32 Lark St · Buffalo, NY 14211

$249,900

6 bd · 2.0 ba · 2,288 sqft · MultiFamily public records · 63 Days on market

Built 1925 3,930 sqft lot $109/sqft · at area comps Est $257k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +8.8/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Welcome to this beautifully well-maintained 2-unit home that offers comfort, style, and convenience. Ideal for investment or multi-generational living, The first-floor unit features 3 bedrooms, 1 full bathroom, a formal living room, with dining room—perfect for gatherings and everyday living. The kitchen is spacious, complete with cabinet storage and an eat-in area, giving you both functionality and charm. The second-floor unit has 3 bedrooms, 1 full updated bathroom, and a kitchen, creating a cozy and practical layout for tenants or extended family. -First fl is vacant, easy to show anytime, where upper unit is tenant occupied. Can get into upper on a 2nd showing. Outside, the large backyard provides plenty of space for gardening, play, or simply enjoying the outdoors. Conveniently located near shopping, public transportation, and everyday amenities, it’s a fantastic choice for both homeowners and investors. This property offers rare opportunity in a sought-after location. Don't miss out on the potential opportunity.

Key facts

• Large backyard
• Spacious kitchen
• 2 unit home

Tags

• 2 UNIT HOME
• LARGE BACKYARD
• SPACIOUS KITCHEN
• UPDATED BATHROOM
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $519/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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 $3,501/mo this rent would consume 116% 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 + $5k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y 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 $200k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $234,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.40% ✓
• Cap rate: 11.28%
• Cash-on-cash: 17.81%
• DSCR: 1.79
• GRM: 5.9

CMA / ARV

• ARV (median comp): $257,493
• List price: $249,900
• Delta: -2.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
622 Woodlawn Ave	0.23mi	6/2.0	2,288 (0%)	3mo	$177,500	$78	87
304 Northland Ave	0.36mi	6/2.0	2,288 (0%)	4mo	$121,000	$53	79
192 Goulding Ave	0.19mi	6/2.0	2,476 (+8%)	2mo	$220,000	$89	76
26 Pleasant Pl	0.47mi	6/2.0	2,346 (+2%)	3mo	$162,000	$69	72
502 Glenwood Ave	0.40mi	5/2.0 (-1)	2,294 (+0%)	7mo	$20,500	$9	70
48 Oakgrove Ave	0.49mi	6/2.0	2,200 (-4%)	7mo	$318,000	$145	65
497-499 Riley St	0.63mi	6/2.0	2,380 (+4%)	2mo	$105,900	$44	62
169 Florida St	0.57mi	6/2.0	2,138 (-7%)	3mo	$258,000	$121	60
73 Monticello Pl	0.67mi	6/2.0	2,424 (+6%)	3mo	$160,000	$66	56
84 Monticello Pl	0.69mi	6/2.0	2,591 (+13%)	0mo	$145,000	$56	45
24 Winslow Ave	0.57mi	5/2.0 (-1)	2,024 (-12%)	7mo	$220,000	$109	43
210 Carl St	0.75mi	5/2.0 (-1)	2,112 (-8%)	7mo	$220,000	$104	42

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: 22.2%
• Equity multiple: 2.20×
• Total profit: $83,972
• Equity at exit: $99,232

10-year hold

• IRR: 24.1%
• Equity multiple: 4.18×
• Total profit: $222,297
• Equity at exit: $143,409

Cash invested: $69,972 (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: 11.9×

Monthly cashflow live

• Estimated rent: $3,501 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$735
• Net cashflow: $1,039

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,502
Total (2 units)			$3,501

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Hughes Ave Buffalo, NY	7.0	2.0	1650	$3,000	$1.82	44d	1	0.77mi
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	24d	1	1.22mi

Listing history 26 events

1. 2026-06-18
   days on market $249,900 Active 63 DOM
2. 2026-06-17
   days on market $249,900 Active 62 DOM
3. 2026-06-16
   days on market $249,900 Active 61 DOM
4. 2026-06-15
   days on market $249,900 Active 60 DOM
5. 2026-06-13
   days on market $249,900 Active 58 DOM
6. 2026-06-13
   days on market $249,900 Active 57 DOM
7. 2026-06-10
   days on market $249,900 Active 55 DOM
8. 2026-06-09
   days on market $249,900 Active 54 DOM
9. 2026-06-08
   days on market $249,900 Active 53 DOM
10. 2026-06-07
    days on market $249,900 Active 52 DOM
11. 2026-06-03
    days on market $249,900 Active 48 DOM
12. 2026-06-02
    days on market $249,900 Active 47 DOM
13. 2026-06-01
    days on market $249,900 Active 46 DOM
14. 2026-05-31
    days on market $249,900 Active 45 DOM
15. 2026-04-16
    listed $249,900 Active 1048-char remark

    Show marketing remark (1048 chars)

