114 School St · Buffalo, NY 14213

$189,000

5 bd · 1.5 ba · 2,070 sqft · SingleFamily public records · 225 Days on market

Built 1920 2,565 sqft lot $91/sqft · 29% below area Est $266k · 29% under

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

Listing remarks MLS

Experience the best of Buffalo's "Hottest Housing Market" in this expansive West Side gem, offering over four floors of versatile living space and incredible primary suite features. The main level welcomes you with a grand foyer and striking open sightlines leading through elegant French doors into a massive living room, formal dining area, and an eat-in kitchen with double-door access to a large back deck and private yard. The second floor is highlighted by a truly unique primary bedroom with soaring cathedral ceilings and a private loft, alongside three additional large bedrooms and a partially renovated full bath. For those needing even more space, the finished third-floor attic offers significant potential as a 5th bedroom, home office, or guest suite, while the clean basement provides ample storage. Located in one of the city's most sought-after neighborhoods for both homeowners and investors, this home delivers the rare combination of architectural character and massive square footage.

Key facts

• Large back deck
• Formal dining room
• Large foyer

Tags

• LARGE FOYER
• DECORATIVE STAIRWAY
• HUGE LIVING ROOM
• FORMAL DINING ROOM
• EAT-IN KITCHEN
• LARGE BACK DECK

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.8% 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: Rents soft (-0.5%/yr); 137 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,146/mo this rent would consume 70% of the median local household income ($54k/yr) (locally 1501% 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 $16k of equity ($1k loan paydown + $14k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 225 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; list at $189k implies a 99% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $166,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 225 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.66% ✓
• Cap rate: 13.78%
• Cash-on-cash: 26.73%
• DSCR: 2.19
• GRM: 5.0

CMA / ARV

• ARV (median comp): $265,598
• List price: $189,000
• Delta: -28.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Lawrence Pl	0.33mi	4/1.5 (-1)	2,089 (+1%)	5mo	$295,000	$141	74
419 Normal Ave	0.24mi	4/2.0 (-1)	1,994 (-4%)	11mo	$377,000	$189	67
128 Dewitt St	0.58mi	4/2.0 (-1)	2,064 (-0%)	10mo	$380,000	$184	58
71 Hoyt St	0.62mi	4/2.0 (-1)	2,160 (+4%)	2mo	$190,000	$88	55
452 Breckenridge St	0.68mi	4/1.5 (-1)	2,060 (-0%)	17mo	$370,000	$180	48
499 Breckenridge St	0.75mi	5/2.0	2,175 (+5%)	9mo	$416,005	$191	47
15 Greenwood Pl	0.70mi	4/2.5 (-1)	1,987 (-4%)	10mo	$425,000	$214	43
26 Lawrence Pl	0.34mi	4/1.0 (-1)	1,845 (-11%)	19mo	$239,990	$130	43
249 Herkimer St	0.54mi	4/1.5 (-1)	1,876 (-9%)	16mo	$145,000	$77	41
320 14th St	0.43mi	4/2.0 (-1)	1,792 (-13%)	14mo	$321,755	$180	39
314 Vermont St	0.53mi	4/1.5 (-1)	2,318 (+12%)	15mo	$300,000	$129	38
20 Chenango St	0.67mi	4/1.5 (-1)	1,824 (-12%)	8mo	$175,000	$96	37

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: 38.6%
• Equity multiple: 3.61×
• Total profit: $137,922
• Equity at exit: $137,360

10-year hold

• IRR: 33.4%
• Equity multiple: 7.19×
• Total profit: $327,537
• Equity at exit: $266,924

Cash invested: $52,920 (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: 5.0×

Monthly cashflow live

• Estimated rent: $3,146 medium
• Mortgage (P&I): −$991
• Tax est. 1.5%: −$236 /mo · $2,835/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$661
• Net cashflow: $1,179

Break-even live

Break-even rent $1,653

Max offer price $189,000

Occupancy floor 58%

Sensitivity live

Price	-10% $1,310	-5% $1,244	+0% $1,179	+5% $1,114	+10% $1,048
Rent	-10% $930	-5% $1,055	+0% $1,179	+5% $1,303	+10% $1,428
Rate	-1.0pp $1,274	-0.5pp $1,227	base $1,179	+0.5pp $1,130	+1.0pp $1,080

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	15d	1	0.59mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	24d	1	0.68mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	24d	1	0.75mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	2d	14	1.16mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	1.26mi

Listing history 21 events

1. 2026-06-18
   days on market $189,000 Active 225 DOM
2. 2026-06-17
   days on market $189,000 Active 224 DOM
3. 2026-06-16
   days on market $189,000 Active 223 DOM
4. 2026-06-15
   days on market $189,000 Active 222 DOM
5. 2026-06-13
   days on market $189,000 Active 220 DOM
6. 2026-06-13
   days on market $189,000 Active 219 DOM
7. 2026-06-10
   days on market $189,000 Active 217 DOM
8. 2026-06-09
   days on market $189,000 Active 216 DOM
9. 2026-06-08
   days on market $189,000 Active 215 DOM
10. 2026-06-07
    days on market $189,000 Active 214 DOM
11. 2026-06-03
    days on market $189,000 Active 210 DOM
12. 2026-06-02
    days on market $189,000 Active 209 DOM
13. 2026-06-01
    days on market $189,000 Active 208 DOM
14. 2026-05-31
    days on market $189,000 Active 207 DOM
15. 2026-01-22
    price $189,000 1016-char remark

    Show marketing remark (1016 chars)

    Experience the best of Buffalo's "Hottest Housing Market" in this expansive West Side gem, offering over four floors of versatile living space and incredible primary suite features. The main level welcomes you with a grand foyer and striking open sightlines leading through elegant French doors into a massive living room, formal dining area, and an eat-in kitchen with double-door access to a large back deck and private yard. The second floor is highlighted by a truly unique primary bedroom with soaring cathedral ceilings and a private loft, alongside three additional large bedrooms and a partially renovated full bath. For those needing even more space, the finished third-floor attic offers significant potential as a 5th bedroom, home office, or guest suite, while the clean basement provides ample storage. Located in one of the city's most sought-after neighborhoods for both homeowners and investors, this home delivers the rare combination of architectural character and massive square footage.

