887 Prospect Ave · Buffalo, NY 14213

$285,000

24 bd · 14.0 ba · 4,900 sqft · MultiFamily · 124 Days on market

Built 1900 5,663 sqft 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Producing 4-unit apartment building. 5 parking spots, multiple accessways to the basement, vinyl siding. All residential apartments have been upgraded with engineered stone countertops, LVT, plumbing fixtures, and stainless-steel appliances. New sewer line and sump pump installed past 4 years. Commercial space has high sealings and basement access. Rear apartment is "set-off" from the main house. Current monthly income $2,500, potential monthly income $3,600 after renting out the final apartment. Two blocks from I-190 and Shoreline Trail Bridge. N2-R Zoning.

Key facts

• Plumbing fixtures
• Vinyl siding
• Lvt

Tags

• 4 UNIT APARTMENT BUILDING
• VINYL SIDING
• ENGINEERED STONE COUNTERTOPS
• LVT
• PLUMBING FIXTURES
• STAINLESS STEEL APPLIANCES

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/3.5-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $5k ($62k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $285k).
• Recommended offer: $251k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.1% 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 soft (-0.5%/yr); 137 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $9,036/mo this rent would consume 201% of the median local household income ($54k/yr) (locally 1501% 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 $23k of equity ($2k loan paydown + $21k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $80k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 6y 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 $230k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $250,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 3.17% ✓
• Cap rate: 28.06%
• Cash-on-cash: 77.73%
• DSCR: 4.46
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 83.0%
• Equity multiple: 6.16×
• Total profit: $411,439
• Equity at exit: $207,130

10-year hold

• IRR: 78.4%
• Equity multiple: 12.29×
• Total profit: $900,827
• Equity at exit: $402,504

Cash invested: $79,800 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $9,036 medium
• Mortgage (P&I): −$1,495
• Tax est. 1.5%: −$356 /mo · $4,275/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,898
• Net cashflow: $5,169

Break-even live

Break-even rent $2,493

Max offer price $285,000

Occupancy floor 38%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	3.5	$9,036
Total (4 units)			$9,036

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-04-14
   status Pending
2. 2026-02-13
   price $285,000
3. 2025-12-11
   listed $299,000 Active
4. 2025-04-13
   historical $1,000
5. 2025-03-29
   listed $1,000
6. 2025-03-28
   historical $1,000
7. 2025-03-25
   listed $350,000 Active
8. 2025-03-11
   listed $1,000
9. 2025-03-11
   historical
10. 2025-02-15
    listed
11. 2024-12-31
    historical
12. 2024-10-02
    price $299,000
13. 2024-09-04
    price $328,000
14. 2024-08-20
    listed $340,000 Active
15. 2022-12-09
    historical
16. 2021-10-21
    soldstatus $230,000 Closed Sale or Rented
17. 2021-08-27
    status Pending Sale
18. 2021-08-27
    historical Continue to Show- Under Contract
19. 2021-08-09
    price $240,000
20. 2021-08-02
    listed $269,900 Active
21. 2020-03-03
    historical
22. 2020-03-03
    historical
23. 2020-03-03
    listed $110,000

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

Taxation est. · year 1

• Rental income: $108,432
• − Mortgage interest: −$15,964
• − Property taxes: −$4,275
• − Insurance: −$1,425
• − Repairs & maintenance: −$8,675
• − Management: −$8,675
• − Depreciation: −$8,291
• Taxable income: $61,128
• Est. tax owed @ 24.0%: −$14,671
• After-tax cash flow: $47,356/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

+159.1% since first listed

23 events — show timeline

• 2026-04-14 Pending — WNYREIS
• 2026-02-13 Price Changed $285,000 WNYREIS
• 2025-12-11 Listed $299,000 WNYREIS
• 2025-04-13 Rental Removed $1,000 BUILDIUM
• 2025-03-29 Listed for Rent $1,000 BUILDIUM
• 2025-03-28 Rental Removed $1,000 WNYREIS
• 2025-03-25 Listed $350,000 WNYREIS
• 2025-03-11 Listed for Rent $1,000 WNYREIS
• 2025-03-11 Rental Removed — BUILDIUM
• 2025-02-15 Listed for Rent — BUILDIUM
• 2024-12-31 Listing Removed — WNYREIS
• 2024-10-02 Price Changed $299,000 WNYREIS
• 2024-09-04 Price Changed $328,000 WNYREIS
• 2024-08-20 Listed $340,000 WNYREIS
• 2022-12-09 Rental Removed — BUILDIUM
• 2021-10-21 Sold (MLS) $230,000 WNYREIS
• 2021-08-27 Pending — WNYREIS
• 2021-08-27 Contingent — WNYREIS
• 2021-08-09 Price Changed $240,000 WNYREIS
• 2021-08-02 Listed $269,900 WNYREIS
• 2020-03-03 Listed $110,000 WNYREIS
• 2020-03-03 Listing Removed — WNYREIS
• 2020-03-03 Listing Removed — WNYREIS