369 Colvin Ave · Buffalo, NY 14216

$430,000

6 bd · 2.0 ba · 2,832 sqft · MultiFamily public records · 17 Days on market

Built 1923 5,833 sqft lot Est $402k · 7% over

---

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).

• Cash flow +14.5/30.0
• DSCR +4.4/10.0
• ARV discount +4.4/15.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Schools +3.3/10.0
• 1% rule +2.8/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Welcome to 369 Colvin ! An Excellent location in a desirable North Buffalo neighborhood, this beautiful, classic and nicely renovated 3/3 multi family Home has a lot to offer ! First floor has a great open layout. Trendy kitchen opens to a modern dining room with a cozy living room area and a sun room to relax in! An oversized primary bedroom with hardwood floors & new light fixtures. The upper unit is very traditional with a large dining room & a living room that opens to a beautiful & updated porch for you to enjoy!. 3 Good size bedrooms and a bonus room - perfect for an office space, study or a walk-in closet. Modern vinyl plank flooring and a new carpet! Both units offer newer appliances- with gas stove & refrigerator; and freshly painted interior!! Excellent fully fenced back yard with a new large concrete parking pad and a gorgeous patio. New full tear off roof, full attic & large basement with glass block windows! This property has great potential for a rental income in a high demand area. Open House on Saturday 11/11th from1-3pm and Offers to be reviewed on Tuesday 11/14th at 2pm

Key facts

• Large concrete pad
• Two-family home
• Full tear-off roof

Tags

• TWO-FAMILY HOME
• FULL TEAR-OFF ROOF
• ATTIC INSULATION
• NEWER WINDOWS
• FULLY FENCED BACKYARD
• LARGE CONCRETE PAD

Property features AI

Finance

• Other: Two-unit property with separate gas and electric meters for each unit
• Financial info: Tenant responsible for all utilities; Operating expense details: See remarks

Exterior

• Parking: Concrete parking; Two or more parking spaces
• Utilities: Public water connected; Sewer connected; Circuit breaker electric service
• Home design: 2-story building; Resale property
• Construction: Built with aluminum siding, vinyl siding and stone exterior; Stone foundation; Asphalt roof; Copper and PEX plumbing; Attic/crawl hatchway(s) insulated
• Exterior features: Balcony; Near public transit; Rectangular residential lot; City street frontage

Interior

• Flooring: Hardwood; Laminate; Tile; Varies
• Bathrooms: Two full bathrooms
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Natural woodwork; Hardwood, laminate, tile and varied flooring; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $430k.

Deal economics

• At list price, monthly cash flow is $91 ($1k/yr) — positive. Per door: $45/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 $335k (22.1% below list).
• Recommended offer: $335k (22.1% below list) — sets the bar for 1% rule.

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 (+3.6%/yr); 88 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,350/mo this rent would consume 58% of the median local household income ($70k/yr) (locally 1831% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($424k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $335,000 (22.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.78% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.90%
• DSCR: 1.04
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $402,144
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 Colvin Ave	0.13mi	6/2.0	2,829 (-0%)	0mo	$367,000	$130	94
162 N Park Ave	0.18mi	6/2.0	2,876 (+2%)	8mo	$407,500	$142	83
190 Commonwealth Ave	0.19mi	6/2.0	2,672 (-6%)	4mo	$310,000	$116	79
12 Lovering Ave	0.32mi	6/2.0	2,876 (+2%)	5mo	$294,000	$102	79
24 Lovering Ave	0.30mi	6/2.0	2,716 (-4%)	4mo	$340,000	$125	75
246 Crestwood Ave	0.13mi	6/3.0	2,665 (-6%)	7mo	$430,000	$161	74
131 Tacoma Ave	0.47mi	6/2.0	2,808 (-1%)	3mo	$330,000	$118	74
21 Sterling Ave	0.50mi	6/2.0	2,910 (+3%)	2mo	$441,000	$152	70
1164 Hertel Ave	0.39mi	5/3.0 (-1)	2,702 (-5%)	2mo	$420,000	$155	64
32 Sterling Ave	0.46mi	6/3.0	2,662 (-6%)	7mo	$470,300	$177	58
292 Hartwell Rd	0.38mi	6/2.0	2,446 (-14%)	7mo	$355,000	$145	54
64 Delham Ave	0.73mi	6/2.0	3,068 (+8%)	1mo	$375,000	$122	51

