117 Farmer St · Buffalo, NY 14207

$139,900

3 bd · 2.0 ba · 1,490 sqft · MultiFamily public records · 46 Days on market

Built 1880 3,060 sqft lot $94/sqft · 21% below area Est $178k · 21% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Come and take a look at the wonderful 2 unit with fresh new paint and flooring five year roof five year hot water tank completely ready to go! Low maintenance on this property, plus the two car garage, city inspected and improved. So whether you were a seasoned investor, just starting your portfolio or you want to be a new homeowner. This is one you will want to see. Live in the lower and have the upper pay your mortgage. The property is 10 minutes to downtown 15 minutes to shopping. Walking distance to schools and eateries. All offers reviewed as they come in.

Key facts

• Fresh new paint
• Five year roof
• City inspected

Tags

• FRESH NEW PAINT
• NEW FLOORING
• FIVE YEAR ROOF
• FIVE YEAR HOT WATER TANK
• TWO CAR GARAGE
• CITY INSPECTED

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $695 ($8k/yr) — positive. Per door: $348/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 (+8.2%/yr); 197 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $2,104/mo this rent would consume 64% of the median local household income ($40k/yr) (locally 2177% 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 $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.50% ✓
• Cap rate: 12.26%
• Cash-on-cash: 21.30%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

• ARV (median comp): $177,710
• List price: $139,900
• Delta: -21.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
270 East St	0.13mi	4/2.0 (+1)	1,497 (+0%)	13mo	$80,000	$53	77
400 Tonawanda St	0.13mi	4/2.0 (+1)	1,452 (-3%)	21mo	$35,000	$24	67
415 Dearborn St	0.12mi	2/2.0 (-1)	1,528 (+3%)	24mo	$112,500	$74	66
155 Germain St	0.60mi	4/2.0 (+1)	1,512 (+2%)	8mo	$165,000	$109	58
55 Clay St	0.42mi	3/2.0	1,350 (-9%)	16mo	$75,000	$56	51
105 Howell St	0.74mi	4/2.0 (+1)	1,520 (+2%)	13mo	$120,000	$79	46
14 Collaton St	0.60mi	4/2.0 (+1)	1,708 (+15%)	9mo	$105,000	$61	35

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 19.4%
• Equity multiple: 1.84×
• Total profit: $32,768
• Equity at exit: $20,860

10-year hold

• IRR: 30.9%
• Equity multiple: 4.48×
• Total profit: $136,297
• Equity at exit: $12,096

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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 197
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,104 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $695

Break-even live

Break-even rent $1,224

Max offer price $139,900

Occupancy floor 62%

Sensitivity live

Price	-10% $792	-5% $744	+0% $695	+5% $647	+10% $599
Rent	-10% $529	-5% $612	+0% $695	+5% $778	+10% $862
Rate	-1.0pp $766	-0.5pp $731	base $695	+0.5pp $659	+1.0pp $622

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,104
Total (2 units)			$2,104

