66 California St · Buffalo, NY 14213

$174,900

4 bd · 2.0 ba · 1,600 sqft · MultiFamily public records · 51 Days on market

Built 1917 1,750 sqft lot $109/sqft · 37% below area Est $280k · 37% 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
• 1% rule +9.8/10.0
• Appreciation +8.8/10.0
• 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: 2 units. confirmed

Listing remarks MLS

West Side double with a one car garage, dry basement and fully rented. Long term tenants. Rents can be much higher. Updated electrical service and newer hot water tanks. Lots of new windows. Glass block windows. Section 8 approved!!

Key facts

• Turn-key opportunity
• Natural light
• Corner lot

Tags

• CORNER LOT
• NATURAL LIGHT
• NEW ROOF
• HOT WATER TANK REPLACEMENT
• TURN-KEY OPPORTUNITY

Property features AI

Finance

• Financial info: Owner pays trash collection and water; Rent includes trash collection and water; Two separate electric meters and two separate gas meters; Operating expenses include trash and water/sewer; Current listed rents shown as $1,000 per unit

Exterior

• Parking: No driveway; On-street parking
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected
• Home design: 2-story multi-family (two-unit) residence; Residential 2-unit zoning; Resale property
• Construction: Aluminum siding; Copper plumbing; Asphalt roof; Built (existing structure)
• Exterior features: Fully fenced yard; Open porch; Porch; Corner lot; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Each unit includes an oven/range and refrigerator; One unit mentions a formal dining room (dining area adjacent to kitchen)
• Bedrooms: Two 2-bedroom units
• Flooring: Hardwood; Vinyl; Varies
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Natural woodwork; Storage
• Laundry & utility: Washer hookup; Gas water heater

🏷️ Possibly a rental listed for sale. The $174,900 price doesn't fit this home's estimated sale value (~$279,778) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $508/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.3% 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; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,596/mo this rent would consume 58% 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 $14k of equity ($1k loan paydown + $13k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $49k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $24k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 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 1917 — 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: 1.48% ✓
• Cap rate: 13.26%
• Cash-on-cash: 24.87%
• DSCR: 2.11
• GRM: 5.6

CMA / ARV

• ARV (median comp): $279,778
• List price: $174,900
• Delta: -37.49%
• 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
428 Normal Ave	0.22mi	4/2.0	1,680 (+5%)	9mo	$180,000	$107	74
875 West Ave	0.12mi	3/2.0 (-1)	1,696 (+6%)	8mo	$165,000	$97	72
23 Sherwood St	0.15mi	3/2.0 (-1)	1,830 (+14%)	4mo	$150,000	$82	61
118 Auburn Ave	0.35mi	4/2.0	1,760 (+10%)	9mo	$260,000	$148	60
73 Baynes St	0.54mi	4/2.0	1,698 (+6%)	6mo	$199,900	$118	60
319 Breckenridge St	0.33mi	3/2.0 (-1)	1,632 (+2%)	22mo	$159,900	$98	58
475 W Ferry St	0.56mi	3/2.0 (-1)	1,740 (+9%)	6mo	$236,900	$136	49
647 Prospect Ave	0.64mi	3/2.0 (-1)	1,625 (+2%)	19mo	$148,500	$91	46
105 15th St	0.60mi	3/2.0 (-1)	1,564 (-2%)	22mo	$180,000	$115	45
228 Potomac Ave	0.75mi	3/2.0 (-1)	1,782 (+11%)	10mo	$325,000	$182	33
158 16th St	0.61mi	4/2.5	1,817 (+14%)	17mo	$295,000	$162	33
35 Livingston St	0.62mi	4/2.0	1,816 (+14%)	20mo	$250,000	$138	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: 37.2%
• Equity multiple: 3.52×
• Total profit: $123,608
• Equity at exit: $127,113

10-year hold

• IRR: 32.2%
• Equity multiple: 7.05×
• Total profit: $296,485
• Equity at exit: $247,010

Cash invested: $48,972 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,596 high
• Mortgage (P&I): −$917
• Tax from tax record: −$46 /mo · $548/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $1,015

Break-even live

Break-even rent $1,311

Max offer price $174,900

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,596
Total (2 units)			$2,596

