197 Shirley Ave · Buffalo, NY 14215

$265,000

4 bd · 2.0 ba · 2,168 sqft · MultiFamily public records · 13 Days on market

Built 1925 3,850 sqft lot

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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 +23.4/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +4.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Exceptional opportunity to own a beautifully updated 2-unit property in a highly desirable location. Rich original woodwork and gleaming hardwood floors showcase the home's timeless character, while numerous improvements provide modern comfort, including a new sewer line installed in 2025. Both units feature remodeled bathrooms with updated tub/shower surrounds, tile, flooring, and fixtures. The lower unit includes a versatile bonus room ideal for a den, family room, or home office, while the upper unit offers a spacious enclosed sun porch. Both kitchens have updated flooring, and the upper kitchen also features newer counter tops, cabinetry, and sink. New flooring has been installed on all

Key facts

• Bonus room
• Original woodwork
• Hardwood floors

Tags

• UPDATED 2 UNIT PROPERTY
• ORIGINAL WOODWORK
• HARDWOOD FLOORS
• NEW SEWER LINE
• REMODELED BATHROOMS
• BONUS ROOM

Property features AI

Finance

• Financial info: Owner pays trash collection and water; Rent includes trash collection and water; Operating expense details: See remarks

Exterior

• Parking: 2-car garage; Paved areas; On-street parking
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-family residence; Residential 2-unit zoning; Existing construction
• Construction: Composite siding; Asphalt roof; Built (existing)
• Exterior features: Near public transit; Rectangular residential lot; City street frontage; Porch on each unit

Interior

• Kitchen: Each unit includes an eat-in kitchen; Formal dining room in each unit
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Hardwood; Laminate; Tile; Varies
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas heating; Baseboard heating; Hot water heating; Has heating
• Interior features: Attic; Natural woodwork; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $492 ($6k/yr) — positive. Per door: $246/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 $259k (2.3% below list).
• Recommended offer: $259k (2.3% 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.
• Market conditions: Rents flat; 237 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,590/mo this rent would consume 69% of the median local household income ($45k/yr) (locally 2873% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $18k; list at $265k implies a 1372% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $259,000 (2.3% 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 1925 — 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: 0.98% ✗
• Cap rate: 8.52%
• Cash-on-cash: 7.95%
• DSCR: 1.35
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $171,272
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19 Dunlop Ave	0.36mi	5/2.0 (+1)	2,160 (-0%)	6mo	$160,000	$74	73
132 Hewitt Ave	0.18mi	4/2.0	1,946 (-10%)	5mo	$125,000	$64	71
44 Freeman St	0.57mi	4/2.0	2,182 (+1%)	9mo	$144,000	$66	65
192 Berkshire Ave	0.24mi	4/2.0	1,955 (-10%)	10mo	$129,000	$66	64
18 Phyllis Ave	0.60mi	5/2.0 (+1)	2,134 (-2%)	8mo	$138,000	$65	58
486 Hewitt Ave	0.51mi	3/2.0 (-1)	2,233 (+3%)	13mo	$176,000	$79	55
516 Winspear Ave	0.58mi	3/2.0 (-1)	2,017 (-7%)	2mo	$220,000	$109	55
208 Davidson Ave	0.72mi	5/2.0 (+1)	2,199 (+1%)	8mo	$170,000	$77	53
42 Poultney Ave	0.57mi	4/2.0	2,036 (-6%)	14mo	$160,000	$79	52
638 Highgate Ave	0.70mi	4/2.0	1,900 (-12%)	5mo	$178,000	$94	42
626 Lisbon Ave	0.61mi	5/2.0 (+1)	1,919 (-12%)	8mo	$250,000	$130	40
171 Davidson Ave	0.69mi	4/2.5	1,857 (-14%)	10mo	$200,000	$108	33

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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: -6.6%
• Equity multiple: 0.76×
• Total profit: $-17,702
• Equity at exit: $39,512

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $1,123
• Equity at exit: $22,912

Cash invested: $74,200 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 237
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $2,590 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$54 /mo · $654/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $492

Break-even live

Break-even rent $1,968

Max offer price $265,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,590
Total (2 units)			$2,590

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	44d	1	0.31mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	14d	1	0.36mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	14d	1	0.51mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	14d	1	0.53mi
59 Lisbon Ave Buffalo, NY	3.0	1.0	2521	$1,250	$0.50	24d	1	0.55mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	2d	10	0.56mi
25 Parkridge Ave Buffalo, NY	3.0	1.0	1914	$1,350	$0.71	14d	1	0.63mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	14d	1	0.70mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	2d	1	0.82mi
91 Englewood Ave Buffalo, NY	4.0	1.0	2500	$2,000	$0.80	2d	1	0.88mi
102 Englewood Ave Buffalo, NY	4.0	1.0	2426	$2,750	$1.13	2d	1	0.89mi
63 Montrose Ave Buffalo, NY	4.0	1.0	2240	$2,000	$0.89	2d	1	0.97mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	2d	1	1.03mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	2d	1	1.05mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	3d	1	1.18mi
91 Springville Ave Buffalo, NY	4.0	2.0	1660	$2,350	$1.42	24d	1	1.19mi

Listing history 11 events

1. 2026-06-18
   days on market $265,000 Active 13 DOM
2. 2026-06-17
   days on market $265,000 Active 12 DOM
3. 2026-06-16
   days on market $265,000 Active 11 DOM
4. 2026-06-15
   days on market $265,000 Active 10 DOM
5. 2026-06-13
   days on market $265,000 Active 8 DOM
6. 2026-06-13
   days on market $265,000 Active 7 DOM
7. 2026-06-10
   days on market $265,000 Active 5 DOM
8. 2026-06-09
   days on market $265,000 Active 4 DOM
9. 2026-06-08
   days on market $265,000 Active 3 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $265,000 Active 2 DOM

ⓘ 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: $654 · $54/mo
• Projected year-2 tax: $2,566 · $214/mo
• Expected delta: +$1,912/yr (+$159/mo · 292.5%)

ⓘ 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 · 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: $31,080
• − Mortgage interest: −$14,844
• − Property taxes: −$654
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,486
• − Management: −$2,486
• − Depreciation: −$7,709
• Taxable income: $1,575
• Est. tax owed @ 24.0%: −$378
• After-tax cash flow: $5,520/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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 Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 4% Chinese 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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

+1372.2% since first listed

2 events — show timeline

• 2026-06-05 Listed $265,000 WNYREIS
• 2009-01-30 Sold (Public Records) $18,000 Public Records

Property tax history

+10.1%/yr

Latest (2025): $654 · +74.1% YoY. Source: county tax records.