32 Richfield Ave · Buffalo, NY 14220

$149,000

6 bd · 2.0 ba · 3,098 sqft · MultiFamily public records · 34 Days on market

Built 1903 4,800 sqft lot $48/sqft · 68% below area

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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
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Rent growth +4.4/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

Welcome to 32 Richfield Ave. This is a perfect opportunity to buy a multifamily in a great area vacant.

Key facts

• 4,800 sq ft lot
• Garage
• Built 1903

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $682 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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 rising fast (+7.6%/yr); 136 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 34% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $52k; list at $149k implies a 187% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 1903 — 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: 1.34% ✓
• Cap rate: 11.79%
• Cash-on-cash: 19.63%
• DSCR: 1.87
• GRM: 6.2

CMA / ARV

• ARV (median comp): $466,529
• List price: $149,000
• Delta: -68.06%
• 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
137 Southside Pkwy	0.42mi	6/2.0	2,948 (-5%)	6mo	$290,000	$98	68
155 Altruria St	0.29mi	6/2.0	2,720 (-12%)	2mo	$169,900	$62	64
193 Woodside Ave	0.44mi	6/2.0	2,919 (-6%)	9mo	$272,000	$93	62
113 Woodside Ave	0.35mi	6/2.0	2,788 (-10%)	8mo	$275,000	$99	61
16 Lorraine Ave	0.30mi	6/2.0	2,688 (-13%)	6mo	$240,000	$89	59
75 Harding Rd	0.43mi	6/2.0	2,703 (-13%)	0mo	$305,000	$113	58
33 Harding Rd	0.42mi	6/2.0	2,670 (-14%)	5mo	$329,000	$123	53
48 Harding Rd	0.39mi	6/2.0	2,691 (-13%)	10mo	$257,000	$96	51
54 Remoleno St	0.61mi	5/2.0 (-1)	2,796 (-10%)	2mo	$300,000	$107	49
286 Cumberland Ave	0.59mi	6/2.0	2,768 (-11%)	12mo	$247,391	$89	45
74 Houston St	0.58mi	5/3.0 (-1)	2,712 (-12%)	3mo	$148,000	$55	41
89 Rutland St	0.64mi	6/2.0	2,644 (-15%)	10mo	$239,000	$90	38

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

Projected returns pro-forma

-3.0% appreciation · 7.62% rent growth · sell at horizon

5-year hold

• IRR: 16.4%
• Equity multiple: 1.70×
• Total profit: $29,007
• Equity at exit: $22,216

10-year hold

• IRR: 27.9%
• Equity multiple: 4.00×
• Total profit: $125,009
• Equity at exit: $12,883

Cash invested: $41,720 (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 14220

• Home prices YoY: -26.7%
• Rents YoY: 7.6%
• Active inventory: 136
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,003 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$57 /mo · $678/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $682

Break-even live

Break-even rent $1,139

Max offer price $149,000

Occupancy floor 61%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-19
   status Pending 103-char remark

   Show marketing remark (103 chars)

   Welcome to 32 Richfield Ave. This is a perfect opportunity to buy a multifamily in a great area vacant.

2. 2026-05-04
   price $149,000 103-char remark

   Show marketing remark (103 chars)

   Welcome to 32 Richfield Ave. This is a perfect opportunity to buy a multifamily in a great area vacant.

3. 2026-04-23
   status Active 103-char remark

   Show marketing remark (103 chars)

   Welcome to 32 Richfield Ave. This is a perfect opportunity to buy a multifamily in a great area vacant.

4. 2026-02-26
   status Pending 103-char remark

   Show marketing remark (103 chars)

   Welcome to 32 Richfield Ave. This is a perfect opportunity to buy a multifamily in a great area vacant.

5. 2026-02-18
   listed $169,000 Active 103-char remark

   Show marketing remark (103 chars)

   Welcome to 32 Richfield Ave. This is a perfect opportunity to buy a multifamily in a great area vacant.

6. 2026-01-17
   historical
7. 2025-10-02
   status Active
8. 2025-10-02
   price $189,000
9. 2025-09-16
   status Pending
10. 2025-07-17
    listed $224,990 Active
11. 2006-06-19
    soldstatus $51,900

ⓘ 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: $678 · $57/mo
• Projected year-2 tax: $1,598 · $133/mo
• Expected delta: +$920/yr (+$77/mo · 135.7%)

ⓘ 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 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,035
• − Mortgage interest: −$8,346
• − Property taxes: −$678
• − Insurance: −$745
• − Repairs & maintenance: −$1,923
• − Management: −$1,923
• − Depreciation: −$4,335
• Taxable income: $6,085
• Est. tax owed @ 24.0%: −$1,460
• After-tax cash flow: $6,727/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): 24,428
• Household income: $70,963
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 602.0

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: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 13% Two or more races 6% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 10% Cuban 1%
• Common ancestry: Romanian 16% Lithuanian 1% Subsaharan African 1%
• Foreign-born: 4% · Canada, Jamaica, China
• Languages at home: 90% English-only · Spanish 4% Chinese 1%

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: ▼ -146.29%
• Current HPI: 402.5053
• Rent YoY: ▲ 7.62%
• 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

+187.1% since first listed

11 events — show timeline

• 2026-05-19 Pending — WNYREIS
• 2026-05-04 Price Changed $149,000 WNYREIS
• 2026-04-23 Relisted — WNYREIS
• 2026-02-26 Pending — WNYREIS
• 2026-02-18 Listed $169,000 WNYREIS
• 2026-01-17 Listing Removed — WNYREIS
• 2025-10-02 Relisted — WNYREIS
• 2025-10-02 Price Changed $189,000 WNYREIS
• 2025-09-16 Pending — WNYREIS
• 2025-07-17 Listed $224,990 WNYREIS
• 2006-06-19 Sold (Public Records) $51,900 Public Records

Property tax history

+4.6%/yr

Latest (2025): $678 · +0.0% YoY. Source: county tax records.