2328 South Park Ave · Buffalo, NY 14220

$200,000

4 bd · 2.0 ba · 1,890 sqft · MultiFamily public records · 114 Days on market

Built 1918 3,300 sqft lot $106/sqft · 49% below area Est $394k · 49% 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 +29.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.9/10.0
• Rent growth +4.4/5.0
• 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 MLS

Great opportunity in a desirable South Buffalo location! This upper/lower 2-unit features two 2-bedroom, 1-bath apartments with separate utilities and solid mechanicals. Rents are currently below market, offering potential for future upside. Exterior features low-maintenance vinyl siding, and the property has been well maintained over the years. A versatile property with value-add potential, ideal for an owner-occupant or investor looking to build long-term equity.

Key facts

• Separate utilities
• Value-add potential
• Well maintained

Tags

• 2-UNIT
• SEPARATE UTILITIES
• LOW-MAINTENANCE VINYL SIDING
• WELL MAINTAINED
• VALUE-ADD POTENTIAL
• LONG-TERM EQUITY

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive. Per door: $353/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 rising fast (+7.6%/yr); 136 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 40% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $56k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($182k) 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 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $182,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% 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 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.19% ✓
• Cap rate: 10.53%
• Cash-on-cash: 15.14%
• DSCR: 1.67
• GRM: 7.0

CMA / ARV

• ARV (median comp): $393,559
• List price: $200,000
• Delta: -49.18%
• 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
51 Ashton Pl	0.11mi	3/2.0 (-1)	1,736 (-8%)	3mo	$240,000	$138	73
55 Harding Rd	0.36mi	4/2.0	1,844 (-2%)	9mo	$275,000	$149	71
16 Culver Rd	0.32mi	4/2.0	1,800 (-5%)	8mo	$262,000	$146	71
15 Arbour Ln	0.49mi	4/2.0	1,856 (-2%)	7mo	$275,000	$148	69
165 Lockwood Ave	0.62mi	4/3.0	1,865 (-1%)	3mo	$195,000	$105	63
15 Vincent Ave	0.35mi	3/2.0 (-1)	1,803 (-5%)	11mo	$230,000	$128	62
183 Lockwood Ave	0.61mi	4/2.0	1,858 (-2%)	12mo	$197,500	$106	59
169 Altruria St	0.56mi	5/2.0 (+1)	1,958 (+4%)	8mo	$241,000	$123	57
6 Mckinley Pkwy	0.43mi	4/2.0	2,110 (+12%)	9mo	$380,000	$180	54
137 Lockwood Ave	0.63mi	5/2.0 (+1)	1,936 (+2%)	13mo	$204,000	$105	50
123 Kimberly Ave	0.70mi	4/2.0	1,633 (-14%)	4mo	$246,500	$151	41
103 Kimberly Ave	0.67mi	4/2.0	1,633 (-14%)	10mo	$271,000	$166	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 · 7.62% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.43×
• Total profit: $24,059
• Equity at exit: $29,821

10-year hold

• IRR: 22.7%
• Equity multiple: 3.33×
• Total profit: $130,705
• Equity at exit: $17,292

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 14220

• Home prices YoY: -26.7%
• Rents YoY: 7.6%
• Active inventory: 136
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $2,376 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$38 /mo · $460/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $707

Break-even live

Break-even rent $1,482

Max offer price $200,000

Occupancy floor 65%

Sensitivity live

Price	-10% $820	-5% $763	+0% $707	+5% $650	+10% $593
Rent	-10% $519	-5% $613	+0% $707	+5% $800	+10% $894
Rate	-1.0pp $807	-0.5pp $757	base $707	+0.5pp $655	+1.0pp $602

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,376
Total (2 units)			$2,376

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 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
74 Woodside Ave Unit 1 Buffalo, NY	3.0	1.0	1250	$1,510	$1.21	2d	1	0.53mi
89 Macamley St #2 Buffalo, NY	3.0	1.0	1274	$1,100	$0.86	11d	1	1.27mi

Listing history 17 events

1. 2026-06-18
   days on market $200,000 Active 114 DOM
2. 2026-06-17
   days on market $200,000 Active 113 DOM
3. 2026-06-16
   days on market $200,000 Active 112 DOM
4. 2026-06-15
   days on market $200,000 Active 111 DOM
5. 2026-06-13
   days on market $200,000 Active 109 DOM
6. 2026-06-13
   days on market $200,000 Active 108 DOM
7. 2026-06-10
   days on market $200,000 Active 106 DOM
8. 2026-06-09
   days on market $200,000 Active 105 DOM
9. 2026-06-08
   days on market $200,000 Active 104 DOM
10. 2026-06-07
    days on market $200,000 Active 103 DOM
11. 2026-06-03
    days on market $200,000 Active 99 DOM
12. 2026-06-02
    days on market $200,000 Active 98 DOM
13. 2026-06-01
    days on market $200,000 Active 97 DOM
14. 2026-05-31
    days on market $200,000 Active 96 DOM
15. 2026-02-24
    listed $200,000 Active 469-char remark

    Show marketing remark (469 chars)

    Great opportunity in a desirable South Buffalo location! This upper/lower 2-unit features two 2-bedroom, 1-bath apartments with separate utilities and solid mechanicals. Rents are currently below market, offering potential for future upside. Exterior features low-maintenance vinyl siding, and the property has been well maintained over the years. A versatile property with value-add potential, ideal for an owner-occupant or investor looking to build long-term equity.

16. 2026-01-02
    historical
17. 2025-07-05
    listed $1,200,000 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: $460 · $38/mo
• Projected year-2 tax: $1,920 · $160/mo
• Expected delta: +$1,460/yr (+$122/mo · 317.7%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 65% 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 4/10 Moderate 3 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,512
• − Mortgage interest: −$11,203
• − Property taxes: −$460
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,281
• − Management: −$2,281
• − Depreciation: −$5,818
• Taxable income: $5,469
• Est. tax owed @ 24.0%: −$1,313
• After-tax cash flow: $7,166/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): 24,428
• Household income: $70,963
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 602.0

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: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 13% Two or more races 6% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 10% Cuban 1%
• Common ancestry: Romanian 16% Lithuanian 1% Subsaharan African 1%
• Foreign-born: 4% · Canada, Jamaica, China
• Languages at home: 90% English-only · Spanish 4% Chinese 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: ▼ -146.29%
• Current HPI: 402.5053
• Rent YoY: ▲ 7.62%
• 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

-83.3% since first listed

3 events — show timeline

• 2026-02-24 Listed $200,000 WNYREIS
• 2026-01-02 Listing Removed — WNYREIS
• 2025-07-05 Listed $1,200,000 WNYREIS

Property tax history

+4.8%/yr

Latest (2025): $460 · +0.0% YoY. Source: county tax records.