233 Minnesota Ave · Buffalo, NY 14215

$299,000

6 bd · 2.0 ba · 2,784 sqft · MultiFamily public records · 47 Days on market

Built 1920 6,000 sqft lot $107/sqft · 34% below area Est $453k · 34% under

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Why this score? — see what drove the C 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 +18.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Beautiful and classic 2 unit on highly sought-after Minnesota Ave! In addition to this being a wonderfully maintained property, there is a 2 car garage. Both units have 3 beds! Upper includes a beautiful balcony/porch while lower unit enjoys the extra space of a 3 season room. Both spacious apartments have hardwood floors and numerous updates. Garage roof 3 years, house roof has been updated in stages - one side 7 years and the other side 15 years. Hot water tanks are 3 and 6 years. Incredible opportunity as investor or live there and collect rent. Sold in "as is" condition.

Key facts

• 3 season room
• 2 car garage
• Numerous updates

Tags

• 2 CAR GARAGE
• BALCONY PORCH
• 3 SEASON ROOM
• HARDWOOD FLOORS
• NUMEROUS UPDATES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $286 ($3k/yr) — positive. Per door: $143/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $298k (0.4% below list).
• Recommended offer: $290k (3.0% below list) — sets the bar for market timing.

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 flat; 237 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 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 $2,977/mo this rent would consume 79% 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 $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $65k; list at $299k implies a 360% 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 $290,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.00% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.09%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

• ARV (median comp): $453,400
• List price: $299,000
• Delta: -34.05%
• 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
240 Lisbon Ave	0.11mi	6/2.0	2,882 (+4%)	6mo	$200,000	$69	84
196 Lasalle Ave	0.12mi	6/2.0	2,654 (-5%)	6mo	$200,000	$75	82
192 Lisbon Ave	0.11mi	6/2.0	2,526 (-9%)	4mo	$247,000	$98	76
411 Minnesota Ave	0.33mi	6/2.0	2,704 (-3%)	5mo	$221,000	$82	75
273 Lisbon Ave	0.13mi	6/2.0	2,792 (+0%)	24mo	$302,000	$108	74
252 Dartmouth Ave	0.35mi	6/2.0	2,532 (-9%)	0mo	$265,000	$105	68
260 Lisbon Ave	0.13mi	7/4.0 (+1)	3,023 (+9%)	2mo	$256,000	$85	65
266 Lasalle Ave	0.04mi	6/3.5	2,395 (-14%)	8mo	$350,000	$146	62
154 Minnesota Ave	0.16mi	5/2.0 (-1)	3,182 (+14%)	6mo	$200,000	$63	59
107 E Morris Ave	0.70mi	6/2.0	2,846 (+2%)	18mo	$300,500	$106	49
74 Thatcher Ave	0.57mi	6/2.0	2,442 (-12%)	17mo	$252,000	$103	39
366 Beard Ave	0.66mi	6/2.0	2,482 (-11%)	17mo	$400,000	$161	37

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: -12.5%
• Equity multiple: 0.56×
• Total profit: $-37,043
• Equity at exit: $44,582

10-year hold

• IRR: -7.5%
• Equity multiple: 0.58×
• Total profit: $-35,370
• Equity at exit: $25,852

Cash invested: $83,720 (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: 237
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $2,977 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $286

Break-even live

Break-even rent $2,616

Max offer price $299,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,978
Total (2 units)			$2,977

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	14d	1	0.12mi
145 Minnesota Ave Buffalo, NY	7.0	2.0	2551	$4,900	$1.92	14d	1	0.16mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	14d	1	0.26mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	14d	1	0.46mi
133 Merrimac St Buffalo, NY	7.0	2.0	2327	$4,450	$1.91	14d	1	0.69mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	1d	1	0.82mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	1d	1	0.87mi
4098 Bailey Ave Buffalo, NY	5.0	2.5	2108	$2,200	$1.04	43d	1	1.47mi

Listing history 14 events

1. 2026-06-07
   statusdays on market $299,000 Pending 47 DOM
2. 2026-06-03
   days on market $299,000 Active 46 DOM
3. 2026-06-02
   days on market $299,000 Active 45 DOM
4. 2026-06-01
   days on market $299,000 Active 44 DOM
5. 2026-05-31
   days on market $299,000 Active 43 DOM
6. 2026-05-05
   status Active 591-char remark

   Show marketing remark (591 chars)

   Beautiful and classic 2 unit on highly sought-after Minnesota Ave! In addition to this being a wonderfully maintained property, there is a 2 car garage. Both units have 3 beds! Upper includes a beautiful balcony/porch while lower unit enjoys the extra space of a 3 season room. Both spacious apartments have hardwood floors and numerous updates. Garage roof 3 years, house roof has been updated in stages - one side 7 years and the other side 15 years. Hot water tanks are 3 and 6 years. Incredible opportunity as investor or live there and collect rent. Sold in "as is" condition.

7. 2026-04-02
   status Pending 591-char remark

   Show marketing remark (591 chars)

   Beautiful and classic 2 unit on highly sought-after Minnesota Ave! In addition to this being a wonderfully maintained property, there is a 2 car garage. Both units have 3 beds! Upper includes a beautiful balcony/porch while lower unit enjoys the extra space of a 3 season room. Both spacious apartments have hardwood floors and numerous updates. Garage roof 3 years, house roof has been updated in stages - one side 7 years and the other side 15 years. Hot water tanks are 3 and 6 years. Incredible opportunity as investor or live there and collect rent. Sold in "as is" condition.

8. 2026-03-16
   listed $299,000 Active 591-char remark

   Show marketing remark (591 chars)

   Beautiful and classic 2 unit on highly sought-after Minnesota Ave! In addition to this being a wonderfully maintained property, there is a 2 car garage. Both units have 3 beds! Upper includes a beautiful balcony/porch while lower unit enjoys the extra space of a 3 season room. Both spacious apartments have hardwood floors and numerous updates. Garage roof 3 years, house roof has been updated in stages - one side 7 years and the other side 15 years. Hot water tanks are 3 and 6 years. Incredible opportunity as investor or live there and collect rent. Sold in "as is" condition.

9. 2025-10-09
   status Pending
10. 2025-10-08
    historical
11. 2025-09-25
    price $299,000
12. 2025-09-08
    price $320,000
13. 2025-08-14
    listed $330,000 Active
14. 2018-08-16
    soldstatus $65,000

ⓘ 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: $35,724
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,858
• − Management: −$2,858
• − Depreciation: −$8,698
• Taxable loss: −$1,419
• Est. tax savings @ 24.0%: +$340
• After-tax cash flow: $3,767/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): 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

+360.0% since first listed

9 events — show timeline

• 2026-05-05 Relisted — WNYREIS
• 2026-04-02 Pending — WNYREIS
• 2026-03-16 Listed $299,000 WNYREIS
• 2025-10-09 Pending — WNYREIS
• 2025-10-08 Listing Removed — WNYREIS
• 2025-09-25 Price Changed $299,000 WNYREIS
• 2025-09-08 Price Changed $320,000 WNYREIS
• 2025-08-14 Listed $330,000 WNYREIS
• 2018-08-16 Sold (Public Records) $65,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $504 · +0.0% YoY. Source: county tax records.