268 Georgia St · Buffalo, NY 14201

$499,900

5 bd · 4.5 ba · 3,352 sqft · MultiFamily public records · 181 Days on market

Built 1900 4,679 sqft lot $149/sqft · 23% below area Est $647k · 23% under

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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 +28.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.7/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Schools +3.3/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Discover this stately, fully remodeled all-brick Victorian 3 unit, brimming with turn-of-the-century character and modern comfort. A welcoming front porch leads you into the expansive two-story owner’s unit, offering 3 bedrooms, 2.5 baths, refinished hardwood floors, and soaring 10-foot ceilings. The charming entry foyer and open staircase flow into a spacious living room with a fireplace and elegant plaster crown moldings, a formal dining room, and a beautifully updated kitchen featuring granite countertops, stainless steel appliances, and a large island with bar seating. An office, half bath and convenient in-unit laundry complete the main level. Upstairs, the second floor boasts a generous primary suite with ample closets and a stylish ensuite bath adorned with a natural-wood vanity and tub/shower combo. Two additional bedrooms share an updated hallway bath with a walk-in shower. The two rear 1 bedroom apartments enjoy a private entrance and modern amenities, including updated kitchens with stainless steel appliances and granite counters, as well as refreshed bathrooms, ideal for generating rental income. A full basement, accessible from the owner’s unit, offers solid mechanicals and abundant storage. Outside, a large fenced yard with a storage shed provides the perfect space for entertaining or relaxing. Additional highlights include separate electric meters for all units, with a shared gas meter for the two rear apartments.

Key facts

• Fully remodeled
• All-brick victorian
• 4,679 sq ft lot

Tags

• FULLY REMODELED
• ALL-BRICK VICTORIAN
• WELCOMING FRONT PORCH
• EXPANSIVE TWO-STORY UNIT
• REFINISHED HARDWOOD FLOORS
• SOARING 10-FOOT CEILINGS

What this means for you Summary

Snapshot

• This is a 3 × 3.0-bed/2.5-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $554/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $500k).
• Recommended offer: $440k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 8.0% in Buffalo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+4.3%/yr); 56 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 $5,869/mo this rent would consume 174% of the median local household income ($41k/yr) (locally 1213% 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 $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $140k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 13y ago; this cycle's ask has dropped $70k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $439,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.17% ✓
• Cap rate: 10.28%
• Cash-on-cash: 14.24%
• DSCR: 1.63
• GRM: 7.1

CMA / ARV

• ARV (median comp): $647,229
• List price: $499,900
• Delta: -22.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
258 Hudson St	0.53mi	6/2.0 (+1)	3,359 (+0%)	1mo	$150,000	$45	59
81,83,85 West Ave	0.32mi	5/4.0	3,590 (+7%)	22mo	$432,500	$120	53
348 Virginia St	0.36mi	6/4.0 (+1)	2,882 (-14%)	2mo	$328,000	$114	51
108 Plymouth Ave	0.74mi	5/2.0	3,240 (-3%)	10mo	$280,000	$86	41
286 W Tupper St Unit S	0.36mi	4/3.0 (-1)	2,892 (-14%)	12mo	$365,500	$126	39
58 Mariner St	0.51mi	6/2.0 (+1)	3,017 (-10%)	10mo	$314,150	$104	36
132 Cottage St	0.49mi	4/2.0 (-1)	2,960 (-12%)	19mo	$432,000	$146	27
422 Busti Ave	0.65mi	6/3.0 (+1)	3,020 (-10%)	21mo	$335,000	$111	25
286 Hudson St	0.54mi	6/2.0 (+1)	2,860 (-15%)	16mo	$307,000	$107	22

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: 5.8%
• Equity multiple: 1.23×
• Total profit: $32,202
• Equity at exit: $74,537

10-year hold

• IRR: 16.2%
• Equity multiple: 2.40×
• Total profit: $195,628
• Equity at exit: $43,222

Cash invested: $139,972 (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 14201

