214 Herman St · Buffalo, NY 14211

$130,000

5 bd · 2.0 ba · 2,025 sqft · MultiFamily public records · 210 Days on market

Built 1930 3,484 sqft lot $64/sqft · 30% below area Est $186k · 30% under

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Why this score? — see what drove the A- 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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• 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

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

3/3 Double in the city of Buffalo. Property is already tenant-occupied. Located just minutes from the 33 expressway, Delaware Park, downtown Buffalo, and many restaurants and other fine amenities. Great for a first-time investor or owner-occupied property.

Key facts

• Downtown buffalo
• Many restaurants
• Fine amenities

Tags

• MINUTES FROM 33 EXPRESSWAY
• DELAWARE PARK
• DOWNTOWN BUFFALO
• MANY RESTAURANTS
• FINE AMENITIES

🏷️ Possibly a rental listed for sale. The $130,000 price doesn't fit this home's estimated sale value (~$186,059) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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: 172 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $1,902/mo this rent would consume 63% 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 $4k of equity ($899 loan paydown + $3k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 210 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $42k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $33k; list at $130k implies a 294% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 210 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.46% ✓
• Cap rate: 11.87%
• Cash-on-cash: 19.91%
• DSCR: 1.89
• GRM: 5.7

CMA / ARV

• ARV (median comp): $186,059
• List price: $130,000
• Delta: -30.13%
• 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
352 Guilford St	0.28mi	5/2.0	2,088 (+3%)	15mo	$120,000	$57	70
236 Grey St	0.26mi	4/2.0 (-1)	2,106 (+4%)	12mo	$175,000	$83	66
494 Wilson St	0.24mi	6/2.0 (+1)	2,148 (+6%)	11mo	$121,000	$56	65
396 Guilford St	0.35mi	6/3.0 (+1)	2,144 (+6%)	2mo	$135,000	$63	63
324 Carlton St	0.61mi	4/2.0 (-1)	1,947 (-4%)	4mo	$66,100	$34	57
443 Madison St	0.54mi	5/2.0	1,892 (-7%)	8mo	$75,000	$40	57
41 Pershing Ave	0.40mi	4/2.0 (-1)	1,938 (-4%)	17mo	$145,000	$75	54
553 E North St	0.30mi	5/2.0	2,272 (+12%)	16mo	$83,800	$37	52
227 Timon St	0.65mi	6/2.0 (+1)	2,084 (+3%)	10mo	$190,000	$91	51
301 Reed St	0.23mi	6/2.0 (+1)	2,224 (+10%)	20mo	$65,000	$29	51
64 Sweet Ave	0.71mi	5/2.0	1,740 (-14%)	8mo	$145,000	$83	37
143 Sobieski St	0.63mi	4/2.0 (-1)	1,860 (-8%)	19mo	$35,000	$19	36

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: 24.3%
• Equity multiple: 2.31×
• Total profit: $47,734
• Equity at exit: $51,621

10-year hold

• IRR: 26.0%
• Equity multiple: 4.42×
• Total profit: $124,388
• Equity at exit: $74,602

Cash invested: $36,400 (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: 5.7×

Monthly cashflow live

• Estimated rent: $1,902 medium
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $604

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 63%

Sensitivity live

Price	-10% $694	-5% $649	+0% $604	+5% $559	+10% $514
Rent	-10% $454	-5% $529	+0% $604	+5% $679	+10% $754
Rate	-1.0pp $669	-0.5pp $637	base $604	+0.5pp $570	+1.0pp $536

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	24d	1	0.26mi
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	15d	1	1.27mi

Listing history 16 events

1. 2026-06-02
   days on market $130,000 Active 210 DOM
2. 2026-06-01
   days on market $130,000 Active 209 DOM
3. 2026-05-31
   days on market $130,000 Active 208 DOM
4. 2026-04-13
   price $130,000 256-char remark

   Show marketing remark (256 chars)

   3/3 Double in the city of Buffalo. Property is already tenant-occupied. Located just minutes from the 33 expressway, Delaware Park, downtown Buffalo, and many restaurants and other fine amenities. Great for a first-time investor or owner-occupied property.

5. 2025-11-18
   price $159,500 256-char remark

   Show marketing remark (256 chars)

   3/3 Double in the city of Buffalo. Property is already tenant-occupied. Located just minutes from the 33 expressway, Delaware Park, downtown Buffalo, and many restaurants and other fine amenities. Great for a first-time investor or owner-occupied property.

6. 2025-11-04
   listed $172,500 Active 256-char remark

   Show marketing remark (256 chars)

   3/3 Double in the city of Buffalo. Property is already tenant-occupied. Located just minutes from the 33 expressway, Delaware Park, downtown Buffalo, and many restaurants and other fine amenities. Great for a first-time investor or owner-occupied property.

7. 2018-10-01
   soldstatus $33,000
8. 2017-10-13
   soldstatus $45,000
9. 2016-04-18
   historical
10. 2016-04-04
    price $7,000
11. 2016-02-22
    listed $7,500 Active
12. 2016-01-02
    historical
13. 2015-09-09
    price $6,000
14. 2015-08-03
    price $6,900
15. 2015-07-24
    price $8,900
16. 2015-05-23
    listed $9,900 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°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: $22,821
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$1,826
• − Management: −$1,826
• − Depreciation: −$3,782
• Taxable income: $5,506
• Est. tax owed @ 24.0%: −$1,321
• After-tax cash flow: $5,926/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

+1213.1% since first listed

13 events — show timeline

• 2026-04-13 Price Changed $130,000 WNYREIS
• 2025-11-18 Price Changed $159,500 WNYREIS
• 2025-11-04 Listed $172,500 WNYREIS
• 2018-10-01 Sold (Public Records) $33,000 Public Records
• 2017-10-13 Sold (Public Records) $45,000 Public Records
• 2016-04-18 Listing Removed — WNYREIS
• 2016-04-04 Price Changed $7,000 WNYREIS
• 2016-02-22 Listed $7,500 WNYREIS
• 2016-01-02 Listing Removed — WNYREIS
• 2015-09-09 Price Changed $6,000 WNYREIS
• 2015-08-03 Price Changed $6,900 WNYREIS
• 2015-07-24 Price Changed $8,900 WNYREIS
• 2015-05-23 Listed $9,900 WNYREIS

Property tax history

+19.4%/yr

Latest (2025): $112 · +0.0% YoY. Source: county tax records.