381 Callodine Ave · Eggertsville, NY 14226

$319,900

6 bd · 2.0 ba · 2,280 sqft · MultiFamily public records · 40 Days on market

Built 1964 4,704 sqft lot $140/sqft · 32% below area Est $472k · 32% 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 +26.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +8.0/10.0
• Schools +5.3/10.0
• Rent growth +4.8/5.0
• Livability +4.2/5.0
• 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 MLS

Value Range Pricing whereby seller will consider offers between $319,900-$339,900 on this University area 2-Family home. Spacious size 3/3 double with separate utilities and a 2 car garage. Full front porch. Eat-in-kitchen along with living room/dining room combination. Nicely accented bathrooms.

Key facts

• Separate utilities
• Eat-in-kitchen
• Full front porch

Tags

• SEPARATE UTILITIES
• FULL FRONT PORCH
• EAT-IN-KITCHEN
• ACCENTED BATHROOMS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $320k.

Deal economics

• At list price, monthly cash flow is $829 ($10k/yr) — positive. Per door: $414/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $320k).
• Recommended offer: $310k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.5% in Eggertsville — 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 85/100 on livability (#34 in NY, #534 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-, amenities C-.
• Amherst Central School District (suburban): math 53% / reading 68% proficiency, ranked #209 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+9.0%/yr); 143 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,148/mo this rent would consume 59% of the median local household income ($84k/yr) (locally 856% 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 $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $90k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $275k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $310,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% 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 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.30% ✓
• Cap rate: 9.40%
• Cash-on-cash: 11.10%
• DSCR: 1.49
• GRM: 6.4

CMA / ARV

• ARV (median comp): $472,215
• List price: $319,900
• Delta: -32.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
300 Windermere Blvd	0.40mi	6/2.0	2,325 (+2%)	2mo	$355,000	$153	76
453 Callodine Ave	0.14mi	6/2.0	2,232 (-2%)	20mo	$385,000	$172	74
157 Springville Ave	0.46mi	5/2.0 (-1)	2,292 (+0%)	13mo	$300,000	$131	62
165 Carmen Rd	0.50mi	5/3.0 (-1)	2,148 (-6%)	19mo	$425,000	$198	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 6.2%
• Equity multiple: 1.26×
• Total profit: $23,083
• Equity at exit: $47,698

10-year hold

• IRR: 19.9%
• Equity multiple: 3.11×
• Total profit: $188,696
• Equity at exit: $27,659

Cash invested: $89,572 (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 14226

• Rents YoY: 9.0%
• Active inventory: 143
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $4,148 high
• Mortgage (P&I): −$1,678
• Tax from tax record: −$637 /mo · $7,646/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$871
• Net cashflow: $829

Break-even live

Break-even rent $3,099

Max offer price $319,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,148
Total (2 units)			$4,148

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4098 Bailey Ave Buffalo, NY	5.0	2.5	2108	$2,200	$1.04	44d	1	0.23mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	1d	1	0.85mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	1d	1	1.24mi
133 Merrimac St Buffalo, NY	7.0	2.0	2327	$4,450	$1.91	14d	1	1.33mi

Listing history 8 events

1. 2026-05-14
   status Pending 297-char remark

   Show marketing remark (297 chars)

   Value Range Pricing whereby seller will consider offers between $319,900-$339,900 on this University area 2-Family home. Spacious size 3/3 double with separate utilities and a 2 car garage. Full front porch. Eat-in-kitchen along with living room/dining room combination. Nicely accented bathrooms.

2. 2026-04-09
   listed $319,900 Active 297-char remark

   Show marketing remark (297 chars)

   Value Range Pricing whereby seller will consider offers between $319,900-$339,900 on this University area 2-Family home. Spacious size 3/3 double with separate utilities and a 2 car garage. Full front porch. Eat-in-kitchen along with living room/dining room combination. Nicely accented bathrooms.

3. 2021-11-24
   soldstatus $275,000
4. 2021-10-26
   soldstatus $275,000 Closed Sale or Rented 507-char remark

   Show marketing remark (507 chars)

   Amazing investment opportunity in the Eggertsville area, This 3/3 duplex is well maintained with long term and reliable tenants. Lower unit on lease until 10/31/21. Upper unit is month to month. Do not miss this rare opportunity. Property is highly maintained and move in ready for an owner occupied or personal investment property. Current rent rates are much lower than the area norm. Showings only Wed. 7-/7 from 5-7 pm, Fri 7/9 from 5-7 pm, Sat. 7/10 from 1-3 pm. All offers if any are due 7/11 by 1 pm.