• Home prices YoY: -19.1%
• Rents YoY: 4.3%
• Active inventory: 56
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $5,869 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$146 /mo · $1,754/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,232
• Net cashflow: $1,661

Break-even live

Break-even rent $3,767

Max offer price $499,900

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3.0	2.5	$5,868
Total (3 units)			$5,869

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-03
   days on market $499,900 Active 181 DOM
2. 2026-06-02
   days on market $499,900 Active 180 DOM
3. 2026-06-01
   days on market $499,900 Active 179 DOM
4. 2026-05-31
   days on market $499,900 Active 178 DOM
5. 2026-05-06
   price $499,900 1464-char remark

   Show marketing remark (1464 chars)

   Discover this stately, fully remodeled all-brick Victorian 3 unit, brimming with turn-of-the-century character and modern comfort. A welcoming front porch leads you into the expansive two-story owner’s unit, offering 3 bedrooms, 2.5 baths, refinished hardwood floors, and soaring 10-foot ceilings. The charming entry foyer and open staircase flow into a spacious living room with a fireplace and elegant plaster crown moldings, a formal dining room, and a beautifully updated kitchen featuring granite countertops, stainless steel appliances, and a large island with bar seating. An office, half bath and convenient in-unit laundry complete the main level. Upstairs, the second floor boasts a generous primary suite with ample closets and a stylish ensuite bath adorned with a natural-wood vanity and tub/shower combo. Two additional bedrooms share an updated hallway bath with a walk-in shower. The two rear 1 bedroom apartments enjoy a private entrance and modern amenities, including updated kitchens with stainless steel appliances and granite counters, as well as refreshed bathrooms, ideal for generating rental income. A full basement, accessible from the owner’s unit, offers solid mechanicals and abundant storage. Outside, a large fenced yard with a storage shed provides the perfect space for entertaining or relaxing. Additional highlights include separate electric meters for all units, with a shared gas meter for the two rear apartments.

6. 2026-02-23
   price $535,900 1464-char remark

   Show marketing remark (1464 chars)

   Discover this stately, fully remodeled all-brick Victorian 3 unit, brimming with turn-of-the-century character and modern comfort. A welcoming front porch leads you into the expansive two-story owner’s unit, offering 3 bedrooms, 2.5 baths, refinished hardwood floors, and soaring 10-foot ceilings. The charming entry foyer and open staircase flow into a spacious living room with a fireplace and elegant plaster crown moldings, a formal dining room, and a beautifully updated kitchen featuring granite countertops, stainless steel appliances, and a large island with bar seating. An office, half bath and convenient in-unit laundry complete the main level. Upstairs, the second floor boasts a generous primary suite with ample closets and a stylish ensuite bath adorned with a natural-wood vanity and tub/shower combo. Two additional bedrooms share an updated hallway bath with a walk-in shower. The two rear 1 bedroom apartments enjoy a private entrance and modern amenities, including updated kitchens with stainless steel appliances and granite counters, as well as refreshed bathrooms, ideal for generating rental income. A full basement, accessible from the owner’s unit, offers solid mechanicals and abundant storage. Outside, a large fenced yard with a storage shed provides the perfect space for entertaining or relaxing. Additional highlights include separate electric meters for all units, with a shared gas meter for the two rear apartments.

7. 2025-12-04
   listed $569,900 Active 1464-char remark

   Show marketing remark (1464 chars)

   Discover this stately, fully remodeled all-brick Victorian 3 unit, brimming with turn-of-the-century character and modern comfort. A welcoming front porch leads you into the expansive two-story owner’s unit, offering 3 bedrooms, 2.5 baths, refinished hardwood floors, and soaring 10-foot ceilings. The charming entry foyer and open staircase flow into a spacious living room with a fireplace and elegant plaster crown moldings, a formal dining room, and a beautifully updated kitchen featuring granite countertops, stainless steel appliances, and a large island with bar seating. An office, half bath and convenient in-unit laundry complete the main level. Upstairs, the second floor boasts a generous primary suite with ample closets and a stylish ensuite bath adorned with a natural-wood vanity and tub/shower combo. Two additional bedrooms share an updated hallway bath with a walk-in shower. The two rear 1 bedroom apartments enjoy a private entrance and modern amenities, including updated kitchens with stainless steel appliances and granite counters, as well as refreshed bathrooms, ideal for generating rental income. A full basement, accessible from the owner’s unit, offers solid mechanicals and abundant storage. Outside, a large fenced yard with a storage shed provides the perfect space for entertaining or relaxing. Additional highlights include separate electric meters for all units, with a shared gas meter for the two rear apartments.

