728 Prospect Ave · Buffalo, NY 14213

$270,000

6 bd · 2.0 ba · 2,862 sqft · MultiFamily public records · 23 Days on market

Built 1875 3,600 sqft lot Est $321k · 16% under

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Why this score? — see what drove the A- 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 +14.6/15.0
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• 1% rule +7.9/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Spacious, well maintained 2 family home with driveway located on great section of The Westside. Short distance to D, youville college, Armory, & Hot Niagara Street Corridor. Both units feature updated mechanics, hardwood floors, deco fireplaces, many original leaded glass windows & period moldings.

Key facts

• Large closets
• 3,600 sq ft lot
• 2 parking spots

Tags

• FULLY REMODELED BATHROOM
• LARGE CLOSETS

Property features AI

Finance

• Financial info: Owner pays water; rent includes water; Multi-family with two separate gas meters and two separate electric meters; Operating expense details: see remarks

Exterior

• Parking: No driveway; two or more on-street or off-street spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-family property; Resale condition
• Construction: Existing construction (see remarks for materials)
• Exterior features: Rectangular lot (approx. 30 x 120); Located on a main thoroughfare

Interior

• Kitchen: Each unit includes an eat-in kitchen; Oven/Range; Refrigerator
• Bedrooms: Two 3-bedroom units
• Flooring: Hardwood flooring and varied flooring throughout
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Washer and dryer included in at least one unit; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $270k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $582/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Recommended offer: $266k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% 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: Rents soft (-0.5%/yr); 137 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,473/mo this rent would consume 77% of the median local household income ($54k/yr) (locally 1501% 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 $22k of equity ($2k loan paydown + $20k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $76k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $29k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $175k; list at $270k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $265,950 (1.5% 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 1875 — 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. 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: 1.29% ✓
• Cap rate: 11.47%
• Cash-on-cash: 18.48%
• DSCR: 1.82
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $320,544
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
715 Prospect Ave	0.03mi	6/2.0	2,867 (+0%)	6mo	$232,500	$81	93
800 Columbus Pkwy	0.14mi	6/2.0	3,084 (+8%)	9mo	$420,000	$136	73
711 West Ave	0.29mi	6/2.0	2,592 (-9%)	9mo	$150,000	$58	63
26 York St	0.40mi	6/2.0	2,519 (-12%)	1mo	$199,900	$79	60
207 Rhode Island St	0.20mi	5/2.0 (-1)	2,436 (-15%)	2mo	$295,500	$121	59
288 14th St	0.37mi	5/2.0 (-1)	2,616 (-9%)	6mo	$260,000	$99	58
324 West Ave	0.54mi	6/2.0	2,652 (-7%)	5mo	$312,500	$118	58
215 Normal Ave	0.37mi	5/2.0 (-1)	2,626 (-8%)	7mo	$294,000	$112	58
609 Busti Ave	0.36mi	5/2.5 (-1)	2,576 (-10%)	11mo	$320,000	$124	51
383 Summer St	0.64mi	5/2.0 (-1)	2,468 (-14%)	6mo	$492,000	$199	37
108 Plymouth Ave	0.59mi	5/2.0 (-1)	3,240 (+13%)	10mo	$280,000	$86	37
395 Hampshire St	0.72mi	5/2.0 (-1)	2,438 (-15%)	3mo	$165,500	$68	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 32.1%
• Equity multiple: 3.21×
• Total profit: $166,717
• Equity at exit: $196,229

10-year hold

• IRR: 27.7%
• Equity multiple: 6.42×
• Total profit: $409,657
• Equity at exit: $381,319

Cash invested: $75,600 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $3,473 high
• Mortgage (P&I): −$1,416
• Tax from tax record: −$51 /mo · $611/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$729
• Net cashflow: $1,164

Break-even live

Break-even rent $1,999

Max offer price $270,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,474
Total (2 units)			$3,473

