223 Merrimac St · Buffalo, NY 14214

$189,900

5 bd · 2.0 ba · 1,658 sqft · SingleFamily public records · 6 Days on market

Built 1935 4,026 sqft lot Est $285k · 33% 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
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• 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

Cash flowing, single-family home for sale off Main Street in the University District of the City of Buffalo, grossing $23,700 annually! This property is located on the quiet, nearly no-outlet section of Merrimac Street, but just steps from the SUNY University at Buffalo south campus and the shops, restaurants, and conveniences of the surrounding area. This home has 5 bedrooms and 2 full bathrooms, with 3 first floor bedrooms and a first floor full bath, the second floor has 2 massive, additional bedrooms and another full bath. Laminate, vinyl, and hardwood floor throughout. Exterior has a full driveway for ample off-street parking, as well as a large, rear wooden deck and sizable backyard. Home is fully rented on a year-long lease until 7/31/24 for $1,975/M with water, trash, and sewer paid by the landlord-gas/electric paid by tenants. Lease conveniently ends just in time to find your own ideal tenants or transform this property into a lovely owner-occupied home! Low city taxes! All kitchen/laundry appliances included. Please give at least 24-48 hours notice for showings.

Key facts

• Off street parking
• Private driveway
• Single family home

Tags

• SINGLE FAMILY HOME
• UNIVERSITY HEIGHTS DISTRICT
• OFF STREET PARKING
• PRIVATE DRIVEWAY
• LARGE REBUILT WOODEN DECK
• SIZEABLE BACKYARD

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water connected; Sewer connected
• Home design: Single-story home; Wood siding; Resale property; Block foundation
• Construction: Wood siding construction; Block foundation; Existing (previously built)
• Exterior features: Blacktop driveway; City street frontage; Near public transit; Rectangular residential lot (approx. 30 x 132)

Interior

• Kitchen: Appliances negotiable
• Bedrooms: Three bedrooms on the main level
• Flooring: Hardwood; Vinyl; Varies
• Bathrooms: Two full bathrooms (one on the main level)
• Heating & cooling: Gas forced-air heating
• Interior features: Eat-in kitchen; Main-level bedroom; Full basement
• Laundry & utility: Laundry located in the basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $759 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Cap rate 11.1% 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); 92 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,394/mo this rent would consume 49% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 15y 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.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,900

Questions for the listing agent

1. Built in 1935 — 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: 1.26% ✓
• Cap rate: 11.09%
• Cash-on-cash: 17.12%
• DSCR: 1.76
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $285,176
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
142 Englewood Ave	0.21mi	5/1.5	1,504 (-9%)	4mo	$215,000	$143	69
75 Northrup Pl	0.56mi	5/2.0	1,621 (-2%)	11mo	$225,000	$139	61
321 Voorhees Ave	0.55mi	4/2.5 (-1)	1,699 (+2%)	6mo	$486,600	$286	59
430 Parker Ave	0.40mi	4/1.5 (-1)	1,512 (-9%)	6mo	$300,000	$198	55
176 Lasalle Ave	0.73mi	4/2.0 (-1)	1,601 (-3%)	2mo	$270,000	$169	53
145 Highgate Ave	0.67mi	4/2.0 (-1)	1,771 (+7%)	0mo	$218,000	$123	52
194 Wellington Ave	0.70mi	4/2.0 (-1)	1,644 (-1%)	12mo	$350,000	$213	51
66 Northrup Pl	0.54mi	5/2.0	1,480 (-11%)	11mo	$245,000	$166	48
106 Lasalle Ave	0.64mi	4/1.5 (-1)	1,563 (-6%)	7mo	$205,000	$131	47
39 Winston Rd	0.54mi	4/1.5 (-1)	1,877 (+13%)	1mo	$461,000	$246	45
167 Winspear Ave	0.73mi	6/2.0 (+1)	1,545 (-7%)	11mo	$265,000	$172	40
27 Taft Pl	0.72mi	4/2.0 (-1)	1,456 (-12%)	11mo	$335,000	$230	32

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 · 5.81% rent growth · sell at horizon

5-year hold

• IRR: 11.3%
• Equity multiple: 1.46×
• Total profit: $24,438
• Equity at exit: $28,315

10-year hold

• IRR: 22.2%
• Equity multiple: 3.13×
• Total profit: $113,451
• Equity at exit: $16,419

Cash invested: $53,172 (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 14214

• Rents YoY: 5.8%
• Active inventory: 92
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,394 high
• Mortgage (P&I): −$996
• Tax from tax record: −$57 /mo · $687/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $759

Break-even live

Break-even rent $1,433

Max offer price $189,900

Occupancy floor 63%

Sensitivity live

Price	-10% $866	-5% $813	+0% $759	+5% $705	+10% $651
Rent	-10% $570	-5% $664	+0% $759	+5% $853	+10% $948
Rate	-1.0pp $854	-0.5pp $807	base $759	+0.5pp $710	+1.0pp $660

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
63 Montrose Ave Buffalo, NY	4.0	1.0	2240	$2,000	$0.89	2d	1	0.33mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	2d	1	0.36mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	15d	1	0.54mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	15d	1	0.56mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	2d	10	0.64mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	15d	1	0.71mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	24d	1	0.77mi
91 Springville Ave Buffalo, NY	4.0	2.0	1660	$2,350	$1.42	24d	1	1.01mi
151 Lamson Rd Buffalo, NY	4.0	2.0	1382	$2,350	$1.70	18d	1	1.09mi
4098 Bailey Ave Buffalo, NY	5.0	2.5	2108	$2,200	$1.04	44d	1	1.30mi

Listing history 5 events

1. 2026-06-21
   days on market $189,900 Active 6 DOM
2. 2026-06-18
   days on market $189,900 Active 3 DOM
3. 2026-06-17
   days on market $189,900 Active 2 DOM
4. 2026-06-16
   remarks 693-char remark
5. 2026-06-16
   listed $189,900 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: $687 · $57/mo
• Projected year-2 tax: $1,948 · $162/mo
• Expected delta: +$1,261/yr (+$105/mo · 183.6%)

ⓘ 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: $28,724
• − Mortgage interest: −$10,637
• − Property taxes: −$687
• − Insurance: −$950
• − Repairs & maintenance: −$2,298
• − Management: −$2,298
• − Depreciation: −$5,524
• Taxable income: $6,330
• Est. tax owed @ 24.0%: −$1,519
• After-tax cash flow: $7,586/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

+216.5% since first listed

18 events — show timeline

• 2026-06-15 Listed $189,900 WNYREIS
• 2024-09-06 Sold (Public Records) $193,000 Public Records
• 2024-09-06 Sold (MLS) $193,000 WNYREIS
• 2024-06-26 Pending — WNYREIS
• 2024-06-11 Listed $169,900 WNYREIS
• 2023-05-02 Sold (Public Records) $150,000 Public Records
• 2023-04-25 Sold (MLS) $150,000 WNYREIS
• 2023-02-24 Pending — WNYREIS
• 2022-09-12 Listed $159,900 WNYREIS
• 2021-05-21 Pending — WNYREIS
• 2021-05-17 Pending — WNYREIS
• 2021-05-14 Listing Removed — WNYREIS
• 2021-04-30 Listed $129,900 WNYREIS
• 2011-05-12 Sold (Public Records) $58,000 Public Records
• 2011-05-12 Sold (MLS) $58,000 WNYREIS
• 2011-02-21 Listed $59,900 WNYREIS
• 2006-12-22 Sold (Public Records) $69,000 Public Records
• 2005-10-03 Sold (Public Records) $60,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $687 · +13.5% YoY. Source: county tax records.