8. 2024-10-02
   historical
9. 2024-09-12
   price $500,000
10. 2024-07-26
    price $534,900
11. 2024-07-03
    status Active
12. 2024-04-24
    status Pending
13. 2024-04-10
    price $539,900
14. 2024-01-30
    listed $549,900 Active
15. 2022-11-09
    soldstatus $500,000
16. 2022-11-01
    soldstatus $500,000 Closed Sale or Rented
17. 2022-08-02
    status Pending Sale
18. 2022-07-25
    status Under Contract- Do Not Show
19. 2022-07-01
    listed $499,900 Active
20. 2017-10-04
    soldstatus $300,000
21. 2014-02-24
    soldstatus $312,000
22. 2014-02-24
    soldstatus $312,000
23. 2014-02-21
    soldstatus $312,000
24. 2013-08-28
    listed $317,000
25. 2013-04-04
    listed $337,900
26. 2013-02-13
    listed $337,900
27. 2010-03-29
    soldstatus $62,000
28. 2005-07-25
    soldstatus $45,000

ⓘ 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: $1,754 · $146/mo
• Projected year-2 tax: $5,101 · $425/mo
• Expected delta: +$3,347/yr (+$279/mo · 190.8%)

ⓘ 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: $70,428
• − Mortgage interest: −$28,002
• − Property taxes: −$1,754
• − Insurance: −$2,500
• − Repairs & maintenance: −$5,634
• − Management: −$5,634
• − Depreciation: −$14,543
• Taxable income: $12,361
• Est. tax owed @ 24.0%: −$2,967
• After-tax cash flow: $16,959/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): 12,369
• Household income: $40,512
• Rent vs Own: 76.4% rent · 23.6% own
• Severe rent burden: 1213.0

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 0.66)
• 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%

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

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

+1010.9% since first listed

24 events — show timeline

• 2026-05-06 Price Changed $499,900 WNYREIS
• 2026-02-23 Price Changed $535,900 WNYREIS
• 2025-12-04 Listed $569,900 WNYREIS
• 2024-10-02 Listing Removed — WNYREIS
• 2024-09-12 Price Changed $500,000 WNYREIS
• 2024-07-26 Price Changed $534,900 WNYREIS
• 2024-07-03 Relisted — WNYREIS
• 2024-04-24 Pending — WNYREIS
• 2024-04-10 Price Changed $539,900 WNYREIS
• 2024-01-30 Listed $549,900 WNYREIS
• 2022-11-09 Sold (Public Records) $500,000 Public Records
• 2022-11-01 Sold (MLS) $500,000 WNYREIS
• 2022-08-02 Pending — WNYREIS
• 2022-07-25 Pending — WNYREIS
• 2022-07-01 Listed $499,900 WNYREIS
• 2017-10-04 Sold (Public Records) $300,000 Public Records
• 2014-02-24 Sold (Public Records) $312,000 Public Records
• 2014-02-24 Sold (Public Records) $312,000 Public Records
• 2014-02-21 Sold (MLS) $312,000 WNYREIS
• 2013-08-28 Listed $317,000 WNYREIS
• 2013-04-04 Listed $337,900 WNYREIS
• 2013-02-13 Listed $337,900 WNYREIS
• 2010-03-29 Sold (Public Records) $62,000 Public Records
• 2005-07-25 Sold (Public Records) $45,000 Public Records

Property tax history

-14.3%/yr

Latest (2025): $1,754 · +0.0% YoY. Source: county tax records.