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 · 3.65% rent growth · sell at horizon

5-year hold

• IRR: -14.3%
• Equity multiple: 0.49×
• Total profit: $-61,900
• Equity at exit: $64,114

10-year hold

• IRR: -4.7%
• Equity multiple: 0.68×
• Total profit: $-38,124
• Equity at exit: $37,179

Cash invested: $120,400 (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 14216

• Rents YoY: 3.6%
• Active inventory: 88
• Price-to-rent: 21.4×

Monthly cashflow live

• Estimated rent: $3,350 high
• Mortgage (P&I): −$2,255
• Tax from tax record: −$122 /mo · $1,460/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$704
• Net cashflow: $91

Break-even live

Break-even rent $3,235

Max offer price $430,000

Occupancy floor 92%

Sensitivity live

Price	-10% $334	-5% $212	+0% $91	+5% $-31	+10% $-153
Rent	-10% $-174	-5% $-42	+0% $91	+5% $223	+10% $355
Rate	-1.0pp $307	-0.5pp $200	base $91	+0.5pp $-21	+1.0pp $-134

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,350
Total (2 units)			$3,350

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: $107,500
• Closing costs: $12,900
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $430,000 Active 17 DOM
2. 2026-06-17
   price $430,000 Active 16 DOM
3. 2026-06-17
   days on market $450,000 Active 16 DOM
4. 2026-06-16
   days on market $450,000 Active 15 DOM
5. 2026-06-15
   days on market $450,000 Active 14 DOM
6. 2026-06-13
   days on market $450,000 Active 12 DOM
7. 2026-06-13
   days on market $450,000 Active 11 DOM
8. 2026-06-10
   days on market $450,000 Active 9 DOM
9. 2026-06-09
   days on market $450,000 Active 8 DOM
10. 2026-06-08
    days on market $450,000 Active 7 DOM
11. 2026-06-07
    days on market $450,000 Active 6 DOM
12. 2026-06-03
    days on market $450,000 Active 2 DOM
13. 2026-06-02
    remarks 699-char remark
14. 2026-06-02
    listed $450,000 Active 1 DOM

ⓘ 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: $1,460 · $122/mo
• Projected year-2 tax: $4,363 · $364/mo
• Expected delta: +$2,904/yr (+$242/mo · 198.9%)

ⓘ 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,200
• − Mortgage interest: −$24,087
• − Property taxes: −$1,460
• − Insurance: −$2,150
• − Repairs & maintenance: −$3,216
• − Management: −$3,216
• − Depreciation: −$12,509
• Taxable loss: −$6,437
• Est. tax savings @ 24.0%: +$1,545
• After-tax cash flow: $2,634/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): 22,849
• Household income: $69,629
• Rent vs Own: 54.4% rent · 45.6% own
• Severe rent burden: 1831.0

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 White (72%)
• Race & ethnicity: White 72% Black 16% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 10% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -264.53%
• Current HPI: 421.1138
• Rent YoY: ▲ 3.65%
• 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

+100.0% since first listed

17 events — show timeline

• 2026-06-01 Listed $450,000 WNYREIS
• 2024-01-25 Sold (Public Records) $420,000 Public Records
• 2024-01-16 Sold (MLS) $420,000 WNYREIS
• 2023-12-27 Pending — WNYREIS
• 2023-11-20 Pending — WNYREIS
• 2023-11-15 Contingent — WNYREIS
• 2023-11-09 Listed $379,900 WNYREIS
• 2021-10-27 Sold (Public Records) $270,000 Public Records
• 2021-10-20 Sold (MLS) $270,000 WNYREIS
• 2021-09-09 Pending — WNYREIS
• 2021-08-02 Pending — WNYREIS
• 2021-07-20 Listed $269,900 WNYREIS
• 2021-07-20 Listing Removed — WNYREIS
• 2021-07-20 Listed $269,900 WNYREIS
• 2020-10-16 Listing Removed — WNYREIS
• 2020-09-25 Listed $269,000 WNYREIS
• 2018-09-24 Sold (Public Records) $225,000 Public Records

Property tax history

+7.0%/yr

Latest (2025): $1,460 · +16.8% YoY. Source: county tax records.