235 Maple St · Buffalo, NY 14204

$95,000

3 bd · 2.0 ba · 1,010 sqft · MultiFamily public records · 69 Days on market

Built 1880 3,000 sqft lot Est $71k · 34% over

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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
• 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
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

This 3 bedroom home that includes an extra lot ( B500472) is great for the person that works downtown. It is just 2 short blocks from the medical campus and provides easy access to everything Buffalo has to offer. With some updating and some finishing touches this house can be a great home. Delayed Showing 03/15/2024 Negotiations begin 03/24/2024 by 5pm.

Key facts

• 3,000 sq ft lot
• Built 1880
• Listed 69 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $95k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Recommended offer: $89k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.8% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $2,267/mo this rent would consume 97% 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 $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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.
• Current owner paid $30k; list at $95k implies a 217% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $89,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.39% ✓
• Cap rate: 21.83%
• Cash-on-cash: 55.47%
• DSCR: 3.47
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $70,700
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
172 Dodge St	0.47mi	3/3.0	915 (-9%)	16mo	$64,000	$70	45

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: 56.4%
• Equity multiple: 3.58×
• Total profit: $68,699
• Equity at exit: $14,165

10-year hold

• IRR: 62.2%
• Equity multiple: 7.98×
• Total profit: $185,605
• Equity at exit: $8,214

Cash invested: $26,600 (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 14204

• Home prices YoY: -1.1%
• Rents YoY: 5.5%
• Active inventory: 33
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,267 high
• Mortgage (P&I): −$498
• Tax from tax record: −$24 /mo · $286/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $1,230

