2280 Main St · Buffalo, NY 14214

$349,900

6 bd · 3.0 ba · 3,350 sqft · MultiFamily public records · 73 Days on market

Built 1916 5,688 sqft lot $104/sqft · 53% below area ↓ 18% since listing

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Why this score? — see what drove the D- 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 +11.3/30.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• DSCR +3.3/10.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• 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

Seller motivated! Welcome to 2280 Main St. Buffalo NY 14214, this location is so close to everything! The Buffalo Zoo, Delaware Park, Canisius College, Sisters Hospital etc. This Property has been family owned for around 40 years and is zoned Residential with commercial use. This vacant money maker is ready to collect income and/or run your business here. Features include 3 residential apartments and an office/storefront. Enter on the first floor to a reception area and 2 large offices with beautiful woodwork, painted glass windows, high ceilings and some new updates throughout. There are Separate entrances to the apartments. First floor rear apt features 3 beds, 1 bath updated with new vinyl flooring. Second floor rear apt has 3 beds, 1 bath updated with newer vinyl flooring and carpet. Beautiful wood cabinets and cabinets left for the owner. Second floor front has a one bedroom, open floor plan with a beautiful large bath, hardwood floors and beautiful woodwork. The attic is full and can be finished for more space. Full dry, solid basement, has laundry room, storage, new 85 gallon hot water tank, new high efficiency furnace. There are 2 meters, gas and electric. A Brand New roof. Huge shared driveway and lots of parking in the rear. Three car garage included for more space. Properties like this do not come on the market often, run don't walk to see the many possibilities this has to offer.

Key facts

• Office storefront
• Reception area
• 5,688 sq ft lot

Tags

• 3 RESIDENTIAL APARTMENTS
• OFFICE STOREFRONT
• RECEPTION AREA
• FULL DRY SOLID BASEMENT
• NEW 85 GALLON HOT WATER TANK
• NEW HIGH EFFICIENCY FURNACE

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $-129 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $327k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $243k (30.5% below list).
• Recommended offer: $243k (30.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 8.0% in Buffalo — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+5.8%/yr); 92 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,430/mo this rent would consume 50% of the median local household income ($58k/yr) (locally 1820% 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 $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $243,032 (30.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.69% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• GRM: 12.0

CMA / ARV

• ARV (median comp): $740,284
• List price: $349,900
• Delta: -52.73%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26 Jewett Pkwy	0.26mi	6/2.0	3,487 (+4%)	9mo	$320,000	$92	69
19 Florence Ave	0.06mi	6/2.0	3,134 (-6%)	18mo	$310,000	$99	67
31 Woodward Ave	0.27mi	6/2.0	3,198 (-4%)	17mo	$455,000	$142	62
243 Crescent Ave	0.17mi	6/2.0	2,946 (-12%)	20mo	$425,000	$144	51
115 Wakefield Ave	0.67mi	5/3.0 (-1)	3,108 (-7%)	11mo	$240,000	$77	42
378 Humboldt Pkwy	0.51mi	6/3.0	2,904 (-13%)	23mo	$261,600	$90	34
441 Humboldt Pkwy	0.64mi	5/2.0 (-1)	2,966 (-12%)	13mo	$120,000	$40	31

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 · 5.81% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.41×
• Total profit: $-58,037
• Equity at exit: $52,171

10-year hold

• IRR: -4.4%
• Equity multiple: 0.68×
• Total profit: $-31,176
• Equity at exit: $30,253

Cash invested: $97,972 (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 14214

• Rents YoY: 5.8%
• Active inventory: 92
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,430 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$68 /mo · $818/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $-129

Break-even live

Break-even rent $2,594

Max offer price $327,122

Occupancy floor —

Sensitivity live

Price	-10% $69	-5% $-30	+0% $-129	+5% $-228	+10% $-327
Rent	-10% $-321	-5% $-225	+0% $-129	+5% $-33	+10% $63
Rate	-1.0pp $47	-0.5pp $-40	base $-129	+0.5pp $-220	+1.0pp $-312