5. 2021-07-23
   status Pending Sale 507-char remark

   Show marketing remark (507 chars)

   Amazing investment opportunity in the Eggertsville area, This 3/3 duplex is well maintained with long term and reliable tenants. Lower unit on lease until 10/31/21. Upper unit is month to month. Do not miss this rare opportunity. Property is highly maintained and move in ready for an owner occupied or personal investment property. Current rent rates are much lower than the area norm. Showings only Wed. 7-/7 from 5-7 pm, Fri 7/9 from 5-7 pm, Sat. 7/10 from 1-3 pm. All offers if any are due 7/11 by 1 pm.

6. 2021-07-18
   status Under Contract- Do Not Show 507-char remark

   Show marketing remark (507 chars)

   Amazing investment opportunity in the Eggertsville area, This 3/3 duplex is well maintained with long term and reliable tenants. Lower unit on lease until 10/31/21. Upper unit is month to month. Do not miss this rare opportunity. Property is highly maintained and move in ready for an owner occupied or personal investment property. Current rent rates are much lower than the area norm. Showings only Wed. 7-/7 from 5-7 pm, Fri 7/9 from 5-7 pm, Sat. 7/10 from 1-3 pm. All offers if any are due 7/11 by 1 pm.

7. 2021-07-14
   historical Continue to Show- Under Contract 507-char remark

   Show marketing remark (507 chars)

   Amazing investment opportunity in the Eggertsville area, This 3/3 duplex is well maintained with long term and reliable tenants. Lower unit on lease until 10/31/21. Upper unit is month to month. Do not miss this rare opportunity. Property is highly maintained and move in ready for an owner occupied or personal investment property. Current rent rates are much lower than the area norm. Showings only Wed. 7-/7 from 5-7 pm, Fri 7/9 from 5-7 pm, Sat. 7/10 from 1-3 pm. All offers if any are due 7/11 by 1 pm.

8. 2021-07-05
   listed $239,900 Active 507-char remark

   Show marketing remark (507 chars)

   Amazing investment opportunity in the Eggertsville area, This 3/3 duplex is well maintained with long term and reliable tenants. Lower unit on lease until 10/31/21. Upper unit is month to month. Do not miss this rare opportunity. Property is highly maintained and move in ready for an owner occupied or personal investment property. Current rent rates are much lower than the area norm. Showings only Wed. 7-/7 from 5-7 pm, Fri 7/9 from 5-7 pm, Sat. 7/10 from 1-3 pm. All offers if any are due 7/11 by 1 pm.

ⓘ 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: $7,646 · $637/mo
• Projected year-2 tax: $7,646 · $637/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,776
• − Mortgage interest: −$17,919
• − Property taxes: −$7,646
• − Insurance: −$1,600
• − Repairs & maintenance: −$3,982
• − Management: −$3,982
• − Depreciation: −$9,306
• Taxable income: $5,341
• Est. tax owed @ 24.0%: −$1,282
• After-tax cash flow: $8,665/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: Amherst Central School District
• NCES district ID: 3602920
• Math proficiency: 53% ▼ -16.00%
• Reading proficiency: 68% ▲ 4.00%
• Median HH income: $68,551
• Composite: 53.21/100
• National rank: #1502
• State rank: #209 of 590 in NY

Livability — Eggertsville

• Score: 85/100
• State rank: #34
• US rank: #534

Category grades

Amenities C- Commute A+ Cost of living B Crime C- Employment A Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eggertsville, NY
• County: Erie County · 714,559 people
• City population: 29,482
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 29,159
• Household income: $84,325
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 856.0

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 (74%)
• Race & ethnicity: White 74% Black 10% Asian 7% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Romanian 7% Lithuanian 2% Slovak 1%
• Foreign-born: 13% · Canada, China, India
• Languages at home: 87% English-only · Other Indo-European 4% Spanish 2% Arabic 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: ▼ -270.71%
• Current HPI: 331.1929
• Rent YoY: ▲ 9.01%
• 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

+33.3% since first listed

8 events — show timeline

• 2026-05-14 Pending — WNYREIS
• 2026-04-09 Listed $319,900 WNYREIS
• 2021-11-24 Sold (Public Records) $275,000 Public Records
• 2021-10-26 Sold (MLS) $275,000 WNYREIS
• 2021-07-23 Pending — WNYREIS
• 2021-07-18 Pending — WNYREIS
• 2021-07-14 Contingent — WNYREIS
• 2021-07-05 Listed $239,900 WNYREIS

Property tax history

+6.0%/yr

Latest (2025): $7,646 · +7.8% YoY. Source: county tax records.