163 Landon St · Buffalo, NY 14208

$219,000

6 bd · 2.0 ba · 2,184 sqft · MultiFamily public records · 17 Days on market

Built 1900 7,311 sqft lot Est $199k · 10% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• ARV discount +2.9/15.0
• Rent growth +2.5/5.0
• 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

Excellent opportunity to own this spacious 2-family home featuring a total of 6 bedrooms and 2 full bathrooms. Each unit offers 3 generously sized bedrooms, 1 full bathroom, a bright living room, formal dining room, and a functional kitchen, providing comfortable living space for occupants. The thoughtful layout of both units creates a welcoming atmosphere with ample room for everyday living and entertaining. Both units are currently tenant-occupied, making this an attractive turnkey investment opportunity with immediate rental income potential. Whether you're looking to expand your rental portfolio or searching for an owner-occupied property, this home offers flexibility to meet your goals

Key facts

• 2 family home
• Off street parking
• Full basement

Tags

• 2 FAMILY HOME
• FULL BASEMENT
• OFF STREET PARKING
• SPACIOUS SIDE YARD
• TURNKEY INVESTMENT

Property features AI

Finance

• Financial info: Two-unit building with separate rent for each unit (approx. $800 and $850); Operating expenses include water; Owner pays water; rent includes water

Exterior

• Parking: Concrete parking surface
• Utilities: Sewer connected; Public water available; Water available (owner pays water for rental)
• Home design: Two-story multifamily building; Resale property; Vinyl siding exterior
• Construction: Vinyl siding construction
• Exterior features: Near public transit; Rectangular residential lot; City street frontage; Lot dimensions approximately 65 x 112

Interior

• Kitchen: Gas water heater (appliance listed)
• Bedrooms: Two 3-bedroom units (each unit includes a living room and formal dining room)
• Flooring: Hardwood; Vinyl; Varies by area
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Crawl space basement; Hardwood, vinyl, and varied flooring throughout
• Laundry & utility: Separate gas meters for each unit; Separate electric meters for each unit

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $219k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $764/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $219k).
• Recommended offer: $216k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.7% 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: 54 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).
• At $3,849/mo this rent would consume 95% of the median local household income ($48k/yr) (locally 723% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago 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.
• Current owner paid $115k; list at $219k implies a 90% 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 $215,715 (1.5% below list)

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 1900 — 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: 1.76% ✓
• Cap rate: 14.66%
• Cash-on-cash: 29.89%
• DSCR: 2.33
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $198,744
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
497-499 Riley St	0.05mi	6/2.0	2,380 (+9%)	2mo	$105,900	$44	81
502 Glenwood Ave	0.19mi	5/2.0 (-1)	2,294 (+5%)	7mo	$20,500	$9	72
227 Timon St	0.26mi	6/2.0	2,084 (-5%)	10mo	$190,000	$91	72
622 Woodlawn Ave	0.42mi	6/2.0	2,288 (+5%)	3mo	$177,500	$78	70
396 Guilford St	0.52mi	6/3.0	2,144 (-2%)	2mo	$135,000	$63	67
24 Winslow Ave	0.32mi	5/2.0 (-1)	2,024 (-7%)	8mo	$220,000	$109	62
159 Purdy St	0.55mi	6/2.0	2,080 (-5%)	6mo	$212,500	$102	62
169 Florida St	0.74mi	6/2.0	2,138 (-2%)	3mo	$258,000	$121	59
213 Winslow Ave	0.25mi	6/2.0	2,484 (+14%)	8mo	$242,000	$97	58
304 Northland Ave	0.66mi	6/2.0	2,288 (+5%)	4mo	$121,000	$53	58
192 Goulding Ave	0.42mi	6/2.0	2,476 (+13%)	2mo	$220,000	$89	57
1602 Jefferson Ave	0.70mi	5/2.0 (-1)	1,936 (-11%)	8mo	$290,000	$150	37

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 2.01×
• Total profit: $61,842
• Equity at exit: $32,654

10-year hold

• IRR: 32.3%
• Equity multiple: 3.92×
• Total profit: $179,339
• Equity at exit: $18,935

Cash invested: $61,320 (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 14208

• Home prices YoY: -3.4%
• Active inventory: 54
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $3,849 high
• Mortgage (P&I): −$1,148
• Tax est. 1.5%: −$274 /mo · $3,285/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$808
• Net cashflow: $1,527

Break-even live

Break-even rent $1,916

Max offer price $219,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,679	-5% $1,603	+0% $1,527	+5% $1,452	+10% $1,376
Rent	-10% $1,223	-5% $1,375	+0% $1,527	+5% $1,679	+10% $1,831
Rate	-1.0pp $1,638	-0.5pp $1,583	base $1,527	+0.5pp $1,471	+1.0pp $1,413

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,848
Total (2 units)			$3,849

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: $54,750
• Closing costs: $6,570
• 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	0.83mi
15 Hughes Ave Buffalo, NY	7.0	2.0	1650	$3,000	$1.82	44d	1	1.03mi

Listing history 13 events

1. 2026-06-18
   days on market $219,000 Active 17 DOM
2. 2026-06-17
   days on market $219,000 Active 16 DOM
3. 2026-06-16
   days on market $219,000 Active 15 DOM
4. 2026-06-15
   days on market $219,000 Active 14 DOM
5. 2026-06-13
   days on market $219,000 Active 12 DOM
6. 2026-06-13
   days on market $219,000 Active 11 DOM
7. 2026-06-10
   days on market $219,000 Active 9 DOM
8. 2026-06-09
   days on market $219,000 Active 8 DOM
9. 2026-06-08
   days on market $219,000 Active 7 DOM
10. 2026-06-07
    days on market $219,000 Active 6 DOM
11. 2026-06-03
    days on market $219,000 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $219,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,188
• − Mortgage interest: −$12,267
• − Property taxes: −$3,285
• − Insurance: −$1,095
• − Repairs & maintenance: −$3,695
• − Management: −$3,695
• − Depreciation: −$6,371
• Taxable income: $15,780
• Est. tax owed @ 24.0%: −$3,787
• After-tax cash flow: $14,540/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): 12,572
• Household income: $48,476
• Rent vs Own: 46.2% rent · 53.8% own
• Severe rent burden: 723.0

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 Black (72%)
• Race & ethnicity: Black 72% White 15% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 2% Italian 1% Hispanic 0%
• Foreign-born: 7% · Canada, South Korea, Philippines
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 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: ▼ -16.37%
• Current HPI: 459.2084
• 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

+584.4% since first listed

6 events — show timeline

• 2026-06-01 Listed $219,000 WNYREIS
• 2023-11-10 Listing Removed — WNYREIS
• 2023-07-25 Listed $139,900 WNYREIS
• 2022-11-09 Sold (Public Records) $115,000 Public Records
• 2022-10-31 Sold (Public Records) $100,000 Public Records
• 2022-10-21 Sold (Public Records) $32,000 Public Records

Property tax history

+11.5%/yr

Latest (2025): $413 · +75.4% YoY. Source: county tax records.