274 Dewey Ave · Buffalo, NY 14214

$235,000

6 bd · 2.0 ba · 2,244 sqft · Other public records · 8 Days on market

Built 1920 0.29 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor's dream! Fully rented getting $20,700 a year in rent with low low taxes. 2 properties on one parcel. 3/3 double in front house, single family in rear. Both properties in very good condition. Many updates including windows, furnaces, hot water tank, eaves, roof, fresh paint and more. Full driveway with loads of parking. Sec 8 approved with happy tenants. Title comes free and clear with no liens or back taxes. Owner pays electric on front house only. Seller will do no repairs as a result of an inspection or bank appraisal. Do the math. .. this is an incredible deal!!!

Key facts

• Hot water tank
• New gas lines
• Income options

Tags

• MULTI FAMILY PROPERTY
• SINGLE FAMILY PROPERTY
• INCOME OPTIONS
• STRONG RENTAL POTENTIAL
• HOT WATER TANK
• NEW GAS LINES

Property features AI

Finance

• Other: Owner pays electricity and water for rental arrangements; Rent includes electricity and water
• Financial info: Three-unit multi-family property; Three separate gas meters and three separate electric meters; One unit listed with $600 rent; another unit listed with $600 rent; third unit rent not provided; Operating expense details referenced in remarks

Exterior

• Parking: Gravel parking with two or more spaces
• Utilities: Public water connected; Sewer connected; Circuit breaker electric panel
• Home design: Two-story building; Existing/previously built property
• Construction: Stone foundation; Composite and vinyl siding; Asphalt roof
• Exterior features: Fully fenced yard; Rectangular residential lot; Near public transit; City street frontage; Lot dimensions approximately 50 x 252

Interior

• Kitchen: No kitchen appliance listings provided
• Bedrooms: One unit with 4 bedrooms; Two units with 3 bedrooms each
• Flooring: Hardwood; Tile; Varies by room
• Bathrooms: Three full bathrooms (total in property); each unit has one full bath
• Heating & cooling: Forced air heating; Electric heating; Gas heating
• Interior features: Full basement; Hardwood and tile flooring; varies by room
• Laundry & utility: Electric water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath other listed at $235k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Cap rate 11.9% 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.

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 (+5.8%/yr); 90 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,154/mo this rent would consume 65% of the median local household income ($58k/yr) (locally 1820% 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 $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $66k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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 $50k; list at $235k implies a 370% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.34% ✓
• Cap rate: 11.91%
• Cash-on-cash: 20.07%
• DSCR: 1.89
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.81% rent growth · sell at horizon

5-year hold

• IRR: 15.1%
• Equity multiple: 1.62×
• Total profit: $41,093
• Equity at exit: $35,039

10-year hold

• IRR: 25.6%
• Equity multiple: 3.52×
• Total profit: $165,513
• Equity at exit: $20,319

Cash invested: $65,800 (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 14214

• Rents YoY: 5.8%
• Active inventory: 90
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $3,154 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$61 /mo · $727/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$662
• Net cashflow: $1,101

Break-even live

Break-even rent $1,761

Max offer price $235,000

Occupancy floor 60%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Hughes Ave Buffalo, NY	7.0	2.0	1650	$3,000	$1.82	43d	1	0.98mi
145 Minnesota Ave Buffalo, NY	7.0	2.0	2551	$4,900	$1.92	14d	1	1.20mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	14d	1	1.31mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	14d	1	1.32mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	14d	1	1.32mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	14d	1	1.39mi

Listing history 8 events

1. 2026-06-18
   status $235,000 Pending 8 DOM
2. 2026-06-18
   days on market $235,000 Active 8 DOM
3. 2026-06-17
   days on market $235,000 Active 7 DOM
4. 2026-06-16
   days on market $235,000 Active 6 DOM
5. 2026-06-15
   days on market $235,000 Active 5 DOM
6. 2026-06-13
   days on market $235,000 Active 3 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $235,000 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: $727 · $61/mo
• Projected year-2 tax: $2,349 · $196/mo
• Expected delta: +$1,622/yr (+$135/mo · 223.3%)

ⓘ 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 2/10 Low 7 d/yr ≥93°F today · 14 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: $37,845
• − Mortgage interest: −$13,164
• − Property taxes: −$727
• − Insurance: −$1,175
• − Repairs & maintenance: −$3,028
• − Management: −$3,028
• − Depreciation: −$6,836
• Taxable income: $9,889
• Est. tax owed @ 24.0%: −$2,373
• After-tax cash flow: $10,835/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): 21,314
• Household income: $58,228
• Rent vs Own: 57.7% rent · 42.3% own
• Severe rent burden: 1820.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 47% Black 31% Asian 11% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 2% Scotch-Irish 1%
• Foreign-born: 14% · Canada, China
• Languages at home: 81% English-only · Other Indo-European 7% Spanish 4% Other Asian/Pacific 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: ▼ -282.52%
• Current HPI: 373.377
• Rent YoY: ▲ 5.81%
• 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

+168.1% since first listed

5 events — show timeline

• 2026-06-10 Listed $235,000 WNYREIS
• 2012-09-28 Sold (Public Records) $50,000 Public Records
• 2012-09-14 Sold (MLS) $48,250 WNYREIS
• 2012-05-31 Listed $50,000 WNYREIS
• 1995-04-28 Sold (Public Records) $87,649 Public Records

Property tax history

+9.6%/yr

Latest (2025): $727 · +45.6% YoY. Source: county tax records.