186 Bird Ave · Buffalo, NY 14213

$489,900

6 bd · 3.5 ba · 3,199 sqft · MultiFamily public records · 18 Days on market

Built 1880 7,050 sqft lot $153/sqft · 29% above area Est $380k · 29% over

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Why this score? — see what drove the D+ 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 +15.3/30.0
• Appreciation +8.8/10.0
• DSCR +4.7/10.0
• 1% rule +4.2/10.0
• 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: 3 units. confirmed

Listing remarks

Welcome to 186 Bird Ave. A rare opportunity on historic Bird Avenue, is one of Buffalo’s West Side hidden gems. This beautifully restored 3-unit property blends timeless character with modern updates, creating a truly move-in-ready investment or owner-occupant dream. One of the standout features is the incredible detached 5-bay garage offering an additional 1,127 sq ft. Whether you need parking for 5 vehicles, a workshop, studio, storage, or future creative use, the possibilities are endless. Major improvements include repointed brick, insulated garage doors, tear-off roof, glass block windows, and immaculate concrete floors. An equally well-maintained attached 1-car garage, privacy f

Key facts

• Repointed brick
• Glass block windows
• Tear-off roof

Tags

• DETACHED 5-BAY GARAGE
• REPOINTED BRICK
• INSULATED GARAGE DOORS
• TEAR-OFF ROOF
• GLASS BLOCK WINDOWS
• IMMACULATE CONCRETE FLOORS

Property features AI

Finance

• Other: Operating expense details: see remarks
• Financial info: Owner pays trash collection and water; Rent includes trash collection and water; Three separate electric meters; Three separate gas meters; Three total units with separate utilities; Unit rents reported: one 3-bed unit $850, one 2-bed unit $850, one 1-bed unit $750 (actual rents listed)

Exterior

• Parking: Attached garage (concrete); 6 garage spaces
• Utilities: Electricity connected (circuit breakers); Sewer connected; Public water connected; Cable available
• Home design: 2-story building; Existing (previously built) condition
• Construction: Composite siding; Copper plumbing; Stone foundation; Attic/crawl hatchway(s) insulated
• Exterior features: Balcony; Covered and open porch; Fully fenced yard; Near public transit; Rectangular lot; City street frontage

Interior

• Kitchen: Eat-in kitchens in units; Oven/range; Refrigerator; Dishwasher (in one unit)
• Bedrooms: One 3-bedroom unit; One 2-bedroom unit; One 1-bedroom unit
• Flooring: Hardwood flooring; Tile flooring; Varies by area/unit
• Bathrooms: Three full bathrooms (in building total); One half bathroom (in building total)
• Heating & cooling: Gas heating; Baseboard heating; Radiator heating
• Interior features: Attic; Ceiling fans; Natural woodwork; Storm windows; Thermal windows
• Laundry & utility: Washer and dryer in units (washer/dryer present in units; washer hookup also noted); Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.2-bath units multifamily listed at $490k.

Deal economics

• At list price, monthly cash flow is $183 ($2k/yr) — positive. Per door: $61/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $452k (7.8% below list).
• Recommended offer: $452k (7.8% below list) — sets the bar for 1% rule.

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; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,517/mo this rent would consume 101% 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 $40k of equity ($3k loan paydown + $37k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $137k cash investment doubles in ~4 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

• It's been on market 18 days — a 2% lower offer ($483k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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.
• Current owner paid $87k; list at $490k implies a 463% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $451,700 (7.8% 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 1880 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.92% ✗
• Cap rate: 6.74%
• Cash-on-cash: 1.60%
• DSCR: 1.07
• GRM: 9.0

CMA / ARV

• ARV (median comp): $379,554
• List price: $489,900
• Delta: 29.07%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
330 Potomac Ave	0.28mi	6/4.0	2,896 (-10%)	6mo	$263,000	$91	65
640 Grant St	0.40mi	6/3.0	2,858 (-11%)	12mo	$275,000	$96	51
417 W Delavan Ave	0.50mi	6/3.0	3,566 (+12%)	5mo	$451,000	$126	51
452 Potomac Ave	0.49mi	6/2.0	2,976 (-7%)	11mo	$450,000	$151	50
153 Dearborn St	0.67mi	6/2.0	2,920 (-9%)	4mo	$266,000	$91	44
147 Parkdale Ave	0.51mi	6/4.0	2,850 (-11%)	16mo	$330,000	$116	42
61 Claremont Ave	0.65mi	6/2.0	2,912 (-9%)	8mo	$411,000	$141	42
610 Ashland Ave	0.74mi	6/2.0	3,050 (-5%)	16mo	$450,000	$148	39
1040 Elmwood Ave	0.75mi	6/4.0	2,840 (-11%)	16mo	$460,000	$162	31
50 Arnold St	0.70mi	7/2.0 (+1)	2,905 (-9%)	15mo	$204,000	$70	29

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: 19.0%
• Equity multiple: 2.35×
• Total profit: $185,112
• Equity at exit: $356,046

10-year hold

• IRR: 17.0%
• Equity multiple: 4.68×
• Total profit: $504,214
• Equity at exit: $691,883

Cash invested: $137,172 (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: 27.1×

Monthly cashflow live

• Estimated rent: $4,517 high
• Mortgage (P&I): −$2,569
• Tax est. 1.5%: −$612 /mo · $7,348/yr
• Insurance: −$204
• HOA: −$0
• Vacancy / Maint / Mgmt: −$949
• Net cashflow: $183

Break-even live

Break-even rent $4,286

Max offer price $489,900

Occupancy floor 91%

Sensitivity live

Price	-10% $521	-5% $352	+0% $183	+5% $14	+10% $-156
Rent	-10% $-174	-5% $4	+0% $183	+5% $361	+10% $540
Rate	-1.0pp $430	-0.5pp $307	base $183	+0.5pp $56	+1.0pp $-73

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.2	$4,518
Total (3 units)			$4,517

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: $122,475
• Closing costs: $14,697
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-11
   listed $489,900 Active 2190-char remark
2. 2013-07-08
   soldstatus $87,000
3. 2013-07-03
   soldstatus $87,000
4. 2013-07-03
   soldstatus $87,000
5. 2013-03-26
   listed $90,000

ⓘ 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 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,204
• − Mortgage interest: −$27,442
• − Property taxes: −$7,348
• − Insurance: −$2,450
• − Repairs & maintenance: −$4,336
• − Management: −$4,336
• − Depreciation: −$14,252
• Taxable loss: −$5,960
• Est. tax savings @ 24.0%: +$1,430
• After-tax cash flow: $3,625/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

+444.3% since first listed

6 events — show timeline

• 2026-05-29 Pending — WNYREIS
• 2026-05-11 Listed $489,900 WNYREIS
• 2013-07-08 Sold (MLS) $87,000 WNYREIS
• 2013-07-03 Sold (Public Records) $87,000 Public Records
• 2013-07-03 Sold (Public Records) $87,000 Public Records
• 2013-03-26 Listed $90,000 WNYREIS

Property tax history

+11.1%/yr

Latest (2025): $865 · +12.7% YoY. Source: county tax records.