87 Merrimac St · Buffalo, NY 14214

$254,900

4 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 41 Days on market

Built 1920 6,900 sqft lot $136/sqft · 35% below area Est $393k · 35% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

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

Spacious 5 bedroom 2 bathroom brick multi-family property located in the heart of Buffalo near University Heights. This solid brick home offers generous living space in each unit, making it a great opportunity for owner occupants and investors. Property features separate living areas, large bedrooms, and strong rental potential. Conveniently located near schools, public transportation, shopping, and major roadways. A great addition to any portfolio or a perfect chance to live in one unit while generating income from the other.

Key facts

• 6,900 sq ft lot
• Garage
• Built 1920

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $255k).
• Recommended offer: $247k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.1% 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); 90 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $5,337/mo this rent would consume 110% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $71k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $73k; list at $255k implies a 249% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $247,253 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1920 — 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: 2.09% ✓
• Cap rate: 19.08%
• Cash-on-cash: 45.65%
• DSCR: 3.03
• GRM: 4.0

CMA / ARV

• ARV (median comp): $392,799
• List price: $254,900
• Delta: -35.11%
• 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
80 Lasalle Ave	0.46mi	4/2.0	1,778 (-5%)	9mo	$170,000	$96	63
60 Hawthorne Ave	0.47mi	3/2.0 (-1)	1,928 (+3%)	7mo	$230,000	$119	62
41 Wendel Ave	0.44mi	4/2.0	1,760 (-6%)	15mo	$265,000	$151	57
726 Taunton Pl	0.48mi	4/2.0	1,632 (-13%)	6mo	$199,000	$122	51
712-714 Taunton Pl	0.43mi	4/2.0	1,612 (-14%)	7mo	$206,000	$128	51
716 Taunton Pl	0.49mi	4/2.0	1,612 (-14%)	4mo	$215,600	$134	50
40 Dartmouth Ave	0.68mi	3/2.0 (-1)	1,884 (+1%)	16mo	$186,500	$99	49
141 Hawthorne Ave	0.63mi	4/2.0	1,760 (-6%)	18mo	$220,000	$125	46
722 Taunton Pl	0.49mi	4/2.0	1,633 (-13%)	13mo	$230,000	$141	45
314 Lasalle Ave	0.71mi	4/2.0	1,675 (-10%)	8mo	$170,000	$101	43
190 Lyndale Ave	0.71mi	4/2.0	2,016 (+8%)	18mo	$263,000	$130	39
108 Fairfield Ave	0.70mi	4/2.0	2,136 (+14%)	10mo	$250,000	$117	36

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: 45.8%
• Equity multiple: 3.06×
• Total profit: $147,073
• Equity at exit: $38,006

10-year hold

• IRR: 52.8%
• Equity multiple: 6.85×
• Total profit: $417,876
• Equity at exit: $22,039

Cash invested: $71,372 (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 14214

• Rents YoY: 5.8%
• Active inventory: 90
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $5,337 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$58 /mo · $695/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,121
• Net cashflow: $2,715

Break-even live

Break-even rent $1,900

Max offer price $254,900

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 2× units	5	2	$5,338
Total (2 units)			$5,337

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: $63,725
• Closing costs: $7,647
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 Englewood Ave Buffalo, NY	4.0	1.0	2426	$2,750	$1.13	1d	1	0.10mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	1d	1	0.12mi
91 Englewood Ave Buffalo, NY	4.0	1.0	2500	$2,000	$0.80	1d	1	0.13mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	14d	1	0.21mi
63 Montrose Ave Buffalo, NY	4.0	1.0	2240	$2,000	$0.89	1d	1	0.21mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	1d	1	0.22mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	14d	1	0.30mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	14d	1	0.34mi
59 Lisbon Ave Buffalo, NY	3.0	1.0	2521	$1,250	$0.50	23d	1	0.35mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	3d	1	0.48mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	14d	1	0.48mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	1d	1	0.51mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	1d	10	0.52mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	23d	1	0.53mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	43d	1	0.53mi
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	14d	1	0.63mi
91 Springville Ave Buffalo, NY	4.0	2.0	1660	$2,350	$1.42	23d	1	0.85mi
524 University Ave Buffalo, NY	3.0	1.0	1840	$1,600	$0.87	1d	1	0.93mi
348 Capen Blvd Buffalo, NY	3.0	1.5	1424	$2,200	$1.54	1d	1	0.95mi
414 Taunton Pl Unit Lowet Buffalo, NY	3.0	1.0	1232	$1,700	$1.38	14d	1	1.07mi
4098 Bailey Ave Buffalo, NY	5.0	2.5	2108	$2,200	$1.04	43d	1	1.18mi
151 Lamson Rd Buffalo, NY	4.0	2.0	1382	$2,350	$1.70	17d	1	1.25mi
25 Parkridge Ave Buffalo, NY	3.0	1.0	1914	$1,350	$0.71	14d	1	1.25mi
307 Sterling Ave Buffalo, NY	3.0	1.0	1632	$1,800	$1.10	3d	1	1.26mi
309 N Park Ave Buffalo, NY	3.0	1.0	2560	$1,750	$0.68	14d	1	1.39mi
202 Summit Ave Unit 1 Buffalo, NY	3.0	1.0	2000	$2,400	$1.20	23d	1	1.39mi

Listing history 7 events

1. 2026-06-02
   statusdays on market $254,900 Pending 41 DOM
2. 2026-06-01
   days on market $254,900 Active 40 DOM
3. 2026-05-31
   days on market $254,900 Active 39 DOM
4. 2026-04-29
   price $254,900 532-char remark

   Show marketing remark (532 chars)

   Spacious 5 bedroom 2 bathroom brick multi-family property located in the heart of Buffalo near University Heights. This solid brick home offers generous living space in each unit, making it a great opportunity for owner occupants and investors. Property features separate living areas, large bedrooms, and strong rental potential. Conveniently located near schools, public transportation, shopping, and major roadways. A great addition to any portfolio or a perfect chance to live in one unit while generating income from the other.

5. 2026-04-22
   listed $264,900 Active 532-char remark

   Show marketing remark (532 chars)

   Spacious 5 bedroom 2 bathroom brick multi-family property located in the heart of Buffalo near University Heights. This solid brick home offers generous living space in each unit, making it a great opportunity for owner occupants and investors. Property features separate living areas, large bedrooms, and strong rental potential. Conveniently located near schools, public transportation, shopping, and major roadways. A great addition to any portfolio or a perfect chance to live in one unit while generating income from the other.

6. 2012-03-23
   soldstatus $73,000
7. 2005-01-25
   soldstatus $70,000

ⓘ 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: $695 · $58/mo
• Projected year-2 tax: $2,501 · $208/mo
• Expected delta: +$1,806/yr (+$151/mo · 259.9%)

ⓘ 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 ≥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: $64,044
• − Mortgage interest: −$14,278
• − Property taxes: −$695
• − Insurance: −$1,274
• − Repairs & maintenance: −$5,124
• − Management: −$5,124
• − Depreciation: −$7,415
• Taxable income: $30,134
• Est. tax owed @ 24.0%: −$7,232
• After-tax cash flow: $25,352/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

+264.1% since first listed

4 events — show timeline

• 2026-04-29 Price Changed $254,900 WNYREIS
• 2026-04-22 Listed $264,900 WNYREIS
• 2012-03-23 Sold (Public Records) $73,000 Public Records
• 2005-01-25 Sold (Public Records) $70,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $695 · +0.0% YoY. Source: county tax records.