15 Sunset St · Buffalo, NY 14207

$149,900

6 bd · 2.0 ba · 1,760 sqft · MultiFamily public records · 27 Days on market

Built 1924 2,822 sqft lot Est $201k · 25% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Great Investment Opportunity ! 3/3 double. Full attic and basement. Most vinyl windows, glass block windows in basement, upper hot water tank 2017, lower furnace new 10/2017. Upper furnace being replaced. Good rental property.

Key facts

• 2,822 sq ft lot
• Built 1924
• Listed 27 days

Property features AI

Finance

• Financial info: Owner pays grounds care, snow removal, trash collection and water; Operating expenses may include maintenance structure, professional management, trash and water/sewer (multifamily)

Exterior

• Parking: No driveway; on-street parking
• Utilities: Public water connected; Sewer connected; Circuit breaker electrical service
• Home design: 2-story property; Resale condition
• Construction: Composite siding; Copper and PEX plumbing; Asphalt roof; Block foundation; Built (existing structure)
• Exterior features: Partial fencing; Open porch; Fence

Interior

• Kitchen: Gas water heater
• Bedrooms: Multifamily property with 2 total units
• Flooring: Hardwood; Vinyl; Varies
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Gas forced-air heating
• Interior features: Ceiling fan(s)
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $625/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.3% 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 rising fast (+8.2%/yr); 197 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 $2,708/mo this rent would consume 82% of the median local household income ($40k/yr) (locally 2177% 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 $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $94k; list at $150k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,651 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.81% ✓
• Cap rate: 16.30%
• Cash-on-cash: 35.74%
• DSCR: 2.59
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $200,640
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
92 Greeley St	0.17mi	5/2.0 (-1)	1,766 (+0%)	6mo	$220,000	$125	82
30 Sunset St	0.04mi	6/2.0	1,840 (+4%)	17mo	$230,000	$125	77
64 Gladstone St	0.47mi	6/2.0	1,720 (-2%)	6mo	$118,000	$69	69
51 Pavonia St	0.23mi	6/2.0	1,918 (+9%)	15mo	$255,000	$133	62
28 Blum Ave	0.67mi	6/2.0	1,680 (-4%)	1mo	$210,000	$125	60
95 Bush St	0.52mi	6/2.0	1,832 (+4%)	12mo	$200,000	$109	59
19 Lansing St	0.61mi	6/2.0	1,826 (+4%)	19mo	$110,000	$60	49
118 Peter St	0.57mi	5/2.0 (-1)	1,872 (+6%)	14mo	$213,000	$114	46
38 Reservation St	0.50mi	5/2.0 (-1)	1,955 (+11%)	12mo	$330,000	$169	43
80 Bush St	0.56mi	7/2.0 (+1)	1,938 (+10%)	23mo	$190,000	$98	33
347 Riverside Ave	0.73mi	5/2.0 (-1)	2,016 (+14%)	22mo	$97,500	$48	18

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 36.6%
• Equity multiple: 2.66×
• Total profit: $69,593
• Equity at exit: $22,351

10-year hold

• IRR: 45.6%
• Equity multiple: 6.43×
• Total profit: $228,062
• Equity at exit: $12,961

Cash invested: $41,972 (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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 197
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,708 high
• Mortgage (P&I): −$786
• Tax from tax record: −$41 /mo · $488/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $1,250

Break-even live

Break-even rent $1,126

Max offer price $149,900

Occupancy floor 49%

Sensitivity live

Price	-10% $1,335	-5% $1,293	+0% $1,250	+5% $1,208	+10% $1,165
Rent	-10% $1,036	-5% $1,143	+0% $1,250	+5% $1,357	+10% $1,464
Rate	-1.0pp $1,326	-0.5pp $1,288	base $1,250	+0.5pp $1,211	+1.0pp $1,172

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,708
Total (2 units)			$2,708

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $149,900 Active 27 DOM
2. 2026-06-17
   days on market $149,900 Active 26 DOM
3. 2026-06-16
   days on market $149,900 Active 25 DOM
4. 2026-06-15
   days on market $149,900 Active 24 DOM
5. 2026-06-13
   days on market $149,900 Active 22 DOM
6. 2026-06-13
   days on market $149,900 Active 21 DOM
7. 2026-06-10
   days on market $149,900 Active 19 DOM
8. 2026-06-09
   days on market $149,900 Active 18 DOM
9. 2026-06-08
   days on market $149,900 Active 17 DOM
10. 2026-06-07
    days on market $149,900 Active 16 DOM
11. 2026-06-03
    days on market $149,900 Active 12 DOM
12. 2026-06-02
    days on market $149,900 Active 11 DOM
13. 2026-06-01
    days on market $149,900 Active 10 DOM
14. 2026-05-31
    days on market $149,900 Active 9 DOM
15. 2026-05-22
    listed $149,900 Active
16. 2018-01-18
    soldstatus $93,500 Closed Sale or Rented 227-char remark

    Show marketing remark (227 chars)

    Great Investment Opportunity ! 3/3 double. Full attic and basement. Most vinyl windows, glass block windows in basement, upper hot water tank 2017, lower furnace new 10/2017. Upper furnace being replaced. Good rental property.

