340 Elmwood Ave · Buffalo, NY 14222

$599,900

1 bd · None ba · 4,970 sqft · MultiFamily · 129 Days on market

Built 1900 6,800 sqft lot $121/sqft · 34% below area Est $911k · 34% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

VERY UNIQUE INVESTMENT OPPORTUNITY. PRIME BUFFALO LOCATION ON THE ELMWOOD VILLAGE STRIP. 340 ELMWOOD IS A COMBINATION APARTMENT BUILDING AND ROOM HOUSE. 340 ELMOWOOD HAS OPERATED UNDER A ROOMING HOUSE WITH LICENSES FOR MANY YEARS. PROPERTY IS IN A+ CONDITION. ROOF AND MECNANICALS ARE APPROX. 8 YEARS OLD. ALL UTITLTIES AREE INCLUDED IN RENTS. TENANTS ARE LEASED AND ALSO MONTH TO MONTH. THERE IS A SHARED DRIVEWAY, WITH ROOM TO EXPAND PARKING ON THE 200FT. DEEP LOT! PLEASE SEE SUPPLIMENTS FOR INCOME AND EXPENSES. BUILDING HAS MOSTLY ALL REPLACEMENT WINDOWS, NEWER ROOF AND MECHANICALS. THERE ARE 7 INDIVIDUAL ROOMS THAT SHARE TWO MODERN BATHROOMS THERE IS 1 SINGLE BEDROOM APARTMENT. THEERE ARE 3 MODIFIED STUDIO STYLE UNITS PROPERTY IS CURRENTLY MANAGED PROFESSIONALLY BY A 3RD PARTY MANAGER. 1-3 UNITS WILL BE SHOWN ON 1ST TOUR. PLEASE ALLOW 48 HOURS FOR APPOINTMENTS, THANK YOU

Key facts

• Expand parking
• 200ft deep lot
• Shared driveway

Tags

• PRIME BUFFALO LOCATION
• COMBINATION APARTMENT BUILDING
• SHARED DRIVEWAY
• EXPAND PARKING
• 200FT DEEP LOT
• REPLACEMENT WINDOWS

🏷️ Possibly a rental listed for sale. The $599,900 price doesn't fit this home's estimated sale value (~$911,103) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/?-bath multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $4k ($50k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $600k).
• Recommended offer: $528k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.7% 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.
• 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 rising fast (+4.7%/yr); 64 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $10,573/mo this rent would consume 155% of the median local household income ($82k/yr) (locally 978% 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $168k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• 4 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 $130k; list at $600k implies a 361% 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 $527,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 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: 1.76% ✓
• Cap rate: 14.71%
• Cash-on-cash: 30.05%
• DSCR: 2.34
• GRM: 4.7

CMA / ARV

• ARV (median comp): $911,103
• List price: $599,900
• Delta: -34.16%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.69% rent growth · sell at horizon

5-year hold

• IRR: 26.6%
• Equity multiple: 2.13×
• Total profit: $189,170
• Equity at exit: $89,447

10-year hold

• IRR: 35.2%
• Equity multiple: 4.50×
• Total profit: $588,038
• Equity at exit: $51,868

Cash invested: $167,972 (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 14222

• Home prices YoY: -31.4%
• Rents YoY: 4.7%
• Active inventory: 64
• Price-to-rent: 37.8×

Monthly cashflow live

• Estimated rent: $10,573 high
• Mortgage (P&I): −$3,146
• Tax est. 1.5%: −$750 /mo · $8,998/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,220
• Net cashflow: $4,207

Break-even live

Break-even rent $5,248

Max offer price $599,900

Occupancy floor 55%

Sensitivity live

Price	-10% $4,621	-5% $4,414	+0% $4,207	+5% $4,000	+10% $3,792
Rent	-10% $3,372	-5% $3,789	+0% $4,207	+5% $4,625	+10% $5,042
Rate	-1.0pp $4,509	-0.5pp $4,359	base $4,207	+0.5pp $4,051	+1.0pp $3,893

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$10,576
Total (8 units)			$10,573

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
83 Norwood Ave Unit 3rd Floor Buffalo, NY	2.0	1.0	3486	$1,350	$0.39	45d	1	0.13mi
80 Anderson Pl Buffalo, NY	1.0	1.0	4059	$1,250	$0.31	13d	1	0.45mi
619 Elmwood Ave Buffalo, NY	2.0	1.0	4395	$1,300	$0.30	45d	1	0.55mi
530 Linwood Ave Buffalo, NY	1.0	1.0	3443	$1,200	$0.35	45d	1	0.96mi
877 Prospect Ave Buffalo, NY	2.0	1.0	5136	$1,200	$0.23	13d	1	1.05mi

