43 Boyd St · Buffalo, NY 14213

$89,900

4 bd · 2.0 ba · 2,064 sqft · MultiFamily public records · 23 Days on market

Built 1890 3,000 sqft lot $44/sqft · 56% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

* * * RECENT DEAL DID NOT GO THROUGH * * * * PRICED FOR QUICK SALE * * * * Great property in a prime location on Buffalo’s desirable West Side. Major updates have already been completed, including a newer roof (approx. 2.5 years), siding (approx. 1.5 years), and recently replaced sewer and water lines from the street to the house (approx. 9 months). The property also features two furnaces and two hot water tanks, all only 2 months old, updated circuit breakers, and several newer windows already installed, with additional windows included in the property for completion. Conveniently located close to shopping, dining, public transportation, and other local amenities. Motivated

Key facts

• Newer roof
• Newer siding
• Replaced water lines

Tags

• PRIME LOCATION
• NEWER ROOF
• NEWER SIDING
• REPLACED SEWER LINES
• REPLACED WATER LINES
• TWO FURNACES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 28.9% vs local median 8.0% in Buffalo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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 soft (-0.5%/yr); 137 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,823/mo this rent would consume 63% of the median local household income ($54k/yr) (locally 1501% 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 $7k of equity ($622 loan paydown + $7k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $25k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $90k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,551 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 3.14% ✓
• Cap rate: 28.87%
• Cash-on-cash: 80.63%
• DSCR: 4.59
• GRM: 2.7

CMA / ARV

• ARV (median comp): $202,974
• List price: $89,900
• Delta: -53.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38 Ardmore Pl	0.39mi	5/2.0 (+1)	2,121 (+3%)	6mo	$230,000	$108	68
1072 West Ave	0.44mi	4/2.0	2,014 (-2%)	13mo	$125,000	$62	65
298 Massachusetts Ave	0.41mi	5/2.0 (+1)	2,221 (+8%)	1mo	$220,000	$99	63
233 Auburn Ave	0.17mi	5/2.0 (+1)	2,264 (+10%)	10mo	$310,000	$137	62
234 Dewitt St	0.52mi	5/3.0 (+1)	2,120 (+3%)	2mo	$59,000	$28	61
375 Plymouth Ave	0.68mi	4/2.0	2,121 (+3%)	4mo	$265,000	$125	60
23 Sherwood St	0.31mi	3/2.0 (-1)	1,830 (-11%)	4mo	$150,000	$82	58
214 W Ferry St Unit N	0.27mi	5/2.0 (+1)	2,296 (+11%)	7mo	$185,000	$81	58
118 Auburn Ave	0.38mi	4/2.0	1,760 (-15%)	9mo	$260,000	$148	50
440 W Utica St Unit S	0.54mi	4/3.0	2,371 (+15%)	0mo	$380,000	$160	46
461 Connecticut St	0.73mi	3/2.0 (-1)	2,122 (+3%)	13mo	$77,500	$37	45
228 Potomac Ave	0.49mi	3/2.0 (-1)	1,782 (-14%)	10mo	$325,000	$182	42

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

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 85.8%
• Equity multiple: 6.31×
• Total profit: $133,692
• Equity at exit: $65,337

10-year hold

• IRR: 81.3%
• Equity multiple: 12.63×
• Total profit: $292,657
• Equity at exit: $126,965

Cash invested: $25,172 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,823 high
• Mortgage (P&I): −$471
• Tax from tax record: −$30 /mo · $359/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$593
• Net cashflow: $1,691

Break-even live

Break-even rent $682

Max offer price $89,900

Occupancy floor 35%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,824
Total (2 units)			$2,823

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	14d	1	0.14mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	43d	1	0.18mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	14d	1	0.19mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	23d	1	0.23mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	14d	1	0.59mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	23d	1	0.61mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	43d	1	0.74mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	19d	1	0.75mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	0.78mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	19d	1	0.80mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	14d	1	0.80mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	1d	14	0.85mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	23d	1	0.92mi
7 Berkley Pl Buffalo, NY	3.0	1.0	2879	$1,250	$0.43	3d	1	1.21mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	43d	1	1.26mi

Listing history 21 events

1. 2026-06-18
   days on market $89,900 Active 23 DOM
2. 2026-06-17
   days on market $89,900 Active 22 DOM
3. 2026-06-16
   days on market $89,900 Active 21 DOM
4. 2026-06-15
   days on market $89,900 Active 20 DOM
5. 2026-06-13
   days on market $89,900 Active 18 DOM
6. 2026-06-13
   days on market $89,900 Active 17 DOM
7. 2026-06-10
   days on market $89,900 Active 15 DOM
8. 2026-06-09
   days on market $89,900 Active 14 DOM
9. 2026-06-08
   days on market $89,900 Active 13 DOM
10. 2026-06-07
    days on market $89,900 Active 12 DOM
11. 2026-06-03
    days on market $89,900 Active 8 DOM
12. 2026-06-02
    days on market $89,900 Active 7 DOM
13. 2026-06-01
    days on market $89,900 Active 6 DOM
14. 2026-05-31
    days on market $89,900 Active 5 DOM
15. 2026-05-03
    historical
16. 2026-04-29
    price $94,000
17. 2026-04-13
    price $99,000
18. 2026-03-10
    price $115,900
19. 2026-02-03
    listed $129,900 Active
20. 2022-09-01
    soldstatus $50,000
21. 2020-01-21
    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: $359 · $30/mo
• Projected year-2 tax: $939 · $78/mo
• Expected delta: +$580/yr (+$48/mo · 161.8%)

ⓘ 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: $33,876
• − Mortgage interest: −$5,036
• − Property taxes: −$359
• − Insurance: −$450
• − Repairs & maintenance: −$2,710
• − Management: −$2,710
• − Depreciation: −$2,615
• Taxable income: $19,997
• Est. tax owed @ 24.0%: −$4,799
• After-tax cash flow: $15,497/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

+108.9% since first listed

7 events — show timeline

• 2026-05-03 Listing Removed — WNYREIS
• 2026-04-29 Price Changed $94,000 WNYREIS
• 2026-04-13 Price Changed $99,000 WNYREIS
• 2026-03-10 Price Changed $115,900 WNYREIS
• 2026-02-03 Listed $129,900 WNYREIS
• 2022-09-01 Sold (Public Records) $50,000 Public Records
• 2020-01-21 Sold (Public Records) $45,000 Public Records

Property tax history

+11.4%/yr

Latest (2025): $359 · +0.0% YoY. Source: county tax records.