17. 2018-01-18
    soldstatus $93,500

    Show marketing remark (227 chars)

    Great Investment Opportunity ! 3/3 double. Full attic and basement. Most vinyl windows, glass block windows in basement, upper hot water tank 2017, lower furnace new 10/2017. Upper furnace being replaced. Good rental property.

18. 2017-10-25
    status Under Contract- Do Not Show 227-char remark

    Show marketing remark (227 chars)

    Great Investment Opportunity ! 3/3 double. Full attic and basement. Most vinyl windows, glass block windows in basement, upper hot water tank 2017, lower furnace new 10/2017. Upper furnace being replaced. Good rental property.

19. 2017-09-07
    listed $96,900 Active 227-char remark

    Show marketing remark (227 chars)

    Great Investment Opportunity ! 3/3 double. Full attic and basement. Most vinyl windows, glass block windows in basement, upper hot water tank 2017, lower furnace new 10/2017. Upper furnace being replaced. Good rental property.

20. 2016-05-25
    soldstatus $70,000 Closed Sale or Rented 282-char remark

    Show marketing remark (282 chars)

    Awesome double near extremely desirable Hertle (North Buffalo) area. Both units boast 3 bedrooms, larger eat in kitchen and lots of closet space. Roof 05', new windows 05', glass block basement windows, fenced in yard. Great for investor or use extra income to offset your mortgage!

21. 2016-05-25
    soldstatus $70,000

    Show marketing remark (282 chars)

    Awesome double near extremely desirable Hertle (North Buffalo) area. Both units boast 3 bedrooms, larger eat in kitchen and lots of closet space. Roof 05', new windows 05', glass block basement windows, fenced in yard. Great for investor or use extra income to offset your mortgage!

22. 2016-04-20
    status Pending Sale 282-char remark

    Show marketing remark (282 chars)

    Awesome double near extremely desirable Hertle (North Buffalo) area. Both units boast 3 bedrooms, larger eat in kitchen and lots of closet space. Roof 05', new windows 05', glass block basement windows, fenced in yard. Great for investor or use extra income to offset your mortgage!

23. 2016-04-10
    historical Under Contract- Do Not Show 282-char remark

    Show marketing remark (282 chars)

    Awesome double near extremely desirable Hertle (North Buffalo) area. Both units boast 3 bedrooms, larger eat in kitchen and lots of closet space. Roof 05', new windows 05', glass block basement windows, fenced in yard. Great for investor or use extra income to offset your mortgage!

24. 2016-04-04
    listed $60,000 Active 282-char remark

    Show marketing remark (282 chars)

    Awesome double near extremely desirable Hertle (North Buffalo) area. Both units boast 3 bedrooms, larger eat in kitchen and lots of closet space. Roof 05', new windows 05', glass block basement windows, fenced in yard. Great for investor or use extra income to offset your mortgage!

25. 2007-04-20
    soldstatus $50,000
26. 1993-01-13
    soldstatus $66,700

ⓘ 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: $488 · $41/mo
• Projected year-2 tax: $1,510 · $126/mo
• Expected delta: +$1,023/yr (+$85/mo · 209.8%)

ⓘ 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 ≥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: $32,496
• − Mortgage interest: −$8,397
• − Property taxes: −$488
• − Insurance: −$750
• − Repairs & maintenance: −$2,600
• − Management: −$2,600
• − Depreciation: −$4,361
• Taxable income: $13,302
• Est. tax owed @ 24.0%: −$3,192
• After-tax cash flow: $11,809/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

+124.7% since first listed

12 events — show timeline

• 2026-05-22 Listed $149,900 WNYREIS
• 2018-01-18 Sold (Public Records) $93,500 Public Records
• 2018-01-18 Sold (MLS) $93,500 WNYREIS
• 2017-10-25 Pending — WNYREIS
• 2017-09-07 Listed $96,900 WNYREIS
• 2016-05-25 Sold (Public Records) $70,000 Public Records
• 2016-05-25 Sold (MLS) $70,000 WNYREIS
• 2016-04-20 Pending — WNYREIS
• 2016-04-10 Contingent — WNYREIS
• 2016-04-04 Listed $60,000 WNYREIS
• 2007-04-20 Sold (Public Records) $50,000 Public Records
• 1993-01-13 Sold (Public Records) $66,700 Public Records

Property tax history

+5.4%/yr

Latest (2025): $488 · +0.0% YoY. Source: county tax records.