128 Benzinger St · Buffalo, NY 14206

$139,900

4 bd · 2.0 ba · 1,813 sqft · MultiFamily public records · 6 Days on market

Built 1900 4,020 sqft lot Est $152k · 8% 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 +29.3/30.0
• ARV discount +11.2/15.0
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• 1% rule +6.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Vacant and ready for immediate occupancy, this two-unit property presents an excellent opportunity for owner-occupants, multi-generational households, or investors seeking flexibility and long-term potential. Generate rental income from day one while enjoying the freedom to make the property your own. The spacious primary unit lives much like a single-family home, featuring three bedrooms, including one on the first floor and two upstairs. The layout offers a comfortable living and dining area, updated flooring (2021), a renovated bathroom (2021), first-floor laundry, and all appliances included. The upper unit features a separate one-bedroom apartment with fresh paint, a new wall heating u

Key facts

• Separate utilities
• Two unit property
• Fenced yard

Tags

• TWO UNIT PROPERTY
• RENTAL INCOME
• FENCED YARD
• LONG DRIVEWAY
• SEPARATE UTILITIES
• UPDATED FLOORING

Property features AI

Finance

• Financial info: Owner pays water; Rent includes water; Operating expenses: see remarks

Exterior

• Parking: Two or more parking spaces
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: Two-story building; Resale property; Vinyl siding; Asphalt roof
• Construction: Vinyl siding construction; Asphalt roof; Existing structure
• Exterior features: Partial fencing; Covered porch; Rectangular residential lot; City street frontage

Interior

• Kitchen: Gas water heater
• Bedrooms: 2-unit property (details per unit not shown)
• Flooring: Carpet; Hardwood; Vinyl; Mixed/Varies
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Gas heating; Wall furnace; See remarks for additional heating details
• Interior features: Partial basement; Fence; Covered porch
• Laundry & utility: Separate gas meters for each unit; Separate electric meters for each unit

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 10.5% 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: 169 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 39% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $12k of equity ($967 loan paydown + $11k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1900 — 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 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: 1.18% ✓
• Cap rate: 10.52%
• Cash-on-cash: 15.10%
• DSCR: 1.67
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $152,292
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Moreland St	0.25mi	4/2.0	1,856 (+2%)	12mo	$205,000	$110	75
30 N Ogden St	0.27mi	4/4.0	1,775 (-2%)	3mo	$157,000	$88	74
33 Schiller St	0.32mi	4/2.0	1,922 (+6%)	5mo	$60,000	$31	71
1068 E Lovejoy St	0.17mi	3/2.0 (-1)	1,661 (-8%)	7mo	$135,000	$81	68
1362 Bailey Ave	0.46mi	4/2.0	1,892 (+4%)	5mo	$197,081	$104	67
238 Schiller St	0.34mi	4/2.0	1,894 (+4%)	12mo	$145,000	$77	67
293 Ludington St	0.19mi	3/2.0 (-1)	1,688 (-7%)	10mo	$205,000	$121	66
34 Schiller St	0.30mi	4/2.0	1,670 (-8%)	8mo	$95,000	$57	66
187 Goethe St	0.37mi	4/2.0	1,890 (+4%)	12mo	$77,000	$41	65
115 Greene St	0.15mi	5/3.0 (+1)	1,968 (+8%)	6mo	$165,000	$84	65
250 Gold St	0.24mi	5/2.0 (+1)	1,646 (-9%)	12mo	$190,000	$115	58
362 Davey St	0.47mi	5/2.0 (+1)	1,640 (-10%)	2mo	$92,000	$56	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

8.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.9%
• Equity multiple: 3.28×
• Total profit: $89,490
• Equity at exit: $106,842

10-year hold

• IRR: 28.4%
• Equity multiple: 7.03×
• Total profit: $236,194
• Equity at exit: $212,612

Cash invested: $39,172 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 169
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,657 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$24 /mo · $285/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $493

Break-even live

Break-even rent $1,033

Max offer price $139,900

Occupancy floor 65%

Sensitivity live

Price	-10% $572	-5% $533	+0% $493	+5% $294	+10% $245
Rent	-10% $362	-5% $428	+0% $493	+5% $559	+10% $624
Rate	-1.0pp $564	-0.5pp $529	base $493	+0.5pp $457	+1.0pp $420

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1777 Broadway Unit 2 Buffalo, NY	3.0	1.0	1300	$1,200	$0.92	44d	1	0.65mi
14 Rutland Ave Buffalo, NY	4.0	1.0	1430	$2,200	$1.54	11d	1	1.19mi
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	2d	1	1.34mi
96 Academy Rd Buffalo, NY	3.0	1.0	2247	$1,400	$0.62	24d	1	1.43mi

Listing history 6 events

1. 2026-06-18
   days on market $139,900 Active 6 DOM
2. 2026-06-17
   days on market $139,900 Active 5 DOM
3. 2026-06-16
   days on market $139,900 Active 4 DOM
4. 2026-06-15
   days on market $139,900 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $139,900 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: $285 · $24/mo
• Projected year-2 tax: $1,325 · $110/mo
• Expected delta: +$1,040/yr (+$87/mo · 364.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $19,880
• − Mortgage interest: −$7,837
• − Property taxes: −$285
• − Insurance: −$700
• − Repairs & maintenance: −$1,590
• − Management: −$1,590
• − Depreciation: −$4,070
• Taxable income: $3,808
• Est. tax owed @ 24.0%: −$914
• After-tax cash flow: $5,003/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): 21,631
• Household income: $50,450
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 841.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Romanian 25% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Arabic 2%

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: ▲ 8.06%
• Current HPI: 457.3935
• 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

1 event — show timeline

• 2026-06-12 Listed $139,900 WNYREIS

Property tax history

+7.7%/yr

Latest (2025): $285 · +112.0% YoY. Source: county tax records.