Listing history 25 events

1. 2026-06-21
   days on market $599,900 Active 129 DOM
2. 2026-06-18
   days on market $599,900 Active 126 DOM
3. 2026-06-17
   days on market $599,900 Active 125 DOM
4. 2026-06-16
   days on market $599,900 Active 124 DOM
5. 2026-06-15
   days on market $599,900 Active 123 DOM
6. 2026-06-13
   days on market $599,900 Active 121 DOM
7. 2026-06-13
   days on market $599,900 Active 120 DOM
8. 2026-06-10
   days on market $599,900 Active 118 DOM
9. 2026-06-09
   days on market $599,900 Active 117 DOM
10. 2026-06-08
    days on market $599,900 Active 116 DOM
11. 2026-06-07
    days on market $599,900 Active 115 DOM
12. 2026-06-03
    days on market $599,900 Active 111 DOM
13. 2026-06-02
    days on market $599,900 Active 110 DOM
14. 2026-06-01
    days on market $599,900 Active 109 DOM
15. 2026-05-31
    days on market $599,900 Active 108 DOM
16. 2026-02-12
    historical
17. 2026-02-11
    listed $599,900 Active 888-char remark

    Show marketing remark (888 chars)

    VERY UNIQUE INVESTMENT OPPORTUNITY. PRIME BUFFALO LOCATION ON THE ELMWOOD VILLAGE STRIP. 340 ELMWOOD IS A COMBINATION APARTMENT BUILDING AND ROOM HOUSE. 340 ELMOWOOD HAS OPERATED UNDER A ROOMING HOUSE WITH LICENSES FOR MANY YEARS. PROPERTY IS IN A+ CONDITION. ROOF AND MECNANICALS ARE APPROX. 8 YEARS OLD. ALL UTITLTIES AREE INCLUDED IN RENTS. TENANTS ARE LEASED AND ALSO MONTH TO MONTH. THERE IS A SHARED DRIVEWAY, WITH ROOM TO EXPAND PARKING ON THE 200FT. DEEP LOT! PLEASE SEE SUPPLIMENTS FOR INCOME AND EXPENSES. BUILDING HAS MOSTLY ALL REPLACEMENT WINDOWS, NEWER ROOF AND MECHANICALS. THERE ARE 7 INDIVIDUAL ROOMS THAT SHARE TWO MODERN BATHROOMS THERE IS 1 SINGLE BEDROOM APARTMENT. THEERE ARE 3 MODIFIED STUDIO STYLE UNITS PROPERTY IS CURRENTLY MANAGED PROFESSIONALLY BY A 3RD PARTY MANAGER. 1-3 UNITS WILL BE SHOWN ON 1ST TOUR. PLEASE ALLOW 48 HOURS FOR APPOINTMENTS, THANK YOU

18. 2025-11-09
    price $639,900
19. 2025-05-18
    price $675,000
20. 2025-01-13
    listed $699,900 Active
21. 2022-08-01
    historical
22. 2022-06-29
    listed $675,000 Active
23. 2022-02-03
    price $495
24. 2013-05-10
    soldstatus $130,000
25. 2012-06-19
    listed $198,900

ⓘ 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 ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $126,876
• − Mortgage interest: −$33,604
• − Property taxes: −$8,998
• − Insurance: −$3,000
• − Repairs & maintenance: −$10,150
• − Management: −$10,150
• − Depreciation: −$17,452
• Taxable income: $43,522
• Est. tax owed @ 24.0%: −$10,445
• After-tax cash flow: $40,037/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): 15,311
• Household income: $81,652
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 978.0

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 (74%)
• Race & ethnicity: White 74% Black 11% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 13% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 89% English-only · Spanish 3% German/W. Germanic 2% French/Haitian/Cajun 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: ▼ -205.10%
• Current HPI: 448.3711
• Rent YoY: ▲ 4.69%
• 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

+201.6% since first listed

10 events — show timeline

• 2026-02-12 Listing Removed — WNYREIS
• 2026-02-11 Listed $599,900 WNYREIS
• 2025-11-09 Price Changed $639,900 WNYREIS
• 2025-05-18 Price Changed $675,000 WNYREIS
• 2025-01-13 Listed $699,900 WNYREIS
• 2022-08-01 Listing Removed — WNYREIS
• 2022-06-29 Listed $675,000 WNYREIS
• 2022-02-03 Price Changed $495 RENT.
• 2013-05-10 Sold (MLS) $130,000 WNYREIS
• 2012-06-19 Listed $198,900 WNYREIS