86 Benzinger St · Buffalo, NY 14206

$124,899

4 bd · 2.0 ba · 1,737 sqft · MultiFamily public records · 129 Days on market

Built 1908 3,120 sqft lot $72/sqft · 58% 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
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• 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 MLS

This charming home offers a solid foundation and plenty of recent updates, making it a perfect investment or starter home. Located in a convenient area, this property is ready for its next owner. Key Features: New Roof & Furnace: Major updates for long-term peace of mind. Spacious Living & Dining Rooms: Expansive spaces ideal for relaxation and entertainment. Eat-In Kitchen: Perfect for family meals and casual dining. Hardwood Floors: Beautiful hardwood flooring throughout the home adds warmth and character. 2-Car Garage (on Ludington St. ): Convenient and practical. Fenced Yard: Offers privacy and a safe space for outdoor activities. Updated Windows, Electrical, and Light Fixtures: Modern upgrades add efficiency and style. Bonus Room: Upper level includes a versatile bonus room currently used as a second bedroom. This property has all the key features you need for easy living, with the added benefit of being in a convenient location.

Key facts

• 3,120 sq ft lot
• 2 garage spots
• Built 1908

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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: 169 active listings in the ZIP; 5 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 37% 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 $11k of equity ($863 loan paydown + $10k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,911 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.24% ✓
• Cap rate: 11.04%
• Cash-on-cash: 16.96%
• DSCR: 1.75
• GRM: 6.7

CMA / ARV

• ARV (median comp): $297,998
• List price: $124,899
• Delta: -58.09%
• 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
30 N Ogden St	0.22mi	4/4.0	1,775 (+2%)	3mo	$157,000	$88	76
34 Schiller St	0.27mi	4/2.0	1,670 (-4%)	8mo	$95,000	$57	74
293 Ludington St	0.17mi	3/2.0 (-1)	1,688 (-3%)	10mo	$205,000	$121	74
1068 E Lovejoy St	0.23mi	3/2.0 (-1)	1,661 (-4%)	7mo	$135,000	$81	72
33 Schiller St	0.29mi	4/2.0	1,922 (+11%)	5mo	$60,000	$31	65
108 Moreland St	0.31mi	4/2.0	1,856 (+7%)	12mo	$205,000	$110	64
250 Gold St	0.31mi	5/2.0 (+1)	1,646 (-5%)	12mo	$190,000	$115	61
362 Davey St	0.54mi	5/2.0 (+1)	1,640 (-6%)	2mo	$92,000	$56	59
1362 Bailey Ave	0.50mi	4/2.0	1,892 (+9%)	5mo	$197,081	$104	58
115 Greene St	0.16mi	5/3.0 (+1)	1,968 (+13%)	6mo	$165,000	$84	57
238 Schiller St	0.40mi	4/2.0	1,894 (+9%)	12mo	$145,000	$77	56
187 Goethe St	0.41mi	4/2.0	1,890 (+9%)	12mo	$77,000	$41	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: 33.4%
• Equity multiple: 3.38×
• Total profit: $83,345
• Equity at exit: $95,386

10-year hold

• IRR: 29.7%
• Equity multiple: 7.24×
• Total profit: $218,323
• Equity at exit: $189,815

Cash invested: $34,972 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,550 high
• Mortgage (P&I): −$655
• Tax from tax record: −$23 /mo · $280/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $494

Break-even live

Break-even rent $925

Max offer price $124,899

Occupancy floor 63%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1150 Bailey Ave Buffalo, NY	4.0	1.5	1100	$1,200	$1.09	23d	1	0.39mi
1777 Broadway Unit 2 Buffalo, NY	3.0	1.0	1300	$1,200	$0.92	43d	1	0.72mi
14 Rutland Ave Buffalo, NY	4.0	1.0	1430	$2,200	$1.54	10d	1	1.22mi
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	1d	1	1.40mi
96 Academy Rd Buffalo, NY	3.0	1.0	2247	$1,400	$0.62	23d	1	1.50mi

