248 Auburn Ave · Buffalo, NY 14213

$239,900

6 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 3 Days on market

Built 1900 2,755 sqft lot Est $213k · 12% over

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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 +29.6/30.0
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• 1% rule +7.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• ARV discount +1.9/15.0

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 248 Auburn, a vacant two-unit property in the heart of Buffalo’s desirable Upper West Side that offers the perfect blend of opportunity and character for both owner-occupants and investors alike. The home features two spacious units, one with 2 bedrooms and the other with 3 bedrooms, each filled with original charm including hardwood floors, classic tile bathrooms, and tasteful brick accents. With both units vacant, a buyer has the rare advantage of placing tenants at true market rents from day one or moving right in without delay. Prior rents were $1300/$1400per unit Behind the scenes, the major exterior updates provide peace of mind, with a younger architectural roof, low

Key facts

• Two unit property
• Brick accents
• Hardwood floors

Tags

• TWO UNIT PROPERTY
• HARDWOOD FLOORS
• CLASSIC TILE BATHROOMS
• BRICK ACCENTS
• YOUNGER ARCHITECTURAL ROOF
• LOW MAINTENANCE SIDING

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $865 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Cap rate 10.6% 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 $2,879/mo this rent would consume 64% 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 $20k of equity ($2k loan paydown + $18k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $67k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 13y 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $239,900

Questions for the listing agent

1. Built in 1900 — 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: 1.20% ✓
• Cap rate: 10.62%
• Cash-on-cash: 15.44%
• DSCR: 1.69
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $213,408
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
385 Auburn Ave	0.26mi	6/2.0	1,920 (+3%)	0mo	$218,000	$114	83
325 Breckenridge St	0.17mi	6/2.0	2,044 (+9%)	2mo	$175,500	$86	75
192 Baynes St	0.33mi	6/2.0	1,920 (+3%)	10mo	$284,000	$148	72
136 Congress St	0.20mi	6/2.0	2,024 (+8%)	14mo	$175,000	$86	66
16 Arnold St	0.19mi	5/2.0 (-1)	2,038 (+9%)	19mo	$245,000	$120	56
1002 West Ave	0.31mi	5/2.0 (-1)	2,030 (+8%)	19mo	$175,000	$86	51
234 Dewitt St	0.37mi	5/3.0 (-1)	2,120 (+13%)	2mo	$59,000	$28	50
38 Ardmore Pl	0.44mi	5/2.0 (-1)	2,121 (+13%)	6mo	$230,000	$108	48
175 15th St	0.67mi	6/2.0	1,760 (-6%)	15mo	$279,999	$159	46
47 Abbottsford Pl	0.73mi	6/2.0	2,024 (+8%)	10mo	$400,000	$198	44
391 Hoyt St	0.61mi	6/2.0	2,112 (+13%)	8mo	$308,000	$146	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 29.7%
• Equity multiple: 3.05×
• Total profit: $137,911
• Equity at exit: $174,353

10-year hold

• IRR: 25.7%
• Equity multiple: 6.11×
• Total profit: $343,492
• Equity at exit: $338,809

Cash invested: $67,172 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $2,879 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$52 /mo · $622/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $865

Break-even live

Break-even rent $1,785

Max offer price $239,900

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,333
1× unit	3	1	$1,547
Total (2 units)			$2,879

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-04-24
   status Pending
2. 2026-04-21
   listed $239,900 Active
3. 2026-04-21
   historical
4. 2026-03-16
   listed $249,900 Active
5. 2026-03-16
   historical
6. 2026-01-29
   listed $259,900 Active
7. 2026-01-29
   historical
8. 2026-01-05
   listed $269,900 Active
9. 2023-10-17
   soldstatus $250,000
10. 2023-10-04
    soldstatus $250,000 Closed Sale or Rented
11. 2023-08-24
    status Pending Sale
12. 2023-08-04
    status Under Contract- Do Not Show
13. 2023-07-28
    listed $240,000 Active
14. 2021-12-30
    soldstatus $189,900
15. 2021-12-27
    soldstatus $189,900 Closed Sale or Rented
16. 2021-12-20
    status Pending Sale
17. 2021-10-21
    historical
18. 2021-10-20
    listed $189,900
19. 2014-06-17
    soldstatus $51,500
20. 2014-06-17
    soldstatus $52,500
21. 2014-03-18
    listed $59,900
22. 2013-01-22
    listed $29,900
23. 2006-02-07
    soldstatus $32,000
24. 2005-03-29
    soldstatus $32,000
25. 2003-08-06
    soldstatus $15,000

ⓘ 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: $622 · $52/mo
• Projected year-2 tax: $2,338 · $195/mo
• Expected delta: +$1,716/yr (+$143/mo · 275.9%)

ⓘ 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 ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,548
• − Mortgage interest: −$13,438
• − Property taxes: −$622
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,764
• − Management: −$2,764
• − Depreciation: −$6,979
• Taxable income: $6,782
• Est. tax owed @ 24.0%: −$1,628
• After-tax cash flow: $8,747/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

+1499.3% since first listed

25 events — show timeline

• 2026-04-24 Pending — WNYREIS
• 2026-04-21 Listing Removed — WNYREIS
• 2026-04-21 Listed $239,900 WNYREIS
• 2026-03-16 Listing Removed — WNYREIS
• 2026-03-16 Listed $249,900 WNYREIS
• 2026-01-29 Listing Removed — WNYREIS
• 2026-01-29 Listed $259,900 WNYREIS
• 2026-01-05 Listed $269,900 WNYREIS
• 2023-10-17 Sold (Public Records) $250,000 Public Records
• 2023-10-04 Sold (MLS) $250,000 WNYREIS
• 2023-08-24 Pending — WNYREIS
• 2023-08-04 Pending — WNYREIS
• 2023-07-28 Listed $240,000 WNYREIS
• 2021-12-30 Sold (Public Records) $189,900 Public Records
• 2021-12-27 Sold (MLS) $189,900 WNYREIS
• 2021-12-20 Pending — WNYREIS
• 2021-10-21 Listing Removed — WNYREIS
• 2021-10-20 Listed $189,900 WNYREIS
• 2014-06-17 Sold (Public Records) $52,500 Public Records
• 2014-06-17 Sold (MLS) $51,500 WNYREIS
• 2014-03-18 Listed $59,900 WNYREIS
• 2013-01-22 Listed $29,900 WNYREIS
• 2006-02-07 Sold (Public Records) $32,000 Public Records
• 2005-03-29 Sold (Public Records) $32,000 Public Records
• 2003-08-06 Sold (Public Records) $15,000 Public Records

Property tax history

+12.1%/yr

Latest (2025): $622 · +0.0% YoY. Source: county tax records.