16. 2025-11-05
    listed $199,000 Active 1016-char remark

    Show marketing remark (1016 chars)

    Experience the best of Buffalo's "Hottest Housing Market" in this expansive West Side gem, offering over four floors of versatile living space and incredible primary suite features. The main level welcomes you with a grand foyer and striking open sightlines leading through elegant French doors into a massive living room, formal dining area, and an eat-in kitchen with double-door access to a large back deck and private yard. The second floor is highlighted by a truly unique primary bedroom with soaring cathedral ceilings and a private loft, alongside three additional large bedrooms and a partially renovated full bath. For those needing even more space, the finished third-floor attic offers significant potential as a 5th bedroom, home office, or guest suite, while the clean basement provides ample storage. Located in one of the city's most sought-after neighborhoods for both homeowners and investors, this home delivers the rare combination of architectural character and massive square footage.

17. 2025-03-21
    soldstatus $95,000
18. 2025-03-17
    soldstatus $95,000 Closed 978-char remark

    Show marketing remark (978 chars)

    Spacious 4 bed 1.5 bath Colonial with front porch & fully fenced yard.  Walk inside and be welcomed by a beautiful foyer with sweeping staircase enhanced by leaded stained glass windows & french doors leading to double parlor living room with electric fireplace, decorative natural wood mantle & exposed brick chimney. Formal dining room is open to large eat-in kitchen with stainless steel refrigerator, double wall oven, gas cooktop, updated flooring & plenty of cabinet space, 1st floor laundry & 1/2 bath.  2nd floor boasts sizeable primary bedroom with lofted ceiling to attic & 3 other graciously sized bedrooms that share a full bath with tub/shower & plenty of storage.  Full partially finished attic & full unfinished basement great for extra storage with solid mechanicals.  Exterior features front porch, 3/4 sides were recently painted & lovely wooden deck overlooking fully fenced back yard.

19. 2025-01-13
    status Pending 978-char remark

    Show marketing remark (978 chars)

    Spacious 4 bed 1.5 bath Colonial with front porch & fully fenced yard.  Walk inside and be welcomed by a beautiful foyer with sweeping staircase enhanced by leaded stained glass windows & french doors leading to double parlor living room with electric fireplace, decorative natural wood mantle & exposed brick chimney. Formal dining room is open to large eat-in kitchen with stainless steel refrigerator, double wall oven, gas cooktop, updated flooring & plenty of cabinet space, 1st floor laundry & 1/2 bath.  2nd floor boasts sizeable primary bedroom with lofted ceiling to attic & 3 other graciously sized bedrooms that share a full bath with tub/shower & plenty of storage.  Full partially finished attic & full unfinished basement great for extra storage with solid mechanicals.  Exterior features front porch, 3/4 sides were recently painted & lovely wooden deck overlooking fully fenced back yard.

20. 2025-01-08
    listed $99,900 Active 978-char remark

    Show marketing remark (978 chars)

    Spacious 4 bed 1.5 bath Colonial with front porch & fully fenced yard.  Walk inside and be welcomed by a beautiful foyer with sweeping staircase enhanced by leaded stained glass windows & french doors leading to double parlor living room with electric fireplace, decorative natural wood mantle & exposed brick chimney. Formal dining room is open to large eat-in kitchen with stainless steel refrigerator, double wall oven, gas cooktop, updated flooring & plenty of cabinet space, 1st floor laundry & 1/2 bath.  2nd floor boasts sizeable primary bedroom with lofted ceiling to attic & 3 other graciously sized bedrooms that share a full bath with tub/shower & plenty of storage.  Full partially finished attic & full unfinished basement great for extra storage with solid mechanicals.  Exterior features front porch, 3/4 sides were recently painted & lovely wooden deck overlooking fully fenced back yard.

21. 2012-05-07
    listed $36,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 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: $37,749
• − Mortgage interest: −$10,587
• − Property taxes: −$2,835
• − Insurance: −$945
• − Repairs & maintenance: −$3,020
• − Management: −$3,020
• − Depreciation: −$5,498
• Taxable income: $11,844
• Est. tax owed @ 24.0%: −$2,843
• After-tax cash flow: $11,305/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

+425.0% since first listed

7 events — show timeline

• 2026-01-22 Price Changed $189,000 WNYREIS
• 2025-11-05 Listed $199,000 WNYREIS
• 2025-03-21 Sold (Public Records) $95,000 Public Records
• 2025-03-17 Sold (MLS) $95,000 WNYREIS
• 2025-01-13 Pending — WNYREIS
• 2025-01-08 Listed $99,900 WNYREIS
• 2012-05-07 Listed $36,000 WNYREIS

Property tax history

+4.9%/yr

Latest (2025): $275 · +0.0% YoY. Source: county tax records.