86 Prospect Ave · Buffalo, NY 14201

$189,900

6 bd · 3.0 ba · 2,901 sqft · MultiFamily public records · 44 Days on market

Built 1880 4,884 sqft lot $65/sqft · 68% below area

---

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 +23.9/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Schools +3.3/10.0
• 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

Investor Special – Victorian Queen Anne mix style Historic Single Family Home in Downtown Buffalo! Located in a beautiful historic neighborhood in downtown Buffalo, this spacious single-family home offers nearly 3,000 sq feet of living space, featuring 6 bedrooms and 3 full bathrooms. The first floor includes a home office and library, a large bedroom, a full bathroom, a bar area, and expansive living and dining rooms with high cellings, showcasing original woodwork. The layout opens to the kitchen, which overlooks a large patio and backyard. Elegant French doors provide direct access to the outdoor space—perfect for entertaining. The second floor offers 5 additional bedrooms,

Key facts

• Bar area
• Library
• Original woodwork

Tags

• VICTORIAN QUEEN ANNE MIX STYLE
• HISTORIC NEIGHBORHOOD
• HOME OFFICE
• LIBRARY
• BAR AREA
• ORIGINAL WOODWORK

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water available and connected; Public sewer available and connected
• Home design: Two-story residence; Resale property
• Construction: Existing structure; Construction details available in remarks
• Exterior features: Concrete driveway; City street frontage; Rectangular residential lot (approx. 37 x 132)

Interior

• Kitchen: Water heater (listed under appliances); See remarks for additional kitchen/appliance details
• Bedrooms: One main-level bedroom
• Bathrooms: Three full bathrooms; One main-level bathroom
• Heating & cooling: Heating details described in remarks
• Interior features: Partial basement; Additional interior details noted in remarks
• Laundry & utility: See remarks for laundry and utility details

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $184k (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 rising fast (+4.3%/yr); 56 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $1,935/mo this rent would consume 57% of the median local household income ($41k/yr) (locally 1213% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $118k; list at $190k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1880 — 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: 1.02% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.34%
• DSCR: 1.37
• GRM: 8.2

CMA / ARV

• ARV (median comp): $585,120
• List price: $189,900
• Delta: -67.55%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
348 Virginia St	0.36mi	6/4.0	2,882 (-1%)	2mo	$328,000	$114	77
300 Busti Ave	0.38mi	6/3.0	2,816 (-3%)	18mo	$88,000	$31	62
58 Mariner St	0.51mi	6/2.0	3,017 (+4%)	10mo	$314,150	$104	57
286 Hudson St	0.51mi	6/2.0	2,860 (-1%)	16mo	$307,000	$107	57
422 Busti Ave	0.58mi	6/3.0	3,020 (+4%)	21mo	$335,000	$111	49
324 West Ave	0.71mi	6/2.0	2,652 (-9%)	5mo	$312,500	$118	44
49 Trinity Pl	0.33mi	5/2.0 (-1)	2,648 (-9%)	24mo	$239,000	$90	41
285 W Tupper St	0.36mi	6/3.0	2,505 (-14%)	24mo	$390,000	$156	40
157 Park St	0.74mi	5/3.0 (-1)	2,644 (-9%)	11mo	$661,000	$250	36
108 Plymouth Ave	0.70mi	5/2.0 (-1)	3,240 (+12%)	10mo	$280,000	$86	30
545 Niagara St	0.64mi	5/2.0 (-1)	2,506 (-14%)	12mo	$120,000	$48	29
360 Hudson St	0.58mi	5/2.0 (-1)	2,496 (-14%)	23mo	$315,000	$126	22

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 · 4.28% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-4,779
• Equity at exit: $28,315

10-year hold

• IRR: 8.5%
• Equity multiple: 1.69×
• Total profit: $36,507
• Equity at exit: $16,419

Cash invested: $53,172 (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 14201

• Home prices YoY: -19.1%
• Rents YoY: 4.3%
• Active inventory: 56
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,935 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$84 /mo · $1,007/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $370

Break-even live

Break-even rent $1,467

Max offer price $189,900

Occupancy floor 76%

Sensitivity live

Price	-10% $477	-5% $423	+0% $370	+5% $316	+10% $262
Rent	-10% $217	-5% $293	+0% $370	+5% $446	+10% $522
Rate	-1.0pp $465	-0.5pp $418	base $370	+0.5pp $320	+1.0pp $270

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $189,900 Active 44 DOM
2. 2026-06-18
   days on market $189,900 Active 41 DOM
3. 2026-06-17
   days on market $189,900 Active 40 DOM
4. 2026-06-16
   pricedays on market $189,900 Active 39 DOM
5. 2026-06-15
   days on market $199,900 Active 38 DOM
6. 2026-06-13
   days on market $199,900 Active 36 DOM
7. 2026-06-13
   days on market $199,900 Active 35 DOM
8. 2026-06-10
   days on market $199,900 Active 33 DOM
9. 2026-06-09
   days on market $199,900 Active 32 DOM
10. 2026-06-08
    days on market $199,900 Active 31 DOM
11. 2026-06-07
    days on market $199,900 Active 30 DOM
12. 2026-06-03
    days on market $199,900 Active 26 DOM
13. 2026-06-02
    days on market $199,900 Active 25 DOM
14. 2026-06-01
    days on market $199,900 Active 24 DOM
15. 2026-05-31
    days on market $199,900 Active 23 DOM
16. 2026-05-08
    listed $199,900 Active 1446-char remark
17. 2007-08-31
    soldstatus $118,000

ⓘ 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: $1,007 · $84/mo
• Projected year-2 tax: $2,108 · $176/mo
• Expected delta: +$1,101/yr (+$92/mo · 109.3%)

ⓘ 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 ≥91°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: $23,217
• − Mortgage interest: −$10,637
• − Property taxes: −$1,007
• − Insurance: −$950
• − Repairs & maintenance: −$1,857
• − Management: −$1,857
• − Depreciation: −$5,524
• Taxable income: $1,384
• Est. tax owed @ 24.0%: −$332
• After-tax cash flow: $4,102/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): 12,369
• Household income: $40,512
• Rent vs Own: 76.4% rent · 23.6% own
• Severe rent burden: 1213.0

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 0.66)
• Race & ethnicity: White 42% Hispanic / Latino 36% Black 16% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 30% Dominican 1%
• Common ancestry: Romanian 7% Subsaharan African 2% Slovak 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 69% English-only · Spanish 24% Arabic 2% Other Indo-European 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: ▼ -68.73%
• Current HPI: 290.2643
• Rent YoY: ▲ 4.28%
• 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

+60.9% since first listed

3 events — show timeline

• 2026-06-15 Price Changed $189,900 WNYREIS
• 2026-05-08 Listed $199,900 WNYREIS
• 2007-08-31 Sold (Public Records) $118,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $1,007 · +3.9% YoY. Source: county tax records.