119 Fay St · Buffalo, NY 14211

$160,000

5 bd · 2.0 ba · 1,506 sqft · MultiFamily public records · 39 Days on market

Built 1935 3,844 sqft lot $106/sqft · 9% below area Est $176k · 9% 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 +11.6/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Appreciation +6.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• 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 MLS

Welcome to 119 Fay! This home is perfect for an owner occupant or investor looking to add to their portfolio! Upstairs unit has 2 bedrooms and 1 bath. Lower unit has 3 bedrooms and 1 bath. Updates include New electric, new heating and a new roof! The home is conveniently located near thruways and shopping! Don’t miss your chance to tour this beauty!

Key facts

• Newer electric
• Newer roof
• Newer heating

Tags

• NEWER ELECTRIC
• NEWER HEATING
• NEWER ROOF

Property features AI

Finance

• Other: Two-unit property with separate gas and electric meters for each unit
• Financial info: Owner pays water; water included in rent; Operating expense details: see remarks

Exterior

• Parking: Concrete parking surface
• Utilities: Public water connected; Sewer connected
• Home design: Single-story building; Resale property; Aluminum siding
• Construction: Aluminum siding construction
• Exterior features: Near public transit; Rectangular lot (31 x 123)

Interior

• Flooring: Vinyl and varying flooring types
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $902 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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: 172 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,327/mo this rent would consume 77% of the median local household income ($36k/yr) (locally 1804% 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 $4k of equity ($1k loan paydown + $3k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, 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 39 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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 1935 — 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: 1.45% ✓
• Cap rate: 13.06%
• Cash-on-cash: 24.17%
• DSCR: 2.08
• GRM: 5.7

CMA / ARV

• ARV (median comp): $176,153
• List price: $160,000
• Delta: -9.17%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 Koons Ave	0.48mi	4/2.0 (-1)	1,421 (-6%)	1mo	$80,000	$56	63
125 Gatchell St	0.25mi	4/2.0 (-1)	1,650 (+10%)	13mo	$80,000	$48	56
262 Sumner Pl	0.35mi	4/2.0 (-1)	1,660 (+10%)	11mo	$72,000	$43	53
21 Liddell St	0.56mi	6/1.5 (+1)	1,610 (+7%)	5mo	$53,000	$33	51
141 Moselle St	0.53mi	5/2.0	1,730 (+15%)	8mo	$30,000	$17	44
355 Longnecker St	0.73mi	4/2.0 (-1)	1,369 (-9%)	4mo	$152,000	$111	42
99 Sattler Ave	0.74mi	4/2.0 (-1)	1,390 (-8%)	8mo	$82,500	$59	41
587 Goodyear Ave	0.68mi	4/2.0 (-1)	1,362 (-10%)	9mo	$135,000	$99	40
70 Kilhoffer St	0.65mi	4/2.0 (-1)	1,591 (+6%)	18mo	$90,000	$57	40
395 Ideal St	0.70mi	4/2.0 (-1)	1,592 (+6%)	17mo	$235,000	$148	39
615 Goodyear Ave	0.72mi	5/2.0	1,320 (-12%)	10mo	$165,000	$125	37
117 Quincy St	0.71mi	4/2.0 (-1)	1,728 (+15%)	4mo	$90,000	$52	34

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

Projected returns pro-forma

2.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.4%
• Equity multiple: 2.54×
• Total profit: $68,771
• Equity at exit: $63,534

10-year hold

• IRR: 29.9%
• Equity multiple: 4.89×
• Total profit: $174,433
• Equity at exit: $91,818

Cash invested: $44,800 (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 14211

• Home prices YoY: 0.6%
• Active inventory: 172
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,327 high
• Mortgage (P&I): −$839
• Tax from tax record: −$30 /mo · $363/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $902

Break-even live

Break-even rent $1,185

Max offer price $160,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,108
1× unit	3	1	$1,220
Total (2 units)			$2,327

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	2d	1	0.80mi
1150 Bailey Ave Buffalo, NY	4.0	1.5	1100	$1,200	$1.09	24d	1	1.27mi
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	24d	1	1.32mi

Listing history 22 events

1. 2026-06-15
   days on market $160,000 Active 39 DOM
2. 2026-06-13
   days on market $160,000 Active 37 DOM
3. 2026-06-13
   days on market $160,000 Active 36 DOM
4. 2026-06-10
   days on market $160,000 Active 34 DOM
5. 2026-06-09
   days on market $160,000 Active 33 DOM
6. 2026-06-08
   days on market $160,000 Active 32 DOM
7. 2026-06-07
   days on market $160,000 Active 31 DOM
8. 2026-06-03
   days on market $160,000 Active 27 DOM
9. 2026-06-02
   days on market $160,000 Active 26 DOM
10. 2026-06-01
    days on market $160,000 Active 25 DOM
11. 2026-05-31
    days on market $160,000 Active 24 DOM
12. 2026-05-06
    listed $180,000 Active 253-char remark
13. 2023-02-24
    soldstatus $145,000 Closed Sale or Rented 357-char remark

    Show marketing remark (357 chars)

    Welcome to 119 Fay! This home is perfect for an owner occupant or investor looking to add to their portfolio! Upstairs unit has 2 bedrooms and 1 bath. Lower unit has 3 bedrooms and 1 bath. Updates include New electric, new heating and a new roof! The home is conveniently located near thruways and shopping! Don’t miss your chance to tour this beauty!

