782 Smith St · Buffalo, NY 14206

$91,000

3 bd · 1.0 ba · 1,170 sqft · MultiFamily public records · 174 Days on market

Built 1900 2,500 sqft lot $78/sqft · 50% below area ↓ 6% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• ARV discount +7.5/15.0
• 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

Spacious 3-Bed / 2-Bath Buffalo Home – Motivated Seller! Rare opportunity! Well-maintained 3-bedroom, 2-bath home with an extra room that can serve as a 4th bedroom, office, or additional living space. Features updated kitchen, modern finishes, generous room sizes, new roof (2022), and low-maintenance vinyl siding. Large fenced yard perfect for outdoor living or pets. Currently rented at $1,450/month, offering strong income potential. Move-in ready in a convenient Buffalo neighborhood.

Key facts

• Updated finishes
• Flexible bonus room
• Fully fenced yard

Tags

• FLEXIBLE BONUS ROOM
• UPDATED FINISHES
• MODERN KITCHEN CABINETRY
• NEW ROOF
• LOW MAINTENANCE VINYL SIDING
• FULLY FENCED YARD

🏷️ Possibly a rental listed for sale. The $91,000 price doesn't fit this home's estimated sale value (~$183,687) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $91k.

Deal economics

• At list price, monthly cash flow is $701 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $91k).
• Recommended offer: $80k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.5% 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; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 40% 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 $8k of equity ($629 loan paydown + $7k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 14y 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.
• Current owner paid $15k; list at $91k implies a 507% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,080 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 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 1900 — 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: 1.85% ✓
• Cap rate: 15.53%
• Cash-on-cash: 33.00%
• DSCR: 2.47
• GRM: 4.5

CMA / ARV

• ARV (median comp): $183,687
• List price: $91,000
• Delta: -50.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
226 Metcalfe St	0.48mi	4/2.0 (+1)	1,170 (0%)	8mo	$30,000	$26	61
92 Metcalfe St	0.43mi	4/2.5 (+1)	1,230 (+5%)	12mo	$91,000	$74	50
22 Howard St	0.45mi	4/2.0 (+1)	1,220 (+4%)	22mo	$88,000	$72	44

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: 46.6%
• Equity multiple: 4.24×
• Total profit: $82,481
• Equity at exit: $69,497

10-year hold

• IRR: 41.9%
• Equity multiple: 9.09×
• Total profit: $206,217
• Equity at exit: $138,297

Cash invested: $25,480 (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: 4.5×

Monthly cashflow live

• Estimated rent: $1,683 high
• Mortgage (P&I): −$477
• Tax est. 1.5%: −$114 /mo · $1,365/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $701

Break-even live

Break-even rent $796

Max offer price $91,000

Occupancy floor 53%

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: $22,750
• Closing costs: $2,730
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
140 Seymour St Unit First Floor Buffalo, NY	2.0	1.0	1300	$1,800	$1.38	3d	1	0.44mi
140 Seymour St Buffalo, NY	2.0	1.0	1300	$1,800	$1.38	23d	1	0.44mi
47 Lester St Unit Main Floor Buffalo, NY	3.0	1.0	900	$1,000	$1.11	43d	1	1.22mi
141 Vandalia St Unit Lower back Buffalo, NY	2.0	1.0	850	$1,075	$1.26	43d	1	1.31mi
230 Scott St Buffalo, NY	1.0–2.0	1.0–2.0	1285	$2,325	$1.81	1d	4	1.32mi
149 Swan St #404 Buffalo, NY	2.0	2.0	1237	$2,050	$1.66	11d	1	1.33mi
149 Swan St #404 Buffalo, NY	2.0	2.0	1237	$2,100	$1.70	23d	1	1.33mi
489 Ellicott St Unit 36 Buffalo, NY	2.0	2.0	1000	$1,550	$1.55	2d	1	1.43mi
465 Washington St Buffalo, NY	1.0–2.0	1.0–2.0	1388	$2,285	$1.65	1d	5	1.46mi
983 Michigan Ave Buffalo, NY	2.0	1.0–2.0	804	$3,202	$3.98	1d	58	1.49mi

