284 Carolina St · Buffalo, NY 14201

$225,000

6 bd · 2.0 ba · 1,994 sqft · MultiFamily public records · 14 Days on market

Built 1900 Average condition 1,596 sqft lot $113/sqft · 52% below area

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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
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Condition / age +2.8/5.0
• 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

Great investment opportunity with this partially leased duplex offering strong rental income. Each spacious unit features 3 bedrooms and 1 full bathroom, updated flooring, and generously sized lving spaced filled with natural light. The kitchens have been tastefully updated with stainless steel appliances, modern cabinetry, and bay windows. This property is ideal for seasoned investors and those looking to start their portfolio.

Key facts

• Buffalo duplex
• Modern cabinetry
• Updated flooring

Tags

• BUFFALO DUPLEX
• UPDATED FLOORING
• GENEROUSLY SIZED LIVING AREAS
• TASTEFULLY UPDATED KITCHENS
• MODERN CABINETRY
• STAINLESS STEEL APPLIANCES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $225k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $699/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Cap rate 13.8% vs local median 6.9% 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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 99 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $1,734/mo per unit this rent would consume 51% of the median local household income ($41k/yr) — 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $63k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 14y ago; this cycle's ask has dropped $40k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,000

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: 1.54% ✓
• Cap rate: 13.75%
• Cash-on-cash: 26.64%
• DSCR: 2.19
• GRM: 5.4

CMA / ARV

• ARV (median comp): $470,805
• List price: $225,000
• Delta: -52.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
200 W Tupper St	0.04mi	5/2.0 (-1)	2,096 (+5%)	2mo	$3,590,000	$1,713	83
36 Mariner St	0.28mi	5/2.0 (-1)	2,112 (+6%)	23mo	$250,000	$118	53
250 West Ave	0.48mi	6/2.0	2,230 (+12%)	7mo	$375,000	$168	52
347 Prospect Ave	0.45mi	5/2.0 (-1)	2,152 (+8%)	18mo	$115,000	$53	46
291 West Ave	0.56mi	5/2.0 (-1)	2,140 (+7%)	15mo	$325,500	$152	44
35 Lakeview Ave	0.73mi	5/2.0 (-1)	2,270 (+14%)	20mo	$135,000	$59	21

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 · 4.28% rent growth · sell at horizon

5-year hold

• IRR: 21.8%
• Equity multiple: 1.91×
• Total profit: $57,067
• Equity at exit: $33,548

10-year hold

• IRR: 30.6%
• Equity multiple: 3.91×
• Total profit: $183,136
• Equity at exit: $19,454

Cash invested: $63,000 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 3 active · 7 under contract
• Months of supply: 9.0 mo (11%/mo absorbed)
• Median asking: $199,900 ($84/sqft)
• Median days on market: 102 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +181.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14201

• Home prices YoY: -19.1%
• Rents YoY: 4.3%
• Active inventory: 99
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $3,469 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$68 /mo · $818/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$728
• Net cashflow: $1,399

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,470
Total (2 units)			$3,469

Break-even live

Break-even rent $1,699

Max offer price $225,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,526	-5% $1,462	+0% $1,399	+5% $1,335	+10% $1,271
Rent	-10% $1,125	-5% $1,262	+0% $1,399	+5% $1,536	+10% $1,673
Rate	-1.0pp $1,512	-0.5pp $1,456	base $1,399	+0.5pp $1,340	+1.0pp $1,281

