38 Argus St · Buffalo, NY 14207

$149,900

3 bd · 1.0 ba · 1,213 sqft · SingleFamily public records · 87 Days on market

Built 1917 5,306 sqft lot $124/sqft · 24% below area Est $197k · 24% under

---

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 +15.7/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• Rent growth +4.5/5.0
• 1% rule +4.3/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 38 Argus St in the City of Buffalo! This well-maintained single-family home offers 3 bedrooms and 1 full bath, providing a great layout for comfortable living. The property features solid mechanics, a full basement, and an attic, offering excellent storage and additional potential. Enjoy the spacious backyard, perfect for outdoor activities or future improvements. Currently rented for $1,280 per month, this property presents an excellent opportunity for investors seeking steady income or future owner occupancy. Conveniently located near public transportation, shopping, and local amenities. A great opportunity with strong potential!

Key facts

• Spacious backyard
• Near shopping
• Full basement

Tags

• FULL BASEMENT
• SPACIOUS BACKYARD
• NEAR PUBLIC TRANSPORTATION
• NEAR SHOPPING
• NEAR LOCAL AMENITIES

🏷️ Possibly a rental listed for sale. The $149,900 price doesn't fit this home's estimated sale value (~$197,210) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $65 ($786/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 $139k (7.0% below list).
• Recommended offer: $139k (7.0% below list) — sets the bar for 1% rule.

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; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 42% 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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $150k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,417 (7.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1917 — 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: 0.93% ✗
• Cap rate: 6.82%
• Cash-on-cash: 1.87%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (median comp): $197,210
• List price: $149,900
• Delta: -23.99%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38 Wyandotte Ave	0.09mi	4/1.0 (+1)	1,200 (-1%)	2mo	$150,000	$125	88
280 Esser Ave	0.07mi	3/1.0	1,283 (+6%)	3mo	$175,000	$136	85
82 Beatrice Ave	0.16mi	3/1.0	1,166 (-4%)	2mo	$165,000	$142	84
136 Newfield St	0.24mi	3/1.5	1,198 (-1%)	2mo	$167,000	$139	83
62 Chadduck Ave	0.25mi	3/1.0	1,240 (+2%)	2mo	$155,000	$125	83
50 Philadelphia St	0.21mi	3/1.5	1,276 (+5%)	1mo	$155,000	$121	79
107 Ullman St	0.15mi	4/2.0 (+1)	1,258 (+4%)	3mo	$118,000	$94	75
221 Newfield St	0.19mi	4/1.5 (+1)	1,127 (-7%)	4mo	$75,000	$67	69
88 Huetter Ave Ave	0.41mi	3/1.5	1,317 (+9%)	1mo	$250,000	$190	64
186 Crowley Ave	0.34mi	4/2.0 (+1)	1,333 (+10%)	2mo	$215,000	$161	57
136 Crowley Ave	0.37mi	4/1.0 (+1)	1,394 (+15%)	2mo	$100,000	$72	51
56 Gallatin Ave	0.64mi	3/1.5	1,052 (-13%)	2mo	$178,000	$169	44

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: -7.8%
• Equity multiple: 0.70×
• Total profit: $-12,732
• Equity at exit: $22,351

10-year hold

• IRR: 7.2%
• Equity multiple: 1.66×
• Total profit: $27,902
• Equity at exit: $12,961

Cash invested: $41,972 (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: 9.0×

Monthly cashflow live

• Estimated rent: $1,394 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $65

