77 Clarence Ave · Buffalo, NY 14215

$179,900

4 bd · 2.0 ba · 1,936 sqft · MultiFamily public records · 71 Days on market

Built 1921 3,360 sqft lot $93/sqft · 28% below area Est $251k · 28% 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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• 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

Nestled in a family-friendly neighborhood, this completely overhauled 2-family home offers both comfort and versatility. The property features a welcoming balcony perfect for outdoor enjoyment and a full basement for additional storage. The home has been recently revitalized with fresh paint, some new flooring, a new driveway built in 2025, and a newer roof, enhancing both its appeal and long-term value. Both units offer separate utilities, including two electric meters and two gas meters. The lower unit includes 2 bedrooms, a living room, dining room, kitchen, and 1 full bathroom. The upper unit features 2 bedrooms, a dining area with living room, kitchen, and a full bathroom. The upper unit is currently vacant, while the lower unit is tenant-occupied. The full attic is partially finished, with 2 additional bedrooms ideal for extended living accommodations. This property presents an excellent opportunity for investors seeking passive income as well as homeowners looking for comfort, convenience, and adaptability. Close to major amenities, shops, and transportation, this home is perfectly situated for everyday living. Don’t miss out on this exceptional opportunity in Buffalo.

Key facts

• 3,360 sq ft lot
• 2 garage spots
• Built 1921

🏷️ Possibly a rental listed for sale. The $179,900 price doesn't fit this home's estimated sale value (~$251,402) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $754 ($9k/yr) — positive. Per door: $377/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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 flat; 237 active listings in the ZIP; 17 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 $2,528/mo this rent would consume 67% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $50k; list at $180k implies a 260% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% 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 1921 — 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. 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.
9. 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.
10. 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: 1.41% ✓
• Cap rate: 11.32%
• Cash-on-cash: 17.96%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $251,402
• List price: $179,900
• Delta: -28.44%
• 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
132 Hewitt Ave	0.45mi	4/2.0	1,946 (+0%)	5mo	$125,000	$64	74
88 Marigold Ave	0.37mi	4/2.0	1,960 (+1%)	8mo	$210,000	$107	74
44 Freeman St	0.36mi	4/2.0	2,182 (+13%)	9mo	$144,000	$66	55
475 Norfolk Ave	0.61mi	4/2.0	2,068 (+7%)	8mo	$105,000	$51	53
329 Jewett Ave	0.53mi	4/4.0	2,053 (+6%)	8mo	$165,000	$80	51
19 Dunlop Ave	0.45mi	5/2.0 (+1)	2,160 (+12%)	6mo	$160,000	$74	50
18 Phyllis Ave	0.49mi	5/2.0 (+1)	2,134 (+10%)	8mo	$138,000	$65	49
35 Erskine Ave	0.74mi	4/2.0	2,135 (+10%)	4mo	$170,000	$80	45
80 Lasalle Ave	0.74mi	4/2.0	1,778 (-8%)	9mo	$170,000	$96	45
213 Jewett Ave	0.73mi	4/2.0	2,154 (+11%)	3mo	$116,000	$54	45
96 Sussex St	0.65mi	5/2.0 (+1)	2,152 (+11%)	4mo	$255,000	$118	43
314 Lasalle Ave	0.66mi	4/2.0	1,675 (-14%)	8mo	$170,000	$101	40

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: 6.9%
• Equity multiple: 1.26×
• Total profit: $13,109
• Equity at exit: $26,824

10-year hold

• IRR: 14.0%
• Equity multiple: 2.01×
• Total profit: $50,714
• Equity at exit: $15,554

Cash invested: $50,372 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 237
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,528 high
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$531
• Net cashflow: $754

Break-even live

Break-even rent $1,574

Max offer price $179,900

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,528
Total (2 units)			$2,528

