940 Lafayette Ave · Buffalo, NY 14209

$349,000

6 bd · 2.0 ba · 2,544 sqft · MultiFamily public records · 55 Days on market

Built 1910 3,220 sqft lot $137/sqft · 41% below area Est $595k · 41% under

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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 +25.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• Appreciation +5.9/10.0
• 1% rule +5.6/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

940 Lafayette Ave – Spacious 3/3 Double in Prime city Location Beautiful and well-maintained, ideally located just steps from Elmwood Village, Canisius College, and Downtown Buffalo. This centrally situated property offers convenience and charm in one of the city’s most desirable areas. Both the upper and lower units are generously sized, featuring bright living rooms, formal dining rooms, and hardwood floors throughout. Each unit includes spacious bedrooms, well-kept kitchens, and updated bathrooms, providing comfortable living spaces for occupants. The home has been consistently maintained and improved by the current owner. Updates include a newer tear-off roof and windows, updated furnaces and electrical systems, and a 5-year-old concrete driveway with parking pad. Full dry basement. Enjoy chillaxing on the front porches—perfect for taking in warm days in the City of Good Neighbors!

Key facts

• Updated furnaces
• Updated bathrooms
• Newer tear-off roof

Tags

• PRIME CITY LOCATION
• STEPS FROM ELMWOOD VILLAGE
• UPDATED BATHROOMS
• NEWER TEAR-OFF ROOF
• UPDATED FURNACES
• UPDATED ELECTRICAL SYSTEMS

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $856 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $349k).
• Recommended offer: $339k (3.0% below list) — sets the bar for market timing.

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 rising fast (+8.5%/yr); 56 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,684/mo this rent would consume 88% of the median local household income ($50k/yr) (locally 959% 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 $9k of equity ($2k loan paydown + $6k appreciation (1.9% local appreciation)).
• At projected returns (1.9% appreciation + 8.0% rent growth), your $98k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $32k; list at $349k implies a 991% 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 $338,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.52%
• DSCR: 1.47
• GRM: 7.9

CMA / ARV

• ARV (median comp): $595,344
• List price: $349,000
• Delta: -41.38%
• 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
21 Horton Pl	0.05mi	6/3.0	2,744 (+8%)	12mo	$505,000	$184	70
1598 Delaware Ave	0.52mi	6/2.0	2,580 (+1%)	6mo	$380,000	$147	68
148 Northland Ave	0.46mi	6/2.0	2,670 (+5%)	10mo	$220,000	$82	62
56 Eastwood Pl	0.74mi	6/2.0	2,487 (-2%)	4mo	$250,000	$101	59
55 Beverly Rd	0.58mi	6/2.0	2,402 (-6%)	9mo	$285,000	$119	56
35 Florida St	0.29mi	6/2.0	2,200 (-14%)	11mo	$250,000	$114	55
44 Laurel St	0.72mi	6/2.0	2,600 (+2%)	10mo	$130,100	$50	54
495 Linwood Ave	0.36mi	6/2.0	2,868 (+13%)	10mo	$440,000	$153	54
26 Pleasant Pl	0.69mi	6/2.0	2,346 (-8%)	3mo	$162,000	$69	53
128 Lancaster Ave	0.48mi	6/2.0	2,912 (+14%)	1mo	$510,000	$175	52
130 E Delavan Ave Unit N	0.57mi	5/3.0 (-1)	2,258 (-11%)	10mo	$115,000	$51	37
11 Goulding Ave	0.71mi	6/3.0	2,898 (+14%)	14mo	$300,000	$104	28

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

Projected returns pro-forma

1.86% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 17.6%
• Equity multiple: 1.98×
• Total profit: $95,337
• Equity at exit: $135,067

10-year hold

• IRR: 22.7%
• Equity multiple: 4.33×
• Total profit: $325,839
• Equity at exit: $192,531

Cash invested: $97,720 (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 14209

• Home prices YoY: 0.4%
• Rents YoY: 8.5%
• Active inventory: 56
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $3,684 high
• Mortgage (P&I): −$1,830
• Tax from tax record: −$78 /mo · $942/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$774
• Net cashflow: $856

Break-even live

Break-even rent $2,600

Max offer price $349,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,684
Total (2 units)			$3,684

