233 Masten Ave · Buffalo, NY 14209

$205,000

3 bd · 1.5 ba · 1,365 sqft · SingleFamily · 52 Days on market

Built 2025 Good condition 4,824 sqft lot $150/sqft · 8% below area Est $222k · 8% under

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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 +18.9/30.0
• ARV discount +11.0/15.0
• DSCR +5.9/10.0
• Appreciation +5.9/10.0
• 1% rule +5.0/10.0
• Rent growth +4.6/5.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0

Listing remarks

This newly constructed home features 3 bedrooms, 1.5 baths, and brand-new appliances—perfect for first-time buyers or those continuing their homeownership journey. Thoughtfully designed for modern living, the home offers comfort, efficiency, and a functional two-story layout. Located on a neighborhood street with convenient access to public transportation, this property provides both accessibility and a strong sense of community. PLEASE READ CAREFULLY: This is an income-restricted, owner-occupied opportunity. Buyers must meet program eligibility requirements. For application details, contact Belmont Housing Resources for WNY. Taxes are estimated based on a $205,000 sale price and 2027

Key facts

• 4,824 sq ft lot
• Built 2025
• Listed 52 days

Property features AI

Finance

• Other: Lot is rectangular and residential, near public transit; road frontage on a city street

Exterior

• Parking: No garage; No driveway
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected
• Home design: 2-story home; New construction
• Construction: Frame construction with vinyl siding; Asphalt roof; Copper plumbing; Poured foundation; New build
• Exterior features: Covered porch

Interior

• Kitchen: Electric oven; Electric range; Dishwasher; Microwave; Refrigerator
• Flooring: Carpet; Laminate; Varies
• Bathrooms: 1 full bathroom; 1 half bathroom; One main-level bathroom
• Heating & cooling: Ductless heating (electric); Ductless cooling
• Interior features: Living/dining room; Pull-down attic stairs
• Laundry & utility: Washer and dryer included; Laundry located on upper level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $205k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Recommended offer: $199k (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 (+8.5%/yr); 56 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,058/mo this rent would consume 49% of the median local household income ($50k/yr) (locally 959% 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 $5k of equity ($1k loan paydown + $4k appreciation (1.9% local appreciation)).
• At projected returns (1.9% appreciation + 8.0% rent growth), your $57k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.

Recommended offer $198,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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 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: 1.00% ✓
• Cap rate: 7.51%
• Cash-on-cash: 4.36%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (median comp): $222,297
• List price: $205,000
• Delta: -7.78%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
71 Chester St	0.40mi	3/1.5	1,300 (-5%)	2mo	$250,000	$192	72
187 Chester St	0.62mi	3/1.5	1,456 (+7%)	1mo	$99,000	$68	59
146 Waverly St	0.56mi	3/1.5	1,456 (+7%)	8mo	$250,000	$172	57
59 Landon St	0.40mi	4/1.0 (+1)	1,424 (+4%)	14mo	$76,500	$54	55
162 Rose St	0.59mi	4/1.5 (+1)	1,336 (-2%)	11mo	$201,000	$150	54
119 Purdy St	0.36mi	4/2.0 (+1)	1,269 (-7%)	18mo	$150,000	$118	50
40 Edna Pl	0.35mi	4/2.0 (+1)	1,507 (+10%)	13mo	$182,500	$121	48
232 Mulberry St	0.62mi	2/2.0 (-1)	1,343 (-2%)	19mo	$200,000	$149	46
200 Locust St	0.65mi	3/1.0	1,217 (-11%)	12mo	$95,000	$78	40
273 Purdy St	0.64mi	4/2.0 (+1)	1,520 (+11%)	6mo	$90,000	$59	39
198 Mulberry St	0.69mi	4/1.0 (+1)	1,222 (-10%)	6mo	$79,500	$65	39
188 Waverly St	0.63mi	3/1.5	1,541 (+13%)	15mo	$264,000	$171	37

