31 Thatcher Ave · Buffalo, NY 14215

$249,900

4 bd · 2.0 ba · 2,234 sqft · MultiFamily public records · 59 Days on market

Built 1915 3,815 sqft lot $112/sqft · 9% below area Est $274k · 9% under

---

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 +22.5/30.0
• ARV discount +11.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.9/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to 31 Thatcher Ave, Buffalo, NY 14215—a beautifully maintained and extensively updated multi-family home! The spacious lower unit offers three bedrooms, large living and dining areas, a full kitchen, and a full bathroom. The upper unit features two bedrooms, a comfortable living and dining layout, a kitchen, and a full bathroom, providing highly functional spaces for both homeowners and tenants. Thoughtful upgrades were completed throughout in 2022-2023, including modernized kitchens, beautifully updated bathrooms, Updated electrical and Plumbing, new windows, and fresh paint. Major mechanical improvements include hot water tanks replaced in 2023, offering peace of mind and excellent energy efficiency. Whether you are looking for a move-in-ready, owner-occupied residence or a smart investment opportunity, this home perfectly blends classic Buffalo charm with modern convenience. Open House on April 18th 11-1 and April 19th 1-3 PM.

Key facts

• Updated bathrooms
• Modernized kitchens
• Energy efficiency

Tags

• MULTI-FAMILY HOME
• MODERNIZED KITCHENS
• UPDATED BATHROOMS
• NEW WINDOWS
• HOT WATER TANKS REPLACED
• ENERGY EFFICIENCY

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $420 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.

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 flat; 237 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 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 $2,718/mo this rent would consume 73% of the median local household income ($45k/yr) (locally 2873% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask is 9% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $68k; list at $250k implies a 268% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $242,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.21%
• DSCR: 1.32
• GRM: 7.7

CMA / ARV

• ARV (median comp): $274,213
• List price: $249,900
• Delta: -8.87%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
44 Freeman St	0.16mi	4/2.0	2,182 (-2%)	9mo	$144,000	$66	81
18 Phyllis Ave	0.28mi	5/2.0 (+1)	2,134 (-4%)	8mo	$138,000	$65	68
40 Ruspin Ave	0.48mi	4/2.0	2,351 (+5%)	2mo	$307,000	$131	67
586 Wyoming Ave	0.55mi	4/2.0	2,379 (+6%)	1mo	$148,000	$62	63
19 Dunlop Ave	0.49mi	5/2.0 (+1)	2,160 (-3%)	6mo	$160,000	$74	62
35 Erskine Ave	0.64mi	4/2.0	2,135 (-4%)	4mo	$170,000	$80	59
132 Hewitt Ave	0.38mi	4/2.0	1,946 (-13%)	5mo	$125,000	$64	57
208 Davidson Ave	0.63mi	5/2.0 (+1)	2,199 (-2%)	8mo	$170,000	$77	57
475 Norfolk Ave	0.63mi	4/2.0	2,068 (-7%)	8mo	$105,000	$51	51
47 Weston Ave	0.70mi	4/2.0	2,052 (-8%)	8mo	$230,000	$112	47
88 Marigold Ave	0.60mi	4/2.0	1,960 (-12%)	8mo	$210,000	$107	45
329 Jewett Ave	0.75mi	4/4.0	2,053 (-8%)	8mo	$165,000	$80	37

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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: -7.9%
• Equity multiple: 0.72×
• Total profit: $-19,917
• Equity at exit: $37,261

10-year hold

• IRR: -1.7%
• Equity multiple: 0.90×
• Total profit: $-7,102
• Equity at exit: $21,607

Cash invested: $69,972 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 237
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $2,718 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$571
• Net cashflow: $420

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,410
1× unit	2	1	$1,308
Total (2 units)			$2,718

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 Parkridge Ave Buffalo, NY	3.0	1.0	1914	$1,350	$0.71	14d	1	0.20mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	43d	1	0.75mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	14d	1	0.75mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	1d	10	0.77mi
59 Lisbon Ave Buffalo, NY	3.0	1.0	2521	$1,250	$0.50	23d	1	0.88mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	14d	1	0.88mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	14d	1	0.93mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	14d	1	1.03mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	1d	1	1.23mi
102 Englewood Ave Buffalo, NY	4.0	1.0	2426	$2,750	$1.13	1d	1	1.29mi
91 Englewood Ave Buffalo, NY	4.0	1.0	2500	$2,000	$0.80	1d	1	1.30mi
63 Montrose Ave Buffalo, NY	4.0	1.0	2240	$2,000	$0.89	1d	1	1.38mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	1d	1	1.44mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	3d	1	1.44mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	1d	1	1.50mi

Listing history 17 events

1. 2026-06-13
   days on market $249,900 Active 59 DOM
2. 2026-06-10
   days on market $249,900 Active 57 DOM
3. 2026-06-09
   days on market $249,900 Active 56 DOM
4. 2026-06-08
   days on market $249,900 Active 55 DOM
5. 2026-06-07
   days on market $249,900 Active 54 DOM
6. 2026-06-03
   days on market $249,900 Active 50 DOM
7. 2026-06-02
   days on market $249,900 Active 49 DOM
8. 2026-06-01
   days on market $249,900 Active 48 DOM
9. 2026-05-31
   days on market $249,900 Active 47 DOM
10. 2026-04-21
    price $249,900 957-char remark

    Show marketing remark (957 chars)

