135 Ivy St · Buffalo, NY 14211

$139,999

4 bd · 2.0 ba · 1,562 sqft · MultiFamily public records · 27 Days on market

Built 1910 2,950 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

2 FAMILY HOUSE CLOSE TO DOWNTOWN, HUGE KITCHENS. NEEDS A LOVING TOUCH. SOLD AS IS.

Key facts

• Near schools
• Near shopping
• Full attic

Tags

• MULTI-FAMILY OPPORTUNITY
• FULL ATTIC
• PUBLIC TRANSPORTATION
• NEAR SCHOOLS
• NEAR SHOPPING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.4% 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: 172 active listings in the ZIP; 12 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).
• At $3,156/mo this rent would consume 104% of the median local household income ($36k/yr) (locally 1804% 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 $4k of equity ($968 loan paydown + $3k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 3 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.
• Current owner paid $50k; list at $140k implies a 180% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $137,899 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.25% ✓
• Cap rate: 19.37%
• Cash-on-cash: 46.71%
• DSCR: 3.08
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $87,472
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
325 Box Ave	0.27mi	5/2.0 (+1)	1,524 (-2%)	13mo	$135,000	$89	68
141 Moselle St	0.10mi	5/2.0 (+1)	1,730 (+11%)	8mo	$30,000	$17	65
27 Rohr St	0.31mi	4/2.0	1,747 (+12%)	7mo	$200,000	$114	60
95 Carl St	0.69mi	4/2.0	1,632 (+4%)	4mo	$84,000	$51	57
106 Koons Ave	0.62mi	4/2.0	1,421 (-9%)	1mo	$80,000	$56	56
587 Goodyear Ave	0.40mi	4/2.0	1,362 (-13%)	9mo	$135,000	$99	53
70 Kilhoffer St	0.62mi	4/2.0	1,591 (+2%)	18mo	$90,000	$57	52
89 Wyoming Ave	0.69mi	4/2.0	1,408 (-10%)	3mo	$85,101	$60	49
262 Sumner Pl	0.73mi	4/2.0	1,660 (+6%)	11mo	$72,000	$43	46
125 Gatchell St	0.74mi	4/2.0	1,650 (+6%)	13mo	$80,000	$48	45
221 May St	0.46mi	5/2.0 (+1)	1,794 (+15%)	8mo	$91,000	$51	42
509 Winslow Ave	0.56mi	4/2.0	1,731 (+11%)	18mo	$40,000	$23	41

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

Projected returns pro-forma

2.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.7%
• Equity multiple: 3.73×
• Total profit: $107,171
• Equity at exit: $55,592

10-year hold

• IRR: 51.3%
• Equity multiple: 7.49×
• Total profit: $254,369
• Equity at exit: $80,340

Cash invested: $39,200 (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 14211

• Home prices YoY: 0.6%
• Active inventory: 172
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $3,156 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $1,526

Break-even live

Break-even rent $1,225

Max offer price $139,999

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 2× units	5	2	$3,156
Total (2 units)			$3,156

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
517 Goodyear Ave Buffalo, NY	3.0	1.0	1559	$1,800	$1.15	19d	1	0.30mi
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	24d	1	0.90mi
73 Inter Park Ave Buffalo, NY	3.0	1.0	2080	$1,300	$0.62	14d	1	0.93mi
96 Academy Rd Buffalo, NY	3.0	1.0	2247	$1,400	$0.62	24d	1	1.02mi
1777 Broadway Unit 2 Buffalo, NY	3.0	1.0	1300	$1,200	$0.92	44d	1	1.09mi
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	14d	1	1.17mi
563 Humboldt Pkwy Buffalo, NY	3.0	1.0	2004	$1,200	$0.60	24d	1	1.26mi
179 Donaldson Rd Buffalo, NY	3.0	1.0	1152	$1,350	$1.17	3d	1	1.29mi
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	2d	1	1.34mi
65 Domedion Ave Buffalo, NY	3.0	1.0	1632	$1,500	$0.92	2d	1	1.38mi
24 Euclid Ave Buffalo, NY	3.0	2.0	1150	$1,700	$1.48	44d	1	1.43mi
74 Dorris Ave Buffalo, NY	3.0	1.0	1200	$1,450	$1.21	44d	1	1.44mi

