601 W Utica St Unit N · Buffalo, NY 14213

$135,000

6 bd · 2.0 ba · 2,304 sqft · MultiFamily public records · 181 Days on market

Built 1900 2,395 sqft lot Est $228k · 41% under ↓ 7% since listing

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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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Don't miss out on this fantastic opportunity to own a spacious two-unit property with immense potential! Perfect for an owner-occupant looking to generate rental income or for a savvy investor. Both units feature 3 bedrooms and a full bathroom. Separate electric and gas meters, full basement for storage space, and some replacement windows. This duplex is a wonderful chance to own a large, well-located property with a proven income stream. With its classic layout and separate utilities, it's ready for its next owner to maximize its potential!

Key facts

• Two-unit property
• Proven income stream
• Replacement windows

Tags

• TWO-UNIT PROPERTY
• REPLACEMENT WINDOWS
• PROVEN INCOME STREAM

Property features AI

Finance

• Financial info: Operating expense details: see remarks; Owner pays: other/see remarks; Rent includes: see remarks

Exterior

• Parking: No driveway
• Utilities: Public water connected; Sewer connected; Separate gas and electric meters (2 each)
• Home design: 2-story multi-unit property; Resale condition; Vinyl siding exterior
• Construction: Vinyl siding construction
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 34 x 107

Interior

• Kitchen: Gas water heater
• Bedrooms: One unit with 4 bedrooms; One unit with 3 bedrooms
• Flooring: Hardwood; Laminate; Varies by room
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Gas heating; Baseboard heat
• Interior features: Hardwood and laminate flooring throughout; varies by room; Full basement
• Laundry & utility: Separate gas and electric meters for each unit

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $873/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.8% 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); 138 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,219/mo this rent would consume 72% 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 $11k of equity ($933 loan paydown + $10k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $38k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% 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 1900 — 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: 2.38% ✓
• Cap rate: 21.81%
• Cash-on-cash: 55.40%
• DSCR: 3.47
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $228,096
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
298 Massachusetts Ave	0.08mi	5/2.0 (-1)	2,221 (-4%)	1mo	$220,000	$99	84
67 Barton St	0.35mi	6/2.0	2,420 (+5%)	0mo	$170,000	$70	75
395 Hampshire St	0.24mi	5/2.0 (-1)	2,438 (+6%)	3mo	$165,500	$68	72
207 Rhode Island St	0.30mi	5/2.0 (-1)	2,436 (+6%)	2mo	$295,500	$121	70
238 Barton St	0.60mi	6/2.0	2,246 (-2%)	2mo	$195,000	$87	67
315 Herkimer St	0.70mi	6/2.0	2,303 (-0%)	2mo	$148,000	$64	66
325 Breckenridge St	0.35mi	6/2.0	2,044 (-11%)	2mo	$175,500	$86	63
26 York St	0.55mi	6/2.0	2,519 (+9%)	1mo	$199,900	$79	58
288 14th St	0.23mi	5/2.0 (-1)	2,616 (+14%)	6mo	$260,000	$99	56
383 Summer St	0.55mi	5/2.0 (-1)	2,468 (+7%)	6mo	$492,000	$199	52
187 Auburn Ave	0.52mi	5/2.0 (-1)	2,588 (+12%)	7mo	$289,000	$112	45
38 Ardmore Pl	0.73mi	5/2.0 (-1)	2,121 (-8%)	6mo	$230,000	$108	43

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: 63.0%
• Equity multiple: 5.05×
• Total profit: $153,114
• Equity at exit: $98,114

10-year hold

• IRR: 57.5%
• Equity multiple: 10.11×
• Total profit: $344,271
• Equity at exit: $190,660

Cash invested: $37,800 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 138
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $3,219 high
• Mortgage (P&I): −$708
• Tax from tax record: −$34 /mo · $404/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$676
• Net cashflow: $1,745

Break-even live

Break-even rent $1,010

Max offer price $135,000

Occupancy floor 41%

Sensitivity live

Price	-10% $1,822	-5% $1,783	+0% $1,745	+5% $1,707	+10% $1,669
Rent	-10% $1,491	-5% $1,618	+0% $1,745	+5% $1,872	+10% $1,999
Rate	-1.0pp $1,813	-0.5pp $1,780	base $1,745	+0.5pp $1,710	+1.0pp $1,675

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,220
Total (2 units)			$3,219

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-01
   status Pending
2. 2026-04-29
   historical Active Under Contract
3. 2026-04-29
   historical
4. 2026-04-15
   price $135,000
5. 2026-03-26
   price $140,000
6. 2025-10-29
   listed $145,000 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: $404 · $34/mo
• Projected year-2 tax: $1,343 · $112/mo
• Expected delta: +$939/yr (+$78/mo · 232.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°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: $38,628
• − Mortgage interest: −$7,562
• − Property taxes: −$404
• − Insurance: −$675
• − Repairs & maintenance: −$3,090
• − Management: −$3,090
• − Depreciation: −$3,927
• Taxable income: $19,880
• Est. tax owed @ 24.0%: −$4,771
• After-tax cash flow: $16,171/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

-6.9% since first listed

6 events — show timeline

• 2026-05-01 Pending — WNYREIS
• 2026-04-29 Contingent — WNYREIS
• 2026-04-29 Listing Removed — WNYREIS
• 2026-04-15 Price Changed $135,000 WNYREIS
• 2026-03-26 Price Changed $140,000 WNYREIS
• 2025-10-29 Listed $145,000 WNYREIS

Property tax history

+8.6%/yr

Latest (2025): $404 · +0.0% YoY. Source: county tax records.