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 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2099 Niagara St Unit A Buffalo, NY	2.0	1.0	1000	$1,197	$1.20	44d	1	0.18mi
15 Ontario St Unit 1 Buffalo, NY	3.0	1.0	1000	$1,500	$1.50	2d	1	0.43mi
118 Rano St Buffalo, NY	3.0	1.0	1050	$1,200	$1.14	22d	1	0.54mi
155 Germain St Apt 1 Buffalo, NY	2.0	1.0	1000	$1,000	$1.00	11d	1	0.61mi
62 Germain St Buffalo, NY	3.0	1.0	1320	$1,250	$0.95	24d	1	0.68mi
68 Peter St Buffalo, NY	2.0	1.0	900	$900	$1.00	24d	1	0.72mi
68 Laforce Pl Unit U Buffalo, NY	2.0	1.0	900	$1,099	$1.22	44d	1	0.80mi
72 Reservation St Unit 2 Buffalo, NY	3.0	1.0	950	$1,150	$1.21	24d	1	0.81mi
239 Crowley Ave Buffalo, NY	2.0	1.0	966	$1,025	$1.06	4d	1	0.85mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$1,600	$1.23	2d	14	0.94mi
46 Hawley St #1 Buffalo, NY	2.0	1.0	900	$1,300	$1.44	44d	1	1.00mi
158 Chadduck Ave Buffalo, NY	4.0	1.0	1200	$1,250	$1.04	24d	1	1.06mi
293 Grote St Buffalo, NY	1.0–2.0	1.0–2.0	817	$2,345	$2.87	2d	1	1.11mi
15 Beatrice Ave Buffalo, NY	2.0	1.0	950	$1,150	$1.21	15d	1	1.12mi
1485 Niagara St Buffalo, NY	1.0–2.0	1.0	925	$2,174	$2.35	2d	1	1.14mi
52 Greeley St Unit Upper Buffalo, NY	2.0	1.0	1804	$1,000	$0.55	24d	1	1.14mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	24d	1	1.24mi
232 Dewitt St Buffalo, NY	3.0	1.0	1200	$1,300	$1.08	24d	1	1.27mi
185 Potomac Ave Buffalo, NY	2.0	1.0	1200	$1,300	$1.08	24d	1	1.28mi
305 Bird Ave Unit 3 Buffalo, NY	3.0	1.5	1128	$2,300	$2.04	44d	1	1.28mi
309 Bird Ave Unit 1 Buffalo, NY	3.0	1.0	1100	$2,200	$2.00	44d	1	1.29mi
340 Bird Ave #202 Buffalo, NY	2.0	2.5	1505	$2,950	$1.96	11d	1	1.30mi
57 Abbottsford Pl Buffalo, NY	2.0	1.0	1000	$1,550	$1.55	24d	1	1.32mi
37 Abbottsford Pl Buffalo, NY	3.0	1.0	1130	$1,650	$1.46	44d	1	1.35mi
374 Baynes St Buffalo, NY	3.0	1.0	1126	$1,550	$1.38	44d	1	1.36mi
1360 Niagara St Buffalo, NY	1.0–2.0	1.0–2.0	1252	$2,396	$1.91	2d	2	1.37mi
163 W Delavan Ave Buffalo, NY	3.0	1.0	1000	$1,500	$1.50	24d	1	1.39mi
891 Richmond Ave Buffalo, NY	3.0	1.0	1176	$1,800	$1.53	44d	1	1.42mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	15d	1	1.44mi
480 W Hazeltine Ave Buffalo, NY	3.0	1.0	989	$1,900	$1.92	24d	1	1.44mi

Listing history 35 events

1. 2026-06-18
   days on market $139,900 Active 46 DOM
2. 2026-06-17
   days on market $139,900 Active 45 DOM
3. 2026-06-16
   days on market $139,900 Active 44 DOM
4. 2026-06-15
   days on market $139,900 Active 43 DOM
5. 2026-06-13
   days on market $139,900 Active 41 DOM
6. 2026-06-13
   days on market $139,900 Active 40 DOM
7. 2026-06-10
   pricedays on market $139,900 Active 38 DOM
8. 2026-06-09
   days on market $142,900 Active 37 DOM
9. 2026-06-08
   days on market $142,900 Active 36 DOM
10. 2026-06-07
    pricedays on market $142,900 Active 35 DOM
11. 2026-06-03
    days on market $144,900 Active 31 DOM
12. 2026-06-02
    days on market $144,900 Active 30 DOM
13. 2026-06-01
    days on market $144,900 Active 29 DOM
14. 2026-05-31
    days on market $144,900 Active 28 DOM
15. 2026-05-16
    status Pending 567-char remark

    Show marketing remark (567 chars)

    Come and take a look at the wonderful 2 unit with fresh new paint and flooring five year roof five year hot water tank completely ready to go! Low maintenance on this property, plus the two car garage, city inspected and improved. So whether you were a seasoned investor, just starting your portfolio or you want to be a new homeowner. This is one you will want to see. Live in the lower and have the upper pay your mortgage. The property is 10 minutes to downtown 15 minutes to shopping. Walking distance to schools and eateries. All offers reviewed as they come in.

16. 2026-05-12
    price $147,900 567-char remark

    Show marketing remark (567 chars)

    Come and take a look at the wonderful 2 unit with fresh new paint and flooring five year roof five year hot water tank completely ready to go! Low maintenance on this property, plus the two car garage, city inspected and improved. So whether you were a seasoned investor, just starting your portfolio or you want to be a new homeowner. This is one you will want to see. Live in the lower and have the upper pay your mortgage. The property is 10 minutes to downtown 15 minutes to shopping. Walking distance to schools and eateries. All offers reviewed as they come in.

17. 2026-04-22
    listed $149,900 Active 567-char remark

    Show marketing remark (567 chars)

    Come and take a look at the wonderful 2 unit with fresh new paint and flooring five year roof five year hot water tank completely ready to go! Low maintenance on this property, plus the two car garage, city inspected and improved. So whether you were a seasoned investor, just starting your portfolio or you want to be a new homeowner. This is one you will want to see. Live in the lower and have the upper pay your mortgage. The property is 10 minutes to downtown 15 minutes to shopping. Walking distance to schools and eateries. All offers reviewed as they come in.

