548 Englewood Ave · Tonawanda Town, NY 14223

$199,900

6 bd · 2.0 ba · 2,050 sqft · MultiFamily public records · 3 Days on market

Built 1940 4,270 sqft lot Est $334k · 40% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• 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

Investors delight. . Money making 2 unit home currently being used as a 3 unit. Fantastic location. Downstairs has 2 one bedroom apartments. Front lower unit has big eat in kitchen, formal dining room, big bedroom, full bath and large living room. Back smaller one bedroom has kitchen with eating area and living room. Upstairs has 2 big bedrooms, formal dining and living rooms. Hardwood floors, most windows are vinyl replacement windows. Roof in very good shape. Totally rebuilt huge, vinyl sided 2 car garage with opener. Two laundry hookups in basement. Two updated furnaces, a/c condensers and hot water tanks. Home is priced to reflect some work needed but this is a fantastic income opportun

Key facts

• 3 unit
• Formal dining room
• Big eat in kitchen

Tags

• 2 UNIT HOME
• 3 UNIT
• BIG EAT IN KITCHEN
• FORMAL DINING ROOM
• LARGE LIVING ROOM
• KITCHEN WITH EATING AREA

Property features AI

Finance

• Financial info: Owner pays garage (see remarks); Rent includes parking (see remarks); Operating expenses: see remarks; Multi-unit setup with 3 units; 2 separate gas meters and 2 separate electric meters

Exterior

• Parking: 2-car garage with concrete driveway and automatic garage door opener
• Utilities: Public water connected; Sewer connected; Cable available; Electric service with circuit breakers and fuses
• Home design: 2-story building; Resale property
• Construction: Aluminum and vinyl siding; Copper plumbing; Architectural shingle roof; Block foundation; Built (existing)
• Exterior features: Open porch; Near public transit; Rectangular residential lot; City street frontage; Lot dimensions approx. 35 x 122

Interior

• Bedrooms: Multifamily property with 3 total units
• Flooring: Ceramic tile; Hardwood; Vinyl; Varies
• Bathrooms: 3 full bathrooms (total for property)
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Ceiling fan(s); Fireplace (1)
• Laundry & utility: Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $857 ($10k/yr) — positive. Per door: $428/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 11.4% vs local median 4.1% in Tonawanda Town — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Kenmore-Tonawanda Union Free School District (suburban): math 44% / reading 47% proficiency, ranked #453 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ben Franklin Elementary School (math 27% / reading 47%, grade F, #1,519 of 2,108 statewide, top 74%, 459 students, 58% FRL); Kenmore West Senior High School (math 74% / reading 57%, grade B, #773 of 1,100 statewide, top 70%, 1,358 students, 51% FRL) — zoned schools average 54% FRL vs 33% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 122 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,260/mo this rent would consume 46% of the median local household income ($84k/yr) (locally 368% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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 $100k; list at $200k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,900

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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.63% ✓
• Cap rate: 11.44%
• Cash-on-cash: 18.37%
• DSCR: 1.82
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $334,150
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
235 Heath St	0.64mi	6/2.0	2,058 (+0%)	10mo	$303,000	$147	61
49 Glenside Ave	0.42mi	6/3.0	2,234 (+9%)	14mo	$365,000	$163	49

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.1%
• Equity multiple: 1.40×
• Total profit: $22,430
• Equity at exit: $29,806

10-year hold

• IRR: 19.3%
• Equity multiple: 2.62×
• Total profit: $90,835
• Equity at exit: $17,284

Cash invested: $55,972 (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 14223

• Active inventory: 122
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $3,260 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$587 /mo · $7,045/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$685
• Net cashflow: $857

Break-even live

Break-even rent $2,176

Max offer price $199,900

Occupancy floor 69%

Sensitivity live

Price	-10% $970	-5% $913	+0% $857	+5% $800	+10% $744
Rent	-10% $599	-5% $728	+0% $857	+5% $986	+10% $1,114
Rate	-1.0pp $957	-0.5pp $908	base $857	+0.5pp $805	+1.0pp $752

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$3,260
Total (2 units)			$3,260

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	3d	1	0.70mi
133 Merrimac St Buffalo, NY	7.0	2.0	2327	$4,450	$1.91	16d	1	0.81mi
64 Montrose Ave Buffalo, NY	7.0	1.5	1512	$2,700	$1.79	45d	1	0.82mi
64 Montrose Ave Buffalo, NY	7.0	1.5	1512	$2,500	$1.65	3d	1	0.82mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	3d	1	1.03mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	16d	1	1.05mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	16d	1	1.21mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	16d	1	1.24mi
145 Minnesota Ave Buffalo, NY	7.0	2.0	2551	$4,900	$1.92	16d	1	1.37mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	16d	1	1.38mi
4098 Bailey Ave Buffalo, NY	5.0	2.5	2108	$2,200	$1.04	45d	1	1.40mi

Listing history 3 events

1. 2026-06-21
   days on market $199,900 Active 3 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $199,900 Active 1 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: $7,045 · $587/mo
• Projected year-2 tax: $7,045 · $587/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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: $39,120
• − Mortgage interest: −$11,198
• − Property taxes: −$7,045
• − Insurance: −$1,000
• − Repairs & maintenance: −$3,130
• − Management: −$3,130
• − Depreciation: −$5,815
• Taxable income: $7,804
• Est. tax owed @ 24.0%: −$1,873
• After-tax cash flow: $8,408/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: Kenmore-Tonawanda Union Free School District
• NCES district ID: 3616230
• Math proficiency: 44% ▼ -12.00%
• Reading proficiency: 47% ▼ -1.00%
• Median HH income: $51,433
• Composite: 39.18/100
• National rank: #4024
• State rank: #453 of 590 in NY

Livability — Tonawanda Town

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Tonawanda Town, NY
• County: Erie County · 714,559 people
• City population: 63,948
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 22,611
• Household income: $84,161
• Rent vs Own: 19.1% rent · 80.9% own
• Severe rent burden: 368.0

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 (84%)
• Race & ethnicity: White 84% Asian 5% Two or more races 4% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 12% Slovak 2% Lithuanian 2%
• Foreign-born: 7% · Canada, Vietnam, India
• Languages at home: 92% English-only · Other Indo-European 3% French/Haitian/Cajun 1% Arabic 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: ▼ -245.18%
• Current HPI: 320.9379
• Rent YoY: —
• 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

+99.9% since first listed

4 events — show timeline

• 2026-06-18 Listed $199,900 WNYREIS
• 2014-07-03 Listed $89,900 WNYREIS
• 2014-01-03 Listed $95,000 WNYREIS
• 1994-08-17 Sold (Public Records) $100,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $7,045 · +3.9% YoY. Source: county tax records.