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-08
   status $349,000 Pending 55 DOM
2. 2026-06-07
   days on market $349,000 Active 55 DOM
3. 2026-06-03
   days on market $349,000 Active 51 DOM
4. 2026-06-02
   days on market $349,000 Active 50 DOM
5. 2026-06-01
   days on market $349,000 Active 49 DOM
6. 2026-05-31
   days on market $349,000 Active 48 DOM
7. 2026-05-01
   status Active 917-char remark

   Show marketing remark (917 chars)

   940 Lafayette Ave – Spacious 3/3 Double in Prime city Location Beautiful and well-maintained, ideally located just steps from Elmwood Village, Canisius College, and Downtown Buffalo. This centrally situated property offers convenience and charm in one of the city’s most desirable areas. Both the upper and lower units are generously sized, featuring bright living rooms, formal dining rooms, and hardwood floors throughout. Each unit includes spacious bedrooms, well-kept kitchens, and updated bathrooms, providing comfortable living spaces for occupants. The home has been consistently maintained and improved by the current owner. Updates include a newer tear-off roof and windows, updated furnaces and electrical systems, and a 5-year-old concrete driveway with parking pad. Full dry basement. Enjoy chillaxing on the front porches—perfect for taking in warm days in the City of Good Neighbors!

8. 2026-04-30
   historical Active Under Contract 917-char remark

   Show marketing remark (917 chars)

   940 Lafayette Ave – Spacious 3/3 Double in Prime city Location Beautiful and well-maintained, ideally located just steps from Elmwood Village, Canisius College, and Downtown Buffalo. This centrally situated property offers convenience and charm in one of the city’s most desirable areas. Both the upper and lower units are generously sized, featuring bright living rooms, formal dining rooms, and hardwood floors throughout. Each unit includes spacious bedrooms, well-kept kitchens, and updated bathrooms, providing comfortable living spaces for occupants. The home has been consistently maintained and improved by the current owner. Updates include a newer tear-off roof and windows, updated furnaces and electrical systems, and a 5-year-old concrete driveway with parking pad. Full dry basement. Enjoy chillaxing on the front porches—perfect for taking in warm days in the City of Good Neighbors!

9. 2026-04-13
   listed $349,000 Active 917-char remark

   Show marketing remark (917 chars)

   940 Lafayette Ave – Spacious 3/3 Double in Prime city Location Beautiful and well-maintained, ideally located just steps from Elmwood Village, Canisius College, and Downtown Buffalo. This centrally situated property offers convenience and charm in one of the city’s most desirable areas. Both the upper and lower units are generously sized, featuring bright living rooms, formal dining rooms, and hardwood floors throughout. Each unit includes spacious bedrooms, well-kept kitchens, and updated bathrooms, providing comfortable living spaces for occupants. The home has been consistently maintained and improved by the current owner. Updates include a newer tear-off roof and windows, updated furnaces and electrical systems, and a 5-year-old concrete driveway with parking pad. Full dry basement. Enjoy chillaxing on the front porches—perfect for taking in warm days in the City of Good Neighbors!

10. 2001-09-14
    soldstatus $32,000

ⓘ 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: $942 · $78/mo
• Projected year-2 tax: $3,420 · $285/mo
• Expected delta: +$2,478/yr (+$207/mo · 263.2%)

ⓘ 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 3/10 Moderate 7 d/yr ≥91°F today · 15 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: $44,208
• − Mortgage interest: −$19,549
• − Property taxes: −$942
• − Insurance: −$1,745
• − Repairs & maintenance: −$3,537
• − Management: −$3,537
• − Depreciation: −$10,153
• Taxable income: $4,746
• Est. tax owed @ 24.0%: −$1,139
• After-tax cash flow: $9,136/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): 8,313
• Household income: $50,046
• Rent vs Own: 66.3% rent · 33.7% own
• Severe rent burden: 959.0

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 0.62)
• Race & ethnicity: White 53% Black 30% Hispanic / Latino 11% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 6% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 9% · Canada, Dominican Republic, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▲ 1.86%
• Current HPI: 443.9414
• Rent YoY: ▲ 8.53%
• 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

+990.6% since first listed

4 events — show timeline

• 2026-05-01 Relisted — WNYREIS
• 2026-04-30 Contingent — WNYREIS
• 2026-04-13 Listed $349,000 WNYREIS
• 2001-09-14 Sold (Public Records) $32,000 Public Records

Property tax history

+11.5%/yr

Latest (2025): $942 · +0.0% YoY. Source: county tax records.