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $270,000 Active 23 DOM
2. 2026-06-18
   price $270,000 Active 22 DOM
3. 2026-06-17
   days on market $299,000 Active 22 DOM
4. 2026-06-16
   days on market $299,000 Active 21 DOM
5. 2026-06-15
   days on market $299,000 Active 20 DOM
6. 2026-06-13
   days on market $299,000 Active 18 DOM
7. 2026-06-13
   days on market $299,000 Active 17 DOM
8. 2026-06-10
   days on market $299,000 Active 15 DOM
9. 2026-06-09
   days on market $299,000 Active 14 DOM
10. 2026-06-08
    days on market $299,000 Active 13 DOM
11. 2026-06-07
    days on market $299,000 Active 12 DOM
12. 2026-06-03
    days on market $299,000 Active 8 DOM
13. 2026-06-02
    days on market $299,000 Active 7 DOM
14. 2026-06-01
    days on market $299,000 Active 6 DOM
15. 2026-05-31
    days on market $299,000 Active 5 DOM
16. 2026-05-26
    listed $299,000 Active
17. 2020-02-25
    soldstatus $175,000 Closed Sale or Rented 310-char remark

    Show marketing remark (310 chars)

    Spacious, well maintained 2 family home with driveway located on great section of The Westside. Short distance to D, youville college, Armory, & Hot Niagara Street Corridor. Both units feature updated mechanics, hardwood floors, deco fireplaces, many original leaded glass windows & period moldings.

18. 2020-02-24
    soldstatus $175,000
19. 2019-12-17
    status Pending Sale 310-char remark

    Show marketing remark (310 chars)

    Spacious, well maintained 2 family home with driveway located on great section of The Westside. Short distance to D, youville college, Armory, & Hot Niagara Street Corridor. Both units feature updated mechanics, hardwood floors, deco fireplaces, many original leaded glass windows & period moldings.

20. 2019-11-26
    price $189,900 310-char remark

    Show marketing remark (310 chars)

    Spacious, well maintained 2 family home with driveway located on great section of The Westside. Short distance to D, youville college, Armory, & Hot Niagara Street Corridor. Both units feature updated mechanics, hardwood floors, deco fireplaces, many original leaded glass windows & period moldings.

21. 2019-11-06
    listed $199,900 Active 310-char remark

    Show marketing remark (310 chars)

    Spacious, well maintained 2 family home with driveway located on great section of The Westside. Short distance to D, youville college, Armory, & Hot Niagara Street Corridor. Both units feature updated mechanics, hardwood floors, deco fireplaces, many original leaded glass windows & period moldings.

22. 2018-02-06
    soldstatus $75,000 Closed Sale or Rented 834-char remark

    Show marketing remark (834 chars)

    Bring Home Happiness in this rehab project offering an opportunity to finish two nearly 1,500 sq ft apartments to your vision. Nearby comparable properties are selling between $70-$85 per sq ft on average allowing for your hard work & investment to have a lot of upside & potential return. If you have been looking for something in the neighborhood without success, consider a rehab loan & make this sturdy two family property your own. You'll develop the skills crucial for any homeowner & would be investor while learning an incredibly useful financing option. Appropriately sized radiators have been painstakingly sourced & can be found in each room. Slate roof has seen extensive restoration by current owner. Off street parking on a great block nearby D'Youville makes this one easy to find tenants

23. 2018-02-06
    soldstatus $75,000

    Show marketing remark (834 chars)

    Bring Home Happiness in this rehab project offering an opportunity to finish two nearly 1,500 sq ft apartments to your vision. Nearby comparable properties are selling between $70-$85 per sq ft on average allowing for your hard work & investment to have a lot of upside & potential return. If you have been looking for something in the neighborhood without success, consider a rehab loan & make this sturdy two family property your own. You'll develop the skills crucial for any homeowner & would be investor while learning an incredibly useful financing option. Appropriately sized radiators have been painstakingly sourced & can be found in each room. Slate roof has seen extensive restoration by current owner. Off street parking on a great block nearby D'Youville makes this one easy to find tenants

24. 2018-02-06
    soldstatus $75,000

    Show marketing remark (834 chars)

    Bring Home Happiness in this rehab project offering an opportunity to finish two nearly 1,500 sq ft apartments to your vision. Nearby comparable properties are selling between $70-$85 per sq ft on average allowing for your hard work & investment to have a lot of upside & potential return. If you have been looking for something in the neighborhood without success, consider a rehab loan & make this sturdy two family property your own. You'll develop the skills crucial for any homeowner & would be investor while learning an incredibly useful financing option. Appropriately sized radiators have been painstakingly sourced & can be found in each room. Slate roof has seen extensive restoration by current owner. Off street parking on a great block nearby D'Youville makes this one easy to find tenants