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

Projected returns pro-forma

1.86% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 11.6%
• Equity multiple: 1.64×
• Total profit: $36,825
• Equity at exit: $79,338

10-year hold

• IRR: 17.4%
• Equity multiple: 3.59×
• Total profit: $148,523
• Equity at exit: $113,091

Cash invested: $57,400 (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 14209

• Home prices YoY: 0.4%
• Rents YoY: 8.5%
• Active inventory: 56
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,058 high
• Mortgage (P&I): −$1,075
• Tax est. 1.5%: −$256 /mo · $3,075/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $209

Break-even live

Break-even rent $1,793

Max offer price $205,000

Occupancy floor 85%

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
76 Chester St Unit 1 Buffalo, NY	3.0	1.0	1100	$1,000	$0.91	14d	1	0.38mi
1152 Main St Apt 3 Buffalo, NY	3.0	1.0	1000	$2,400	$2.40	14d	1	0.55mi
88 W Utica St Unit 1 Buffalo, NY	3.0	2.0	990	$2,150	$2.17	14d	1	0.55mi
88 W Utica St Unit 1 Buffalo, NY	3.0	2.0	990	$2,150	$2.17	2d	1	0.55mi
130 Linwood Ave Buffalo, NY	2.0	1.0	900	$1,900	$2.11	23d	1	0.61mi
916 Delaware Ave Buffalo, NY	2.0	1.0	750	$1,625	$2.17	3d	9	0.64mi
888 Delaware Ave Buffalo, NY	2.0	1.0–2.0	899	$2,440	$2.71	23d	1	0.67mi
983 Michigan Ave Buffalo, NY	2.0	1.0–2.0	804	$3,202	$3.98	1d	58	0.69mi
19 North St Buffalo, NY	2.0	1.0–2.0	1306	$2,910	$2.23	10d	7	0.71mi
104 Butler Ave Buffalo, NY	3.0	1.0	1000	$1,400	$1.40	43d	1	0.75mi
40 North St Unit 306 Buffalo, NY	2.0	1.5	1125	$1,950	$1.73	43d	1	0.77mi
102 Florida St Buffalo, NY	3.0	1.0	1296	$1,650	$1.27	43d	1	0.82mi
1786 Main St Unit 104 Buffalo, NY	2.0	2.0	1256	$1,875	$1.49	43d	1	0.83mi
1786 Main St Unit 103 Buffalo, NY	2.0	1.5	1110	$1,677	$1.51	43d	1	0.83mi
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	14d	1	0.86mi
451 Elmwood Ave Buffalo, NY	2.0	1.0	1633	$3,305	$2.02	43d	1	0.90mi
213 Summer St Unit 3 Buffalo, NY	2.0	1.0	1020	$2,450	$2.40	21d	1	0.92mi
238 Oxford Ave Unit Upper Buffalo, NY	3.0	1.0	1100	$1,600	$1.45	23d	1	0.93mi
569 Elmwood Ave Buffalo, NY	2.0	1.0	1500	$1,750	$1.17	11d	1	0.93mi
179 Donaldson Rd Buffalo, NY	3.0	1.0	1152	$1,350	$1.17	3d	1	0.95mi
344 Elmwood Ave Unit 3rd floor Buffalo, NY	2.0	1.0	1000	$1,400	$1.40	23d	1	0.96mi
305 W Utica St Unit B302 Buffalo, NY	2.0	2.0	1180	$2,060	$1.75	14d	1	0.98mi
44 N Pearl St #5 Buffalo, NY	3.0	1.0	1200	$2,400	$2.00	43d	1	1.00mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	14d	1	1.02mi
17 N Pearl St Unit 3 Buffalo, NY	3.0	2.0	1197	$3,100	$2.59	23d	1	1.03mi
17 N Pearl St Buffalo, NY	2.0	2.0	1077	$2,700	$2.51	23d	1	1.03mi
685 Auburn Ave Buffalo, NY	2.0	1.0	1200	$1,600	$1.33	44d	1	1.05mi
685 Auburn Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,750	$1.46	14d	1	1.05mi
217 Norwood Ave Apt 1 Buffalo, NY	2.0	1.0	1500	$2,700	$1.80	43d	1	1.07mi
628 Ellicott St Buffalo, NY	1.0–2.0	1.0–2.0	1059	$2,812	$2.65	2d	5	1.09mi
31 Norwood Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,950	$1.95	11d	1	1.09mi
664 Auburn Ave Unit 2 Buffalo, NY	2.0	1.0	900	$2,200	$2.44	43d	1	1.10mi
506 Delaware Ave Buffalo, NY	1.0–2.0	1.0–1.5	1190	$2,995	$2.52	10d	6	1.10mi
279 North St Buffalo, NY	1.0–2.0	1.0–2.0	820	$2,050	$2.50	43d	1	1.12mi
408 Winslow Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,050	$1.05	14d	1	1.12mi
75 Inwood Pl Unit Lower Buffalo, NY	2.0	1.0	1175	$1,550	$1.32	43d	1	1.21mi
74 Days Park Unit 8 Buffalo, NY	2.0	1.0	1350	$1,695	$1.26	43d	1	1.25mi
21 College St Buffalo, NY	3.0	1.0	1104	$1,850	$1.68	23d	1	1.27mi
1560 Delaware Ave Unit 1 Buffalo, NY	3.0	1.0	1000	$2,800	$2.80	23d	1	1.29mi
102 17th St Buffalo, NY	2.0	1.0	1086	$1,290	$1.19	23d	1	1.29mi