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $349,900 Active 73 DOM
2. 2026-06-18
   days on market $349,900 Active 70 DOM
3. 2026-06-17
   days on market $349,900 Active 69 DOM
4. 2026-06-16
   days on market $349,900 Active 68 DOM
5. 2026-06-15
   days on market $349,900 Active 67 DOM
6. 2026-06-13
   days on market $349,900 Active 65 DOM
7. 2026-06-13
   days on market $349,900 Active 64 DOM
8. 2026-06-10
   days on market $349,900 Active 62 DOM
9. 2026-06-09
   days on market $349,900 Active 61 DOM
10. 2026-06-08
    days on market $349,900 Active 60 DOM
11. 2026-06-07
    days on market $349,900 Active 59 DOM
12. 2026-06-03
    days on market $349,900 Active 55 DOM
13. 2026-06-02
    days on market $349,900 Active 54 DOM
14. 2026-06-01
    days on market $349,900 Active 53 DOM
15. 2026-05-31
    days on market $349,900 Active 52 DOM
16. 2026-04-09
    listed $349,900 Active 1414-char remark

    Show marketing remark (1414 chars)

    Seller motivated! Welcome to 2280 Main St. Buffalo NY 14214, this location is so close to everything! The Buffalo Zoo, Delaware Park, Canisius College, Sisters Hospital etc. This Property has been family owned for around 40 years and is zoned Residential with commercial use. This vacant money maker is ready to collect income and/or run your business here. Features include 3 residential apartments and an office/storefront. Enter on the first floor to a reception area and 2 large offices with beautiful woodwork, painted glass windows, high ceilings and some new updates throughout. There are Separate entrances to the apartments. First floor rear apt features 3 beds, 1 bath updated with new vinyl flooring. Second floor rear apt has 3 beds, 1 bath updated with newer vinyl flooring and carpet. Beautiful wood cabinets and cabinets left for the owner. Second floor front has a one bedroom, open floor plan with a beautiful large bath, hardwood floors and beautiful woodwork. The attic is full and can be finished for more space. Full dry, solid basement, has laundry room, storage, new 85 gallon hot water tank, new high efficiency furnace. There are 2 meters, gas and electric. A Brand New roof. Huge shared driveway and lots of parking in the rear. Three car garage included for more space. Properties like this do not come on the market often, run don't walk to see the many possibilities this has to offer.

17. 2026-04-08
    historical
18. 2026-03-31
    price $359,000
19. 2026-02-05
    price $369,000
20. 2026-01-15
    price $399,000
21. 2025-12-18
    price $414,900
22. 2025-12-01
    listed $424,900 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: $818 · $68/mo
• Projected year-2 tax: $3,366 · $280/mo
• Expected delta: +$2,548/yr (+$212/mo · 311.3%)

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

Taxation est. · year 1

• Rental income: $29,164
• − Mortgage interest: −$19,600
• − Property taxes: −$818
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,333
• − Management: −$2,333
• − Depreciation: −$10,179
• Taxable loss: −$7,849
• Est. tax savings @ 24.0%: +$1,884
• After-tax cash flow: $336/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): 21,314
• Household income: $58,228
• Rent vs Own: 57.7% rent · 42.3% own
• Severe rent burden: 1820.0

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 0.67)
• Race & ethnicity: White 47% Black 31% Asian 11% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 2% Scotch-Irish 1%
• Foreign-born: 14% · Canada, China
• Languages at home: 81% English-only · Other Indo-European 7% Spanish 4% Other Asian/Pacific 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: ▼ -282.52%
• Current HPI: 373.377
• Rent YoY: ▲ 5.81%
• 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

-17.7% since first listed

7 events — show timeline

• 2026-04-09 Listed $349,900 WNYREIS
• 2026-04-08 Listing Removed — WNYREIS
• 2026-03-31 Price Changed $359,000 WNYREIS
• 2026-02-05 Price Changed $369,000 WNYREIS
• 2026-01-15 Price Changed $399,000 WNYREIS
• 2025-12-18 Price Changed $414,900 WNYREIS
• 2025-12-01 Listed $424,900 WNYREIS

Property tax history

+11.3%/yr

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