523 Richmond Ave · Buffalo, NY 14222

$459,900

8 bd · 3.0 ba · 3,932 sqft · MultiFamily public records · 4 Days on market

Built 1900 3,344 sqft lot Est $409k · 12% over

---

Why this score? — see what drove the C 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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +6.7/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Beautiful spacious 2nd floor apartment in the Elmwood Village available June 1st. The unit has been recently renovated and features historic detailing and hardwood trim. Kitchen w/ dishwasher. It includes 3 Bedrooms & 1 Bathroom with a large clawfoot bathtub and Stainless steel appliances. The lovely kitchen has marble Counter tops with tile backsplash and newer cherry cabinetry. There are also 2 Decorative fireplaces. The formal dining room is spacious and inviting. Many french doors throughout! Laundry in unit. Tile and hardwood floors throughout. Call now and start packing!

Key facts

• 3,344 sq ft lot
• Parking
• Built 1900

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $460k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $476/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $460k).
• Cap rate 10.0% vs local median 8.0% in Buffalo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+4.7%/yr); 64 active listings in the ZIP; solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $5,358/mo this rent would consume 79% of the median local household income ($82k/yr) (locally 978% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $129k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 14y ago 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: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $459,900

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 1900 — 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: 1.17% ✓
• Cap rate: 10.02%
• Cash-on-cash: 13.30%
• DSCR: 1.59
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $408,928
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
530 W Ferry St Unit N	0.07mi	7/3.5 (-1)	3,803 (-3%)	4mo	$749,000	$197	81
388 Lafayette Ave	0.29mi	8/3.0	3,539 (-10%)	9mo	$520,000	$147	62
88 Arnold St	0.28mi	7/4.0 (-1)	4,284 (+9%)	7mo	$375,000	$88	57
181 Richmond Ave	0.64mi	8/3.0	4,002 (+2%)	17mo	$655,000	$164	53
497 Norwood Ave	0.15mi	7/4.0 (-1)	4,402 (+12%)	19mo	$590,000	$134	48
294 Baynes St	0.51mi	7/4.0 (-1)	4,314 (+10%)	10mo	$450,000	$104	43
320 Bird Ave	0.71mi	8/4.0	4,200 (+7%)	13mo	$375,000	$89	41
457 Plymouth Ave	0.75mi	9/4.0 (+1)	3,730 (-5%)	19mo	$210,000	$56	32
118 Congress St	0.59mi	9/3.0 (+1)	3,382 (-14%)	20mo	$295,000	$87	28

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 · 4.69% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.20×
• Total profit: $25,521
• Equity at exit: $68,573

10-year hold

• IRR: 15.8%
• Equity multiple: 2.38×
• Total profit: $178,055
• Equity at exit: $39,764

Cash invested: $128,772 (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 14222

• Home prices YoY: -31.4%
• Rents YoY: 4.7%
• Active inventory: 64
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $5,358 high
• Mortgage (P&I): −$2,412
• Tax from tax record: −$202 /mo · $2,421/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,125
• Net cashflow: $1,428

Break-even live

Break-even rent $3,551

Max offer price $459,900

Occupancy floor 68%

Sensitivity live

Price	-10% $1,688	-5% $1,558	+0% $1,428	+5% $1,297	+10% $1,167
Rent	-10% $1,004	-5% $1,216	+0% $1,428	+5% $1,639	+10% $1,851
Rate	-1.0pp $1,659	-0.5pp $1,545	base $1,428	+0.5pp $1,308	+1.0pp $1,187

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$5,358
Total (3 units)			$5,358

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: $114,975
• Closing costs: $13,797
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2025-02-05
   soldstatus $505,000
2. 2024-11-19
   status Pending
3. 2024-11-14
   listed $459,900 Active
4. 2018-01-11
   soldstatus $480,000
5. 2016-06-09
   historical 589-char remark

   Show marketing remark (589 chars)

   Beautiful spacious 2nd floor apartment in the Elmwood Village available June 1st. The unit has been recently renovated and features historic detailing and hardwood trim. Kitchen w/ dishwasher. It includes 3 Bedrooms & 1 Bathroom with a large clawfoot bathtub and Stainless steel appliances. The lovely kitchen has marble Counter tops with tile backsplash and newer cherry cabinetry. There are also 2 Decorative fireplaces. The formal dining room is spacious and inviting. Many french doors throughout! Laundry in unit. Tile and hardwood floors throughout. Call now and start packing!

6. 2016-06-01
   soldstatus $1,675 589-char remark

   Show marketing remark (589 chars)

   Beautiful spacious 2nd floor apartment in the Elmwood Village available June 1st. The unit has been recently renovated and features historic detailing and hardwood trim. Kitchen w/ dishwasher. It includes 3 Bedrooms & 1 Bathroom with a large clawfoot bathtub and Stainless steel appliances. The lovely kitchen has marble Counter tops with tile backsplash and newer cherry cabinetry. There are also 2 Decorative fireplaces. The formal dining room is spacious and inviting. Many french doors throughout! Laundry in unit. Tile and hardwood floors throughout. Call now and start packing!

