1094 Elmwood Ave · Buffalo, NY 14222

$449,000

9 bd · 3.9 ba · 4,746 sqft · MultiFamily public records · 24 Days on market

Built 1924 4,800 sqft lot Est $422k · 6% over

---

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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +4.7/15.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 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

Prime Elmwood Village investment opportunity! Exceptional mixed-use property located in Buffalo’s most desirable and walkable corridors. 1094 Elmwood Avenue offers residential spaces with strong rental demand and long-term appreciation potential. This well-maintained building features multiple apartments with the potential for a high-visibility storefront — ideal for retail, office, or service use. Units offer spacious layouts, updated kitchens and baths . Off-street parking is available. Outstanding exposure, steady income history, and proximity to restaurants, boutiques, and cultural attractions make this a standout property for investors or owner-occupants. Just minutes to De

Key facts

• Mixed-use property
• Updated kitchens
• Off-street parking

Tags

• MIXED-USE PROPERTY
• HIGH-VISIBILITY STOREFRONT
• UPDATED KITCHENS
• OFF-STREET PARKING
• STEADY INCOME HISTORY
• PROXIMITY TO RESTAURANTS

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $449k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $717/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $449k).
• Recommended offer: $442k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% 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: Rents rising fast (+4.7%/yr); 64 active listings in the ZIP; solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $6,133/mo this rent would consume 90% of the median local household income ($82k/yr) (locally 978% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $126k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($442k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $349k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $442,265 (1.5% below list)

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 1924 — 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: 1.37% ✓
• Cap rate: 12.04%
• Cash-on-cash: 20.52%
• DSCR: 1.91
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $422,394
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
700 Lafayette Ave	0.50mi	9/5.0	4,604 (-3%)	10mo	$830,000	$180	58
329 Bird Ave	0.48mi	10/4.5 (+1)	4,756 (+0%)	20mo	$200,000	$42	53
359 Potomac Ave	0.49mi	8/4.0 (-1)	5,088 (+7%)	20mo	$120,000	$24	43
578 Richmond Ave	0.66mi	8/5.5 (-1)	4,956 (+4%)	9mo	$765,000	$154	43
320 Bird Ave	0.49mi	8/4.0 (-1)	4,200 (-12%)	13mo	$375,000	$89	42

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

Projected returns pro-forma

-3.0% appreciation · 4.69% rent growth · sell at horizon

5-year hold

• IRR: 14.5%
• Equity multiple: 1.59×
• Total profit: $74,606
• Equity at exit: $66,947

10-year hold

• IRR: 24.4%
• Equity multiple: 3.27×
• Total profit: $285,667
• Equity at exit: $38,821

Cash invested: $125,720 (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 14222

• Home prices YoY: -31.4%
• Rents YoY: 4.7%
• Active inventory: 64
• Price-to-rent: 18.3×

Monthly cashflow live

• Estimated rent: $6,133 high
• Mortgage (P&I): −$2,355
• Tax from tax record: −$154 /mo · $1,844/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,288
• Net cashflow: $2,150

Break-even live

Break-even rent $3,412

Max offer price $449,000

Occupancy floor 60%

Sensitivity live

Price	-10% $2,404	-5% $2,277	+0% $2,150	+5% $2,023	+10% $1,896
Rent	-10% $1,665	-5% $1,907	+0% $2,150	+5% $2,392	+10% $2,634
Rate	-1.0pp $2,376	-0.5pp $2,264	base $2,150	+0.5pp $2,033	+1.0pp $1,915

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$6,132
Total (3 units)			$6,133

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-09
   status Pending
2. 2026-03-16
   listed $449,000 Active
3. 2026-03-16
   historical
4. 2026-02-04
   price $494,999
5. 2026-01-13
   price $495,000
6. 2025-11-12
   listed $550,000 Active
7. 2015-10-15
   soldstatus $349,000
8. 2015-10-15
   soldstatus $349,000
9. 2003-11-19
   soldstatus $115,000

ⓘ 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: $1,844 · $154/mo
• Projected year-2 tax: $4,716 · $393/mo
• Expected delta: +$2,872/yr (+$239/mo · 155.8%)

ⓘ 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 ≥91°F today · 15 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: $73,596
• − Mortgage interest: −$25,151
• − Property taxes: −$1,844
• − Insurance: −$2,245
• − Repairs & maintenance: −$5,888
• − Management: −$5,888
• − Depreciation: −$13,062
• Taxable income: $19,519
• Est. tax owed @ 24.0%: −$4,685
• After-tax cash flow: $21,112/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): 15,311
• Household income: $81,652
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 978.0

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 (74%)
• Race & ethnicity: White 74% Black 11% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 13% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 89% English-only · Spanish 3% German/W. Germanic 2% French/Haitian/Cajun 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: ▼ -205.10%
• Current HPI: 448.3711
• Rent YoY: ▲ 4.69%
• 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

+290.4% since first listed

9 events — show timeline

• 2026-04-09 Pending — WNYREIS
• 2026-03-16 Listing Removed — WNYREIS
• 2026-03-16 Listed $449,000 WNYREIS
• 2026-02-04 Price Changed $494,999 WNYREIS
• 2026-01-13 Price Changed $495,000 WNYREIS
• 2025-11-12 Listed $550,000 WNYREIS
• 2015-10-15 Sold (Public Records) $349,000 Public Records
• 2015-10-15 Sold (Public Records) $349,000 Public Records
• 2003-11-19 Sold (Public Records) $115,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $1,844 · +0.0% YoY. Source: county tax records.