25. 2017-12-05
    status Pending Sale 834-char remark

    Show marketing remark (834 chars)

    Bring Home Happiness in this rehab project offering an opportunity to finish two nearly 1,500 sq ft apartments to your vision. Nearby comparable properties are selling between $70-$85 per sq ft on average allowing for your hard work & investment to have a lot of upside & potential return. If you have been looking for something in the neighborhood without success, consider a rehab loan & make this sturdy two family property your own. You'll develop the skills crucial for any homeowner & would be investor while learning an incredibly useful financing option. Appropriately sized radiators have been painstakingly sourced & can be found in each room. Slate roof has seen extensive restoration by current owner. Off street parking on a great block nearby D'Youville makes this one easy to find tenants

26. 2017-10-20
    status Under Contract- Do Not Show 834-char remark

    Show marketing remark (834 chars)

    Bring Home Happiness in this rehab project offering an opportunity to finish two nearly 1,500 sq ft apartments to your vision. Nearby comparable properties are selling between $70-$85 per sq ft on average allowing for your hard work & investment to have a lot of upside & potential return. If you have been looking for something in the neighborhood without success, consider a rehab loan & make this sturdy two family property your own. You'll develop the skills crucial for any homeowner & would be investor while learning an incredibly useful financing option. Appropriately sized radiators have been painstakingly sourced & can be found in each room. Slate roof has seen extensive restoration by current owner. Off street parking on a great block nearby D'Youville makes this one easy to find tenants

27. 2017-10-13
    listed $79,900 Active 834-char remark

    Show marketing remark (834 chars)

    Bring Home Happiness in this rehab project offering an opportunity to finish two nearly 1,500 sq ft apartments to your vision. Nearby comparable properties are selling between $70-$85 per sq ft on average allowing for your hard work & investment to have a lot of upside & potential return. If you have been looking for something in the neighborhood without success, consider a rehab loan & make this sturdy two family property your own. You'll develop the skills crucial for any homeowner & would be investor while learning an incredibly useful financing option. Appropriately sized radiators have been painstakingly sourced & can be found in each room. Slate roof has seen extensive restoration by current owner. Off street parking on a great block nearby D'Youville makes this one easy to find tenants

28. 2015-04-02
    soldstatus $48,000
29. 2015-04-01
    soldstatus $48,000
30. 2013-08-27
    listed $50,000
31. 2007-08-16
    soldstatus $17,000
32. 2007-08-16
    soldstatus $37,500

ⓘ 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: $611 · $51/mo
• Projected year-2 tax: $2,587 · $216/mo
• Expected delta: +$1,976/yr (+$165/mo · 323.4%)

ⓘ 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 · 14 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: $41,676
• − Mortgage interest: −$15,124
• − Property taxes: −$611
• − Insurance: −$1,350
• − Repairs & maintenance: −$3,334
• − Management: −$3,334
• − Depreciation: −$7,855
• Taxable income: $10,068
• Est. tax owed @ 24.0%: −$2,416
• After-tax cash flow: $11,556/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

+1658.8% since first listed

17 events — show timeline

• 2026-05-26 Listed $299,000 WNYREIS
• 2020-02-25 Sold (MLS) $175,000 WNYREIS
• 2020-02-24 Sold (Public Records) $175,000 Public Records
• 2019-12-17 Pending — WNYREIS
• 2019-11-26 Price Changed $189,900 WNYREIS
• 2019-11-06 Listed $199,900 WNYREIS
• 2018-02-06 Sold (Public Records) $75,000 Public Records
• 2018-02-06 Sold (Public Records) $75,000 Public Records
• 2018-02-06 Sold (MLS) $75,000 WNYREIS
• 2017-12-05 Pending — WNYREIS
• 2017-10-20 Pending — WNYREIS
• 2017-10-13 Listed $79,900 WNYREIS
• 2015-04-02 Sold (MLS) $48,000 WNYREIS
• 2015-04-01 Sold (Public Records) $48,000 Public Records
• 2013-08-27 Listed $50,000 WNYREIS
• 2007-08-16 Sold (Public Records) $37,500 Public Records
• 2007-08-16 Sold (Public Records) $17,000 Public Records

Property tax history

+8.3%/yr

Latest (2025): $611 · +45.3% YoY. Source: county tax records.