    Welcome to 31 Thatcher Ave, Buffalo, NY 14215—a beautifully maintained and extensively updated multi-family home! The spacious lower unit offers three bedrooms, large living and dining areas, a full kitchen, and a full bathroom. The upper unit features two bedrooms, a comfortable living and dining layout, a kitchen, and a full bathroom, providing highly functional spaces for both homeowners and tenants. Thoughtful upgrades were completed throughout in 2022-2023, including modernized kitchens, beautifully updated bathrooms, Updated electrical and Plumbing, new windows, and fresh paint. Major mechanical improvements include hot water tanks replaced in 2023, offering peace of mind and excellent energy efficiency. Whether you are looking for a move-in-ready, owner-occupied residence or a smart investment opportunity, this home perfectly blends classic Buffalo charm with modern convenience. Open House on April 18th 11-1 and April 19th 1-3 PM.

11. 2026-04-14
    listed $229,900 Active 957-char remark

    Show marketing remark (957 chars)

    Welcome to 31 Thatcher Ave, Buffalo, NY 14215—a beautifully maintained and extensively updated multi-family home! The spacious lower unit offers three bedrooms, large living and dining areas, a full kitchen, and a full bathroom. The upper unit features two bedrooms, a comfortable living and dining layout, a kitchen, and a full bathroom, providing highly functional spaces for both homeowners and tenants. Thoughtful upgrades were completed throughout in 2022-2023, including modernized kitchens, beautifully updated bathrooms, Updated electrical and Plumbing, new windows, and fresh paint. Major mechanical improvements include hot water tanks replaced in 2023, offering peace of mind and excellent energy efficiency. Whether you are looking for a move-in-ready, owner-occupied residence or a smart investment opportunity, this home perfectly blends classic Buffalo charm with modern convenience. Open House on April 18th 11-1 and April 19th 1-3 PM.

12. 2019-11-15
    soldstatus $67,900
13. 2019-11-14
    soldstatus $67,900 Closed Sale or Rented 466-char remark

    Show marketing remark (466 chars)

    This 2 family home has a full attic, full basement and tear off roof. Each apartment is spacious with large front room, enclosed sun room, dining room, 2 bedrooms and fireplace (NRTC). The lower has an extra large rear bedroom with an additional flex room. Home requires TLC, it offers the right buyer excellent rental income opportunities or a spacious primary residence. Bring your ideas and offers! City Taxes are approximate. Showings start 9/15/2019 after 5 pm

14. 2019-10-04
    status Pending Sale 466-char remark

    Show marketing remark (466 chars)

    This 2 family home has a full attic, full basement and tear off roof. Each apartment is spacious with large front room, enclosed sun room, dining room, 2 bedrooms and fireplace (NRTC). The lower has an extra large rear bedroom with an additional flex room. Home requires TLC, it offers the right buyer excellent rental income opportunities or a spacious primary residence. Bring your ideas and offers! City Taxes are approximate. Showings start 9/15/2019 after 5 pm

15. 2019-09-24
    status Under Contract- Do Not Show 466-char remark

    Show marketing remark (466 chars)

    This 2 family home has a full attic, full basement and tear off roof. Each apartment is spacious with large front room, enclosed sun room, dining room, 2 bedrooms and fireplace (NRTC). The lower has an extra large rear bedroom with an additional flex room. Home requires TLC, it offers the right buyer excellent rental income opportunities or a spacious primary residence. Bring your ideas and offers! City Taxes are approximate. Showings start 9/15/2019 after 5 pm

16. 2019-09-20
    historical Continue to Show- Under Contract 466-char remark

    Show marketing remark (466 chars)

    This 2 family home has a full attic, full basement and tear off roof. Each apartment is spacious with large front room, enclosed sun room, dining room, 2 bedrooms and fireplace (NRTC). The lower has an extra large rear bedroom with an additional flex room. Home requires TLC, it offers the right buyer excellent rental income opportunities or a spacious primary residence. Bring your ideas and offers! City Taxes are approximate. Showings start 9/15/2019 after 5 pm

17. 2019-09-14
    listed $67,900 Active 466-char remark

    Show marketing remark (466 chars)

    This 2 family home has a full attic, full basement and tear off roof. Each apartment is spacious with large front room, enclosed sun room, dining room, 2 bedrooms and fireplace (NRTC). The lower has an extra large rear bedroom with an additional flex room. Home requires TLC, it offers the right buyer excellent rental income opportunities or a spacious primary residence. Bring your ideas and offers! City Taxes are approximate. Showings start 9/15/2019 after 5 pm

ⓘ 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 ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,616
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,609
• − Management: −$2,609
• − Depreciation: −$7,270
• Taxable income: $1,131
• Est. tax owed @ 24.0%: −$272
• After-tax cash flow: $4,771/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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 Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 4% Chinese 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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

+268.0% since first listed

8 events — show timeline

• 2026-04-21 Price Changed $249,900 WNYREIS
• 2026-04-14 Listed $229,900 WNYREIS
• 2019-11-15 Sold (Public Records) $67,900 Public Records
• 2019-11-14 Sold (MLS) $67,900 WNYREIS
• 2019-10-04 Pending — WNYREIS
• 2019-09-24 Pending — WNYREIS
• 2019-09-20 Contingent — WNYREIS
• 2019-09-14 Listed $67,900 WNYREIS

Property tax history

+10.5%/yr

Latest (2025): $275 · +0.0% YoY. Source: county tax records.