10 South St · Buffalo, NY 14204

$129,000

5 bd · 2.0 ba · 1,791 sqft · MultiFamily public records · 24 Days on market

Built 1900 2,900 sqft lot Est $136k · 5% under ↓ 22% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.9/15.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Appreciation +3.3/10.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Don't miss this incredible opportunity to own a well-maintained double in one of the areas most sought after neighborhoods, the Old First Ward. Perfectly situated on a rare double lot, this property offers extra space, versatility, and endless potential- all while being minutes from Downtown Buffalo, local parks, shops, and restaurants. Recent updates within the past 2 years include a brand new metal roof, and a heating system, providing peace of mind for years to come. The first floor unit features 2 bedrooms, an updated bathroom, an open concept living, and dining area with an eat-in kitchen. There is also laundry conveniently located on the first floor. The second floor unit offers 2 bed

Key facts

• New metal roof
• Double lot
• Heating system

Tags

• DOUBLE LOT
• NEW METAL ROOF
• HEATING SYSTEM
• PARTIALLY FENCED YARD

Property features AI

Finance

• Other: Two total units in the building; Single gas meter and single electric meter serving the property
• Financial info: Tenant pays all utilities; Operating expenses: see remarks

Exterior

• Parking: No driveway
• Utilities: High-speed internet available; Public water connected; Sewer connected; Circuit breakers for electric
• Home design: Two-story building; Resale property; Metal roof; Vinyl siding; Poured foundation
• Construction: Metal roof; Vinyl siding; Poured foundation; Built (existing)
• Exterior features: Partial fencing; Fence; Rectangular residential lot with city street frontage (approx. 25 x 116)

Interior

• Kitchen: Gas water heater
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Carpet; Tile; Varies by area
• Bathrooms: One full bathroom and one half bathroom in one unit; One full bathroom in the other unit
• Heating & cooling: Gas heating; Forced air; Space heater
• Interior features: Carpet and tile flooring in varying areas; Crawl space basement
• Laundry & utility: In-unit laundry in one unit

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $129k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $129k).
• Recommended offer: $127k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.8% 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 rising fast (+5.5%/yr); 33 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,643/mo this rent would consume 155% of the median local household income ($28k/yr) (locally 945% 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 $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,065 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.82% ✓
• Cap rate: 24.77%
• Cash-on-cash: 66.00%
• DSCR: 3.94
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $136,116
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
183 Mackinaw St	0.31mi	5/2.0	1,916 (+7%)	8mo	$192,000	$100	67
93 Oconnell Ave	0.24mi	6/2.0 (+1)	1,840 (+3%)	16mo	$140,000	$76	66
137 Vincennes St	0.29mi	6/2.0 (+1)	2,058 (+15%)	20mo	$132,500	$64	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 · 5.48% rent growth · sell at horizon

5-year hold

• IRR: 51.9%
• Equity multiple: 3.38×
• Total profit: $85,945
• Equity at exit: $19,234

10-year hold

• IRR: 58.4%
• Equity multiple: 7.69×
• Total profit: $241,586
• Equity at exit: $11,154

Cash invested: $36,120 (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 14204

• Home prices YoY: -1.1%
• Rents YoY: 5.5%
• Active inventory: 33
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $3,643 high
• Mortgage (P&I): −$676
• Tax est. 1.5%: −$161 /mo · $1,935/yr
• Insurance: −$54
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$765
• Net cashflow: $1,526

Break-even live

Break-even rent $1,711

Max offer price $129,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,644
Total (2 units)			$3,643

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
901 S Park Ave Unit Lower Buffalo, NY	4.0	1.0	1729	$1,600	$0.93	23d	1	0.89mi

Listing history 18 events

1. 2026-06-18
   days on market $129,000 Active 24 DOM
2. 2026-06-17
   days on market $129,000 Active 23 DOM
3. 2026-06-16
   days on market $129,000 Active 22 DOM
4. 2026-06-15
   days on market $129,000 Active 21 DOM
5. 2026-06-13
   days on market $129,000 Active 19 DOM
6. 2026-06-13
   days on market $129,000 Active 18 DOM
7. 2026-06-10
   days on market $129,000 Active 16 DOM
8. 2026-06-09
   days on market $129,000 Active 15 DOM
9. 2026-06-08
   days on market $129,000 Active 14 DOM
10. 2026-06-07
    days on market $129,000 Active 13 DOM
11. 2026-06-03
    days on market $129,000 Active 9 DOM
12. 2026-06-02
    days on market $129,000 Active 8 DOM
13. 2026-06-01
    days on market $129,000 Active 7 DOM
14. 2026-05-31
    days on market $129,000 Active 6 DOM
15. 2026-05-25
    listed $129,000 Active
16. 2026-04-25
    historical
17. 2026-04-08
    price $149,900
18. 2025-10-29
    listed $164,900 Active

ⓘ 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 8/10 Severe FEMA zone AE · 97% 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: $43,716
• − Mortgage interest: −$7,226
• − Property taxes: −$1,935
• − Insurance: −$6,170
• − Repairs & maintenance: −$3,497
• − Management: −$3,497
• − Depreciation: −$3,753
• Taxable income: $17,638
• Est. tax owed @ 24.0%: −$4,233
• After-tax cash flow: $14,080/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): 7,932
• Household income: $28,182
• Rent vs Own: 73.5% rent · 26.5% own
• Severe rent burden: 945.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 58% White 19% Hispanic / Latino 18% Two or more races 4%
• Hispanic origin (detail): Puerto Rican 14% Dominican 1%
• Common ancestry: Romanian 2% Subsaharan African 1%
• Foreign-born: 6% · Canada
• Languages at home: 81% English-only · Spanish 14% French/Haitian/Cajun 2% Russian/Polish/Slavic 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: ▼ -3.36%
• Current HPI: 312.6232
• Rent YoY: ▲ 5.48%
• 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

-21.8% since first listed

4 events — show timeline

• 2026-05-25 Listed $129,000 WNYREIS
• 2026-04-25 Listing Removed — WNYREIS
• 2026-04-08 Price Changed $149,900 WNYREIS
• 2025-10-29 Listed $164,900 WNYREIS

Property tax history

-3.3%/yr

Latest (2025): $87 · +0.0% YoY. Source: county tax records.