Listing history 43 events

1. 2026-06-18
   days on market $124,899 Active 129 DOM
2. 2026-06-17
   price $124,899 Active 128 DOM
3. 2026-06-17
   days on market $124,900 Active 128 DOM
4. 2026-06-16
   days on market $124,900 Active 127 DOM
5. 2026-06-15
   days on market $124,900 Active 126 DOM
6. 2026-06-13
   days on market $124,900 Active 124 DOM
7. 2026-06-13
   days on market $124,900 Active 123 DOM
8. 2026-06-10
   days on market $124,900 Active 121 DOM
9. 2026-06-09
   days on market $124,900 Active 120 DOM
10. 2026-06-08
    days on market $124,900 Active 119 DOM
11. 2026-06-07
    days on market $124,900 Active 118 DOM
12. 2026-06-03
    days on market $124,900 Active 114 DOM
13. 2026-06-02
    days on market $124,900 Active 113 DOM
14. 2026-06-02
    price $124,900 Active 112 DOM
15. 2026-06-01
    days on market $139,896 Active 112 DOM
16. 2026-05-31
    days on market $139,896 Active 111 DOM
17. 2026-05-12
    price $139,896 960-char remark

    Show marketing remark (960 chars)

    This charming home offers a solid foundation and plenty of recent updates, making it a perfect investment or starter home. Located in a convenient area, this property is ready for its next owner. Key Features: New Roof & Furnace: Major updates for long-term peace of mind. Spacious Living & Dining Rooms: Expansive spaces ideal for relaxation and entertainment. Eat-In Kitchen: Perfect for family meals and casual dining. Hardwood Floors: Beautiful hardwood flooring throughout the home adds warmth and character. 2-Car Garage (on Ludington St. ): Convenient and practical. Fenced Yard: Offers privacy and a safe space for outdoor activities. Updated Windows, Electrical, and Light Fixtures: Modern upgrades add efficiency and style. Bonus Room: Upper level includes a versatile bonus room currently used as a second bedroom. This property has all the key features you need for easy living, with the added benefit of being in a convenient location.

18. 2026-04-22
    price $139,897 960-char remark

    Show marketing remark (960 chars)

    This charming home offers a solid foundation and plenty of recent updates, making it a perfect investment or starter home. Located in a convenient area, this property is ready for its next owner. Key Features: New Roof & Furnace: Major updates for long-term peace of mind. Spacious Living & Dining Rooms: Expansive spaces ideal for relaxation and entertainment. Eat-In Kitchen: Perfect for family meals and casual dining. Hardwood Floors: Beautiful hardwood flooring throughout the home adds warmth and character. 2-Car Garage (on Ludington St. ): Convenient and practical. Fenced Yard: Offers privacy and a safe space for outdoor activities. Updated Windows, Electrical, and Light Fixtures: Modern upgrades add efficiency and style. Bonus Room: Upper level includes a versatile bonus room currently used as a second bedroom. This property has all the key features you need for easy living, with the added benefit of being in a convenient location.

19. 2026-04-03
    price $139,898 960-char remark

    Show marketing remark (960 chars)

    This charming home offers a solid foundation and plenty of recent updates, making it a perfect investment or starter home. Located in a convenient area, this property is ready for its next owner. Key Features: New Roof & Furnace: Major updates for long-term peace of mind. Spacious Living & Dining Rooms: Expansive spaces ideal for relaxation and entertainment. Eat-In Kitchen: Perfect for family meals and casual dining. Hardwood Floors: Beautiful hardwood flooring throughout the home adds warmth and character. 2-Car Garage (on Ludington St. ): Convenient and practical. Fenced Yard: Offers privacy and a safe space for outdoor activities. Updated Windows, Electrical, and Light Fixtures: Modern upgrades add efficiency and style. Bonus Room: Upper level includes a versatile bonus room currently used as a second bedroom. This property has all the key features you need for easy living, with the added benefit of being in a convenient location.

20. 2026-03-05
    price $139,899 960-char remark

    Show marketing remark (960 chars)

    This charming home offers a solid foundation and plenty of recent updates, making it a perfect investment or starter home. Located in a convenient area, this property is ready for its next owner. Key Features: New Roof & Furnace: Major updates for long-term peace of mind. Spacious Living & Dining Rooms: Expansive spaces ideal for relaxation and entertainment. Eat-In Kitchen: Perfect for family meals and casual dining. Hardwood Floors: Beautiful hardwood flooring throughout the home adds warmth and character. 2-Car Garage (on Ludington St. ): Convenient and practical. Fenced Yard: Offers privacy and a safe space for outdoor activities. Updated Windows, Electrical, and Light Fixtures: Modern upgrades add efficiency and style. Bonus Room: Upper level includes a versatile bonus room currently used as a second bedroom. This property has all the key features you need for easy living, with the added benefit of being in a convenient location.

