97 Linwood Ave · Buffalo, NY 14209

$975,000

9 bd · None ba · 10,969 sqft · MultiFamily public records · 604 Days on market

Built 1900 0.27 ac lot $89/sqft · 34% below area Est $1485k · 34% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.9/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

DESTINCTIVE LINWOOD MANSION -FEATURING 12 APARTMENTS, STUDIOS AND 1BEDROOM DESIGNS. SOME OFF-STREET PARKING AVAILABLE. 3 LEVELS, 4 UNITS ON EACH LEVEL, PLUS FINISHED BASEMENT WITH POSSIBLE 13TH “GARDEN LEVEL” UNIT. LANDLORD PAYS ELECTRIC AND WATER, TENANTS PAY HEAT. APPLIANCES INCLUDED, MOST BATHS WITH TUB AND SHOWERS AND SOME WITH JUST SHOWERS. THERE IS COIN LAUNDRY IN THE BASEMENT. UNITS ARE UNIQUES IN STYLE AND LAYOUT. CLOSE TO BUS LINE, BUFFALO CBD, BUFFALO MEDICAL CORRIDOR AND THE CANADIAN BOARDER.

Key facts

• 0.27 acre lot
• 3 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 9-bed/?-bath multifamily listed at $975k.

Deal economics

• At list price, monthly cash flow is $9k ($107k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $975k).
• Recommended offer: $858k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.3% vs local median 8.1% 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 (+8.5%/yr); 56 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $18,769/mo this rent would consume 450% of the median local household income ($50k/yr) (locally 959% 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 $25k of equity ($7k loan paydown + $18k appreciation (1.9% local appreciation)).
• At projected returns (1.9% appreciation + 8.0% rent growth), your $273k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$63k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 604 days — a 12% lower offer ($858k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $360k; list at $975k implies a 171% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $858,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 604 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 1900 — 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: 1.93% ✓
• Cap rate: 17.28%
• Cash-on-cash: 39.22%
• DSCR: 2.75
• GRM: 4.3

CMA / ARV

• ARV (median comp): $1,484,803
• List price: $975,000
• Delta: -34.33%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

1.86% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 47.3%
• Equity multiple: 3.66×
• Total profit: $727,319
• Equity at exit: $377,337

10-year hold

• IRR: 50.4%
• Equity multiple: 8.52×
• Total profit: $2,052,135
• Equity at exit: $537,872

Cash invested: $273,000 (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 14209

• Home prices YoY: 0.4%
• Rents YoY: 8.5%
• Active inventory: 56
• Price-to-rent: 51.9×

Monthly cashflow live

• Estimated rent: $18,769 high
• Mortgage (P&I): −$5,113
• Tax from tax record: −$385 /mo · $4,624/yr
• Insurance: −$406
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,941
• Net cashflow: $8,923

Break-even live

Break-even rent $7,474

Max offer price $975,000

Occupancy floor 47%

Sensitivity live

Price	-10% $9,475	-5% $9,199	+0% $8,923	+5% $8,647	+10% $8,371
Rent	-10% $7,440	-5% $8,182	+0% $8,923	+5% $9,664	+10% $10,406
Rate	-1.0pp $9,414	-0.5pp $9,171	base $8,923	+0.5pp $8,670	+1.0pp $8,413

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

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$18,768
Total (12 units)			$18,769

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: $243,750
• Closing costs: $29,250
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-22
   days on market $975,000 Active 604 DOM
2. 2026-06-21
   days on market $975,000 Active 603 DOM
3. 2026-06-18
   days on market $975,000 Active 600 DOM
4. 2026-06-17
   days on market $975,000 Active 599 DOM
5. 2026-06-16
   days on market $975,000 Active 598 DOM
6. 2026-06-15
   days on market $975,000 Active 597 DOM
7. 2026-06-13
   days on market $975,000 Active 595 DOM
8. 2026-06-13
   days on market $975,000 Active 594 DOM
9. 2026-06-10
   days on market $975,000 Active 592 DOM
10. 2026-06-09
    days on market $975,000 Active 591 DOM
11. 2026-06-08
    days on market $975,000 Active 590 DOM
12. 2026-06-07
    days on market $975,000 Active 589 DOM
13. 2026-06-03
    days on market $975,000 Active 585 DOM
14. 2026-06-02
    days on market $975,000 Active 584 DOM
15. 2026-06-01
    days on market $975,000 Active 583 DOM
16. 2026-05-31
    days on market $975,000 Active 582 DOM
17. 2025-12-31
    price $975,000 520-char remark

    Show marketing remark (520 chars)

    DESTINCTIVE LINWOOD MANSION -FEATURING 12 APARTMENTS, STUDIOS AND 1BEDROOM DESIGNS. SOME OFF-STREET PARKING AVAILABLE. 3 LEVELS, 4 UNITS ON EACH LEVEL, PLUS FINISHED BASEMENT WITH POSSIBLE 13TH “GARDEN LEVEL” UNIT. LANDLORD PAYS ELECTRIC AND WATER, TENANTS PAY HEAT. APPLIANCES INCLUDED, MOST BATHS WITH TUB AND SHOWERS AND SOME WITH JUST SHOWERS. THERE IS COIN LAUNDRY IN THE BASEMENT. UNITS ARE UNIQUES IN STYLE AND LAYOUT. CLOSE TO BUS LINE, BUFFALO CBD, BUFFALO MEDICAL CORRIDOR AND THE CANADIAN BOARDER.