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: $56,250
• Closing costs: $6,750
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 West Ave Buffalo, NY	2.0	1.0	—	$1,800	—	98d	1	0.01mi
9 West Ave Buffalo, NY	2.0	1.0	—	$1,750	—	88d	1	0.01mi
217 W Tupper St Unit 2 Buffalo, NY	3.0	1.0	1150	$1,350	$1.17	139d	1	0.10mi
64 Trinity Pl Buffalo, NY	3.0	1.5	1672	$1,850	$1.11	92d	1	0.12mi
62 Trinity Pl Buffalo, NY	3.0	1.0	1672	$1,850	$1.11	10d	1	0.12mi
80 10th St Unit Lower Buffalo, NY	2.0	1.0	800	$1,150	$1.44	99d	1	0.15mi
85 West Ave Buffalo, NY	2.0	1.0	—	$1,250	—	0d	1	0.15mi
11 Whitney Pl Unit 2 Buffalo, NY	2.0	1.5	1500	$1,800	$1.20	10d	1	0.15mi
370 Virginia St Unit 3 Buffalo, NY	2.0	1.0	1050	$1,300	$1.24	139d	1	0.20mi
190 Whitney Pl Buffalo, NY	3.0	1.0	1180	$1,300	$1.10	5d	1	0.22mi
21 College St Buffalo, NY	3.0	1.0	1104	$1,850	$1.68	119d	1	0.25mi
118 Cottage St Unit 8 Buffalo, NY	2.0	1.0	—	$1,295	—	139d	1	0.29mi
430 Virginia St Buffalo, NY	2.0	2.5	2050	$3,550	$1.73	71d	3	0.30mi
126 Cottage St Unit 4 Buffalo, NY	2.0	2.5	1500	$2,000	$1.33	110d	1	0.31mi
60 Mariner St Buffalo, NY	2.0	1.0	928	$1,275	$1.37	82d	1	0.33mi
144 Cottage St Unit Rear Buffalo, NY	2.0	1.0	—	$1,250	—	10d	1	0.34mi
73 College St Unit 1 Buffalo, NY	3.0	1.0	—	$1,495	—	119d	1	0.35mi
473 Virginia St Unit 3 Buffalo, NY	2.0	1.5	1800	$1,825	$1.01	74d	1	0.35mi
68 Days Park Unit 2 Buffalo, NY	2.0	1.0	—	$1,500	—	10d	1	0.38mi
100 S Elmwood Ave Buffalo, NY	2.0	2.0	1254	$2,232	$1.78	119d	1	0.38mi
100 S Elmwood Ave Buffalo, NY	2.0	2.0	1297	$2,325	$1.79	80d	1	0.38mi
74 Days Park Unit 3 Buffalo, NY	2.0	1.0	1300	$1,700	$1.31	10d	1	0.39mi
74 Days Park Unit 8 Buffalo, NY	2.0	1.0	1350	$1,695	$1.26	139d	1	0.39mi
493 Delaware Ave Unit 3 Buffalo, NY	2.0	1.0	7125	$1,400	$0.20	67d	1	0.39mi
344 Hudson St Unit UPPER Buffalo, NY	2.0	1.0	1065	$1,100	$1.03	139d	1	0.40mi
197 Allen St Unit 1 Buffalo, NY	3.0	1.0	—	$1,295	—	119d	1	0.41mi
197 Allen St Unit 2 Buffalo, NY	3.0	1.0	—	$1,225	—	119d	1	0.41mi
337 Prospect Ave Apt 1 Buffalo, NY	3.0	1.0	—	$1,395	—	7d	1	0.42mi
181 Allen St Buffalo, NY	3.0	1.5	—	$1,450	—	74d	1	0.43mi
519 Virginia St Buffalo, NY	2.0	1.0–2.0	675	$1,550	$2.30	10d	3	0.43mi
385 Seventh St Unit Lower Buffalo, NY	2.0	1.0	2136	$1,250	$0.59	139d	1	0.45mi
775 Main St Buffalo, NY	1.0–2.0	1.0–2.5	1050	$2,000	$1.90	10d	4	0.47mi
18 Irving Pl Buffalo, NY	2.0	1.0	1075	$1,250	$1.16	71d	1	0.48mi
17 N Pearl St Buffalo, NY	2.0	2.0	1077	$2,700	$2.51	119d	1	0.48mi
17 N Pearl St Unit 3 Buffalo, NY	3.0	2.0	1197	$3,100	$2.59	119d	1	0.48mi
17 N Pearl St #2 Buffalo, NY	3.0	2.0	1284	$2,900	$2.26	7d	1	0.48mi
17 N Pearl St #1 Buffalo, NY	2.0	2.0	1077	$2,380	$2.21	7d	1	0.48mi
233 Pennsylvania St Unit 3 Buffalo, NY	2.0	1.0	1200	$1,350	$1.12	106d	1	0.49mi
44 N Pearl St #5 Buffalo, NY	2.0	1.0	1200	$1,950	$1.62	10d	1	0.50mi
507 Niagara St Buffalo, NY	1.0–2.0	1.0	950	$1,799	$1.89	7d	1	0.50mi

