40 Ullman St · Buffalo, NY 14207

$150,000

6 bd · 2.0 ba · 2,018 sqft · MultiFamily public records · 12 Days on market

Built 1922 3,537 sqft lot Est $220k · 32% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• 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: 2 units. confirmed

Listing remarks

Attention investors! Opportunity knocks with this well-maintained, fully rented 2-unit property offering immediate income and reliable long-term tenants who would love to stay. Conveniently located close to shopping, restaurants, schools, and everyday amenities, this affordable investment is the perfect addition to your portfolio. The lower unit features 3 bedrooms and 1 full bath, along with a bright eat-in kitchen offering abundant cabinet space, a spacious living room, formal dining room, and a charming rocking chair-style front porch perfect for relaxing. The upper unit offers 2 bedrooms and 1 full bath, with one oversized bedroom created by combining two original bedrooms and the poten

Key facts

• Formal dining room
• Oversized bedroom
• Conveniently located

Tags

• CONVENIENTLY LOCATED
• BRIGHT EAT-IN KITCHEN
• ABUNDANT CABINET SPACE
• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM
• OVERSIZED BEDROOM

Property features AI

Finance

• Financial info: Two-unit multifamily property with separate gas and electric meters for each unit; Owner pays trash collection and water; Operating expenses include trash and water; Current rents: one unit $650 (month-to-month), other unit $550 (month-to-month)

Exterior

• Parking: Detached 2-car garage; Concrete parking; One additional parking space
• Utilities: Public water connected; Sewer connected; Cable available; Circuit breaker electrical
• Home design: 2-story building; Resale property
• Construction: Composite siding; Copper plumbing; Shingle roof; Existing (previously built)
• Exterior features: Partial fencing; Fence; Covered and open porch

Interior

• Kitchen: Eat-in kitchen in both units; Formal dining room in both units
• Bedrooms: Two-unit property: one unit with 3 bedrooms, one unit with 2 bedrooms
• Flooring: Carpet; Vinyl; Varied flooring
• Bathrooms: Two full bathrooms total (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Ceiling fan(s); Natural woodwork; Satellite dish
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $538/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 14.9% 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.
• 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 (+8.2%/yr); 199 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 $2,494/mo this rent would consume 75% of the median local household income ($40k/yr) (locally 2177% 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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $37k; list at $150k implies a 304% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.66% ✓
• Cap rate: 14.90%
• Cash-on-cash: 30.74%
• DSCR: 2.37
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $219,962
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
101 Baxter St	0.19mi	6/2.0	2,000 (-1%)	5mo	$140,000	$70	85
50 Argus St	0.06mi	5/2.0 (-1)	2,009 (-0%)	12mo	$230,000	$114	82
85 Elgas St	0.18mi	6/2.0	2,009 (-0%)	12mo	$170,000	$85	81
102 Ullman St	0.12mi	5/2.0 (-1)	2,098 (+4%)	3mo	$165,000	$79	80
301 Roesch Ave	0.29mi	6/2.0	2,000 (-1%)	6mo	$250,000	$125	80
27 Baxter St	0.17mi	5/2.0 (-1)	2,028 (+0%)	11mo	$215,000	$106	77
311 Newfield St	0.30mi	6/2.0	2,129 (+6%)	6mo	$215,000	$101	72
74 Philadelphia St	0.30mi	6/2.0	2,160 (+7%)	5mo	$170,000	$79	70
395 Ontario St	0.38mi	5/2.0 (-1)	1,908 (-6%)	8mo	$270,000	$142	62
84 Riverside Ave	0.44mi	6/2.0	2,200 (+9%)	13mo	$250,000	$114	54
129 Philadelphia St	0.39mi	6/2.0	2,292 (+14%)	9mo	$250,000	$109	51
18 Lamont Pl	0.71mi	5/2.0 (-1)	1,848 (-8%)	12mo	$220,000	$119	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 30.7%
• Equity multiple: 2.37×
• Total profit: $57,356
• Equity at exit: $22,365

10-year hold

• IRR: 40.4%
• Equity multiple: 5.71×
• Total profit: $197,976
• Equity at exit: $12,969

Cash invested: $42,000 (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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 199
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,494 high
• Mortgage (P&I): −$787
• Tax from tax record: −$45 /mo · $542/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $1,076

Break-even live

Break-even rent $1,132

Max offer price $150,000

Occupancy floor 52%

Sensitivity live

Price	-10% $1,161	-5% $1,118	+0% $1,076	+5% $1,034	+10% $991
Rent	-10% $879	-5% $977	+0% $1,076	+5% $1,175	+10% $1,273
Rate	-1.0pp $1,152	-0.5pp $1,114	base $1,076	+0.5pp $1,037	+1.0pp $998

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,494
Total (2 units)			$2,494

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $150,000 Active 12 DOM
2. 2026-06-18
   days on market $150,000 Active 9 DOM
3. 2026-06-17
   days on market $150,000 Active 8 DOM
4. 2026-06-16
   days on market $150,000 Active 7 DOM
5. 2026-06-15
   days on market $150,000 Active 6 DOM
6. 2026-06-13
   days on market $150,000 Active 4 DOM
7. 2026-06-13
   days on market $150,000 Active 3 DOM
8. 2026-06-10
   remarks 699-char remark
9. 2026-06-10
   listed $150,000 Active 1 DOM

ⓘ 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: $542 · $45/mo
• Projected year-2 tax: $1,538 · $128/mo
• Expected delta: +$997/yr (+$83/mo · 184.0%)

ⓘ 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 ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,928
• − Mortgage interest: −$8,402
• − Property taxes: −$542
• − Insurance: −$750
• − Repairs & maintenance: −$2,394
• − Management: −$2,394
• − Depreciation: −$4,364
• Taxable income: $11,082
• Est. tax owed @ 24.0%: −$2,660
• After-tax cash flow: $10,252/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

+127.3% since first listed

3 events — show timeline

• 2026-06-09 Listed $150,000 WNYREIS
• 2001-02-22 Sold (Public Records) $37,100 Public Records
• 1994-06-01 Sold (Public Records) $66,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $542 · +34.2% YoY. Source: county tax records.