539 Sherman St · Buffalo, NY 14211

$84,999

4 bd · 2.0 ba · 2,061 sqft · MultiFamily public records · 38 Days on market

Built 1910 3,300 sqft lot $41/sqft · 56% below area

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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
• ARV discount +7.5/15.0
• 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

Investor opportunity in the heart of Buffalo! This spacious multi-family property at 539 Sherman St offers over 2,000 sq ft of living space with strong income potential. Built in 1910, the property features 4 bedrooms and 2 full baths across two units, making it ideal for owner-occupants or savvy investors looking to expand their portfolio. Conveniently located near schools, public transportation, shopping, and downtown Buffalo amenities. With solid bones and plenty of upside, this property is ready for your vision and value-add improvements. Don’t miss the chance to bring this classic Buffalo property back to life!

Key facts

• Conveniently located
• 3,300 sq ft lot
• 2 parking spots

Tags

• MULTI-FAMILY PROPERTY
• STRONG INCOME POTENTIAL
• CONVENIENTLY LOCATED
• VALUE-ADD IMPROVEMENTS
• CLASSIC BUFFALO PROPERTY

Property features AI

Finance

• Financial info: Operating expenses include electric, fuel, and water/sewer; Owner pays: other (see remarks)

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Residential 2-unit zoning; Resale property
• Construction: Brick, frame, and vinyl siding construction; Asphalt roof; Block foundation; Existing (not new) construction
• Exterior features: Balcony; Deck; Near public transit; Rectangular lot

Interior

• Kitchen: Unit 1: Oven/Range, dining area with kitchen, eat-in kitchen; Unit 2: Dining area with kitchen, formal dining room
• Bedrooms: Two 2-bedroom units
• Flooring: Ceramic tile; Hardwood; Laminate; Vinyl; Varied flooring
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas heating; Forced air; Hot water heating
• Interior features: Partial basement; Has heating
• Laundry & utility: Gas water heater; Separate gas and electric meters for each unit

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $85k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 36.9% 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; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,390/mo this rent would consume 112% 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 $2k of equity ($587 loan paydown + $2k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $15k; list at $85k implies a 467% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,449 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1910 — 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. 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?
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: 3.99% ✓
• Cap rate: 36.89%
• Cash-on-cash: 109.29%
• DSCR: 5.86
• GRM: 2.1

CMA / ARV

• ARV (median comp): $194,332
• List price: $84,999
• Delta: -56.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
236 Grey St	0.17mi	4/2.0	2,106 (+2%)	12mo	$175,000	$83	78
352 Guilford St	0.29mi	5/2.0 (+1)	2,088 (+1%)	14mo	$120,000	$57	67
324 Carlton St	0.51mi	4/2.0	1,947 (-6%)	4mo	$66,100	$34	64
41 Pershing Ave	0.31mi	4/2.0	1,938 (-6%)	17mo	$145,000	$75	61
553 E North St	0.24mi	5/2.0 (+1)	2,272 (+10%)	16mo	$83,800	$37	53
443 Madison St	0.50mi	5/2.0 (+1)	1,892 (-8%)	8mo	$75,000	$40	51
53 Pershing Ave	0.32mi	5/2.0 (+1)	2,360 (+14%)	11mo	$149,000	$63	47
316 Dodge St	0.69mi	4/2.0	1,760 (-15%)	4mo	$107,000	$61	40
65 Kingsley St	0.71mi	5/2.0 (+1)	1,884 (-9%)	11mo	$230,000	$122	39
143 Sobieski St	0.73mi	4/2.0	1,860 (-10%)	19mo	$35,000	$19	34
131 Locust St	0.71mi	4/2.0	1,772 (-14%)	23mo	$195,000	$110	24

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: —
• Equity multiple: 7.05×
• Total profit: $144,093
• Equity at exit: $33,752

10-year hold

• IRR: —
• Equity multiple: 14.65×
• Total profit: $324,939
• Equity at exit: $48,778

Cash invested: $23,800 (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: 4.2×

Monthly cashflow live

• Estimated rent: $3,390 high
• Mortgage (P&I): −$446
• Tax from tax record: −$29 /mo · $353/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$712
• Net cashflow: $2,167

Break-even live

Break-even rent $646

Max offer price $84,999

Occupancy floor 31%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,390
Total (2 units)			$3,390

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	23d	1	0.35mi
491 Emslie St Buffalo, NY	3.0	1.0	2488	$1,200	$0.48	14d	1	0.57mi
79 Walden Ave Buffalo, NY	3.0	1.0	2528	$1,250	$0.49	43d	1	0.79mi
73 Inter Park Ave Buffalo, NY	3.0	1.0	2080	$1,300	$0.62	14d	1	1.24mi
28 Lonsdale Rd Buffalo, NY	3.0	1.0	2735	$1,725	$0.63	43d	1	1.25mi
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	14d	1	1.27mi
82 Butler Ave Unit 2 Buffalo, NY	3.0	1.0	2752	$1,300	$0.47	43d	1	1.28mi
563 Humboldt Pkwy Buffalo, NY	3.0	1.0	2004	$1,200	$0.60	23d	1	1.50mi

Listing history 17 events

1. 2026-06-18
   days on market $84,999 Active 38 DOM
2. 2026-06-17
   days on market $84,999 Active 37 DOM
3. 2026-06-16
   days on market $84,999 Active 36 DOM
4. 2026-06-15
   days on market $84,999 Active 35 DOM
5. 2026-06-13
   days on market $84,999 Active 33 DOM
6. 2026-06-13
   days on market $84,999 Active 32 DOM
7. 2026-06-10
   days on market $84,999 Active 30 DOM
8. 2026-06-09
   days on market $84,999 Active 29 DOM
9. 2026-06-08
   days on market $84,999 Active 28 DOM
10. 2026-06-07
    days on market $84,999 Active 27 DOM
11. 2026-06-03
    days on market $84,999 Active 23 DOM
12. 2026-06-02
    days on market $84,999 Active 22 DOM
13. 2026-06-01
    days on market $84,999 Active 21 DOM
14. 2026-05-31
    days on market $84,999 Active 20 DOM
15. 2026-05-11
    listed $84,999 Active 629-char remark
16. 2020-01-06
    soldstatus $15,000
17. 2018-01-11
    soldstatus $14,000

ⓘ 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: $353 · $29/mo
• Projected year-2 tax: $895 · $75/mo
• Expected delta: +$542/yr (+$45/mo · 153.3%)

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

Taxation est. · year 1

• Rental income: $40,680
• − Mortgage interest: −$4,761
• − Property taxes: −$353
• − Insurance: −$425
• − Repairs & maintenance: −$3,254
• − Management: −$3,254
• − Depreciation: −$2,473
• Taxable income: $26,159
• Est. tax owed @ 24.0%: −$6,278
• After-tax cash flow: $19,732/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

+507.1% since first listed

3 events — show timeline

• 2026-05-11 Listed $84,999 WNYREIS
• 2020-01-06 Sold (Public Records) $15,000 Public Records
• 2018-01-11 Sold (Public Records) $14,000 Public Records

Property tax history

+38.3%/yr

Latest (2025): $353 · +231.8% YoY. Source: county tax records.