Break-even live

Break-even rent $711

Max offer price $95,000

Occupancy floor 41%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
983 Michigan Ave Buffalo, NY	2.0	1.0–2.0	804	$3,202	$3.98	2d	58	0.06mi
1145 Michigan Ave Buffalo, NY	2.0	1.0–2.0	655	$2,049	$3.13	43d	1	0.37mi
19 North St Buffalo, NY	2.0	1.0–2.0	1306	$2,910	$2.23	10d	7	0.47mi
628 Ellicott St Buffalo, NY	1.0–2.0	1.0–2.0	1059	$2,812	$2.65	2d	5	0.47mi
40 North St Unit 306 Buffalo, NY	2.0	1.5	1125	$1,950	$1.73	43d	1	0.48mi
17 N Pearl St Unit 3 Buffalo, NY	3.0	2.0	1197	$3,100	$2.59	23d	1	0.50mi
17 N Pearl St Buffalo, NY	2.0	2.0	1077	$2,700	$2.51	23d	1	0.50mi
44 N Pearl St #5 Buffalo, NY	3.0	1.0	1200	$2,400	$2.00	43d	1	0.50mi
1155 Main St Buffalo, NY	2.0	1.0–2.0	592	$2,300	$3.88	43d	1	0.53mi
1152 Main St Apt 3 Buffalo, NY	3.0	1.0	1000	$2,400	$2.40	14d	1	0.54mi
519 Virginia St Buffalo, NY	1.0–2.0	1.0–2.0	700	$1,700	$2.43	3d	3	0.55mi
130 Linwood Ave Buffalo, NY	2.0	1.0	900	$1,900	$2.11	23d	1	0.63mi
489 Ellicott St Unit 36 Buffalo, NY	2.0	2.0	1000	$1,550	$1.55	3d	1	0.65mi
506 Delaware Ave Buffalo, NY	1.0–2.0	1.0–1.5	1190	$2,995	$2.52	10d	6	0.65mi
888 Delaware Ave Buffalo, NY	2.0	1.0–2.0	899	$2,440	$2.71	23d	1	0.81mi
213 Summer St Unit 3 Buffalo, NY	2.0	1.0	1020	$2,450	$2.40	21d	1	0.84mi
19 E Utica St Unit 203 Buffalo, NY	2.0	1.0	850	$1,300	$1.53	14d	1	0.85mi
21 College St Buffalo, NY	3.0	1.0	1104	$1,850	$1.68	23d	1	0.86mi
916 Delaware Ave Buffalo, NY	2.0	1.0	750	$1,625	$2.17	3d	9	0.86mi
370 Virginia St Unit 3 Buffalo, NY	2.0	1.0	1050	$1,300	$1.24	43d	1	0.86mi
88 W Utica St Unit 1 Buffalo, NY	3.0	2.0	990	$2,150	$2.17	3d	1	0.92mi
88 W Utica St Unit 1 Buffalo, NY	3.0	2.0	990	$2,150	$2.17	14d	1	0.92mi
74 Days Park Unit 8 Buffalo, NY	2.0	1.0	1350	$1,695	$1.26	43d	1	0.92mi
217 W Tupper St Unit 2 Buffalo, NY	3.0	1.0	1150	$1,350	$1.17	43d	1	0.92mi
344 Elmwood Ave Unit 3rd floor Buffalo, NY	2.0	1.0	1000	$1,400	$1.40	23d	1	0.94mi
279 North St Buffalo, NY	1.0–2.0	1.0–2.0	820	$2,050	$2.50	43d	1	0.95mi
465 Washington St Buffalo, NY	1.0–2.0	1.0–2.0	1388	$2,285	$1.65	2d	5	1.00mi
31 Norwood Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,950	$1.95	11d	1	1.02mi
1040 Delaware Ave Buffalo, NY	1.0–2.0	1.0	687	$1,500	$2.18	3d	4	1.02mi
344 Hudson St Unit UPPER Buffalo, NY	2.0	1.0	1065	$1,100	$1.03	43d	1	1.03mi
126 Cottage St Unit 4 Buffalo, NY	2.0	2.5	1500	$2,000	$1.33	14d	1	1.04mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	14d	1	1.07mi
80 10th St Unit Lower Buffalo, NY	2.0	1.0	800	$1,150	$1.44	3d	1	1.07mi
76 Chester St Unit 1 Buffalo, NY	3.0	1.0	1100	$1,000	$0.91	14d	1	1.09mi
346 Bryant St Buffalo, NY	2.0	1.0	792	$1,834	$2.32	3d	1	1.12mi
190 Whitney Pl Buffalo, NY	3.0	1.0	1180	$1,550	$1.31	43d	1	1.14mi
100 S Elmwood Ave Buffalo, NY	2.0	2.0	1213	$2,260	$1.86	2d	2	1.14mi
100 S Elmwood Ave Buffalo, NY	2.0	2.0	1254	$2,232	$1.78	23d	1	1.14mi
305 W Utica St Unit B302 Buffalo, NY	2.0	2.0	1180	$2,060	$1.75	14d	1	1.19mi
569 Elmwood Ave Buffalo, NY	2.0	1.0	1500	$1,750	$1.17	11d	1	1.20mi

Listing history 5 events

1. 2024-09-17
   soldstatus $30,000
2. 2024-05-24
   status Pending
3. 2024-03-15
   listed $95,000 Active
4. 2016-07-25
   historical
5. 2016-06-24
   listed $125,000 Active

ⓘ 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: $286 · $24/mo
• Projected year-2 tax: $946 · $79/mo
• Expected delta: +$660/yr (+$55/mo · 230.8%)

ⓘ 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 ≥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: $27,209
• − Mortgage interest: −$5,321
• − Property taxes: −$286
• − Insurance: −$475
• − Repairs & maintenance: −$2,177
• − Management: −$2,177
• − Depreciation: −$2,764
• Taxable income: $14,010
• Est. tax owed @ 24.0%: −$3,362
• After-tax cash flow: $11,394/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

-76.0% since first listed

5 events — show timeline

• 2024-09-17 Sold (Public Records) $30,000 Public Records
• 2024-05-24 Pending — WNYREIS
• 2024-03-15 Listed $95,000 WNYREIS
• 2016-07-25 Listing Removed — WNYREIS
• 2016-06-24 Listed $125,000 WNYREIS

Property tax history

+13.9%/yr

Latest (2025): $286 · +0.0% YoY. Source: county tax records.