14. 2022-11-29
    status Pending Sale 357-char remark

    Show marketing remark (357 chars)

    Welcome to 119 Fay! This home is perfect for an owner occupant or investor looking to add to their portfolio! Upstairs unit has 2 bedrooms and 1 bath. Lower unit has 3 bedrooms and 1 bath. Updates include New electric, new heating and a new roof! The home is conveniently located near thruways and shopping! Don’t miss your chance to tour this beauty!

15. 2022-11-14
    price $137,777 357-char remark

    Show marketing remark (357 chars)

    Welcome to 119 Fay! This home is perfect for an owner occupant or investor looking to add to their portfolio! Upstairs unit has 2 bedrooms and 1 bath. Lower unit has 3 bedrooms and 1 bath. Updates include New electric, new heating and a new roof! The home is conveniently located near thruways and shopping! Don’t miss your chance to tour this beauty!

16. 2022-11-14
    status Active 357-char remark

    Show marketing remark (357 chars)

    Welcome to 119 Fay! This home is perfect for an owner occupant or investor looking to add to their portfolio! Upstairs unit has 2 bedrooms and 1 bath. Lower unit has 3 bedrooms and 1 bath. Updates include New electric, new heating and a new roof! The home is conveniently located near thruways and shopping! Don’t miss your chance to tour this beauty!

17. 2022-10-24
    historical 357-char remark

    Show marketing remark (357 chars)

    Welcome to 119 Fay! This home is perfect for an owner occupant or investor looking to add to their portfolio! Upstairs unit has 2 bedrooms and 1 bath. Lower unit has 3 bedrooms and 1 bath. Updates include New electric, new heating and a new roof! The home is conveniently located near thruways and shopping! Don’t miss your chance to tour this beauty!

18. 2022-10-21
    price $154,900 357-char remark

    Show marketing remark (357 chars)

    Welcome to 119 Fay! This home is perfect for an owner occupant or investor looking to add to their portfolio! Upstairs unit has 2 bedrooms and 1 bath. Lower unit has 3 bedrooms and 1 bath. Updates include New electric, new heating and a new roof! The home is conveniently located near thruways and shopping! Don’t miss your chance to tour this beauty!

19. 2022-10-03
    listed $119,900 Active 357-char remark

    Show marketing remark (357 chars)

    Welcome to 119 Fay! This home is perfect for an owner occupant or investor looking to add to their portfolio! Upstairs unit has 2 bedrooms and 1 bath. Lower unit has 3 bedrooms and 1 bath. Updates include New electric, new heating and a new roof! The home is conveniently located near thruways and shopping! Don’t miss your chance to tour this beauty!

20. 2022-08-30
    soldstatus $75,000
21. 2005-09-29
    soldstatus $20,000
22. 2003-01-10
    soldstatus $18,500

ⓘ 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: $363 · $30/mo
• Projected year-2 tax: $1,534 · $128/mo
• Expected delta: +$1,170/yr (+$98/mo · 322.2%)

ⓘ 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 ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,924
• − Mortgage interest: −$8,962
• − Property taxes: −$363
• − Insurance: −$800
• − Repairs & maintenance: −$2,234
• − Management: −$2,234
• − Depreciation: −$4,655
• Taxable income: $8,676
• Est. tax owed @ 24.0%: −$2,082
• After-tax cash flow: $8,746/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): 24,663
• Household income: $36,300
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1804.0

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 59% Asian 20% Hispanic / Latino 9% White 9% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4%
• Foreign-born: 17% · Canada, Philippines, Vietnam
• Languages at home: 74% English-only · Other Indo-European 14% Spanish 6% Other Asian/Pacific 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: ▲ 2.05%
• Current HPI: 357.6438
• 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

+764.9% since first listed

13 events — show timeline

• 2026-05-29 Price Changed $160,000 WNYREIS
• 2026-05-20 Price Changed $170,000 WNYREIS
• 2026-05-06 Listed $180,000 WNYREIS
• 2023-02-24 Sold (MLS) $145,000 WNYREIS
• 2022-11-29 Pending — WNYREIS
• 2022-11-14 Price Changed $137,777 WNYREIS
• 2022-11-14 Relisted — WNYREIS
• 2022-10-24 Listing Removed — WNYREIS
• 2022-10-21 Price Changed $154,900 WNYREIS
• 2022-10-03 Listed $119,900 WNYREIS
• 2022-08-30 Sold (Public Records) $75,000 Public Records
• 2005-09-29 Sold (Public Records) $20,000 Public Records
• 2003-01-10 Sold (Public Records) $18,500 Public Records

Property tax history

+7.9%/yr

Latest (2025): $363 · +131.5% YoY. Source: county tax records.