1881 Clinton St · Buffalo, NY 14206

$139,900

3 bd · 3.0 ba · 3,627 sqft · MultiFamily · 61 Days on market

Built 1950 Fair condition 4,250 sqft lot $39/sqft · 61% below area

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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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• 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 +2.2/5.0

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

1881 Clinton St, Buffalo | High-Visibility Mixed-Use Opportunity. Zoned CHRTBL ORG. Unlock the massive potential of this versatile mixed-use building in the 14206 zip code! Perfectly suited for an investor or owner-occupant, this property is currently configured with a large lower-level assembly space (classified as charitable) and a spacious residential apartment upstairs. Both levels are ready for a full renovation (TLC) to suit your specific vision. Lower Level: Expansive open-concept hall featuring a bar/service area, functional kitchen, and multi-stall restrooms. Ideal for a community center, retail, or creative studio. Upper Level: Large apartment footprint offering excellent rental income or live-work potential. Exterior & Mechanicals: Durable vinyl siding, dual rooftop AC units, and updated electrical components. Parking: Rare dedicated asphalt parking lot and separate garage/storage building. Ideally located on a high-traffic corner near the I-190 and downtown. Sold AS-IS. Bring your contractor!

Key facts

• 4,250 sq ft lot
• 2 parking spots
• Built 1950

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $140k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $631 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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.
• Market conditions: 169 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,022/mo this rent would consume 48% of the median local household income ($50k/yr) (locally 841% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $12k of equity ($967 loan paydown + $11k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $40k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.45% ✓
• Cap rate: 11.70%
• Cash-on-cash: 19.32%
• DSCR: 1.86
• GRM: 5.8

CMA / ARV

• ARV (median comp): $356,417
• List price: $139,900
• Delta: -60.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

8.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.3%
• Equity multiple: 3.51×
• Total profit: $98,345
• Equity at exit: $106,842

10-year hold

• IRR: 31.4%
• Equity multiple: 7.52×
• Total profit: $255,580
• Equity at exit: $212,612

Cash invested: $39,172 (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: 11.5×

Monthly cashflow live

• Estimated rent: $2,022 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $631

Break-even live

Break-even rent $1,224

Max offer price $139,900

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,022
Total (2 units)			$2,022

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
181 Willett St Buffalo, NY	3.0	1.0	2704	$1,550	$0.57	1d	1	0.40mi

Listing history 6 events

1. 2026-05-06
   price $139,900 1025-char remark

   Show marketing remark (1025 chars)

   1881 Clinton St, Buffalo | High-Visibility Mixed-Use Opportunity. Zoned CHRTBL ORG. Unlock the massive potential of this versatile mixed-use building in the 14206 zip code! Perfectly suited for an investor or owner-occupant, this property is currently configured with a large lower-level assembly space (classified as charitable) and a spacious residential apartment upstairs. Both levels are ready for a full renovation (TLC) to suit your specific vision. Lower Level: Expansive open-concept hall featuring a bar/service area, functional kitchen, and multi-stall restrooms. Ideal for a community center, retail, or creative studio. Upper Level: Large apartment footprint offering excellent rental income or live-work potential. Exterior & Mechanicals: Durable vinyl siding, dual rooftop AC units, and updated electrical components. Parking: Rare dedicated asphalt parking lot and separate garage/storage building. Ideally located on a high-traffic corner near the I-190 and downtown. Sold AS-IS. Bring your contractor!

2. 2026-04-14
   price $160,000 1025-char remark

   Show marketing remark (1025 chars)

   1881 Clinton St, Buffalo | High-Visibility Mixed-Use Opportunity. Zoned CHRTBL ORG. Unlock the massive potential of this versatile mixed-use building in the 14206 zip code! Perfectly suited for an investor or owner-occupant, this property is currently configured with a large lower-level assembly space (classified as charitable) and a spacious residential apartment upstairs. Both levels are ready for a full renovation (TLC) to suit your specific vision. Lower Level: Expansive open-concept hall featuring a bar/service area, functional kitchen, and multi-stall restrooms. Ideal for a community center, retail, or creative studio. Upper Level: Large apartment footprint offering excellent rental income or live-work potential. Exterior & Mechanicals: Durable vinyl siding, dual rooftop AC units, and updated electrical components. Parking: Rare dedicated asphalt parking lot and separate garage/storage building. Ideally located on a high-traffic corner near the I-190 and downtown. Sold AS-IS. Bring your contractor!

3. 2026-03-26
   listed $179,900 Active 1025-char remark

   Show marketing remark (1025 chars)

   1881 Clinton St, Buffalo | High-Visibility Mixed-Use Opportunity. Zoned CHRTBL ORG. Unlock the massive potential of this versatile mixed-use building in the 14206 zip code! Perfectly suited for an investor or owner-occupant, this property is currently configured with a large lower-level assembly space (classified as charitable) and a spacious residential apartment upstairs. Both levels are ready for a full renovation (TLC) to suit your specific vision. Lower Level: Expansive open-concept hall featuring a bar/service area, functional kitchen, and multi-stall restrooms. Ideal for a community center, retail, or creative studio. Upper Level: Large apartment footprint offering excellent rental income or live-work potential. Exterior & Mechanicals: Durable vinyl siding, dual rooftop AC units, and updated electrical components. Parking: Rare dedicated asphalt parking lot and separate garage/storage building. Ideally located on a high-traffic corner near the I-190 and downtown. Sold AS-IS. Bring your contractor!

4. 2023-10-03
   historical
5. 2023-08-08
   price $119,900
6. 2023-05-30
   listed $139,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,264
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,941
• − Management: −$1,941
• − Depreciation: −$4,070
• Taxable income: $5,677
• Est. tax owed @ 24.0%: −$1,363
• After-tax cash flow: $6,204/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.

Condition & rehab AI · 2 photos

Fair 45/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance, including major work on the exterior and roof. Landscaping and painting would significantly improve its curb appeal and property value.

Repairs flagged

• Major siding — Significant wear and tear
• Major roof — Aged appearance
• Major landscaping — Bare ground, no visible greenery

Value-add opportunities

• Both landscaping — Enhances curb appeal and property value
• Both painting — Improves exterior appearance and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
roof · Aged appearance	Major	$15,000–50,000
landscaping · Bare ground, no visible greenery	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both landscaping — Enhances curb appeal and property value ↑
• Both painting — Improves exterior appearance and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+0.0% since first listed

6 events — show timeline

• 2026-05-06 Price Changed $139,900 WNYREIS
• 2026-04-14 Price Changed $160,000 WNYREIS
• 2026-03-26 Listed $179,900 WNYREIS
• 2023-10-03 Listing Removed — WNYREIS
• 2023-08-08 Price Changed $119,900 WNYREIS
• 2023-05-30 Listed $139,900 WNYREIS