3 Hurlock Ave · Buffalo, NY 14211

$270,000

8 bd · 3.0 ba · 2,992 sqft · MultiFamily public records · 194 Days on market

Built 1890 3,510 sqft lot $90/sqft · 17% above area Est $231k · 17% 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 +27.3/30.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• Appreciation +6.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to this rare opportunity to own a three-unit residential property that offers both immediate livability and long-term potential. This home has been maintained with care over the years and continues to stand strong with good bones, making it an excellent candidate for buyers who appreciate character, value, and the chance to add their own updates. While the property would benefit from updating, it is livable as it stands today, giving the flexibility to move in and work on improvements at your own pace. Showings are available through ShowingTime. The newer roof, furnace, hot water tank, and some newer windows provide the property’s durability, attic space is a bonus for creative use. Buyers who are ready to bring their vision to life will find this property to be a great addition to their portfolio or great living for an owner occupant. AS IS condition, Seller will not do any repairs recommended by the home inspection or bank appraisal, bank approval or proof of funds must be submitted with any offer. There is a dog on the premises but will be put away for showings

Key facts

• Attic space
• Newer furnace
• Newer roof

Tags

• NEWER ROOF
• NEWER FURNACE
• NEWER HOT WATER TANK
• NEWER WINDOWS
• ATTIC SPACE

What this means for you Summary

Snapshot

• This is a 8-bed/3.0-bath multifamily listed at $270k.

Deal economics

• At list price, monthly cash flow is $729 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Recommended offer: $238k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 8.0% in Buffalo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 172 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 $3,355/mo this rent would consume 111% of the median local household income ($36k/yr) (locally 1804% 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 ($2k loan paydown + $6k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $76k cash investment doubles in ~5 years — 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 194 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $30k; list at $270k implies a 800% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $237,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 194 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.24% ✓
• Cap rate: 9.78%
• Cash-on-cash: 12.45%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $231,029
• List price: $270,000
• Delta: 16.87%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
218 Bissell Ave	0.25mi	8/3.0	2,870 (-4%)	6mo	$132,000	$46	77

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

Projected returns pro-forma

2.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.1%
• Equity multiple: 1.87×
• Total profit: $65,702
• Equity at exit: $107,214

10-year hold

• IRR: 18.4%
• Equity multiple: 3.46×
• Total profit: $186,240
• Equity at exit: $154,943

Cash invested: $75,600 (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 14211

• Home prices YoY: 0.6%
• Active inventory: 172
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $3,355 high
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$338 /mo · $4,050/yr
• Insurance: −$112
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$705
• Net cashflow: $729

Break-even live

Break-even rent $2,432

Max offer price $270,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,354
Total (3 units)			$3,355

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $270,000 Active 194 DOM
2. 2026-06-17
   days on market $270,000 Active 193 DOM
3. 2026-06-16
   days on market $270,000 Active 192 DOM
4. 2026-06-15
   days on market $270,000 Active 191 DOM
5. 2026-06-13
   days on market $270,000 Active 189 DOM
6. 2026-06-13
   days on market $270,000 Active 188 DOM
7. 2026-06-10
   days on market $270,000 Active 186 DOM
8. 2026-06-09
   days on market $270,000 Active 185 DOM
9. 2026-06-08
   days on market $270,000 Active 184 DOM
10. 2026-06-07
    days on market $270,000 Active 183 DOM
11. 2026-06-03
    days on market $270,000 Active 179 DOM
12. 2026-06-02
    days on market $270,000 Active 178 DOM
13. 2026-06-01
    days on market $270,000 Active 177 DOM
14. 2026-05-31
    days on market $270,000 Active 176 DOM
15. 2026-03-19
    price $270,000 1094-char remark

    Show marketing remark (1094 chars)

    Welcome to this rare opportunity to own a three-unit residential property that offers both immediate livability and long-term potential. This home has been maintained with care over the years and continues to stand strong with good bones, making it an excellent candidate for buyers who appreciate character, value, and the chance to add their own updates. While the property would benefit from updating, it is livable as it stands today, giving the flexibility to move in and work on improvements at your own pace. Showings are available through ShowingTime. The newer roof, furnace, hot water tank, and some newer windows provide the property’s durability, attic space is a bonus for creative use. Buyers who are ready to bring their vision to life will find this property to be a great addition to their portfolio or great living for an owner occupant. AS IS condition, Seller will not do any repairs recommended by the home inspection or bank appraisal, bank approval or proof of funds must be submitted with any offer. There is a dog on the premises but will be put away for showings

16. 2025-12-05
    listed $280,000 Active 1094-char remark

    Show marketing remark (1094 chars)

    Welcome to this rare opportunity to own a three-unit residential property that offers both immediate livability and long-term potential. This home has been maintained with care over the years and continues to stand strong with good bones, making it an excellent candidate for buyers who appreciate character, value, and the chance to add their own updates. While the property would benefit from updating, it is livable as it stands today, giving the flexibility to move in and work on improvements at your own pace. Showings are available through ShowingTime. The newer roof, furnace, hot water tank, and some newer windows provide the property’s durability, attic space is a bonus for creative use. Buyers who are ready to bring their vision to life will find this property to be a great addition to their portfolio or great living for an owner occupant. AS IS condition, Seller will not do any repairs recommended by the home inspection or bank appraisal, bank approval or proof of funds must be submitted with any offer. There is a dog on the premises but will be put away for showings

17. 1997-01-30
    soldstatus $30,000

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°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: $40,260
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$2,016
• − Repairs & maintenance: −$3,221
• − Management: −$3,221
• − Depreciation: −$7,855
• Taxable income: $4,773
• Est. tax owed @ 24.0%: −$1,146
• After-tax cash flow: $7,602/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): 24,663
• Household income: $36,300
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1804.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 59% Asian 20% Hispanic / Latino 9% White 9% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4%
• Foreign-born: 17% · Canada, Philippines, Vietnam
• Languages at home: 74% English-only · Other Indo-European 14% Spanish 6% Other Asian/Pacific 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: ▲ 2.05%
• Current HPI: 357.6438
• 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

+800.0% since first listed

3 events — show timeline

• 2026-03-19 Price Changed $270,000 WNYREIS
• 2025-12-05 Listed $280,000 WNYREIS
• 1997-01-30 Sold (Public Records) $30,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $219 · +0.0% YoY. Source: county tax records.