105 Griffith St · Sloan, NY 14212

$228,000

6 bd · 3.0 ba · 2,034 sqft · MultiFamily public records · 50 Days on market

Built 1900 7,405 sqft lot Est $205k · 11% over

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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 +10.0/10.0
• Livability +3.8/5.0
• Schools +3.0/10.0
• ARV discount +2.6/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Investors check out this hard to find 3 unit to add to your portfolio with a double lot & driveway for onsite parking and a 2 car garage. Appliances stay in each apartment. Front is a nice 2 bedroom w/ eat-in kitchen & living room w/ newer floors, rear lower unit is a studio and upper is a 2 bedroom with large eat-in kitchen & living room. The property is currently rented delivering immediate income. Close to all neighborhood amenities, Sloan Market, a neighborhood park, Galleria Mall, many restaurants and stores. This multi-family home combines space, functionality, and cash-flow. A great opportunity to own a solid income-producing property in a great neighborhood.

Key facts

• Double lot
• Eat-in kitchen
• Multi-family home

Tags

• DOUBLE LOT
• DOUBLE WIDE DRIVEWAY
• EAT-IN KITCHEN
• MULTI-FAMILY HOME

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $228k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $563/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $228k).
• Recommended offer: $221k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.2% vs local median 5.7% in Sloan — 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 76/100 on livability (#215 in NY, #3,348 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D-, amenities F.
• Cheektowaga-Sloan Union Free School District (urban): math 33% / reading 38% proficiency, ranked #555 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 83 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $110k; list at $228k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,160 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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 1900 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.88% ✓
• Cap rate: 15.18%
• Cash-on-cash: 31.74%
• DSCR: 2.41
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $205,434
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2279 Broadway St	0.40mi	6/2.0	1,875 (-8%)	2mo	$207,000	$110	63
188 Crocker St	0.29mi	5/2.0 (-1)	1,895 (-7%)	4mo	$227,000	$120	63
236 Crocker St	0.38mi	5/3.0 (-1)	2,240 (+10%)	2mo	$212,500	$95	59
8 Wagner Ave	0.53mi	5/3.0 (-1)	2,149 (+6%)	2mo	$205,000	$95	59
2067 Broadway St	0.48mi	6/3.0	1,970 (-3%)	16mo	$172,000	$87	59
213 Boll St	0.24mi	5/2.0 (-1)	2,244 (+10%)	5mo	$275,000	$123	58
313 Reiman St	0.32mi	5/2.0 (-1)	2,016 (-1%)	23mo	$260,000	$129	56
121 Schiller St	0.60mi	6/2.0	2,000 (-2%)	12mo	$157,000	$79	55
103 Goethe St	0.57mi	5/2.0 (-1)	2,024 (-0%)	15mo	$140,000	$69	51
351 Gold St	0.66mi	6/2.0	1,997 (-2%)	22mo	$150,000	$75	44
55 N Ogden St Unit E	0.74mi	6/2.0	2,184 (+7%)	14mo	$220,000	$101	38
361 Ludington St	0.64mi	6/2.5	2,209 (+9%)	21mo	$258,000	$117	36

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 48.5%
• Equity multiple: 4.63×
• Total profit: $231,858
• Equity at exit: $205,400

10-year hold

• IRR: 42.3%
• Equity multiple: 10.37×
• Total profit: $598,485
• Equity at exit: $442,954

Cash invested: $63,840 (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 14212

• Home prices YoY: 20.4%
• Active inventory: 83
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $4,283 medium
• Mortgage (P&I): −$1,196
• Tax from tax record: −$404 /mo · $4,852/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$899
• Net cashflow: $1,689

Break-even live

Break-even rent $2,146

Max offer price $228,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$4,284
Total (3 units)			$4,283

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: $57,000
• Closing costs: $6,840
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-15
   status Pending
2. 2026-03-28
   price $228,000
3. 2026-03-17
   price $230,000
4. 2026-02-24
   listed $232,000 Active
5. 2018-09-26
   soldstatus $110,000

ⓘ 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: $4,852 · $404/mo
• Projected year-2 tax: $4,852 · $404/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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) · 10% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,396
• − Mortgage interest: −$12,772
• − Property taxes: −$4,852
• − Insurance: −$1,140
• − Repairs & maintenance: −$4,112
• − Management: −$4,112
• − Depreciation: −$6,633
• Taxable income: $17,776
• Est. tax owed @ 24.0%: −$4,266
• After-tax cash flow: $15,996/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: Cheektowaga-Sloan Union Free School District
• NCES district ID: 3627000
• Math proficiency: 33% ▼ -16.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,810
• Composite: 30.35/100
• National rank: #6263
• State rank: #555 of 590 in NY

Livability — Sloan

• Score: 76/100
• State rank: #215
• US rank: #3348

Category grades

Amenities F Commute C+ Cost of living A+ Crime B Employment C- Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sloan, NY
• Population (ZIP): 13,603

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 0.75)
• Race & ethnicity: White 32% Black 27% Asian 25% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 12% Serbian 1% Lithuanian 1%
• Foreign-born: 20% · Philippines, Canada, China
• Languages at home: 68% English-only · Other Indo-European 18% Spanish 4% Other Asian/Pacific 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: ▲ 79.80%
• Current HPI: 471.6399
• Rent YoY: —
• Metro: —
• 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

+107.3% since first listed

5 events — show timeline

• 2026-04-15 Pending — WNYREIS
• 2026-03-28 Price Changed $228,000 WNYREIS
• 2026-03-17 Price Changed $230,000 WNYREIS
• 2026-02-24 Listed $232,000 WNYREIS
• 2018-09-26 Sold (Public Records) $110,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $4,852 · +0.9% YoY. Source: county tax records.