source: county tax records.