21. 2026-02-09
    listed $139,900 Active 960-char remark

    Show marketing remark (960 chars)

    This charming home offers a solid foundation and plenty of recent updates, making it a perfect investment or starter home. Located in a convenient area, this property is ready for its next owner. Key Features: New Roof & Furnace: Major updates for long-term peace of mind. Spacious Living & Dining Rooms: Expansive spaces ideal for relaxation and entertainment. Eat-In Kitchen: Perfect for family meals and casual dining. Hardwood Floors: Beautiful hardwood flooring throughout the home adds warmth and character. 2-Car Garage (on Ludington St. ): Convenient and practical. Fenced Yard: Offers privacy and a safe space for outdoor activities. Updated Windows, Electrical, and Light Fixtures: Modern upgrades add efficiency and style. Bonus Room: Upper level includes a versatile bonus room currently used as a second bedroom. This property has all the key features you need for easy living, with the added benefit of being in a convenient location.

22. 2025-05-10
    historical
23. 2025-04-24
    historical
24. 2025-04-01
    listed $149,900 Active
25. 2023-11-08
    historical
26. 2023-09-11
    price $95,000
27. 2023-08-25
    price $100,000
28. 2023-07-27
    listed $105,000 Active
29. 2023-06-28
    historical
30. 2023-02-03
    listed $119,900 Active
31. 2021-10-27
    soldstatus $109,000
32. 2021-09-01
    soldstatus $67,000
33. 2016-09-30
    soldstatus $44,700 Closed Sale or Rented
34. 2016-09-27
    soldstatus $44,700
35. 2016-08-24
    status Pending Sale
36. 2016-08-05
    price $44,700
37. 2016-07-27
    listed $44,900 Active
38. 2016-07-01
    historical
39. 2016-01-04
    listed $59,900 Active
40. 2013-10-02
    soldstatus $17,000
41. 2013-08-29
    soldstatus $20,000
42. 2013-08-29
    soldstatus $20,000
43. 2012-08-03
    listed $40,000

ⓘ 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: $280 · $23/mo
• Projected year-2 tax: $1,196 · $100/mo
• Expected delta: +$915/yr (+$76/mo · 326.6%)

ⓘ 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) · 24% 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: $18,603
• − Mortgage interest: −$6,996
• − Property taxes: −$280
• − Insurance: −$624
• − Repairs & maintenance: −$1,488
• − Management: −$1,488
• − Depreciation: −$3,633
• Taxable income: $4,092
• Est. tax owed @ 24.0%: −$982
• After-tax cash flow: $4,950/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: 55,470
• 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

+249.7% since first listed

27 events — show timeline

• 2026-05-12 Price Changed $139,896 WNYREIS
• 2026-04-22 Price Changed $139,897 WNYREIS
• 2026-04-03 Price Changed $139,898 WNYREIS
• 2026-03-05 Price Changed $139,899 WNYREIS
• 2026-02-09 Listed $139,900 WNYREIS
• 2025-05-10 Listing Removed — WNYREIS
• 2025-04-24 Listing Removed — WNYREIS
• 2025-04-01 Listed $149,900 WNYREIS
• 2023-11-08 Listing Removed — WNYREIS
• 2023-09-11 Price Changed $95,000 WNYREIS
• 2023-08-25 Price Changed $100,000 WNYREIS
• 2023-07-27 Listed $105,000 WNYREIS
• 2023-06-28 Listing Removed — WNYREIS
• 2023-02-03 Listed $119,900 WNYREIS
• 2021-10-27 Sold (Public Records) $109,000 Public Records
• 2021-09-01 Sold (Public Records) $67,000 Public Records
• 2016-09-30 Sold (MLS) $44,700 WNYREIS
• 2016-09-27 Sold (Public Records) $44,700 Public Records
• 2016-08-24 Pending — WNYREIS
• 2016-08-05 Price Changed $44,700 WNYREIS
• 2016-07-27 Listed $44,900 WNYREIS
• 2016-07-01 Listing Removed — WNYREIS
• 2016-01-04 Listed $59,900 WNYREIS
• 2013-10-02 Sold (Public Records) $17,000 Public Records
• 2013-08-29 Sold (Public Records) $20,000 Public Records
• 2013-08-29 Sold (MLS) $20,000 WNYREIS
• 2012-08-03 Listed $40,000 WNYREIS

Property tax history

+1.7%/yr

Latest (2025): $280 · +0.0% YoY. Source: county tax records.