500 Massachusetts Ave · Buffalo, NY 14213

$325,000

7 bd · 3.0 ba · 2,900 sqft · MultiFamily public records · 34 Days on market

Built 1920 5,740 sqft lot $112/sqft · 40% below area Est $539k · 40% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• 1% rule +7.6/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Multiple family home with three units located just step from Richmond Ave (0.1 mile) and from Elmwood Village (0.4 mile) The first unit includes a Living & dining room with fire place, one large bedroom, kitchen, bathroom and a laundry room. The second unit includes living room kitchen bathroom and three bedrooms and the third unit including large kitchen with dine area bathroom and three bedrooms, house with some hardwood floors, original wood work and some vinyl floors. Great investment with high returns with rent income of up to $4,000 a month and $48,000 yearly, the property tax expenses included city and county tax plus user fee is approximately $3,000 yearly. House needs new roof and interior work as well. Don’t miss this great opportunity to own a large three unit home in a great neighborhood near the Elmwood village with high demands and returns. ?

Key facts

• New kitchen
• New flooring
• In-unit laundry

Tags

• NEW ROOF
• NEW KITCHEN
• IN-UNIT LAUNDRY
• NEW FLOORING

Property features AI

Finance

• Other: Three separate gas meters; Three separate electric meters; Three total units in the building
• Financial info: Owner pays water; Water included in rent; Operating expenses include water/sewer

Exterior

• Parking: Concrete parking; On-street parking
• Utilities: Public water connected; Sewer connected; Circuit breaker electrical
• Home design: Two-story building
• Construction: Vinyl and wood siding; Asphalt shingle roof; Stone foundation; Copper and PEX plumbing; Existing structure (not new construction)
• Exterior features: Partial fencing; Open porch; Fence; Porch; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchen (in one unit)
• Bedrooms: Two units with three bedrooms each; One unit with one bedroom
• Flooring: Carpet; Hardwood; Laminate; Varies
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Forced air heating; Gas and electric heating
• Interior features: Full basement; Dining area with living room (in one unit); Eat-in kitchen and living room (in one unit); Formal dining room, porch, and in-unit laundry (in one unit)
• Laundry & utility: Washer hookup; Laundry in unit (in one unit)

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $448/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $325k).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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); 137 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,108/mo this rent would consume 92% 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 $27k of equity ($2k loan paydown + $24k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $91k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; list at $325k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.26% ✓
• Cap rate: 11.26%
• Cash-on-cash: 17.73%
• DSCR: 1.79
• GRM: 6.6

CMA / ARV

• ARV (median comp): $539,051
• List price: $325,000
• Delta: -39.71%
• 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
30 S Putnam St Unit W	0.12mi	7/3.5	2,835 (-2%)	7mo	$170,000	$60	83
128 Lancaster Ave	0.68mi	6/2.0 (-1)	2,912 (+0%)	1mo	$510,000	$175	58
122 Saint James Pl	0.71mi	6/2.0 (-1)	2,926 (+1%)	1mo	$475,000	$162	56
330 Potomac Ave	0.67mi	6/4.0 (-1)	2,896 (-0%)	6mo	$263,000	$91	55
61 Claremont Ave	0.67mi	6/2.0 (-1)	2,912 (+0%)	8mo	$411,000	$141	52
637 W Delavan Ave Unit S	0.68mi	6/2.0 (-1)	3,020 (+4%)	1mo	$460,000	$152	51
569 Auburn Ave	0.37mi	6/2.0 (-1)	2,656 (-8%)	11mo	$465,000	$175	50
215 Baynes St	0.46mi	6/2.0 (-1)	2,660 (-8%)	8mo	$255,000	$96	49
210 Anderson Pl	0.56mi	6/2.0 (-1)	3,101 (+7%)	8mo	$475,000	$153	46
452 Potomac Ave	0.68mi	6/2.0 (-1)	2,976 (+3%)	11mo	$450,000	$151	46
738 Auburn Ave	0.64mi	7/3.0	3,174 (+9%)	12mo	$575,000	$181	44
711 West Ave	0.61mi	6/2.0 (-1)	2,592 (-11%)	9mo	$150,000	$58	37

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: 31.5%
• Equity multiple: 3.17×
• Total profit: $197,273
• Equity at exit: $236,201

10-year hold

• IRR: 27.2%
• Equity multiple: 6.34×
• Total profit: $486,298
• Equity at exit: $458,996

Cash invested: $91,000 (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: 137
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $4,108 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$61 /mo · $730/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$863
• Net cashflow: $1,345

Break-even live

Break-even rent $2,406

Max offer price $325,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,107
Total (3 units)			$4,108

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $325,000 Active 34 DOM
2. 2026-06-17
   days on market $325,000 Active 33 DOM
3. 2026-06-16
   days on market $325,000 Active 32 DOM
4. 2026-06-15
   days on market $325,000 Active 31 DOM
5. 2026-06-13
   days on market $325,000 Active 29 DOM
6. 2026-06-13
   pricedays on market $325,000 Active 28 DOM
7. 2026-06-10
   days on market $350,000 Active 26 DOM
8. 2026-06-09
   days on market $350,000 Active 25 DOM
9. 2026-06-08
   days on market $350,000 Active 24 DOM
10. 2026-06-07
    days on market $350,000 Active 23 DOM
11. 2026-06-03
    days on market $350,000 Active 19 DOM
12. 2026-06-02
    days on market $350,000 Active 18 DOM
13. 2026-06-01
    days on market $350,000 Active 17 DOM
14. 2026-05-31
    days on market $350,000 Active 16 DOM
15. 2026-05-15
    listed $350,000 Active 312-char remark
16. 2026-05-14
    historical
17. 2026-04-15
    listed $350,000 Active
18. 2025-08-18
    soldstatus $150,000
19. 2025-08-13
    soldstatus $150,000 Closed

