67 Harvard Pl

Buffalo, NY 14209

$925,000C

8 bd · 3.0 ba · 5,471 sqft · Built 1930 · MultiFamily · Pending · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,245/mo
• Mortgage (P&I): −$4,851
• Tax + insurance: −$591
• HOA: −$0
• Vac / Maint / Mgmt: −$1,731
• Net cashflow: $1,072/mo
• Annual: $12,862/yr
• Cap rate: 7.68%
• Cash-on-cash: 4.97%
• DSCR: 1.22
• 1% rule: 0.89%
• Cash to close: $259,000

Investor read

• This is a 6 × 1-bed/1-bath units multifamily listed at $925k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $179/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $824k (10.9% below list).
• It's been on market 98 days — a 9% lower offer ($842k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $824k (10.9% below list) — sets the bar for 1% rule.
• In year one you build about $24k of equity ($6k loan paydown + $17k appreciation (1.9% local appreciation)).
• 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).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.5%/yr); 56 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 6 sale attempts since 9y 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 $175k; list at $925k implies a 429% gain — meaningful room to come down on a strong offer.
• At projected returns (1.9% appreciation + 8.0% rent growth), your $259k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $8,245/mo this rent would consume 198% of the median local household income ($50k/yr) (locally 959% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 98 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.