490 Grant St · Buffalo, NY 14213

$159,000

4 bd · 2.0 ba · 2,245 sqft · MultiFamily public records · 32 Days on market

Built 1900 2,595 sqft lot $71/sqft · 64% 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
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Located in the heart of Buffalo’s vibrant West Side, Grant Street offers convenience, character, and opportunity all in one. This multi-unit property presents an excellent chance for both investors looking to expand their portfolio and owner-occupants seeking additional income potential. Situated in the desirable 14213 zip code, the property is centrally located near local restaurants, shopping, parks, public transportation, and all that the surrounding neighborhoods have to offer. Whether you are looking for your next investment project or a property to customize and make your own, this home offers tremendous upside and awaits your personal touch. With solid potential for value-add i

Key facts

• 2,595 sq ft lot
• Parking
• Built 1900

Property features AI

Finance

• Other: Two total residential units; Operating expenses include water
• Financial info: Owner pays water; Water expense included in rent/operating expenses

Exterior

• Parking: Concrete one parking space
• Utilities: Public water connected; Sewer connected
• Home design: 2-story building; Resale property; Vinyl siding (see remarks)
• Construction: Existing structure; Vinyl siding
• Exterior features: Rectangular lot; Near public transit; Lot dimensions approximately 32 x 81

Interior

• Kitchen: Gas water heater
• Bedrooms: Two 2-bedroom units
• Flooring: Hardwood; Vinyl; Varied flooring
• Bathrooms: Each unit has one full bathroom (total 2 full bathrooms)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Separate gas meters for each unit; Separate electric meters for each unit

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $159k.

Deal economics

• At list price, monthly cash flow is $611 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $154k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 44% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $25k; list at $159k implies a 528% 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 $154,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.24% ✓
• Cap rate: 10.91%
• Cash-on-cash: 16.48%
• DSCR: 1.73
• GRM: 6.7

CMA / ARV

• ARV (median comp): $443,123
• List price: $159,000
• Delta: -64.12%
• 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
427 Forest Ave	0.34mi	5/2.0 (+1)	2,068 (-8%)	1mo	$262,500	$127	65
851 Richmond Ave	0.46mi	4/2.0	2,188 (-2%)	13mo	$387,500	$177	63
234 Dewitt St	0.39mi	5/3.0 (+1)	2,120 (-6%)	2mo	$59,000	$28	62
10 Abbottsford Pl	0.31mi	5/2.0 (+1)	2,400 (+7%)	11mo	$306,750	$128	60
670 Richmond Ave	0.56mi	4/2.0	2,288 (+2%)	14mo	$325,000	$142	59
38 Ardmore Pl	0.50mi	5/2.0 (+1)	2,121 (-6%)	6mo	$230,000	$108	58
233 Auburn Ave	0.63mi	5/2.0 (+1)	2,264 (+1%)	10mo	$310,000	$137	55
448 W Delavan Ave	0.48mi	4/4.5	2,477 (+10%)	3mo	$488,750	$197	48
81 East St	0.68mi	5/2.0 (+1)	2,469 (+10%)	5mo	$170,000	$69	42
1072 West Ave	0.66mi	4/2.0	2,014 (-10%)	13mo	$125,000	$62	41
70 Lafayette Ave	0.58mi	5/2.0 (+1)	2,400 (+7%)	22mo	$180,000	$75	38
226 Breckenridge St #2	0.74mi	4/2.5	2,448 (+9%)	21mo	$275,500	$113	31

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: 30.5%
• Equity multiple: 3.10×
• Total profit: $93,675
• Equity at exit: $115,557

10-year hold

• IRR: 26.4%
• Equity multiple: 6.21×
• Total profit: $232,112
• Equity at exit: $224,555

Cash invested: $44,520 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,970 high
• Mortgage (P&I): −$834
• Tax from tax record: −$45 /mo · $542/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $611

Break-even live

Break-even rent $1,196

Max offer price $159,000

Occupancy floor 64%

Sensitivity live

Price	-10% $701	-5% $656	+0% $611	+5% $566	+10% $521
Rent	-10% $456	-5% $534	+0% $611	+5% $689	+10% $767
Rate	-1.0pp $691	-0.5pp $652	base $611	+0.5pp $570	+1.0pp $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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	2d	14	0.24mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	0.45mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	24d	1	0.67mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	15d	1	0.68mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	15d	1	0.79mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	44d	1	0.83mi
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	15d	1	0.86mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	15d	1	0.93mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	24d	1	1.03mi
7 Berkley Pl Buffalo, NY	3.0	1.0	2879	$1,250	$0.43	4d	1	1.08mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	24d	1	1.30mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	20d	1	1.37mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	24d	1	1.47mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	15d	1	1.49mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	20d	1	1.49mi

Listing history 8 events

1. 2026-06-08
   statusdays on market $159,000 Pending 32 DOM
2. 2026-06-07
   days on market $159,000 Active 31 DOM
3. 2026-06-03
   days on market $159,000 Active 27 DOM
4. 2026-06-02
   days on market $159,000 Active 26 DOM
5. 2026-06-01
   days on market $159,000 Active 25 DOM
6. 2026-05-31
   days on market $159,000 Active 24 DOM
7. 2026-05-07
   listed $179,900 Active 872-char remark
8. 1994-07-20
   soldstatus $25,300

ⓘ 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: $542 · $45/mo
• Projected year-2 tax: $1,614 · $135/mo
• Expected delta: +$1,073/yr (+$89/mo · 198.1%)

ⓘ 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 ≥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: $23,645
• − Mortgage interest: −$8,906
• − Property taxes: −$542
• − Insurance: −$795
• − Repairs & maintenance: −$1,892
• − Management: −$1,892
• − Depreciation: −$4,625
• Taxable income: $4,993
• Est. tax owed @ 24.0%: −$1,198
• After-tax cash flow: $6,139/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

+528.5% since first listed

4 events — show timeline

• 2026-06-08 Pending — WNYREIS
• 2026-05-26 Price Changed $159,000 WNYREIS
• 2026-05-07 Listed $179,900 WNYREIS
• 1994-07-20 Sold (Public Records) $25,300 Public Records

Property tax history

+10.0%/yr

Latest (2025): $542 · +16.4% YoY. Source: county tax records.