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 Parkridge Ave Buffalo, NY	3.0	1.0	1914	$1,350	$0.71	14d	1	0.04mi
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	14d	1	0.71mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	1d	10	0.72mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	14d	1	0.79mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	43d	1	0.82mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	23d	1	0.82mi
59 Lisbon Ave Buffalo, NY	3.0	1.0	2521	$1,250	$0.50	23d	1	0.86mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	14d	1	0.89mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	14d	1	0.95mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	14d	1	1.01mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	1d	1	1.25mi
102 Englewood Ave Buffalo, NY	4.0	1.0	2426	$2,750	$1.13	1d	1	1.30mi
91 Englewood Ave Buffalo, NY	4.0	1.0	2500	$2,000	$0.80	1d	1	1.31mi
202 Summit Ave Unit 1 Buffalo, NY	3.0	1.0	2000	$2,400	$1.20	23d	1	1.32mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	2d	1	1.36mi
63 Montrose Ave Buffalo, NY	4.0	1.0	2240	$2,000	$0.89	1d	1	1.40mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	1d	1	1.43mi

Listing history 20 events

1. 2026-06-18
   days on market $179,900 Active 71 DOM
2. 2026-06-17
   days on market $179,900 Active 70 DOM
3. 2026-06-16
   days on market $179,900 Active 69 DOM
4. 2026-06-15
   days on market $179,900 Active 68 DOM
5. 2026-06-13
   days on market $179,900 Active 66 DOM
6. 2026-06-13
   days on market $179,900 Active 65 DOM
7. 2026-06-10
   days on market $179,900 Active 63 DOM
8. 2026-06-09
   days on market $179,900 Active 62 DOM
9. 2026-06-08
   days on market $179,900 Active 61 DOM
10. 2026-06-07
    days on market $179,900 Active 60 DOM
11. 2026-06-03
    days on market $179,900 Active 56 DOM
12. 2026-06-02
    days on market $179,900 Active 55 DOM
13. 2026-06-01
    days on market $179,900 Active 54 DOM
14. 2026-05-31
    days on market $179,900 Active 53 DOM
15. 2026-04-08
    listed $179,900 Active 1201-char remark

    Show marketing remark (1201 chars)

    Nestled in a family-friendly neighborhood, this completely overhauled 2-family home offers both comfort and versatility. The property features a welcoming balcony perfect for outdoor enjoyment and a full basement for additional storage. The home has been recently revitalized with fresh paint, some new flooring, a new driveway built in 2025, and a newer roof, enhancing both its appeal and long-term value. Both units offer separate utilities, including two electric meters and two gas meters. The lower unit includes 2 bedrooms, a living room, dining room, kitchen, and 1 full bathroom. The upper unit features 2 bedrooms, a dining area with living room, kitchen, and a full bathroom. The upper unit is currently vacant, while the lower unit is tenant-occupied. The full attic is partially finished, with 2 additional bedrooms ideal for extended living accommodations. This property presents an excellent opportunity for investors seeking passive income as well as homeowners looking for comfort, convenience, and adaptability. Close to major amenities, shops, and transportation, this home is perfectly situated for everyday living. Don’t miss out on this exceptional opportunity in Buffalo.

16. 2019-11-12
    soldstatus $50,000
17. 2019-09-30
    historical
18. 2019-08-28
    price $104,900
19. 2019-08-06
    listed $109,900 Active
20. 1995-07-19
    soldstatus $41,692

ⓘ 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 ≥93°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: $30,336
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$2,427
• − Management: −$2,427
• − Depreciation: −$5,233
• Taxable income: $6,574
• Est. tax owed @ 24.0%: −$1,578
• After-tax cash flow: $7,469/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

+331.5% since first listed

6 events — show timeline

• 2026-04-08 Listed $179,900 WNYREIS
• 2019-11-12 Sold (Public Records) $50,000 Public Records
• 2019-09-30 Listing Removed — WNYREIS
• 2019-08-28 Price Changed $104,900 WNYREIS
• 2019-08-06 Listed $109,900 WNYREIS
• 1995-07-19 Sold (Public Records) $41,692 Public Records

Property tax history

+10.9%/yr

Latest (2025): $252 · +0.0% YoY. Source: county tax records.