347 Highgate Ave #2 · Buffalo, NY 14215

$275,000

4 bd · 2.0 ba · 2,087 sqft · MultiFamily · 89 Days on market

Built 1932 Fair condition 6,480 sqft lot $132/sqft · 21% below area Est $348k · 21% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +10.4/30.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Rent growth +2.7/5.0
• Condition / age +2.2/5.0
• 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

Key facts

• 6,480 sq ft lot
• Built 1932
• Listed 88 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $275k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-148 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $254k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (19.3% below list).
• Recommended offer: $222k (19.3% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 8.0% in Buffalo — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Market conditions: Rents flat; 239 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,218/mo this rent would consume 59% of the median local household income ($45k/yr) (locally 2873% 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.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,796 (19.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1932 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.81% ✗
• Cap rate: 5.65%
• Cash-on-cash: -2.31%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

• ARV (median comp): $347,744
• List price: $275,000
• Delta: -20.92%
• 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
516 Winspear Ave	0.39mi	3/2.0 (-1)	2,017 (-3%)	2mo	$220,000	$109	70
347 Hewitt Ave	0.39mi	4/2.0	2,099 (+1%)	16mo	$155,000	$74	67
132 Hewitt Ave	0.43mi	4/2.0	1,946 (-7%)	5mo	$125,000	$64	65
19 Dunlop Ave	0.55mi	5/2.0 (+1)	2,160 (+4%)	6mo	$160,000	$74	59
192 Berkshire Ave	0.50mi	4/2.0	1,955 (-6%)	10mo	$129,000	$66	58
638 Highgate Ave	0.55mi	4/2.0	1,900 (-9%)	6mo	$178,000	$94	55
622 Minnesota Ave	0.44mi	4/2.0	1,800 (-14%)	3mo	$175,000	$97	54
626 Lisbon Ave	0.49mi	5/2.0 (+1)	1,919 (-8%)	8mo	$250,000	$130	52
627 Highgate Ave	0.53mi	4/2.0	1,944 (-7%)	16mo	$238,000	$122	50
486 Hewitt Ave	0.54mi	3/2.0 (-1)	2,233 (+7%)	13mo	$176,000	$79	47
40 Dartmouth Ave	0.47mi	3/2.0 (-1)	1,884 (-10%)	16mo	$186,500	$99	44
80 Lasalle Ave	0.63mi	4/2.0	1,778 (-15%)	9mo	$170,000	$96	39

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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: -22.8%
• Equity multiple: 0.23×
• Total profit: $-59,054
• Equity at exit: $41,003

10-year hold

• IRR: -24.5%
• Equity multiple: -0.08×
• Total profit: $-83,348
• Equity at exit: $23,777

Cash invested: $77,000 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 239
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,218 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $-148

Break-even live

Break-even rent $2,406

Max offer price $253,544

Occupancy floor —

Sensitivity live

Price	-10% $42	-5% $-53	+0% $-148	+5% $-243	+10% $-338
Rent	-10% $-323	-5% $-236	+0% $-148	+5% $-61	+10% $27
Rate	-1.0pp $-10	-0.5pp $-78	base $-148	+0.5pp $-220	+1.0pp $-292

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	45d	1	0.28mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	16d	1	0.37mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	16d	1	0.47mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	16d	1	0.49mi
59 Lisbon Ave Buffalo, NY	3.0	1.0	2521	$1,250	$0.50	25d	1	0.58mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	3d	10	0.68mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	16d	1	0.68mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	3d	1	0.69mi
91 Englewood Ave Buffalo, NY	4.0	1.0	2500	$2,000	$0.80	3d	1	0.75mi
102 Englewood Ave Buffalo, NY	4.0	1.0	2426	$2,750	$1.13	3d	1	0.77mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	3d	1	0.79mi
63 Montrose Ave Buffalo, NY	4.0	1.0	2240	$2,000	$0.89	3d	1	0.82mi
91 Springville Ave Buffalo, NY	4.0	2.0	1660	$2,350	$1.42	25d	1	0.92mi
25 Parkridge Ave Buffalo, NY	3.0	1.0	1914	$1,350	$0.71	16d	1	0.92mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	3d	1	0.94mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	4d	1	1.17mi
348 Capen Blvd Buffalo, NY	3.0	1.5	1424	$2,200	$1.54	3d	1	1.27mi
4098 Bailey Ave Buffalo, NY	5.0	2.5	2108	$2,200	$1.04	45d	1	1.29mi
524 University Ave Buffalo, NY	3.0	1.0	1840	$1,600	$0.87	3d	1	1.45mi
69 Berryman Dr Buffalo, NY	4.0	1.5	2056	$2,950	$1.43	3d	1	1.49mi

Listing history 1 events

1. 2026-03-01
   listed $275,000 Active

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

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: $26,616
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,129
• − Management: −$2,129
• − Depreciation: −$8,000
• Taxable loss: −$6,547
• Est. tax savings @ 24.0%: +$1,571
• After-tax cash flow: $-208/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

The property requires moderate repairs to the exterior siding and roof, along with some interior maintenance. Upgrading the exterior and interior appearance would significantly increase its value.

Repairs flagged

• Moderate Exterior siding — Signs of weathering and possible peeling
• Moderate Roof — May have minor damage or wear

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace roof — Improves structural integrity and aesthetic appeal
• Both Paint interior walls — Enhances interior appearance and value
• Both Upgrade HVAC systems — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Signs of weathering and possible peeling	Moderate	$3,000–15,000
Roof · May have minor damage or wear	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace roof — Improves structural integrity and aesthetic appeal ↑
• Both Paint interior walls — Enhances interior appearance and value ↑
• Both Upgrade HVAC systems — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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: Predominantly Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 4% Chinese 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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

• 2026-03-01 Listed $275,000 WNYREIS