18. 2024-11-08
    soldstatus $125,000
19. 2024-10-25
    soldstatus $125,000 Closed 720-char remark

    Show marketing remark (720 chars)

    Great Riverside investment or owner occupy opportunity available at an amazing price! This two family home with a two car garage is situated on a quiet corner lot across the street from a wonderful community garden. The lower apartment has a brand new full bathroom, hardwood floors, vinyl windows, a formal living room, separate dining room, three bedrooms and a laundry room. The upper is a cute and cozy one bedroom with good closet space and a nice front porch. Lower was previously rented for $1200 per month. Separate utilities and mechanicals. Open houses Saturday 7/27 11am-1pm and Sunday 7/28 1-3pm. The seller will listen to offers as they come in but reserves the right to set an offer deadline if so desired.

20. 2024-08-18
    status Pending 720-char remark

    Show marketing remark (720 chars)

    Great Riverside investment or owner occupy opportunity available at an amazing price! This two family home with a two car garage is situated on a quiet corner lot across the street from a wonderful community garden. The lower apartment has a brand new full bathroom, hardwood floors, vinyl windows, a formal living room, separate dining room, three bedrooms and a laundry room. The upper is a cute and cozy one bedroom with good closet space and a nice front porch. Lower was previously rented for $1200 per month. Separate utilities and mechanicals. Open houses Saturday 7/27 11am-1pm and Sunday 7/28 1-3pm. The seller will listen to offers as they come in but reserves the right to set an offer deadline if so desired.

21. 2024-07-24
    listed $130,000 Active 720-char remark

    Show marketing remark (720 chars)

    Great Riverside investment or owner occupy opportunity available at an amazing price! This two family home with a two car garage is situated on a quiet corner lot across the street from a wonderful community garden. The lower apartment has a brand new full bathroom, hardwood floors, vinyl windows, a formal living room, separate dining room, three bedrooms and a laundry room. The upper is a cute and cozy one bedroom with good closet space and a nice front porch. Lower was previously rented for $1200 per month. Separate utilities and mechanicals. Open houses Saturday 7/27 11am-1pm and Sunday 7/28 1-3pm. The seller will listen to offers as they come in but reserves the right to set an offer deadline if so desired.

22. 2022-09-12
    soldstatus $127,500
23. 2022-09-02
    soldstatus $127,500 Closed Sale or Rented
24. 2022-07-10
    status Pending Sale
25. 2022-07-10
    status Under Contract- Do Not Show
26. 2022-07-10
    status Pending Sale
27. 2022-06-05
    status Under Contract- Do Not Show
28. 2022-04-25
    price $139,900
29. 2022-04-11
    status Active
30. 2022-04-06
    status Under Contract- Do Not Show
31. 2022-03-12
    listed $144,900 Active
32. 2013-11-22
    soldstatus $47,000
33. 2013-11-19
    soldstatus $47,000
34. 2013-09-07
    listed $49,900
35. 2005-08-24
    soldstatus $20,000

ⓘ 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 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 · 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: $25,248
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$2,020
• − Management: −$2,020
• − Depreciation: −$4,070
• Taxable income: $6,504
• Est. tax owed @ 24.0%: −$1,561
• After-tax cash flow: $6,783/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

+639.5% since first listed

21 events — show timeline

• 2026-05-16 Pending — WNYREIS
• 2026-05-12 Price Changed $147,900 WNYREIS
• 2026-04-22 Listed $149,900 WNYREIS
• 2024-11-08 Sold (Public Records) $125,000 Public Records
• 2024-10-25 Sold (MLS) $125,000 WNYREIS
• 2024-08-18 Pending — WNYREIS
• 2024-07-24 Listed $130,000 WNYREIS
• 2022-09-12 Sold (Public Records) $127,500 Public Records
• 2022-09-02 Sold (MLS) $127,500 WNYREIS
• 2022-07-10 Pending — WNYREIS
• 2022-07-10 Pending — WNYREIS
• 2022-07-10 Pending — WNYREIS
• 2022-06-05 Pending — WNYREIS
• 2022-04-25 Price Changed $139,900 WNYREIS
• 2022-04-11 Relisted — WNYREIS
• 2022-04-06 Pending — WNYREIS
• 2022-03-12 Listed $144,900 WNYREIS
• 2013-11-22 Sold (MLS) $47,000 WNYREIS
• 2013-11-19 Sold (Public Records) $47,000 Public Records
• 2013-09-07 Listed $49,900 WNYREIS
• 2005-08-24 Sold (Public Records) $20,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $269 · +0.0% YoY. Source: county tax records.