2467 Niagara St · Buffalo, NY 14207

$104,900

5 bd · 2.5 ba · 2,138 sqft · MultiFamily public records · 38 Days on market

Built 1900 3,485 sqft lot $49/sqft · 68% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

This home is being sold As-Is and cash only. The home is filled with debris that the buyer will have to remove. Use caution when entering and walking through the property. Listing agent will open the first floor apt only for the first showing. All information is considered reliable but not guaranteed. Buyer will sign and submit the Hold Harmless agreement to the listing agent before any showings.

Key facts

• 3,485 sq ft lot
• Parking
• Built 1900

Property features AI

Finance

• Financial info: Two total units; Two separate gas meters; Two separate electric meters; Operating expense details: see remarks; Owner pays: other (see remarks); Rent includes: see remarks

Exterior

• Parking: One parking space
• Utilities: Public water connected; Sewer connected
• Home design: Two-story property; Resale property; Asphalt roof
• Construction: Block foundation; Construction details: see remarks
• Exterior features: Near public transit; Rectangular residential lot; City street frontage

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Has heating
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath multifamily listed at $105k.

Deal economics

• At list price, monthly cash flow is $760 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.0% 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 (+8.2%/yr); 199 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $1,769/mo this rent would consume 53% of the median local household income ($40k/yr) (locally 2177% 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 $725 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $29k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $101,753 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.69% ✓
• Cap rate: 14.98%
• Cash-on-cash: 31.03%
• DSCR: 2.38
• GRM: 4.9

CMA / ARV

• ARV (median comp): $324,950
• List price: $104,900
• Delta: -67.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5 Humphrey Rd	0.40mi	6/2.0 (+1)	2,112 (-1%)	5mo	$230,648	$109	68
908 Tonawanda St	0.19mi	6/2.0 (+1)	2,332 (+9%)	2mo	$145,000	$62	67
102 Ullman St	0.64mi	5/2.0	2,098 (-2%)	3mo	$165,000	$79	62
37 Peoria St	0.56mi	4/2.0 (-1)	2,148 (+0%)	6mo	$138,000	$64	61
20 Garfield St	0.58mi	6/2.0 (+1)	2,120 (-1%)	6mo	$130,000	$61	60
37 Philadelphia St	0.68mi	4/2.0 (-1)	2,118 (-1%)	1mo	$260,000	$123	59
74 Philadelphia St	0.72mi	6/2.0 (+1)	2,160 (+1%)	5mo	$170,000	$79	53
101 Baxter St	0.56mi	6/2.0 (+1)	2,000 (-6%)	5mo	$140,000	$70	52
138 Ross Ave	0.39mi	4/2.0 (-1)	1,896 (-11%)	8mo	$170,000	$90	49
395 Ontario St	0.54mi	5/2.0	1,908 (-11%)	8mo	$270,000	$142	49
24 Argus St	0.63mi	4/2.0 (-1)	2,256 (+6%)	7mo	$210,000	$93	48
68 Baxter St	0.49mi	6/2.0 (+1)	2,430 (+14%)	5mo	$165,000	$68	43

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 2.39×
• Total profit: $40,696
• Equity at exit: $15,641

10-year hold

• IRR: 40.8%
• Equity multiple: 5.77×
• Total profit: $140,162
• Equity at exit: $9,070

Cash invested: $29,372 (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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 199
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,769 medium
• Mortgage (P&I): −$550
• Tax from tax record: −$44 /mo · $528/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $760

Break-even live

Break-even rent $807

Max offer price $104,900

Occupancy floor 52%

Sensitivity live

Price	-10% $819	-5% $789	+0% $760	+5% $730	+10% $700
Rent	-10% $620	-5% $690	+0% $760	+5% $829	+10% $899
Rate	-1.0pp $812	-0.5pp $786	base $760	+0.5pp $732	+1.0pp $705

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $104,900 Active 38 DOM
2. 2026-06-18
   days on market $104,900 Active 35 DOM
3. 2026-06-17
   days on market $104,900 Active 34 DOM
4. 2026-06-16
   days on market $104,900 Active 33 DOM
5. 2026-06-15
   days on market $104,900 Active 32 DOM
6. 2026-06-13
   days on market $104,900 Active 30 DOM
7. 2026-06-13
   days on market $104,900 Active 29 DOM
8. 2026-06-10
   days on market $104,900 Active 27 DOM
9. 2026-06-09
   days on market $104,900 Active 26 DOM
10. 2026-06-08
    days on market $104,900 Active 25 DOM
11. 2026-06-07
    days on market $104,900 Active 24 DOM
12. 2026-06-03
    days on market $104,900 Active 20 DOM
13. 2026-06-02
    days on market $104,900 Active 19 DOM
14. 2026-06-01
    days on market $104,900 Active 18 DOM
15. 2026-05-31
    days on market $104,900 Active 17 DOM
16. 2026-05-13
    listed $104,900 Active 400-char remark

ⓘ 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: $528 · $44/mo
• Projected year-2 tax: $1,151 · $96/mo
• Expected delta: +$622/yr (+$52/mo · 117.8%)

ⓘ 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,226
• − Mortgage interest: −$5,876
• − Property taxes: −$528
• − Insurance: −$524
• − Repairs & maintenance: −$1,698
• − Management: −$1,698
• − Depreciation: −$3,052
• Taxable income: $7,849
• Est. tax owed @ 24.0%: −$1,884
• After-tax cash flow: $7,230/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

• 2026-05-13 Listed $104,900 WNYREIS

Property tax history

+8.2%/yr

Latest (2025): $528 · +24.0% YoY. Source: county tax records.