Listing history 12 events

1. 2026-04-09
   status Pending
2. 2026-03-13
   listed $139,999 Active
3. 2020-12-08
   soldstatus $50,000
4. 2020-06-05
   soldstatus $35,000 Closed Sale or Rented 82-char remark

   Show marketing remark (82 chars)

   2 FAMILY HOUSE CLOSE TO DOWNTOWN, HUGE KITCHENS. NEEDS A LOVING TOUCH. SOLD AS IS.

5. 2020-06-04
   soldstatus $35,000
6. 2020-04-13
   status Pending Sale 82-char remark

   Show marketing remark (82 chars)

   2 FAMILY HOUSE CLOSE TO DOWNTOWN, HUGE KITCHENS. NEEDS A LOVING TOUCH. SOLD AS IS.

7. 2020-03-24
   status Under Contract- Do Not Show 82-char remark

   Show marketing remark (82 chars)

   2 FAMILY HOUSE CLOSE TO DOWNTOWN, HUGE KITCHENS. NEEDS A LOVING TOUCH. SOLD AS IS.

8. 2020-03-17
   listed $40,000 Active 82-char remark

   Show marketing remark (82 chars)

   2 FAMILY HOUSE CLOSE TO DOWNTOWN, HUGE KITCHENS. NEEDS A LOVING TOUCH. SOLD AS IS.

9. 2015-09-23
   soldstatus $30,000
10. 2015-09-22
    soldstatus $30,000 Closed Sale or Rented 71-char remark

    Show marketing remark (71 chars)

    GREAT INCOME PROPERTY IN GOOD CONDITION. LONG TERM TENANT WANT TO STAY.

11. 2015-08-28
    status Pending Sale 71-char remark

    Show marketing remark (71 chars)

    GREAT INCOME PROPERTY IN GOOD CONDITION. LONG TERM TENANT WANT TO STAY.

12. 2015-08-03
    listed $34,900 Active 71-char remark

    Show marketing remark (71 chars)

    GREAT INCOME PROPERTY IN GOOD CONDITION. LONG TERM TENANT WANT TO STAY.

ⓘ 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,872
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$3,030
• − Management: −$3,030
• − Depreciation: −$4,073
• Taxable income: $17,098
• Est. tax owed @ 24.0%: −$4,103
• After-tax cash flow: $14,205/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): 24,663
• Household income: $36,300
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1804.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 59% Asian 20% Hispanic / Latino 9% White 9% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4%
• Foreign-born: 17% · Canada, Philippines, Vietnam
• Languages at home: 74% English-only · Other Indo-European 14% Spanish 6% Other Asian/Pacific 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: ▲ 2.05%
• Current HPI: 357.6438
• 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

+301.1% since first listed

12 events — show timeline

• 2026-04-09 Pending — WNYREIS
• 2026-03-13 Listed $139,999 WNYREIS
• 2020-12-08 Sold (Public Records) $50,000 Public Records
• 2020-06-05 Sold (MLS) $35,000 WNYREIS
• 2020-06-04 Sold (Public Records) $35,000 Public Records
• 2020-04-13 Pending — WNYREIS
• 2020-03-24 Pending — WNYREIS
• 2020-03-17 Listed $40,000 WNYREIS
• 2015-09-23 Sold (Public Records) $30,000 Public Records
• 2015-09-22 Sold (MLS) $30,000 WNYREIS
• 2015-08-28 Pending — WNYREIS
• 2015-08-03 Listed $34,900 WNYREIS

Property tax history

+4.8%/yr

Latest (2025): $191 · +0.0% YoY. Source: county tax records.