66 Lewis St · Buffalo, NY 14206

$139,900

6 bd · 2.0 ba · 2,156 sqft · MultiFamily public records · 5 Days on market

Built 1910 3,180 sqft lot Est $149k · 6% under

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Why this score? — see what drove the A- 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 +10.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• 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

Welcome to 66 Lewis Street in Buffalo’s 14206 area. This well-maintained two-family home offers a great opportunity for both homeowners and investors. The lower unit features 2 bedrooms, a living room, dining room, kitchen, and a full bathroom. The upper unit also offers 2 bedrooms, a living room, dining room, kitchen, and a full bathroom. The property includes a full basement, a deck, and a detached garage. The home sits on a stone foundation and provides a practical layout in a convenient location. Priced at $139,900, this is a solid addition to any portfolio or an ideal home for an owner-occupant. Vacant Lot located at 70 Lewis St (SBL#: 140200-112-690-0004-003-000) is included in

Key facts

• Practical layout
• Full basement
• Two family home

Tags

• TWO FAMILY HOME
• FULL BASEMENT
• DETACHED GARAGE
• STONE FOUNDATION
• PRACTICAL LAYOUT
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Cap rate 17.3% 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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Market conditions: 170 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,844/mo this rent would consume 68% 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.

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 ~2 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 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $47k; list at $140k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1910 — 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: 2.03% ✓
• Cap rate: 17.27%
• Cash-on-cash: 39.21%
• DSCR: 2.74
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $148,764
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1038 Clinton St	0.13mi	6/2.0	2,156 (0%)	18mo	$148,530	$69	79
910 Clinton St	0.34mi	6/2.0	2,208 (+2%)	14mo	$70,000	$32	69
475 Babcock St	0.30mi	5/2.0 (-1)	2,288 (+6%)	12mo	$235,000	$103	61
109 Baitz Ave	0.53mi	6/2.0	2,268 (+5%)	11mo	$75,000	$33	58
202 Metcalfe St	0.29mi	5/2.0 (-1)	1,960 (-9%)	10mo	$215,000	$110	58
138 Scoville Ave	0.44mi	5/2.0 (-1)	2,112 (-2%)	20mo	$128,000	$61	55
31 Lord St	0.60mi	6/2.0	2,282 (+6%)	11mo	$172,500	$76	53
878 Clinton St	0.40mi	6/2.0	2,400 (+11%)	14mo	$130,000	$54	51
220 Metcalfe St	0.33mi	5/2.0 (-1)	1,896 (-12%)	18mo	$70,000	$37	45
555 Fillmore Ave	0.67mi	6/2.0	2,376 (+10%)	16mo	$225,000	$95	38
455 Fillmore Ave	0.49mi	6/2.0	2,428 (+13%)	22mo	$95,000	$39	38
116 Baitz Ave	0.50mi	6/2.0	2,445 (+13%)	21mo	$185,000	$76	37

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: 51.9%
• Equity multiple: 4.57×
• Total profit: $139,717
• Equity at exit: $106,842

10-year hold

• IRR: 47.0%
• Equity multiple: 9.81×
• Total profit: $344,913
• 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: 170
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,844 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$597
• Net cashflow: $1,280

Break-even live

Break-even rent $1,224

Max offer price $139,900

Occupancy floor 50%

Sensitivity live

Price	-10% $1,377	-5% $1,328	+0% $1,280	+5% $1,232	+10% $1,183
Rent	-10% $1,055	-5% $1,168	+0% $1,280	+5% $1,392	+10% $1,505
Rate	-1.0pp $1,350	-0.5pp $1,316	base $1,280	+0.5pp $1,244	+1.0pp $1,207

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,844
Total (2 units)			$2,844

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	25d	1	1.37mi

Listing history 6 events

1. 2026-04-13
   status Pending
2. 2026-04-08
   listed $139,900 Active
3. 2026-01-27
   status Pending
4. 2026-01-26
   historical
5. 2025-12-02
   listed $139,900 Active
6. 2019-06-12
   soldstatus $47,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% 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: $34,128
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$2,730
• − Management: −$2,730
• − Depreciation: −$4,070
• Taxable income: $13,963
• Est. tax owed @ 24.0%: −$3,351
• After-tax cash flow: $12,008/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

+197.7% since first listed

6 events — show timeline

• 2026-04-13 Pending — WNYREIS
• 2026-04-08 Listed $139,900 WNYREIS
• 2026-01-27 Pending — WNYREIS
• 2026-01-26 Listing Removed — WNYREIS
• 2025-12-02 Listed $139,900 WNYREIS
• 2019-06-12 Sold (Public Records) $47,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $224 · +0.0% YoY. Source: county tax records.