170 Howard St · Buffalo, NY 14206

$179,900

3 bd · 2.0 ba · 1,968 sqft · MultiFamily public records · 71 Days on market

Built 1878 3,090 sqft lot

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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
• Appreciation +9.0/10.0
• ARV discount +7.5/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Great investment opportunity or perfect for owner-occupants! This spacious multi-family home offers two distinct units with plenty of updates and living space. The first-floor unit features 2 bedrooms, a full bathroom, a large living room, formal dining area, and an eat-in kitchen—ideal for comfortable everyday living. The upper unit spans the second and third floors, providing a unique layout that includes a kitchen, living room, media room, laundry area, full bathroom, and 1 bedroom on the second floor. The third-floor attic is fully finished with a spacious primary bedroom, its own full bathroom, and a utility room—creating a private retreat. Separate utilities, off-street pa

Key facts

• Two distinct units
• Laundry area
• First-floor unit

Tags

• MULTI-FAMILY HOME
• TWO DISTINCT UNITS
• FIRST-FLOOR UNIT
• EAT-IN KITCHEN
• MEDIA ROOM
• LAUNDRY AREA

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $915 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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: 169 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,732/mo this rent would consume 65% of the median local household income ($50k/yr) (locally 841% 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 (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $50k 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 71 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y ago 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 $27k; list at $180k implies a 566% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1878 — 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 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: 1.52% ✓
• Cap rate: 12.40%
• Cash-on-cash: 21.80%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $114,144
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
368 Bristol St	0.31mi	4/2.0 (+1)	1,919 (-2%)	9mo	$125,000	$65	69
107 Jones St	0.73mi	4/1.0 (+1)	2,142 (+9%)	11mo	$95,000	$44	33
16 Lombard St	0.56mi	4/2.0 (+1)	1,677 (-15%)	22mo	$98,000	$58	26

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

Projected returns pro-forma

8.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 37.3%
• Equity multiple: 3.64×
• Total profit: $133,101
• Equity at exit: $137,390

10-year hold

• IRR: 33.2%
• Equity multiple: 7.81×
• Total profit: $342,987
• Equity at exit: $273,402

Cash invested: $50,372 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 169
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,732 high
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $915

Break-even live

Break-even rent $1,574

Max offer price $179,900

Occupancy floor 62%

Sensitivity live

Price	-10% $1,039	-5% $977	+0% $915	+5% $853	+10% $791
Rent	-10% $699	-5% $807	+0% $915	+5% $1,023	+10% $1,131
Rate	-1.0pp $1,006	-0.5pp $961	base $915	+0.5pp $868	+1.0pp $821

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,419
1× unit	1	1	$1,313
Total (2 units)			$2,732

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
491 Emslie St Buffalo, NY	3.0	1.0	2488	$1,200	$0.48	15d	1	0.40mi
140 Seymour St Unit First Floor Buffalo, NY	2.0	1.0	1300	$1,800	$1.38	4d	1	0.49mi
140 Seymour St Buffalo, NY	2.0	1.0	1300	$1,800	$1.38	24d	1	0.49mi
149 Swan St #404 Buffalo, NY	2.0	2.0	1237	$2,100	$1.70	24d	1	1.14mi
149 Swan St #404 Buffalo, NY	2.0	2.0	1237	$2,050	$1.66	12d	1	1.14mi
230 Scott St Buffalo, NY	1.0–2.0	1.0–2.0	1285	$2,325	$1.81	2d	4	1.18mi
901 S Park Ave Unit Lower Buffalo, NY	4.0	1.0	1729	$1,600	$0.93	24d	1	1.22mi
465 Washington St Buffalo, NY	1.0–2.0	1.0–2.0	1388	$2,285	$1.65	2d	5	1.25mi
628 Ellicott St Buffalo, NY	1.0–2.0	1.0–2.0	1059	$2,812	$2.65	3d	5	1.37mi
298 Main St Buffalo, NY	2.0	2.0	1768	$3,400	$1.92	3d	1	1.41mi
225 Louisiana St Buffalo, NY	1.0–3.0	1.0–2.0	1164	$2,653	$2.28	2d	7	1.41mi
237 Main St Buffalo, NY	1.0–3.0	1.5–2.5	1608	$4,035	$2.51	2d	9	1.43mi

Listing history 13 events

1. 2026-04-19
   status Pending
2. 2026-02-06
   listed $179,900 Active
3. 2025-09-06
   status Pending
4. 2025-08-24
   historical
5. 2025-07-18
   listed $179,900 Active
6. 2024-10-22
   listed $179,900 Active
7. 2019-07-29
   soldstatus $27,000 Closed Sale or Rented
8. 2019-07-29
   soldstatus $27,000
9. 2019-05-08
   status Pending Sale
10. 2019-05-01
    price $35,000
11. 2019-04-24
    status Active
12. 2019-01-22
    status Pending Sale
13. 2018-09-27
    listed $40,000 Active

ⓘ 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) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,784
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$2,623
• − Management: −$2,623
• − Depreciation: −$5,233
• Taxable income: $8,630
• Est. tax owed @ 24.0%: −$2,071
• After-tax cash flow: $8,909/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): 21,631
• Household income: $50,450
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 841.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Romanian 25% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Arabic 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: ▲ 8.06%
• Current HPI: 457.3935
• 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

+349.8% since first listed

13 events — show timeline

• 2026-04-19 Pending — WNYREIS
• 2026-02-06 Listed $179,900 WNYREIS
• 2025-09-06 Pending — WNYREIS
• 2025-08-24 Listing Removed — WNYREIS
• 2025-07-18 Listed $179,900 WNYREIS
• 2024-10-22 Listed $179,900 WNYREIS
• 2019-07-29 Sold (Public Records) $27,000 Public Records
• 2019-07-29 Sold (MLS) $27,000 WNYREIS
• 2019-05-08 Pending — WNYREIS
• 2019-05-01 Price Changed $35,000 WNYREIS
• 2019-04-24 Relisted — WNYREIS
• 2019-01-22 Pending — WNYREIS
• 2018-09-27 Listed $40,000 WNYREIS

Property tax history

+1.4%/yr

Latest (2025): $123 · +0.0% YoY. Source: county tax records.