1812 Clinton St

Buffalo, NY 14206

$249,900A

16 bd · 12.0 ba · 5,604 sqft · Built 1920 · MultiFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,773/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$416
• HOA: −$0
• Vac / Maint / Mgmt: −$1,212
• Net cashflow: $2,834/mo
• Annual: $34,004/yr
• Cap rate: 19.90%
• Cash-on-cash: 48.60%
• DSCR: 3.16
• 1% rule: 2.31%
• Cash to close: $69,972

Investor read

• This is a 4 × 4-bed/3.0-bath units multifamily listed at $250k.
• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $708/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $250k).
• It's been on market 137 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• In year one you build about $22k of equity ($2k loan paydown + $20k appreciation (8.1% local appreciation)).
• 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.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 169 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 3 sale attempts since 15y ago; this cycle's ask is 19123% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $54k; list at $250k implies a 363% gain — meaningful room to come down on a strong offer.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 19.9% 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.
• At $5,773/mo this rent would consume 137% of the median local household income ($50k/yr) (locally 841% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.