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 Hampshire St Apt 3 Buffalo, NY	3.0	1.0	1200	$1,500	$1.25	44d	1	0.22mi
375 Hampshire St Buffalo, NY	3.0	1.0	1200	$1,100	$0.92	44d	1	0.33mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	14d	1	0.52mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	24d	1	0.59mi
478 Breckenridge St Buffalo, NY	3.0	1.0	1100	$1,575	$1.43	44d	1	0.60mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	24d	1	0.62mi
232 Dewitt St Buffalo, NY	3.0	1.0	1200	$1,300	$1.08	24d	1	0.64mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	24d	1	0.71mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	24d	1	0.83mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	20d	1	0.88mi
305 Bird Ave Unit 3 Buffalo, NY	3.0	1.5	1128	$2,300	$2.04	44d	1	0.89mi
309 Bird Ave Unit 1 Buffalo, NY	3.0	1.0	1100	$2,200	$2.00	44d	1	0.90mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	14d	1	0.91mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	14d	1	0.93mi
374 Baynes St Buffalo, NY	3.0	1.0	1126	$1,550	$1.38	44d	1	0.96mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	2d	14	1.02mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	44d	1	1.03mi
685 Auburn Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,750	$1.46	14d	1	1.05mi
37 Abbottsford Pl Buffalo, NY	3.0	1.0	1130	$1,650	$1.46	44d	1	1.08mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	1.09mi
891 Richmond Ave Buffalo, NY	3.0	1.0	1176	$1,800	$1.53	44d	1	1.19mi
21 College St Buffalo, NY	3.0	1.0	1104	$1,850	$1.68	24d	1	1.40mi
190 Whitney Pl Buffalo, NY	3.0	1.0	1180	$1,550	$1.31	44d	1	1.40mi

Listing history 22 events

1. 2026-06-18
   days on market $174,900 Active 51 DOM
2. 2026-06-17
   days on market $174,900 Active 50 DOM
3. 2026-06-16
   days on market $174,900 Active 49 DOM
4. 2026-06-15
   days on market $174,900 Active 48 DOM
5. 2026-06-13
   days on market $174,900 Active 46 DOM
6. 2026-06-13
   days on market $174,900 Active 45 DOM
7. 2026-06-10
   days on market $174,900 Active 43 DOM
8. 2026-06-09
   days on market $174,900 Active 42 DOM
9. 2026-06-08
   days on market $174,900 Active 41 DOM
10. 2026-06-07
    days on market $174,900 Active 40 DOM
11. 2026-06-03
    days on market $174,900 Active 36 DOM
12. 2026-06-02
    days on market $174,900 Active 35 DOM
13. 2026-06-01
    days on market $174,900 Active 34 DOM
14. 2026-05-31
    days on market $174,900 Active 33 DOM
15. 2026-05-15
    price $174,900 916-char remark
16. 2026-04-28
    listed $199,000 Active 916-char remark
17. 2021-08-31
    soldstatus $155,000
18. 2017-02-22
    soldstatus $70,000 Closed Sale or Rented 232-char remark

    Show marketing remark (232 chars)

    West Side double with a one car garage, dry basement and fully rented. Long term tenants. Rents can be much higher. Updated electrical service and newer hot water tanks. Lots of new windows. Glass block windows. Section 8 approved!!

19. 2017-02-22
    soldstatus $70,000

    Show marketing remark (232 chars)

    West Side double with a one car garage, dry basement and fully rented. Long term tenants. Rents can be much higher. Updated electrical service and newer hot water tanks. Lots of new windows. Glass block windows. Section 8 approved!!

20. 2017-01-13
    historical Under Contract- Do Not Show 232-char remark

    Show marketing remark (232 chars)

    West Side double with a one car garage, dry basement and fully rented. Long term tenants. Rents can be much higher. Updated electrical service and newer hot water tanks. Lots of new windows. Glass block windows. Section 8 approved!!

21. 2017-01-08
    listed $79,900 Active 232-char remark

    Show marketing remark (232 chars)

    West Side double with a one car garage, dry basement and fully rented. Long term tenants. Rents can be much higher. Updated electrical service and newer hot water tanks. Lots of new windows. Glass block windows. Section 8 approved!!

22. 1999-09-29
    soldstatus $29,900

ⓘ 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: $548 · $46/mo
• Projected year-2 tax: $1,752 · $146/mo
• Expected delta: +$1,204/yr (+$100/mo · 219.6%)

ⓘ 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 · 14 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: $31,152
• − Mortgage interest: −$9,797
• − Property taxes: −$548
• − Insurance: −$874
• − Repairs & maintenance: −$2,492
• − Management: −$2,492
• − Depreciation: −$5,088
• Taxable income: $9,860
• Est. tax owed @ 24.0%: −$2,366
• After-tax cash flow: $9,815/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

+484.9% since first listed

8 events — show timeline

• 2026-05-15 Price Changed $174,900 WNYREIS
• 2026-04-28 Listed $199,000 WNYREIS
• 2021-08-31 Sold (Public Records) $155,000 Public Records
• 2017-02-22 Sold (Public Records) $70,000 Public Records
• 2017-02-22 Sold (MLS) $70,000 WNYREIS
• 2017-01-13 Contingent — WNYREIS
• 2017-01-08 Listed $79,900 WNYREIS
• 1999-09-29 Sold (Public Records) $29,900 Public Records

Property tax history

+11.7%/yr

Latest (2025): $548 · +35.8% YoY. Source: county tax records.