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 90%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
158 Chadduck Ave Buffalo, NY	4.0	1.0	1200	$1,250	$1.04	23d	1	0.21mi
15 Beatrice Ave Buffalo, NY	2.0	1.0	950	$1,150	$1.21	14d	1	0.25mi
134 Philadelphia St Buffalo, NY	3.0	1.0	871	$1,100	$1.26	3d	1	0.33mi
239 Crowley Ave Buffalo, NY	2.0	1.0	966	$1,025	$1.06	3d	1	0.40mi
62 Seabrook St Buffalo, NY	4.0	1.0	1300	$2,000	$1.54	1d	1	0.41mi
2075 Kenmore Ave Unit 611 Buffalo, NY	2.0	2.0	981	$1,950	$1.99	1d	1	0.50mi
480 W Hazeltine Ave Buffalo, NY	3.0	1.0	989	$1,900	$1.92	23d	1	0.73mi
118 Rano St Buffalo, NY	3.0	1.0	1050	$1,200	$1.14	21d	1	0.75mi
15 Ontario St Unit 1 Buffalo, NY	3.0	1.0	1000	$1,500	$1.50	1d	1	0.92mi
356 Hertel Ave Buffalo, NY	2.0	1.5	800	$2,300	$2.88	2d	1	0.95mi
68 Laforce Pl Unit U Buffalo, NY	2.0	1.0	900	$1,099	$1.22	43d	1	0.95mi
2099 Niagara St Unit A Buffalo, NY	2.0	1.0	1000	$1,197	$1.20	43d	1	1.22mi
155 Germain St Apt 1 Buffalo, NY	2.0	1.0	1000	$1,000	$1.00	10d	1	1.35mi
237 W Girard Blvd Buffalo, NY	4.0	1.5	1329	$4,000	$3.01	23d	1	1.39mi
72 Reservation St Unit 2 Buffalo, NY	3.0	1.0	950	$1,150	$1.21	23d	1	1.44mi

Listing history 17 events

1. 2026-06-18
   days on market $149,900 Active 87 DOM
2. 2026-06-17
   days on market $149,900 Active 86 DOM
3. 2026-06-16
   days on market $149,900 Active 85 DOM
4. 2026-06-15
   days on market $149,900 Active 84 DOM
5. 2026-06-13
   days on market $149,900 Active 82 DOM
6. 2026-06-13
   days on market $149,900 Active 81 DOM
7. 2026-06-10
   days on market $149,900 Active 79 DOM
8. 2026-06-09
   days on market $149,900 Active 78 DOM
9. 2026-06-08
   days on market $149,900 Active 77 DOM
10. 2026-06-07
    pricedays on market $149,900 Active 76 DOM
11. 2026-06-03
    days on market $159,400 Active 72 DOM
12. 2026-06-02
    days on market $159,400 Active 71 DOM
13. 2026-06-01
    days on market $159,400 Active 70 DOM
14. 2026-05-31
    days on market $159,400 Active 69 DOM
15. 2026-04-16
    price $159,400 650-char remark

    Show marketing remark (650 chars)

    Welcome to 38 Argus St in the City of Buffalo! This well-maintained single-family home offers 3 bedrooms and 1 full bath, providing a great layout for comfortable living. The property features solid mechanics, a full basement, and an attic, offering excellent storage and additional potential. Enjoy the spacious backyard, perfect for outdoor activities or future improvements. Currently rented for $1,280 per month, this property presents an excellent opportunity for investors seeking steady income or future owner occupancy. Conveniently located near public transportation, shopping, and local amenities. A great opportunity with strong potential!

16. 2026-03-23
    listed $159,900 Active 650-char remark

    Show marketing remark (650 chars)

    Welcome to 38 Argus St in the City of Buffalo! This well-maintained single-family home offers 3 bedrooms and 1 full bath, providing a great layout for comfortable living. The property features solid mechanics, a full basement, and an attic, offering excellent storage and additional potential. Enjoy the spacious backyard, perfect for outdoor activities or future improvements. Currently rented for $1,280 per month, this property presents an excellent opportunity for investors seeking steady income or future owner occupancy. Conveniently located near public transportation, shopping, and local amenities. A great opportunity with strong potential!

17. 2005-03-17
    soldstatus $50,000

ⓘ 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 ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,730
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,338
• − Management: −$1,338
• − Depreciation: −$4,361
• Taxable loss: −$1,702
• Est. tax savings @ 24.0%: +$409
• After-tax cash flow: $1,194/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

+218.8% since first listed

3 events — show timeline

• 2026-04-16 Price Changed $159,400 WNYREIS
• 2026-03-23 Listed $159,900 WNYREIS
• 2005-03-17 Sold (Public Records) $50,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $291 · +0.0% YoY. Source: county tax records.