347 Ludington St · Buffalo, NY 14206

$145,000

6 bd · 2.0 ba · 2,074 sqft · MultiFamily public records · 9 Days on market

Built 1840 4,791 sqft lot Est $164k · 12% 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 +12.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• 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: 2 units. confirmed

Listing remarks

Situated in the Lovejoy neighborhood, this vinyl sided 2 unit features spacious lower unit with updated kitchen & bathroom, vinyl plank flooring throughout, dining room, living room with access to front porch, first floor laundry, hot water tank 2023, and access to the basement with glass block windows. Upper unit has spacious kitchen, dining room, living room, some hardwood floors, 2 bedrooms, plus bonus room off kitchen, & freshly painted throughout unit. There are separate utilities and plenty of off-street parking. Any offers to be reviewed on Friday, May 1st after 12 pm. Some photos are virtually staged.

Key facts

• Access to basement
• First floor laundry
• Glass block windows

Tags

• UPDATED KITCHEN
• UPDATED BATHROOM
• VINYL PLANK FLOORING
• FIRST FLOOR LAUNDRY
• ACCESS TO BASEMENT
• GLASS BLOCK WINDOWS

Property features AI

Finance

• Financial info: Owner pays water; Rent includes water; Operating expenses include trash and water/sewer; One unit currently rents for $1,250 (month-to-month)

Exterior

• Parking: Paved parking; Two or more spaces
• Utilities: Public water (connected); Sewer connected; Circuit breaker electric
• Home design: Two-story multifamily building; Resale property
• Construction: Vinyl siding; Asphalt roof; Stone foundation; Existing (previously built)
• Exterior features: Partial fence; Corner lot; Near public transit; Rectangular lot; City street frontage

Interior

• Kitchen: Eat-in kitchen (Unit 1); Dishwasher (Unit 2); Microwave (Unit 2); Formal dining room (both units)
• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Carpet; Hardwood; Luxury vinyl; Varies
• Bathrooms: Two full bathrooms total (each unit has 1 full bathroom)
• Heating & cooling: Gas heating; Forced air; Space heater
• Interior features: Partial basement; Gas water heater
• Laundry & utility: Separate gas meters for each unit (2); Separate electric meters for each unit (2)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $528/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Cap rate 15.0% 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: 169 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,606/mo this rent would consume 62% of the median local household income ($50k/yr) (locally 841% 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 $13k of equity ($1k loan paydown + $12k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $46k; list at $145k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1840 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,000

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 1840 — 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: 1.80% ✓
• Cap rate: 15.04%
• Cash-on-cash: 31.23%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $163,846
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Schiller St	0.08mi	6/2.0	2,000 (-4%)	12mo	$157,000	$79	80
8 Wagner Ave	0.13mi	5/3.0 (-1)	2,149 (+4%)	2mo	$205,000	$95	77
55 N Ogden St Unit E	0.08mi	6/2.0	2,184 (+5%)	14mo	$220,000	$101	76
103 Goethe St	0.09mi	5/2.0 (-1)	2,024 (-2%)	15mo	$140,000	$69	74
120 Gold Street St	0.22mi	5/2.0 (-1)	2,104 (+1%)	15mo	$151,000	$72	70
361 Ludington St	0.02mi	6/2.5	2,209 (+6%)	21mo	$258,000	$117	69
115 Greene St	0.43mi	5/3.0 (-1)	1,968 (-5%)	6mo	$165,000	$84	58
1514 William St	0.72mi	6/2.0	2,200 (+6%)	4mo	$175,000	$80	54
345 Ideal St	0.58mi	6/2.0	1,960 (-6%)	12mo	$140,000	$71	54
112 Ideal St	0.34mi	5/2.0 (-1)	1,953 (-6%)	19mo	$120,000	$61	53
192 Rossler Ave	0.43mi	7/3.0 (+1)	1,931 (-7%)	17mo	$119,900	$62	45
304 Longnecker St	0.58mi	7/2.5 (+1)	1,803 (-13%)	14mo	$123,768	$69	33

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

Projected returns pro-forma

8.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 45.1%
• Equity multiple: 4.14×
• Total profit: $127,613
• Equity at exit: $110,737

10-year hold

• IRR: 40.5%
• Equity multiple: 8.89×
• Total profit: $320,354
• Equity at exit: $220,363

Cash invested: $40,600 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 169
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,606 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$547
• Net cashflow: $1,057

Break-even live

Break-even rent $1,268

Max offer price $145,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,606
Total (2 units)			$2,606

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-01
   status Pending
2. 2026-04-21
   listed $145,000 Active
3. 2017-06-28
   soldstatus $46,500
4. 2004-04-06
   soldstatus $20,000

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

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

Taxation est. · year 1

• Rental income: $31,272
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$2,502
• − Management: −$2,502
• − Depreciation: −$4,218
• Taxable income: $11,028
• Est. tax owed @ 24.0%: −$2,647
• After-tax cash flow: $10,033/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): 21,631
• Household income: $50,450
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 841.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Romanian 25% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Arabic 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: ▲ 8.06%
• Current HPI: 457.3935
• Rent YoY: —
• 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

+625.0% since first listed

4 events — show timeline

• 2026-05-01 Pending — WNYREIS
• 2026-04-21 Listed $145,000 WNYREIS
• 2017-06-28 Sold (Public Records) $46,500 Public Records
• 2004-04-06 Sold (Public Records) $20,000 Public Records

Property tax history

-0.7%/yr

Latest (2025): $241 · +0.0% YoY. Source: county tax records.