7. 2016-03-23
   listed $1,675 589-char remark

   Show marketing remark (589 chars)

   Beautiful spacious 2nd floor apartment in the Elmwood Village available June 1st. The unit has been recently renovated and features historic detailing and hardwood trim. Kitchen w/ dishwasher. It includes 3 Bedrooms & 1 Bathroom with a large clawfoot bathtub and Stainless steel appliances. The lovely kitchen has marble Counter tops with tile backsplash and newer cherry cabinetry. There are also 2 Decorative fireplaces. The formal dining room is spacious and inviting. Many french doors throughout! Laundry in unit. Tile and hardwood floors throughout. Call now and start packing!

8. 2015-04-27
   historical 551-char remark

   Show marketing remark (551 chars)

   Beautiful spacious 1500 sq. ft. 1st floor apartment in the Elmwood Village available May 1st. The unit has been recently renovated and features historic detailing and hardwood trim. It includes 3 Bedrooms and 1 Bathroom with a large soaker tub and Stainless steel appliances. The lovely kitchen has marble Counter tops with tile backsplash and new cherry cabinetry. There are also 2 Decorative fireplaces with stained glass side lights. The formal dining room has an antique chandelier. Tile and hardwood floors throughout. Call now and start packing!

9. 2015-04-24
   soldstatus $1,600 551-char remark

   Show marketing remark (551 chars)

   Beautiful spacious 1500 sq. ft. 1st floor apartment in the Elmwood Village available May 1st. The unit has been recently renovated and features historic detailing and hardwood trim. It includes 3 Bedrooms and 1 Bathroom with a large soaker tub and Stainless steel appliances. The lovely kitchen has marble Counter tops with tile backsplash and new cherry cabinetry. There are also 2 Decorative fireplaces with stained glass side lights. The formal dining room has an antique chandelier. Tile and hardwood floors throughout. Call now and start packing!

10. 2015-02-26
    listed $1,600 551-char remark

    Show marketing remark (551 chars)

    Beautiful spacious 1500 sq. ft. 1st floor apartment in the Elmwood Village available May 1st. The unit has been recently renovated and features historic detailing and hardwood trim. It includes 3 Bedrooms and 1 Bathroom with a large soaker tub and Stainless steel appliances. The lovely kitchen has marble Counter tops with tile backsplash and new cherry cabinetry. There are also 2 Decorative fireplaces with stained glass side lights. The formal dining room has an antique chandelier. Tile and hardwood floors throughout. Call now and start packing!

11. 2012-05-10
    soldstatus $190,000
12. 2012-05-01
    soldstatus $190,000
13. 2012-01-10
    listed $199,900

ⓘ 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: $2,421 · $202/mo
• Projected year-2 tax: $5,097 · $425/mo
• Expected delta: +$2,676/yr (+$223/mo · 110.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% 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: $64,296
• − Mortgage interest: −$25,762
• − Property taxes: −$2,421
• − Insurance: −$2,300
• − Repairs & maintenance: −$5,144
• − Management: −$5,144
• − Depreciation: −$13,379
• Taxable income: $10,148
• Est. tax owed @ 24.0%: −$2,435
• After-tax cash flow: $14,697/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): 15,311
• Household income: $81,652
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 978.0

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: Predominantly White (74%)
• Race & ethnicity: White 74% Black 11% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 13% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 89% English-only · Spanish 3% German/W. Germanic 2% French/Haitian/Cajun 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: ▼ -205.10%
• Current HPI: 448.3711
• Rent YoY: ▲ 4.69%
• 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

+152.6% since first listed

13 events — show timeline

• 2025-02-05 Sold (Public Records) $505,000 Public Records
• 2024-11-19 Pending — WNYREIS
• 2024-11-14 Listed $459,900 WNYREIS
• 2018-01-11 Sold (Public Records) $480,000 Public Records
• 2016-06-09 Listing Removed — WNYREIS
• 2016-06-01 Sold (MLS) $1,675 WNYREIS
• 2016-03-23 Listed $1,675 WNYREIS
• 2015-04-27 Listing Removed — WNYREIS
• 2015-04-24 Sold (MLS) $1,600 WNYREIS
• 2015-02-26 Listed $1,600 WNYREIS
• 2012-05-10 Sold (Public Records) $190,000 Public Records
• 2012-05-01 Sold (MLS) $190,000 WNYREIS
• 2012-01-10 Listed $199,900 WNYREIS

Property tax history

+7.5%/yr

Latest (2025): $2,421 · +0.0% YoY. Source: county tax records.