554 Perry St · Buffalo, NY 14210

$145,000

6 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 80 Days on market

Built 1910 3,450 sqft lot $77/sqft · 45% below area Est $266k · 45% under

---

Why this score? — see what drove the A 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
• Appreciation +10.0/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Welcome to 554 Perry, a solid and spacious 2 unit property offering a total of 4 bedrooms, 2 full bedrooms and approximately 1872sq ftof living space with full attic. This classic double is ideal for investors or owner-occupants looking to build equity and generate rental income. Each unit features a traditional layout with generous living and dinging areas and plenty of natural light. The property offers great bones and endless potential. Conveniently located near downtown Buffalo, major highways and local amenities. This property provides easy access to shopping, employment centers and entertainment. Whether you're adding to your portfolio or looking for your first multifamily investment. Do not miss this opportunity.

Key facts

• 3,450 sq ft lot
• 2 garage spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $690/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.2% 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 (+12.7%/yr); 94 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,085/mo this rent would consume 68% of the median local household income ($54k/yr) (locally 959% 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 $16k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($136k) 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 $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.13% ✓
• Cap rate: 18.17%
• Cash-on-cash: 42.42%
• DSCR: 2.89
• GRM: 3.9

CMA / ARV

• ARV (median comp): $265,611
• List price: $145,000
• Delta: -45.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
183 Mackinaw St	0.40mi	5/2.0 (-1)	1,916 (+2%)	8mo	$192,000	$100	66
93 Oconnell Ave	0.46mi	6/2.0	1,840 (-2%)	16mo	$140,000	$76	62
137 Vincennes St	0.41mi	6/2.0	2,058 (+10%)	20mo	$132,500	$64	48

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

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 59.5%
• Equity multiple: 5.51×
• Total profit: $183,219
• Equity at exit: $130,627

10-year hold

• IRR: 55.1%
• Equity multiple: 13.59×
• Total profit: $511,004
• Equity at exit: $281,703

Cash invested: $40,600 (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 14210

• Home prices YoY: 13.8%
• Rents YoY: 12.7%
• Active inventory: 94
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $3,085 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$648
• Net cashflow: $1,380

Break-even live

Break-even rent $1,339

Max offer price $145,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,480	-5% $1,430	+0% $1,380	+5% $1,329	+10% $1,279
Rent	-10% $1,136	-5% $1,258	+0% $1,380	+5% $1,501	+10% $1,623
Rate	-1.0pp $1,453	-0.5pp $1,416	base $1,380	+0.5pp $1,342	+1.0pp $1,304

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,084
Total (2 units)			$3,085

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $145,000 Active 80 DOM
2. 2026-06-17
   days on market $145,000 Active 79 DOM
3. 2026-06-16
   days on market $145,000 Active 78 DOM
4. 2026-06-15
   days on market $145,000 Active 77 DOM
5. 2026-06-13
   days on market $145,000 Active 75 DOM
6. 2026-06-13
   days on market $145,000 Active 74 DOM
7. 2026-06-10
   days on market $145,000 Active 72 DOM
8. 2026-06-09
   days on market $145,000 Active 71 DOM
9. 2026-06-08
   days on market $145,000 Active 70 DOM
10. 2026-06-07
    days on market $145,000 Active 69 DOM
11. 2026-06-03
    days on market $145,000 Active 65 DOM
12. 2026-06-02
    days on market $145,000 Active 64 DOM
13. 2026-06-01
    days on market $145,000 Active 63 DOM
14. 2026-05-31
    days on market $145,000 Active 62 DOM
15. 2026-03-30
    status Active 729-char remark

    Show marketing remark (729 chars)

    Welcome to 554 Perry, a solid and spacious 2 unit property offering a total of 4 bedrooms, 2 full bedrooms and approximately 1872sq ftof living space with full attic. This classic double is ideal for investors or owner-occupants looking to build equity and generate rental income. Each unit features a traditional layout with generous living and dinging areas and plenty of natural light. The property offers great bones and endless potential. Conveniently located near downtown Buffalo, major highways and local amenities. This property provides easy access to shopping, employment centers and entertainment. Whether you're adding to your portfolio or looking for your first multifamily investment. Do not miss this opportunity.

16. 2026-03-03
    listed $145,000 729-char remark

    Show marketing remark (729 chars)

    Welcome to 554 Perry, a solid and spacious 2 unit property offering a total of 4 bedrooms, 2 full bedrooms and approximately 1872sq ftof living space with full attic. This classic double is ideal for investors or owner-occupants looking to build equity and generate rental income. Each unit features a traditional layout with generous living and dinging areas and plenty of natural light. The property offers great bones and endless potential. Conveniently located near downtown Buffalo, major highways and local amenities. This property provides easy access to shopping, employment centers and entertainment. Whether you're adding to your portfolio or looking for your first multifamily investment. Do not miss this opportunity.

17. 2026-03-03
    historical 729-char remark

    Show marketing remark (729 chars)

    Welcome to 554 Perry, a solid and spacious 2 unit property offering a total of 4 bedrooms, 2 full bedrooms and approximately 1872sq ftof living space with full attic. This classic double is ideal for investors or owner-occupants looking to build equity and generate rental income. Each unit features a traditional layout with generous living and dinging areas and plenty of natural light. The property offers great bones and endless potential. Conveniently located near downtown Buffalo, major highways and local amenities. This property provides easy access to shopping, employment centers and entertainment. Whether you're adding to your portfolio or looking for your first multifamily investment. Do not miss this opportunity.

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 77% 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: $37,020
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$1,392
• − Repairs & maintenance: −$2,962
• − Management: −$2,962
• − Depreciation: −$4,218
• Taxable income: $15,190
• Est. tax owed @ 24.0%: −$3,646
• After-tax cash flow: $12,909/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): 15,563
• Household income: $54,197
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 959.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 8% Black 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 21% Lithuanian 2% Serbian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Arabic 1% Other Indo-European 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: ▲ 52.34%
• Current HPI: 431.7951
• Rent YoY: ▲ 12.67%
• 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

3 events — show timeline

• 2026-03-30 Relisted — WNYREIS
• 2026-03-03 Listing Removed — WNYREIS
• 2026-03-03 Listed $145,000 WNYREIS

Property tax history

+7.8%/yr

Latest (2025): $207 · +0.0% YoY. Source: county tax records.