Listing history 50 events

1. 2026-09-23
   days on market $225,000 Active 14 DOM
2. 2026-09-22
   days on market $225,000 Active 13 DOM
3. 2026-09-21
   days on market $225,000 Active 12 DOM
4. 2026-09-20
   days on market $225,000 Active 11 DOM
5. 2026-09-19
   days on market $225,000 Active 10 DOM
6. 2026-09-18
   days on market $225,000 Active 9 DOM
7. 2026-09-17
   days on market $225,000 Active 8 DOM
8. 2026-09-16
   days on market $225,000 Active 7 DOM
9. 2026-09-15
   days on market $225,000 Active 6 DOM
10. 2026-09-14
    days on market $225,000 Active 5 DOM
11. 2026-09-13
    days on market $225,000 Active 4 DOM
12. 2026-09-12
    days on market $225,000 Active 3 DOM
13. 2026-09-11
    remarks 693-char remark
14. 2026-09-11
    pricedays on marketlisting id $225,000 Active 2 DOM
15. 2026-09-05
    days on market $249,900 Active 159 DOM
16. 2026-09-04
    days on market $249,900 Active 158 DOM
17. 2026-09-03
    days on market $249,900 Active 157 DOM
18. 2026-08-31
    days on market $249,900 Active 154 DOM
19. 2026-08-29
    days on market $249,900 Active 152 DOM
20. 2026-08-28
    days on market $249,900 Active 151 DOM
21. 2026-08-27
    days on market $249,900 Active 150 DOM
22. 2026-08-25
    days on market $249,900 Active 148 DOM
23. 2026-08-24
    days on market $249,900 Active 147 DOM
24. 2026-08-23
    days on market $249,900 Active 146 DOM
25. 2026-08-22
    days on market $249,900 Active 145 DOM
26. 2026-08-21
    days on market $249,900 Active 144 DOM
27. 2026-08-20
    days on market $249,900 Active 143 DOM
28. 2026-08-19
    days on market $249,900 Active 142 DOM
29. 2026-08-18
    days on market $249,900 Active 141 DOM
30. 2026-08-17
    days on market $249,900 Active 140 DOM
31. 2026-08-16
    days on market $249,900 Active 139 DOM
32. 2026-08-15
    days on market $249,900 Active 138 DOM
33. 2026-08-14
    days on market $249,900 Active 137 DOM
34. 2026-08-13
    days on market $249,900 Active 136 DOM
35. 2026-08-12
    days on market $249,900 Active 135 DOM
36. 2026-08-11
    days on market $249,900 Active 134 DOM
37. 2026-08-10
    days on market $249,900 Active 133 DOM
38. 2026-08-09
    days on market $249,900 Active 132 DOM
39. 2026-08-08
    days on market $249,900 Active 131 DOM
40. 2026-08-07
    days on market $249,900 Active 130 DOM
41. 2026-08-06
    days on market $249,900 Active 129 DOM
42. 2026-08-05
    days on market $249,900 Active 128 DOM
43. 2026-08-04
    days on market $249,900 Active 127 DOM
44. 2026-08-03
    days on market $249,900 Active 126 DOM
45. 2026-07-31
    days on market $249,900 Active 123 DOM
46. 2026-07-30
    days on market $249,900 Active 122 DOM
47. 2026-07-30
    days on market $249,900 Active 121 DOM
48. 2026-07-28
    days on market $249,900 Active 120 DOM
49. 2026-07-26
    days on market $249,900 Active 118 DOM
50. 2026-07-24
    days on market $249,900 Active 116 DOM

ⓘ 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: $818 · $68/mo
• Projected year-2 tax: $2,310 · $193/mo
• Expected delta: +$1,492/yr (+$124/mo · 182.3%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% 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: $41,628
• − Mortgage interest: −$12,603
• − Property taxes: −$818
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,330
• − Management: −$3,330
• − Depreciation: −$6,545
• Taxable income: $13,875
• Est. tax owed @ 24.0%: −$3,330
• After-tax cash flow: $13,454/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.

Condition & rehab AI · 3 photos

Average 55/100 Moderate rehab Est. rehab $49,850–$89,730 screening

This multi-family property requires moderate renovations to improve its condition and value. Exterior painting and flooring replacement are key areas for improvement.

Repairs flagged

• Moderate roof — Signs of wear
• Moderate exterior siding — Weathered and faded
• Major flooring — Worn and may need replacement
• Major interior walls — Paint chipped and faded
• Major bathrooms — Needs updating
• Major kitchens — Needs updating

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace flooring — Improves living space and value ↑
• Both Update bathrooms — Enhances functionality and value ↑
• Both Update kitchens — Enhances functionality and value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 39/100

Zoned Schools

Elementary Bennett Park Montessori School F NY #2,024/2,108 Nat'l #36,424/41,679 High Hutchinson Central Technical High School B- NY #807/1,100 Nat'l #3,064/17,239

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

B Composite livability gradescore 77/100

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 · 933,037 people
• City population: 440,021
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 12,369
• Household income: $40,512
• Rent vs Own: 76.4% rent · 23.6% own
• Severe rent burden: 8% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 42% Hispanic / Latino 36% Black 16% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 30% Dominican 1%
• Common ancestry: Romanian 7% Subsaharan African 2% Slovak 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 69% English-only · Spanish 24% Arabic 2% Other Indo-European 1%

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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: ▼ -68.73%
• Current HPI: 290.2643
• Rent YoY: ▲ 4.28%
• Metro: Buffalo-Cheektowaga, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

+578.7% since first listed

15 events — show timeline

• 2026-03-27 Listed $264,900 WNYREIS
• 2025-11-19 Pending — WNYREIS
• 2025-11-14 Listing Removed — WNYREIS
• 2025-10-04 Listed $265,000 WNYREIS
• 2025-09-23 Listing Removed — WNYREIS
• 2025-08-18 Listing Removed — WNYREIS
• 2025-08-18 Listed $269,000 WNYREIS
• 2025-07-08 Price Changed $289,000 WNYREIS
• 2025-06-16 Listed $299,999 WNYREIS
• 2017-09-13 Sold (Public Records) $160,000 Public Records
• 2014-03-14 Sold (MLS) $75,000 WNYREIS
• 2013-12-07 Listed $59,900 WNYREIS
• 2012-02-13 Listed $59,900 WNYREIS
• 2006-07-31 Sold (Public Records) $34,000 Public Records
• 1994-03-11 Sold (Public Records) $39,032 Public Records

Property tax history

+13.9%/yr

Latest (2025): $818 · +0.0% YoY. Source: county tax records.