124 Rhode Island St · Buffalo, NY 14213

$180,000

5 bd · 2.0 ba · 2,016 sqft · MultiFamily public records · 83 Days on market

Built 1880 1,650 sqft lot $89/sqft · 54% below area

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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 +8.8/10.0
• ARV discount +7.5/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Great opportunity to own a multifamily home on Buffalo’s desirable West Side, just steps from the rapidly growing Niagara Street corridor. Ideal for investors or owner-occupants. While the interior could use some TLC, the seller has already completed major capital improvements for peace of mind, including updated mechanicals and exterior upgrades. This property offers strong rental potential with a lower 3-bedroom, 1-bath unit and an upper 2-bedroom, 1-bath unit. Conveniently located near downtown, the waterfront, and all that Buffalo’s West Side has to offer. Great investment opportunity with room to add value. Offers will be reviewed as they are received.

Key facts

• Multifamily home
• Updated mechanicals
• Exterior upgrades

Tags

• MULTIFAMILY HOME
• MAJOR CAPITAL IMPROVEMENTS
• UPDATED MECHANICALS
• EXTERIOR UPGRADES
• STRONG RENTAL POTENTIAL
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,955/mo this rent would consume 66% 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 $15k of equity ($1k loan paydown + $14k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $50k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.64% ✓
• Cap rate: 14.76%
• Cash-on-cash: 30.24%
• DSCR: 2.35
• GRM: 5.1

CMA / ARV

• ARV (median comp): $393,309
• List price: $180,000
• Delta: -54.23%
• 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
651 Prospect Ave	0.19mi	5/2.0	2,026 (+0%)	9mo	$278,500	$137	83
729 Prospect Ave	0.04mi	5/3.0	2,049 (+2%)	12mo	$330,000	$161	82
375 Plymouth Ave	0.22mi	4/2.0 (-1)	2,121 (+5%)	4mo	$265,000	$125	72
298 Massachusetts Ave	0.39mi	5/2.0	2,221 (+10%)	1mo	$220,000	$99	64
325 Breckenridge St	0.73mi	6/2.0 (+1)	2,044 (+1%)	2mo	$175,500	$86	57
413 14th St	0.37mi	4/2.0 (-1)	1,896 (-6%)	13mo	$225,000	$119	57
291 West Ave	0.64mi	5/2.0	2,140 (+6%)	12mo	$325,500	$152	50
149 16th St	0.53mi	6/3.0 (+1)	2,169 (+8%)	10mo	$394,000	$182	46
214 W Ferry St Unit N	0.59mi	5/2.0	2,296 (+14%)	7mo	$185,000	$81	43
250 West Ave	0.72mi	6/2.0 (+1)	2,230 (+11%)	4mo	$375,000	$168	41
533 Busti Ave	0.55mi	5/2.0	1,727 (-14%)	12mo	$162,007	$94	40
411 Summer St	0.62mi	4/2.0 (-1)	2,308 (+14%)	12mo	$357,500	$155	32

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: 41.6%
• Equity multiple: 3.79×
• Total profit: $140,748
• Equity at exit: $130,819

10-year hold

• IRR: 36.3%
• Equity multiple: 7.59×
• Total profit: $332,217
• Equity at exit: $254,213

Cash invested: $50,400 (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: 9.2×

Monthly cashflow live

• Estimated rent: $2,955 high
• Mortgage (P&I): −$944
• Tax from tax record: −$45 /mo · $544/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$621
• Net cashflow: $1,270

Break-even live

Break-even rent $1,347

Max offer price $180,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,634
1× unit	2	1	$1,321
Total (2 units)			$2,955

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	0.44mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	14d	1	0.74mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	23d	1	0.92mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	43d	1	1.49mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	1d	14	1.50mi

Listing history 18 events

1. 2026-06-18
   days on market $180,000 Active 83 DOM
2. 2026-06-17
   days on market $180,000 Active 82 DOM
3. 2026-06-16
   days on market $180,000 Active 81 DOM
4. 2026-06-15
   days on market $180,000 Active 80 DOM
5. 2026-06-13
   days on market $180,000 Active 78 DOM
6. 2026-06-13
   days on market $180,000 Active 77 DOM
7. 2026-06-10
   days on market $180,000 Active 75 DOM
8. 2026-06-09
   days on market $180,000 Active 74 DOM
9. 2026-06-08
   days on market $180,000 Active 73 DOM
10. 2026-06-07
    days on market $180,000 Active 72 DOM
11. 2026-06-03
    days on market $180,000 Active 68 DOM
12. 2026-06-02
    days on market $180,000 Active 67 DOM
13. 2026-06-01
    days on market $180,000 Active 66 DOM
14. 2026-05-31
    days on market $180,000 Active 65 DOM
15. 2026-03-27
    listed $180,000 Active 678-char remark

    Show marketing remark (678 chars)

    Great opportunity to own a multifamily home on Buffalo’s desirable West Side, just steps from the rapidly growing Niagara Street corridor. Ideal for investors or owner-occupants. While the interior could use some TLC, the seller has already completed major capital improvements for peace of mind, including updated mechanicals and exterior upgrades. This property offers strong rental potential with a lower 3-bedroom, 1-bath unit and an upper 2-bedroom, 1-bath unit. Conveniently located near downtown, the waterfront, and all that Buffalo’s West Side has to offer. Great investment opportunity with room to add value. Offers will be reviewed as they are received.

16. 2022-07-06
    historical
17. 2022-06-17
    historical Continue to Show- Under Contract
18. 2022-06-06
    listed $99,999 Active

ⓘ 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: $544 · $45/mo
• Projected year-2 tax: $1,793 · $149/mo
• Expected delta: +$1,249/yr (+$104/mo · 229.8%)

ⓘ 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 · 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: $35,460
• − Mortgage interest: −$10,083
• − Property taxes: −$544
• − Insurance: −$900
• − Repairs & maintenance: −$2,837
• − Management: −$2,837
• − Depreciation: −$5,236
• Taxable income: $13,024
• Est. tax owed @ 24.0%: −$3,126
• After-tax cash flow: $12,117/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

+80.0% since first listed

4 events — show timeline

• 2026-03-27 Listed $180,000 WNYREIS
• 2022-07-06 Listing Removed — WNYREIS
• 2022-06-17 Contingent — WNYREIS
• 2022-06-06 Listed $99,999 WNYREIS

Property tax history

+11.9%/yr

Latest (2025): $544 · +0.0% YoY. Source: county tax records.