27 Rhode Island St · Buffalo, NY 14213

$199,900

4 bd · 2.0 ba · 1,426 sqft · MultiFamily public records · 11 Days on market

Built 1850 1,354 sqft lot $140/sqft · 7% below area Est $215k · 7% under

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Why this score? — see what drove the C+ 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 +19.5/30.0
• ARV discount +10.7/15.0
• Appreciation +8.8/10.0
• DSCR +6.1/10.0
• 1% rule +3.9/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Nestled in the heart of Buffalo’s thriving West Side, just moments from the popular Five Points neighborhood, Front Park, Ralph Wilson Park, and D’Youville University, 27 Rhode Island Street blends classic Buffalo charm with thoughtful modern updates — all while being surrounded by some of the city’s favorite local restaurants, coffee shops, and attractions. This beautifully refreshed home offers 3 spacious bd and 2 full ba, with a layout designed for both everyday living and entertaining. Warm, light-filled living spaces flow seamlessly into the updated kitchen, creating a welcoming feel throughout the home. Over the past several years, extensive improvements have b

Key facts

• Modern updates
• Inviting front porch
• Updated kitchen

Tags

• MODERN UPDATES
• UPDATED KITCHEN
• EXTENSIVE IMPROVEMENTS
• INVITING FRONT PORCH
• COZY SIDE YARD SITTING AREA
• PRIVATE RETREAT

Property features AI

Exterior

• Parking: No garage; No driveway
• Utilities: Public water connected; Sewer connected
• Home design: Two-story home; Existing (established) property
• Construction: Vinyl siding; Stone foundation
• Exterior features: Covered and open porch; Porch; See remarks

Interior

• Kitchen: Gas oven; Gas range; Refrigerator
• Flooring: Vinyl flooring; Varied flooring types
• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Gas forced-air heating
• Interior features: Separate formal dining room; Separate formal living room; Storage space; See remarks / other interior features
• Laundry & utility: Laundry in basement; Laundry on upper level; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (11.1% below list).
• Recommended offer: $178k (11.1% below list) — sets the bar for 1% rule.

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: Rents soft (-0.5%/yr); 137 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 40% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $177,620 (11.1% below list)

Questions for the listing agent

1. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.89% ✗
• Cap rate: 7.64%
• Cash-on-cash: 4.83%
• DSCR: 1.21
• GRM: 9.4

CMA / ARV

• ARV (median comp): $215,333
• List price: $199,900
• Delta: -7.17%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
647 Prospect Ave	0.26mi	3/2.0 (-1)	1,625 (+14%)	19mo	$148,500	$91	44
105 15th St	0.63mi	3/2.0 (-1)	1,564 (+10%)	22mo	$180,000	$115	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 21.5%
• Equity multiple: 2.52×
• Total profit: $85,189
• Equity at exit: $145,282

10-year hold

• IRR: 19.1%
• Equity multiple: 5.05×
• Total profit: $226,737
• Equity at exit: $282,318

Cash invested: $55,972 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,776 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$47 /mo · $558/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $225

Break-even live

Break-even rent $1,491

Max offer price $199,900

Occupancy floor 82%

Sensitivity live

Price	-10% $338	-5% $282	+0% $225	+5% $169	+10% $112
Rent	-10% $85	-5% $155	+0% $225	+5% $295	+10% $365
Rate	-1.0pp $326	-0.5pp $276	base $225	+0.5pp $173	+1.0pp $121

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	44d	1	0.46mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	24d	1	0.60mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	24d	1	0.69mi
67 Herkimer St Buffalo, NY	3.0	1.0	1000	$1,300	$1.30	15d	1	0.71mi
310 Hampshire St Apt 3 Buffalo, NY	3.0	1.0	1200	$1,500	$1.25	44d	1	0.72mi
375 Hampshire St Buffalo, NY	3.0	1.0	1200	$1,100	$0.92	44d	1	0.82mi
31 Norwood Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,950	$1.95	12d	1	0.92mi
196 Auburn Ave Buffalo, NY	3.0	1.0	1000	$1,300	$1.30	44d	1	0.97mi
190 Whitney Pl Buffalo, NY	3.0	1.0	1180	$1,550	$1.31	44d	1	0.98mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	15d	1	0.98mi
478 Breckenridge St Buffalo, NY	3.0	1.0	1100	$1,575	$1.43	44d	1	1.10mi
21 College St Buffalo, NY	3.0	1.0	1104	$1,850	$1.68	24d	1	1.10mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	24d	1	1.13mi
217 W Tupper St Unit 2 Buffalo, NY	3.0	1.0	1150	$1,350	$1.17	44d	1	1.15mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	15d	1	1.16mi
163 W Delavan Ave Buffalo, NY	3.0	1.0	1000	$1,500	$1.50	24d	1	1.18mi
232 Dewitt St Buffalo, NY	3.0	1.0	1200	$1,300	$1.08	24d	1	1.27mi
44 N Pearl St #5 Buffalo, NY	3.0	1.0	1200	$2,400	$2.00	44d	1	1.41mi
17 N Pearl St Unit 3 Buffalo, NY	3.0	2.0	1197	$3,100	$2.59	24d	1	1.45mi
685 Auburn Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,750	$1.46	15d	1	1.48mi
1152 Main St Apt 3 Buffalo, NY	3.0	1.0	1000	$2,400	$2.40	15d	1	1.50mi

Listing history 5 events

1. 2026-05-15
   listed $199,900 Active 1387-char remark
2. 2025-11-24
   historical
3. 2025-11-03
   price $217,000
4. 2025-10-19
   price $219,000
5. 2025-10-19
   listed $199,900 Active

ⓘ 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: $558 · $47/mo
• Projected year-2 tax: $1,968 · $164/mo
• Expected delta: +$1,410/yr (+$118/mo · 252.7%)

ⓘ 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 2/10 Low 7 d/yr ≥92°F today · 13 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: $21,314
• − Mortgage interest: −$11,198
• − Property taxes: −$558
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,705
• − Management: −$1,705
• − Depreciation: −$5,815
• Taxable loss: −$666
• Est. tax savings @ 24.0%: +$160
• After-tax cash flow: $2,861/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

+0.0% since first listed

6 events — show timeline

• 2026-05-26 Pending — WNYREIS
• 2026-05-15 Listed $199,900 WNYREIS
• 2025-11-24 Listing Removed — WNYREIS
• 2025-11-03 Price Changed $217,000 WNYREIS
• 2025-10-19 Price Changed $219,000 WNYREIS
• 2025-10-19 Listed $199,900 WNYREIS

Property tax history

+10.0%/yr

Latest (2025): $558 · -42.1% YoY. Source: county tax records.