    Show marketing remark (880 chars)

    Multiple family home with three units located just step from Richmond Ave (0.1 mile) and from Elmwood Village (0.4 mile) The first unit includes a Living & dining room with fire place, one large bedroom, kitchen, bathroom and a laundry room. The second unit includes living room kitchen bathroom and three bedrooms and the third unit including large kitchen with dine area bathroom and three bedrooms, house with some hardwood floors, original wood work and some vinyl floors. Great investment with high returns with rent income of up to $4,000 a month and $48,000 yearly, the property tax expenses included city and county tax plus user fee is approximately $3,000 yearly. House needs new roof and interior work as well. Don’t miss this great opportunity to own a large three unit home in a great neighborhood near the Elmwood village with high demands and returns. ?

20. 2025-07-23
    status Pending

    Show marketing remark (880 chars)

    Multiple family home with three units located just step from Richmond Ave (0.1 mile) and from Elmwood Village (0.4 mile) The first unit includes a Living & dining room with fire place, one large bedroom, kitchen, bathroom and a laundry room. The second unit includes living room kitchen bathroom and three bedrooms and the third unit including large kitchen with dine area bathroom and three bedrooms, house with some hardwood floors, original wood work and some vinyl floors. Great investment with high returns with rent income of up to $4,000 a month and $48,000 yearly, the property tax expenses included city and county tax plus user fee is approximately $3,000 yearly. House needs new roof and interior work as well. Don’t miss this great opportunity to own a large three unit home in a great neighborhood near the Elmwood village with high demands and returns. ?

21. 2025-07-07
    price $154,900

    Show marketing remark (880 chars)

    Multiple family home with three units located just step from Richmond Ave (0.1 mile) and from Elmwood Village (0.4 mile) The first unit includes a Living & dining room with fire place, one large bedroom, kitchen, bathroom and a laundry room. The second unit includes living room kitchen bathroom and three bedrooms and the third unit including large kitchen with dine area bathroom and three bedrooms, house with some hardwood floors, original wood work and some vinyl floors. Great investment with high returns with rent income of up to $4,000 a month and $48,000 yearly, the property tax expenses included city and county tax plus user fee is approximately $3,000 yearly. House needs new roof and interior work as well. Don’t miss this great opportunity to own a large three unit home in a great neighborhood near the Elmwood village with high demands and returns. ?

22. 2025-06-19
    price $169,900

    Show marketing remark (880 chars)

    Multiple family home with three units located just step from Richmond Ave (0.1 mile) and from Elmwood Village (0.4 mile) The first unit includes a Living & dining room with fire place, one large bedroom, kitchen, bathroom and a laundry room. The second unit includes living room kitchen bathroom and three bedrooms and the third unit including large kitchen with dine area bathroom and three bedrooms, house with some hardwood floors, original wood work and some vinyl floors. Great investment with high returns with rent income of up to $4,000 a month and $48,000 yearly, the property tax expenses included city and county tax plus user fee is approximately $3,000 yearly. House needs new roof and interior work as well. Don’t miss this great opportunity to own a large three unit home in a great neighborhood near the Elmwood village with high demands and returns. ?

23. 2025-05-30
    listed $179,900 Active

    Show marketing remark (880 chars)

    Multiple family home with three units located just step from Richmond Ave (0.1 mile) and from Elmwood Village (0.4 mile) The first unit includes a Living & dining room with fire place, one large bedroom, kitchen, bathroom and a laundry room. The second unit includes living room kitchen bathroom and three bedrooms and the third unit including large kitchen with dine area bathroom and three bedrooms, house with some hardwood floors, original wood work and some vinyl floors. Great investment with high returns with rent income of up to $4,000 a month and $48,000 yearly, the property tax expenses included city and county tax plus user fee is approximately $3,000 yearly. House needs new roof and interior work as well. Don’t miss this great opportunity to own a large three unit home in a great neighborhood near the Elmwood village with high demands and returns. ?

ⓘ 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: $730 · $61/mo
• Projected year-2 tax: $3,111 · $259/mo
• Expected delta: +$2,381/yr (+$198/mo · 326.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% 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: $49,296
• − Mortgage interest: −$18,205
• − Property taxes: −$730
• − Insurance: −$1,625
• − Repairs & maintenance: −$3,944
• − Management: −$3,944
• − Depreciation: −$9,455
• Taxable income: $11,394
• Est. tax owed @ 24.0%: −$2,735
• After-tax cash flow: $13,402/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

+80.7% since first listed

10 events — show timeline

• 2026-06-12 Price Changed $325,000 WNYREIS
• 2026-05-15 Listed $350,000 WNYREIS
• 2026-05-14 Listing Removed — WNYREIS
• 2026-04-15 Listed $350,000 WNYREIS
• 2025-08-18 Sold (Public Records) $150,000 Public Records
• 2025-08-13 Sold (MLS) $150,000 WNYREIS
• 2025-07-23 Pending — WNYREIS
• 2025-07-07 Price Changed $154,900 WNYREIS
• 2025-06-19 Price Changed $169,900 WNYREIS
• 2025-05-30 Listed $179,900 WNYREIS

Property tax history

+11.6%/yr

Latest (2025): $730 · -16.0% YoY. Source: county tax records.