18. 2025-03-31
    price $999,900 520-char remark

    Show marketing remark (520 chars)

    DESTINCTIVE LINWOOD MANSION -FEATURING 12 APARTMENTS, STUDIOS AND 1BEDROOM DESIGNS. SOME OFF-STREET PARKING AVAILABLE. 3 LEVELS, 4 UNITS ON EACH LEVEL, PLUS FINISHED BASEMENT WITH POSSIBLE 13TH “GARDEN LEVEL” UNIT. LANDLORD PAYS ELECTRIC AND WATER, TENANTS PAY HEAT. APPLIANCES INCLUDED, MOST BATHS WITH TUB AND SHOWERS AND SOME WITH JUST SHOWERS. THERE IS COIN LAUNDRY IN THE BASEMENT. UNITS ARE UNIQUES IN STYLE AND LAYOUT. CLOSE TO BUS LINE, BUFFALO CBD, BUFFALO MEDICAL CORRIDOR AND THE CANADIAN BOARDER.

19. 2025-01-20
    price $1,025,000 520-char remark

    Show marketing remark (520 chars)

    DESTINCTIVE LINWOOD MANSION -FEATURING 12 APARTMENTS, STUDIOS AND 1BEDROOM DESIGNS. SOME OFF-STREET PARKING AVAILABLE. 3 LEVELS, 4 UNITS ON EACH LEVEL, PLUS FINISHED BASEMENT WITH POSSIBLE 13TH “GARDEN LEVEL” UNIT. LANDLORD PAYS ELECTRIC AND WATER, TENANTS PAY HEAT. APPLIANCES INCLUDED, MOST BATHS WITH TUB AND SHOWERS AND SOME WITH JUST SHOWERS. THERE IS COIN LAUNDRY IN THE BASEMENT. UNITS ARE UNIQUES IN STYLE AND LAYOUT. CLOSE TO BUS LINE, BUFFALO CBD, BUFFALO MEDICAL CORRIDOR AND THE CANADIAN BOARDER.

20. 2024-10-26
    listed $1,100,000 Active 520-char remark

    Show marketing remark (520 chars)

    DESTINCTIVE LINWOOD MANSION -FEATURING 12 APARTMENTS, STUDIOS AND 1BEDROOM DESIGNS. SOME OFF-STREET PARKING AVAILABLE. 3 LEVELS, 4 UNITS ON EACH LEVEL, PLUS FINISHED BASEMENT WITH POSSIBLE 13TH “GARDEN LEVEL” UNIT. LANDLORD PAYS ELECTRIC AND WATER, TENANTS PAY HEAT. APPLIANCES INCLUDED, MOST BATHS WITH TUB AND SHOWERS AND SOME WITH JUST SHOWERS. THERE IS COIN LAUNDRY IN THE BASEMENT. UNITS ARE UNIQUES IN STYLE AND LAYOUT. CLOSE TO BUS LINE, BUFFALO CBD, BUFFALO MEDICAL CORRIDOR AND THE CANADIAN BOARDER.

21. 2004-08-26
    soldstatus $360,000
22. 1997-10-28
    soldstatus $120,000

ⓘ 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: $4,624 · $385/mo
• Projected year-2 tax: $10,551 · $879/mo
• Expected delta: +$5,927/yr (+$494/mo · 128.2%)

ⓘ 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 ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $225,228
• − Mortgage interest: −$54,615
• − Property taxes: −$4,624
• − Insurance: −$4,875
• − Repairs & maintenance: −$18,018
• − Management: −$18,018
• − Depreciation: −$28,364
• Taxable income: $96,714
• Est. tax owed @ 24.0%: −$23,211
• After-tax cash flow: $83,864/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): 8,313
• Household income: $50,046
• Rent vs Own: 66.3% rent · 33.7% own
• Severe rent burden: 959.0

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 0.62)
• Race & ethnicity: White 53% Black 30% Hispanic / Latino 11% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 6% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 9% · Canada, Dominican Republic, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▲ 1.86%
• Current HPI: 443.9414
• Rent YoY: ▲ 8.53%
• 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

+712.5% since first listed

6 events — show timeline

• 2025-12-31 Price Changed $975,000 WNYREIS
• 2025-03-31 Price Changed $999,900 WNYREIS
• 2025-01-20 Price Changed $1,025,000 WNYREIS
• 2024-10-26 Listed $1,100,000 WNYREIS
• 2004-08-26 Sold (Public Records) $360,000 Public Records
• 1997-10-28 Sold (Public Records) $120,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $4,624 · +0.0% YoY. Source: county tax records.