Listing history 34 events

1. 2026-06-18
   days on market $91,000 Active 174 DOM
2. 2026-06-17
   days on market $91,000 Active 173 DOM
3. 2026-06-16
   days on market $91,000 Active 172 DOM
4. 2026-06-15
   days on market $91,000 Active 171 DOM
5. 2026-06-13
   days on market $91,000 Active 169 DOM
6. 2026-06-13
   days on market $91,000 Active 168 DOM
7. 2026-06-10
   days on market $91,000 Active 166 DOM
8. 2026-06-09
   days on market $91,000 Active 165 DOM
9. 2026-06-08
   days on market $91,000 Active 164 DOM
10. 2026-06-07
    days on market $91,000 Active 163 DOM
11. 2026-06-03
    days on market $91,000 Active 159 DOM
12. 2026-06-02
    days on market $91,000 Active 158 DOM
13. 2026-06-01
    days on market $91,000 Active 157 DOM
14. 2026-05-31
    days on market $91,000 Active 156 DOM
15. 2025-12-25
    listed $91,000 Active 496-char remark

    Show marketing remark (496 chars)

    Spacious 3-Bed / 2-Bath Buffalo Home – Motivated Seller! Rare opportunity! Well-maintained 3-bedroom, 2-bath home with an extra room that can serve as a 4th bedroom, office, or additional living space. Features updated kitchen, modern finishes, generous room sizes, new roof (2022), and low-maintenance vinyl siding. Large fenced yard perfect for outdoor living or pets. Currently rented at $1,450/month, offering strong income potential. Move-in ready in a convenient Buffalo neighborhood.

16. 2025-12-12
    historical
17. 2025-07-22
    listed $91,000 Active
18. 2025-07-18
    historical
19. 2025-03-01
    listed $92,000 Active
20. 2025-02-22
    historical $1,450
21. 2025-02-01
    listed $1,450
22. 2024-12-29
    historical $1,450
23. 2024-12-07
    listed $1,450
24. 2024-07-15
    historical $1,500
25. 2024-06-28
    listed $1,500
26. 2023-06-28
    historical
27. 2022-10-25
    historical
28. 2022-07-24
    price $84,500
29. 2022-04-25
    listed $78,000 Active
30. 2014-03-21
    soldstatus $15,000
31. 2014-02-20
    listed $19,900
32. 2013-07-12
    listed $19,900
33. 2012-09-26
    listed $19,900
34. 2007-06-22
    soldstatus $97,000

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 23% 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: $20,196
• − Mortgage interest: −$5,097
• − Property taxes: −$1,365
• − Insurance: −$455
• − Repairs & maintenance: −$1,616
• − Management: −$1,616
• − Depreciation: −$2,647
• Taxable income: $7,400
• Est. tax owed @ 24.0%: −$1,776
• After-tax cash flow: $6,632/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): 21,631
• 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

-6.2% since first listed

20 events — show timeline

• 2025-12-25 Listed $91,000 WNYREIS
• 2025-12-12 Listing Removed — WNYREIS
• 2025-07-22 Listed $91,000 WNYREIS
• 2025-07-18 Listing Removed — WNYREIS
• 2025-03-01 Listed $92,000 WNYREIS
• 2025-02-22 Rental Removed $1,450 RENTEC
• 2025-02-01 Listed for Rent $1,450 RENTEC
• 2024-12-29 Rental Removed $1,450 RENTEC
• 2024-12-07 Listed for Rent $1,450 RENTEC
• 2024-07-15 Rental Removed $1,500 RENTEC
• 2024-06-28 Listed for Rent $1,500 RENTEC
• 2023-06-28 Rental Removed — RENTEC
• 2022-10-25 Listing Removed — WNYREIS
• 2022-07-24 Price Changed $84,500 WNYREIS
• 2022-04-25 Listed $78,000 WNYREIS
• 2014-03-21 Sold (MLS) $15,000 WNYREIS
• 2014-02-20 Listed $19,900 WNYREIS
• 2013-07-12 Listed $19,900 WNYREIS
• 2012-09-26 Listed $19,900 WNYREIS
• 2007-06-22 Sold (Public Records) $97,000 Public Records

Property tax history

+13.1%/yr

Latest (2025): $50 · +0.0% YoY. Source: county tax records.