    Welcome to this beautifully well-maintained 2-unit home that offers comfort, style, and convenience. Ideal for investment or multi-generational living, The first-floor unit features 3 bedrooms, 1 full bathroom, a formal living room, with dining room—perfect for gatherings and everyday living. The kitchen is spacious, complete with cabinet storage and an eat-in area, giving you both functionality and charm. The second-floor unit has 3 bedrooms, 1 full updated bathroom, and a kitchen, creating a cozy and practical layout for tenants or extended family. -First fl is vacant, easy to show anytime, where upper unit is tenant occupied. Can get into upper on a 2nd showing. Outside, the large backyard provides plenty of space for gardening, play, or simply enjoying the outdoors. Conveniently located near shopping, public transportation, and everyday amenities, it’s a fantastic choice for both homeowners and investors. This property offers rare opportunity in a sought-after location. Don't miss out on the potential opportunity.

16. 2024-10-02
    soldstatus $200,000
17. 2024-03-05
    soldstatus $78,000
18. 2024-03-01
    soldstatus $78,000 Closed 546-char remark

    Show marketing remark (546 chars)

    !!! Alert Investors!!! Here is a great opportunity to purchase 32 Lark St located in Hamlin Park Neighborhood!! This multi-family home consists of two apartments with three bedrooms and one bathroom. There is also a full basement, full attic, detached garage and driveway that fit 3-4 cars. This is an estate sale with unknown occupants. There will be absolutely no interior showings. Buyer must accept property as is and with current occupants. Priced for the situation and for savvy investors!! NO OFFERS WILL BE REVIEWED UNTIL 12/17/23 at 3pm.

19. 2023-12-27
    status Pending 546-char remark

    Show marketing remark (546 chars)

    !!! Alert Investors!!! Here is a great opportunity to purchase 32 Lark St located in Hamlin Park Neighborhood!! This multi-family home consists of two apartments with three bedrooms and one bathroom. There is also a full basement, full attic, detached garage and driveway that fit 3-4 cars. This is an estate sale with unknown occupants. There will be absolutely no interior showings. Buyer must accept property as is and with current occupants. Priced for the situation and for savvy investors!! NO OFFERS WILL BE REVIEWED UNTIL 12/17/23 at 3pm.

20. 2023-12-27
    status Under Contract- Do Not Show 546-char remark

    Show marketing remark (546 chars)

    !!! Alert Investors!!! Here is a great opportunity to purchase 32 Lark St located in Hamlin Park Neighborhood!! This multi-family home consists of two apartments with three bedrooms and one bathroom. There is also a full basement, full attic, detached garage and driveway that fit 3-4 cars. This is an estate sale with unknown occupants. There will be absolutely no interior showings. Buyer must accept property as is and with current occupants. Priced for the situation and for savvy investors!! NO OFFERS WILL BE REVIEWED UNTIL 12/17/23 at 3pm.

21. 2023-12-07
    listed $89,900 Active 546-char remark

    Show marketing remark (546 chars)

    !!! Alert Investors!!! Here is a great opportunity to purchase 32 Lark St located in Hamlin Park Neighborhood!! This multi-family home consists of two apartments with three bedrooms and one bathroom. There is also a full basement, full attic, detached garage and driveway that fit 3-4 cars. This is an estate sale with unknown occupants. There will be absolutely no interior showings. Buyer must accept property as is and with current occupants. Priced for the situation and for savvy investors!! NO OFFERS WILL BE REVIEWED UNTIL 12/17/23 at 3pm.

22. 2012-10-26
    soldstatus $27,250
23. 2012-10-26
    soldstatus $27,250
24. 2012-08-17
    listed $33,032
25. 2012-02-08
    listed $35,500
26. 1994-05-17
    soldstatus $35,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 14 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: $42,012
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,361
• − Management: −$3,361
• − Depreciation: −$7,270
• Taxable income: $9,024
• Est. tax owed @ 24.0%: −$2,166
• After-tax cash flow: $10,300/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

+614.0% since first listed

12 events — show timeline

• 2026-04-16 Listed $249,900 WNYREIS
• 2024-10-02 Sold (Public Records) $200,000 Public Records
• 2024-03-05 Sold (Public Records) $78,000 Public Records
• 2024-03-01 Sold (MLS) $78,000 WNYREIS
• 2023-12-27 Pending — WNYREIS
• 2023-12-27 Pending — WNYREIS
• 2023-12-07 Listed $89,900 WNYREIS
• 2012-10-26 Sold (Public Records) $27,250 Public Records
• 2012-10-26 Sold (MLS) $27,250 WNYREIS
• 2012-08-17 Listed $33,032 WNYREIS
• 2012-02-08 Listed $35,500 WNYREIS
• 1994-05-17 Sold (Public Records) $35,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $163 · +0.0% YoY. Source: county tax records.