220 Stevenson St · Buffalo, NY 14210

$369,900

24 bd · 16.0 ba · 3,888 sqft · MultiFamily public records · 13 Days on market

Built 1903 3,990 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Impressive turnkey 4-unit delivering a 10.2% cap rate! The owner has invested heavily since 2008, with major updates throughout. Recent highlights include new gutters and fascia (2025), full tear-off roof (2020), commercial grade hot water tank (2020), windows throughout (2018, 2020, 2023), exterior painted (2019, 2025) and garage roof (2018). Additional updates include a rebuilt chimney, electrical upgrade to circuit breakers, updated water lines, boiler with 2 zone valves, front steps rebuilt, concrete parking pad, and refreshed kitchens, bathrooms, and flooring throughout, including refinished hardwood floors. Off-street parking with a 2-car garage and concrete parking pad. Serious cash

Key facts

• New gutters
• Full tear-off roof
• Rebuilt chimney

Tags

• NEW GUTTERS
• FULL TEAR-OFF ROOF
• WINDOWS THROUGHOUT
• EXTERIOR PAINTED
• REBUILT CHIMNEY
• ELECTRICAL UPGRADE

Property features AI

Finance

• Other: Four-unit property; Four total units in community; Two separate gas meters; Five separate electric meters
• Financial info: Owner pays grounds care, heat, snow removal and water; Operating expenses include insurance, structural maintenance, snow removal and water/sewer

Exterior

• Parking: 2-car garage; Additional parking available
• Utilities: High-speed internet available; Public water (connected); Sewer connected; Circuit breaker electric service
• Home design: 2-story multifamily building; Existing condition; Rectangular residential lot with city street frontage; Facing unspecified
• Construction: Cedar and wood siding; Copper plumbing; Architectural shingle roof; Stone foundation; Built (existing structure)
• Exterior features: Covered porch

Interior

• Flooring: Hardwood; Luxury vinyl; Varies by unit
• Bathrooms: Four full bathrooms
• Heating & cooling: Gas heating with radiators
• Interior features: Full basement; Hardwood and luxury vinyl flooring; flooring varies by unit; Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $370k.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $864/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $370k).
• Cap rate 17.7% 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 (+12.7%/yr); 94 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $7,192/mo this rent would consume 159% of the median local household income ($54k/yr) (locally 959% 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 $40k of equity ($3k loan paydown + $37k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $104k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$64k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $60k; list at $370k implies a 516% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $369,900

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 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.94% ✓
• Cap rate: 17.69%
• Cash-on-cash: 40.69%
• DSCR: 2.81
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 58.6%
• Equity multiple: 5.44×
• Total profit: $459,520
• Equity at exit: $333,235

10-year hold

• IRR: 54.0%
• Equity multiple: 13.30×
• Total profit: $1,274,058
• Equity at exit: $718,634

Cash invested: $103,572 (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 14210

• Home prices YoY: 13.8%
• Rents YoY: 12.7%
• Active inventory: 94
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $7,192 medium
• Mortgage (P&I): −$1,940
• Tax from tax record: −$76 /mo · $908/yr
• Insurance: −$154
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,510
• Net cashflow: $3,457

Break-even live

Break-even rent $2,817

Max offer price $369,900

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$7,192
Total (4 units)			$7,192

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: $92,475
• Closing costs: $11,097
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $369,900 Active 13 DOM
2. 2026-06-17
   days on market $369,900 Active 12 DOM
3. 2026-06-16
   days on market $369,900 Active 11 DOM
4. 2026-06-15
   days on market $369,900 Active 10 DOM
5. 2026-06-13
   days on market $369,900 Active 8 DOM
6. 2026-06-13
   days on market $369,900 Active 7 DOM
7. 2026-06-10
   days on market $369,900 Active 5 DOM
8. 2026-06-09
   days on market $369,900 Active 4 DOM
9. 2026-06-08
   days on market $369,900 Active 3 DOM
10. 2026-06-07
    days on marketlisting id $369,900 Active 2 DOM
11. 2026-06-02
    days on market $369,900 Active 8 DOM
12. 2026-06-01
    days on market $369,900 Active 7 DOM
13. 2026-05-31
    days on market $369,900 Active 6 DOM
14. 2026-05-25
    listed $369,900 Active
15. 2008-05-09
    soldstatus $60,000
16. 2005-07-06
    soldstatus $45,000
17. 1995-06-09
    soldstatus $78,000

ⓘ 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: $908 · $76/mo
• Projected year-2 tax: $3,580 · $298/mo
• Expected delta: +$2,672/yr (+$223/mo · 294.3%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% 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: $86,304
• − Mortgage interest: −$20,720
• − Property taxes: −$908
• − Insurance: −$2,516
• − Repairs & maintenance: −$6,904
• − Management: −$6,904
• − Depreciation: −$10,761
• Taxable income: $37,591
• Est. tax owed @ 24.0%: −$9,022
• After-tax cash flow: $32,457/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): 15,563
• Household income: $54,197
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 959.0

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: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 8% Black 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 21% Lithuanian 2% Serbian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Arabic 1% Other Indo-European 1%

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: ▲ 52.34%
• Current HPI: 431.7951
• Rent YoY: ▲ 12.67%
• 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

+374.2% since first listed

4 events — show timeline

• 2026-05-25 Listed $369,900 WNYREIS
• 2008-05-09 Sold (Public Records) $60,000 Public Records
• 2005-07-06 Sold (Public Records) $45,000 Public Records
• 1995-06-09 Sold (Public Records) $78,000 Public Records

Property tax history

+8.9%/yr

Latest (2025): $908 · +0.0% YoY. Source: county tax records.