Listing history 15 events

1. 2026-06-18
   days on market $205,000 Active 52 DOM
2. 2026-06-17
   days on market $205,000 Active 51 DOM
3. 2026-06-16
   days on market $205,000 Active 50 DOM
4. 2026-06-15
   days on market $205,000 Active 49 DOM
5. 2026-06-13
   days on market $205,000 Active 47 DOM
6. 2026-06-13
   days on market $205,000 Active 46 DOM
7. 2026-06-10
   days on market $205,000 Active 44 DOM
8. 2026-06-09
   days on market $205,000 Active 43 DOM
9. 2026-06-08
   days on market $205,000 Active 42 DOM
10. 2026-06-07
    days on market $205,000 Active 41 DOM
11. 2026-06-03
    days on market $205,000 Active 37 DOM
12. 2026-06-02
    days on market $205,000 Active 36 DOM
13. 2026-06-01
    days on market $205,000 Active 35 DOM
14. 2026-05-31
    days on market $205,000 Active 34 DOM
15. 2026-04-27
    listed $205,000 Active 1184-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,690
• − Mortgage interest: −$11,483
• − Property taxes: −$3,075
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,975
• − Management: −$1,975
• − Depreciation: −$5,964
• Taxable loss: −$807
• Est. tax savings @ 24.0%: +$194
• After-tax cash flow: $2,698/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.

Condition & rehab AI · 1 photo

Good 80/100 None rehab

This newly constructed home is in excellent condition with no visible repairs or maintenance needed. It offers a good investment opportunity with potential for minor updates to enhance its resale and rental value.

Value-add opportunities

• Both Paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both Install new flooring in bathrooms — New flooring improves aesthetics and functionality
• Both Replace kitchen appliances — Modern appliances increase appeal and functionality
• Both Landscaping and curb appeal — Enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Install new flooring in bathrooms — New flooring improves aesthetics and functionality ↑
• Both Replace kitchen appliances — Modern appliances increase appeal and functionality ↑
• Both Landscaping and curb appeal — Enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 8,313
• Household income: $50,046
• Rent vs Own: 66.3% rent · 33.7% own
• Severe rent burden: 959.0

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 0.62)
• Race & ethnicity: White 53% Black 30% Hispanic / Latino 11% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 6% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 9% · Canada, Dominican Republic, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▲ 1.86%
• Current HPI: 443.9414
• Rent YoY: ▲ 8.53%
• 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

• 2026-04-27 Listed $205,000 WNYREIS