440 W Utica St Unit S · Buffalo, NY 14213

$389,990

4 bd · 3.0 ba · 2,371 sqft · MultiFamily public records · 8 Days on market

Built 1878 2,613 sqft lot Est $287k · 36% over

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Why this score? — see what drove the C 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 +25.3/30.0
• Appreciation +8.8/10.0
• DSCR +8.3/10.0
• 1% rule +5.4/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

440 W Utica St presents a compelling opportunity for those seeking both immediate income and future growth potential just moments away from Elmwood Village and Five Points in Buffalo. This well maintained turn-key three-unit property offers a rare mix of flexibility and visual appeal, featuring two 1-bedroom units and a spacious 2-bedroom unit. Each apartment carries its own character, with bright interiors and thoughtfully designed living spaces that feel anything but cookie-cutter . .. an attractive quality for both tenants and/or owner-occupants. All units have tiled showers, hardwood AND updated flooring, separate utilities, an updated electrical system (2013), new sewer line (2024), ne

Key facts

• Hardwood flooring
• Three unit property
• Separate utilities

Tags

• THREE UNIT PROPERTY
• TILED SHOWERS
• HARDWOOD FLOORING
• UPDATED FLOORING
• SEPARATE UTILITIES
• UPDATED ELECTRICAL SYSTEM

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $882 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).

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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Market conditions: Rents soft (-0.5%/yr); 138 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,069/mo this rent would consume 91% 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 $32k of equity ($3k loan paydown + $29k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $109k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $259k; list at $390k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $389,990

Questions for the listing agent

1. Built in 1878 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.04% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.69%
• DSCR: 1.43
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $286,891
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
440 W Utica St Unit S	0.00mi	4/3.0	2,371 (0%)	0mo	$380,000	$160	100
395 Hampshire St	0.37mi	5/2.0 (+1)	2,438 (+3%)	3mo	$165,500	$68	67
298 Massachusetts Ave	0.42mi	5/2.0 (+1)	2,221 (-6%)	1mo	$220,000	$99	60
207 Rhode Island St	0.55mi	5/2.0 (+1)	2,436 (+3%)	2mo	$295,500	$121	59
383 Summer St	0.43mi	5/2.0 (+1)	2,468 (+4%)	6mo	$492,000	$199	59
375 Plymouth Ave	0.49mi	4/2.0	2,121 (-10%)	4mo	$265,000	$125	52
288 14th St	0.38mi	5/2.0 (+1)	2,616 (+10%)	6mo	$260,000	$99	51
404 Jersey St	0.51mi	4/2.5	2,640 (+11%)	6mo	$392,500	$149	50
193 14th St	0.39mi	3/2.0 (-1)	2,040 (-14%)	6mo	$156,000	$76	45
147 Mariner St	0.74mi	4/3.0	2,098 (-12%)	4mo	$365,000	$174	43
38 Ardmore Pl	0.71mi	5/2.0 (+1)	2,121 (-10%)	6mo	$230,000	$108	35
187 Auburn Ave	0.75mi	5/2.0 (+1)	2,588 (+9%)	7mo	$289,000	$112	35

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: 25.2%
• Equity multiple: 2.76×
• Total profit: $192,672
• Equity at exit: $283,434

10-year hold

• IRR: 22.0%
• Equity multiple: 5.53×
• Total profit: $495,017
• Equity at exit: $550,781

Cash invested: $109,197 (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: 138
• Price-to-rent: 24.8×

Monthly cashflow live

• Estimated rent: $4,069 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$125 /mo · $1,496/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$854
• Net cashflow: $882

Break-even live

Break-even rent $2,952

Max offer price $389,990

Occupancy floor 73%

Sensitivity live

Price	-10% $1,103	-5% $993	+0% $882	+5% $772	+10% $661
Rent	-10% $561	-5% $721	+0% $882	+5% $1,043	+10% $1,204
Rate	-1.0pp $1,079	-0.5pp $981	base $882	+0.5pp $781	+1.0pp $678

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,626
1× unit	2	1	$1,444
Total (3 units)			$4,069

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: $97,498
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	21d	1	0.24mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	45d	1	0.34mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	16d	1	0.38mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	25d	1	0.40mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	16d	1	0.49mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	25d	1	0.49mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	25d	1	0.52mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	16d	1	0.52mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	21d	1	0.54mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	16d	1	0.54mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	45d	1	0.99mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	45d	1	1.05mi
7 Berkley Pl Buffalo, NY	3.0	1.0	2879	$1,250	$0.43	5d	1	1.27mi

Listing history 6 events

1. 2026-04-07
   status Pending
2. 2026-03-30
   listed $389,990 Active
3. 2016-12-12
   soldstatus $259,000
4. 2010-02-26
   soldstatus $118,000
5. 2006-11-17
   soldstatus $122,000
6. 2002-02-20
   soldstatus $44,700

ⓘ 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: $1,496 · $125/mo
• Projected year-2 tax: $4,044 · $337/mo
• Expected delta: +$2,547/yr (+$212/mo · 170.2%)

ⓘ 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 2/10 Low 7 d/yr ≥91°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: $48,828
• − Mortgage interest: −$21,846
• − Property taxes: −$1,496
• − Insurance: −$1,950
• − Repairs & maintenance: −$3,906
• − Management: −$3,906
• − Depreciation: −$11,345
• Taxable income: $4,378
• Est. tax owed @ 24.0%: −$1,051
• After-tax cash flow: $9,535/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

+772.5% since first listed

6 events — show timeline

• 2026-04-07 Pending — WNYREIS
• 2026-03-30 Listed $389,990 WNYREIS
• 2016-12-12 Sold (Public Records) $259,000 Public Records
• 2010-02-26 Sold (Public Records) $118,000 Public Records
• 2006-11-17 Sold (Public Records) $122,000 Public Records
• 2002-02-20 Sold (Public Records) $44,700 Public Records

Property tax history

+11.9%/yr

Latest (2025): $1,496 · +0.0% YoY. Source: county tax records.