285 Ashland Ave

Buffalo, NY 14222

$449,777B-

25 bd · None ba · 4,107 sqft · Built 1900 · MultiFamily · Active · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,040/mo
• Mortgage (P&I): −$2,359
• Tax + insurance: −$331
• HOA: −$0
• Vac / Maint / Mgmt: −$1,478
• Net cashflow: $2,872/mo
• Annual: $34,461/yr
• Cap rate: 13.95%
• Cash-on-cash: 27.36%
• DSCR: 2.22
• 1% rule: 1.57%
• Cash to close: $125,938

Investor read

• This is a 4×1bd/1ba + 1×2bd/1ba units multifamily listed at $450k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $574/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $450k).
• It's been on market 117 days — a 9% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $409k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• 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 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 125 active listings in the ZIP; solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Current owner paid $74k; list at $450k implies a 512% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $126k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.0% vs local median 6.8% 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.

Questions for listing agent

• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of wear and discoloration suggest significant damage.
• Major: siding — The siding is old and shows significant wear.
• Major: flooring — Given the overall condition, it is likely in need of replacement.
• Major: interior walls/paint — The paint is faded and uneven, indicating a need for freshening up.
• Major: windows — The windows show signs of wear and may need replacement or caulking.
• Major: HVAC/mechanicals — No systems are visible, but given the overall condition, they may need servicing or replacement.