219 Rhode Island St · Buffalo, NY 14213

$134,900

4 bd · 2.0 ba · 1,996 sqft · MultiFamily public records · 90 Days on market

Built 1890 3,480 sqft lot $68/sqft · 59% below area

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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
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

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

Welcome to 219 Rhode Island St. , a 2/2 double located on Buffalo’s West Side near the vibrant Five Points neighborhood. This property offers a fantastic opportunity to bring your vision to life, featuring a solid structure with key updates already in place, including new drywall throughout, newer electrical, and a newer roof. Each unit offers a functional layout and is ready for cosmetic updates and finishing touches. Conveniently situated near public transportation, shopping, dining, and neighborhood amenities, this property is ideal for investors or owner-occupants seeking a value-add opportunity. Whether you’re looking for a summer project or a chance to build equity in a prime location, 219 Rhode Island St. presents strong potential in one of Buffalo’s most sought-after areas.

Key facts

• New drywall
• Newer roof
• Newer electrical

Tags

• SOLID STRUCTURE
• NEW DRYWALL
• NEWER ELECTRICAL
• NEWER ROOF
• FUNCTIONAL LAYOUT
• PUBLIC TRANSPORTATION

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.3% 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 soft (-0.5%/yr); 138 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,562/mo this rent would consume 57% of the median local household income ($54k/yr) (locally 1501% 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 $11k of equity ($933 loan paydown + $10k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $38k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $126,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% 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 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: 1.90% ✓
• Cap rate: 17.27%
• Cash-on-cash: 39.21%
• DSCR: 2.74
• GRM: 4.4

CMA / ARV

• ARV (median comp): $328,256
• List price: $134,900
• Delta: -58.90%
• 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
375 Plymouth Ave	0.07mi	4/2.0	2,121 (+6%)	4mo	$265,000	$125	83
651 Prospect Ave	0.24mi	5/2.0 (+1)	2,026 (+2%)	9mo	$278,500	$137	74
193 14th St	0.32mi	3/2.0 (-1)	2,040 (+2%)	6mo	$156,000	$76	72
298 Massachusetts Ave	0.25mi	5/2.0 (+1)	2,221 (+11%)	1mo	$220,000	$99	64
192 York St	0.48mi	3/2.5 (-1)	1,884 (-6%)	1mo	$285,000	$151	60
23 Sherwood St	0.37mi	3/2.0 (-1)	1,830 (-8%)	4mo	$150,000	$82	60
132 Ashland Ave	0.67mi	4/2.0	2,002 (+0%)	12mo	$293,200	$146	58
145 14th St	0.40mi	3/2.0 (-1)	1,710 (-14%)	9mo	$281,500	$165	45
875 West Ave	0.49mi	3/2.0 (-1)	1,696 (-15%)	8mo	$165,000	$97	40
475 W Ferry St	0.64mi	3/2.0 (-1)	1,740 (-13%)	6mo	$236,900	$136	38
73 Baynes St	0.74mi	4/2.0	1,698 (-15%)	6mo	$199,900	$118	36
233 Auburn Ave	0.71mi	5/2.0 (+1)	2,264 (+13%)	10mo	$310,000	$137	31

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

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 49.1%
• Equity multiple: 4.24×
• Total profit: $122,441
• Equity at exit: $98,042

10-year hold

• IRR: 43.4%
• Equity multiple: 8.49×
• Total profit: $282,959
• Equity at exit: $190,518

Cash invested: $37,772 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 138
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,562 high
• Mortgage (P&I): −$707
• Tax from tax record: −$26 /mo · $314/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$538
• Net cashflow: $1,234

Break-even live

Break-even rent $1,000

Max offer price $134,900

Occupancy floor 47%

Sensitivity live

Price	-10% $1,311	-5% $1,272	+0% $1,234	+5% $1,196	+10% $1,158
Rent	-10% $1,032	-5% $1,133	+0% $1,234	+5% $1,335	+10% $1,437
Rate	-1.0pp $1,302	-0.5pp $1,268	base $1,234	+0.5pp $1,199	+1.0pp $1,164

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,562
Total (2 units)			$2,562

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	21d	1	0.19mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	15d	1	0.19mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	24d	1	0.31mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	24d	1	0.35mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	24d	1	0.41mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	44d	1	0.57mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	44d	1	0.62mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	21d	1	0.65mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	15d	1	0.66mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	15d	1	0.75mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	24d	1	0.79mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	15d	1	0.92mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	15d	1	0.98mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	1.37mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	2d	14	1.43mi

Listing history 16 events

1. 2026-06-21
   days on market $134,900 Active 90 DOM
2. 2026-06-18
   days on market $134,900 Active 87 DOM
3. 2026-06-17
   days on market $134,900 Active 86 DOM
4. 2026-06-16
   days on market $134,900 Active 85 DOM
5. 2026-06-15
   days on market $134,900 Active 84 DOM
6. 2026-06-13
   days on market $134,900 Active 82 DOM
7. 2026-06-13
   days on market $134,900 Active 81 DOM
8. 2026-06-10
   days on market $134,900 Active 79 DOM
9. 2026-06-09
   days on market $134,900 Active 78 DOM
10. 2026-06-08
    days on market $134,900 Active 77 DOM
11. 2026-06-07
    days on market $134,900 Active 76 DOM
12. 2026-06-03
    days on market $134,900 Active 72 DOM
13. 2026-06-02
    days on market $134,900 Active 71 DOM
14. 2026-06-01
    days on market $134,900 Active 70 DOM
15. 2026-05-31
    days on market $134,900 Active 69 DOM
16. 2026-03-23
    listed $134,900 Active 810-char remark

    Show marketing remark (810 chars)

    Welcome to 219 Rhode Island St. , a 2/2 double located on Buffalo’s West Side near the vibrant Five Points neighborhood. This property offers a fantastic opportunity to bring your vision to life, featuring a solid structure with key updates already in place, including new drywall throughout, newer electrical, and a newer roof. Each unit offers a functional layout and is ready for cosmetic updates and finishing touches. Conveniently situated near public transportation, shopping, dining, and neighborhood amenities, this property is ideal for investors or owner-occupants seeking a value-add opportunity. Whether you’re looking for a summer project or a chance to build equity in a prime location, 219 Rhode Island St. presents strong potential in one of Buffalo’s most sought-after areas.

ⓘ 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: $314 · $26/mo
• Projected year-2 tax: $1,297 · $108/mo
• Expected delta: +$983/yr (+$82/mo · 313.2%)

ⓘ 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: $30,744
• − Mortgage interest: −$7,556
• − Property taxes: −$314
• − Insurance: −$674
• − Repairs & maintenance: −$2,460
• − Management: −$2,460
• − Depreciation: −$3,924
• Taxable income: $13,356
• Est. tax owed @ 24.0%: −$3,205
• After-tax cash flow: $11,605/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

1 event — show timeline

• 2026-03-23 Listed $134,900 WNYREIS

Property tax history

+4.7%/yr

Latest (2025): $314 · +0.0% YoY. Source: county tax records.