216 Metcalfe St · Buffalo, NY 14206

$200,000

6 bd · 2.0 ba · 1,952 sqft · MultiFamily public records · 55 Days on market

Built 1830 5,175 sqft lot $102/sqft · 24% above area Est $161k · 24% over

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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 +22.7/30.0
• Appreciation +9.0/10.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Welcome to this beautiful two-family home in a great neighborhood. Perfect for both investors and owner-occupants, this property features an excellent opportunity to generate rental income or offset your mortgage. Each unit-upper and lower-features living room, kitchens and updated bathrooms, complemented by refinished hardwood floors that blend classic charm with modern style. Additional highlights include a car garage, a full basement and providing abundant storage and flexible storage and flexible space. Showings begin immediately. Don't miss your chance to own this move-in ready, income producing property!

Key facts

• 5,175 sq ft lot
• Garage
• Built 1830

Property features AI

Finance

• Other: Owner pays: other/see remarks; Rent includes: see remarks
• Financial info: Two total units (both in the building); Separate gas and electric meters for each unit; Operating expense details: See remarks

Exterior

• Parking: Garage with 1 space; Additional parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multifamily property; Resale condition
• Construction: Aluminum, vinyl, and wood siding; Existing construction
• Exterior features: Rectangular residential lot; Near public transit; City street frontage; Lot dimensions approximately 45 x 115

Interior

• Bedrooms: Two units, each with 3 bedrooms
• Flooring: Ceramic tile; Hardwood; Vinyl; Varies
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $343 ($4k/yr) — positive. Per door: $172/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $194k (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: 170 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,184/mo this rent would consume 52% of the median local household income ($50k/yr) (locally 841% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $110k; list at $200k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1830 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $194,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% 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 1830 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. 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: 8.35%
• Cash-on-cash: 7.35%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

• ARV (median comp): $161,011
• List price: $200,000
• Delta: 24.22%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 Metcalfe St	0.03mi	5/2.0 (-1)	1,960 (+0%)	10mo	$215,000	$110	84
220 Metcalfe St	0.01mi	5/2.0 (-1)	1,896 (-3%)	18mo	$70,000	$37	75
1038 Clinton St	0.39mi	6/2.0	2,156 (+10%)	18mo	$148,530	$69	50
910 Clinton St	0.42mi	6/2.0	2,208 (+13%)	14mo	$70,000	$32	47
64 Sweet Ave	0.51mi	5/2.0 (-1)	1,740 (-11%)	8mo	$145,000	$83	47
578 Howard St	0.15mi	5/3.0 (-1)	1,722 (-12%)	21mo	$65,000	$38	47
80 Fillmore Ave	0.67mi	5/2.0 (-1)	1,813 (-7%)	17mo	$132,000	$73	38
42 Grimes St	0.70mi	5/2.0 (-1)	1,836 (-6%)	23mo	$30,000	$16	33
138 Scoville Ave	0.69mi	5/2.0 (-1)	2,112 (+8%)	20mo	$128,000	$61	32
24 Person St	0.72mi	5/2.0 (-1)	1,728 (-12%)	12mo	$125,000	$72	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

8.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.8%
• Equity multiple: 2.88×
• Total profit: $105,028
• Equity at exit: $152,740

10-year hold

• IRR: 23.2%
• Equity multiple: 6.15×
• Total profit: $288,580
• Equity at exit: $303,949

Cash invested: $56,000 (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 →

ZIP-level market 14206

• Home prices YoY: 1.8%
• Active inventory: 170
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $2,184 high
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $343

Break-even live

Break-even rent $1,750

Max offer price $200,000

Occupancy floor 79%

Sensitivity live

Price	-10% $481	-5% $412	+0% $343	+5% $274	+10% $205
Rent	-10% $171	-5% $257	+0% $343	+5% $429	+10% $516
Rate	-1.0pp $444	-0.5pp $394	base $343	+0.5pp $291	+1.0pp $239

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,184
Total (2 units)			$2,184

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	24d	1	1.09mi

Listing history 19 events

1. 2026-06-21
   days on market $200,000 Active 55 DOM
2. 2026-06-18
   days on market $200,000 Active 52 DOM
3. 2026-06-17
   days on market $200,000 Active 51 DOM
4. 2026-06-16
   pricedays on market $200,000 Active 50 DOM
5. 2026-06-15
   days on market $210,000 Active 49 DOM
6. 2026-06-13
   days on market $210,000 Active 47 DOM
7. 2026-06-13
   days on market $210,000 Active 46 DOM
8. 2026-06-10
   days on market $210,000 Active 44 DOM
9. 2026-06-09
   days on market $210,000 Active 43 DOM
10. 2026-06-08
    days on market $210,000 Active 42 DOM
11. 2026-06-07
    days on market $210,000 Active 41 DOM
12. 2026-06-03
    days on market $210,000 Active 37 DOM
13. 2026-06-02
    days on market $210,000 Active 36 DOM
14. 2026-06-01
    days on market $210,000 Active 35 DOM
15. 2026-05-31
    days on market $210,000 Active 34 DOM
16. 2026-04-27
    listed $210,000 Active 617-char remark
17. 2022-07-01
    soldstatus $110,000
18. 2021-07-21
    soldstatus $47,777
19. 2014-10-29
    soldstatus $38,000

ⓘ 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 ≥92°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: $26,208
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,097
• − Management: −$2,097
• − Depreciation: −$5,818
• Taxable income: $993
• Est. tax owed @ 24.0%: −$238
• After-tax cash flow: $3,880/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): 21,631
• Household income: $50,450
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 841.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Romanian 25% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Arabic 2%

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: ▲ 8.06%
• Current HPI: 457.3935
• Rent YoY: —
• 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

+426.3% since first listed

5 events — show timeline

• 2026-06-15 Price Changed $200,000 WNYREIS
• 2026-04-27 Listed $210,000 WNYREIS
• 2022-07-01 Sold (Public Records) $110,000 Public Records
• 2021-07-21 Sold (Public Records) $47,777 Public Records
• 2014-10-29 Sold (Public Records) $38,000 Public Records

Property tax history

+8.1%/yr

Latest (2025): $373 · +58.5% YoY. Source: county tax records.