185 Carl St · Buffalo, NY 14215

$129,900

4 bd · 2.0 ba · 1,778 sqft · MultiFamily public records · 48 Days on market

Built 1920 4,200 sqft lot $73/sqft · 54% below area ↓ 7% since listing

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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
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• 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: 2 units. confirmed

Listing remarks

Great opportunity for both investors and owner-occupants! This solid two-family home offers immediate income with one unit currently rented, while the vacant unit is ready for occupancy or additional rental potential. The lower unit has been refreshed with new flooring throughout and some fresh paint, creating a clean and inviting living space. Each unit provides comfortable layouts suitable for a variety of living arrangements. Enjoy the charm of a full front porch—perfect for relaxing or welcoming guests. The property also includes a driveway for off-street parking and a full basement offering ample storage or potential utility space. Whether you’re looking to expand your inve

Key facts

• Fresh paint
• Full front porch
• New flooring

Tags

• TWO-FAMILY HOME
• IMMEDIATE INCOME
• VACANT UNIT
• NEW FLOORING
• FRESH PAINT
• FULL FRONT PORCH

Property features AI

Finance

• Financial info: Owner pays water; rent includes water; Operating expenses include insurance, maintenance, trash, and water/sewer; Two rental units with current rent noted: one unit rents for $850 and is month-to-month

Exterior

• Parking: Concrete parking with one space
• Utilities: Public water connected; Sewer connected; Circuit breaker electric
• Home design: Two-story multiunit property; Resale condition
• Construction: Composite siding; Asphalt roof; Stone foundation; Built (existing)
• Exterior features: Covered porch

Interior

• Kitchen: Gas water heater
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Hardwood; Laminate; Vinyl; Varies
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Hardwood, laminate, vinyl, and varied flooring
• Laundry & utility: Separate gas and electric meters for each unit

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $567/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.8% 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 flat; 237 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,414/mo this rent would consume 64% of the median local household income ($45k/yr) (locally 2873% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.86% ✓
• Cap rate: 16.77%
• Cash-on-cash: 37.41%
• DSCR: 2.66
• GRM: 4.5

CMA / ARV

• ARV (median comp): $285,460
• List price: $129,900
• Delta: -54.49%
• 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
95 Carl St	0.18mi	4/2.0	1,632 (-8%)	4mo	$84,000	$51	75
868 Northland Ave	0.05mi	4/2.0	2,004 (+13%)	14mo	$155,000	$77	65
75 Box Ave	0.73mi	4/2.0	1,817 (+2%)	6mo	$117,000	$64	57
355 Cornwall Ave	0.45mi	5/2.0 (+1)	1,870 (+5%)	15mo	$182,500	$98	53
64 Sidney St	0.71mi	4/2.0	1,728 (-3%)	13mo	$65,000	$38	52
376 Norfolk Ave	0.54mi	4/2.0	1,536 (-14%)	3mo	$160,000	$104	49
81 Lark St	0.72mi	5/2.0 (+1)	1,824 (+3%)	14mo	$150,000	$82	45
45 Cambridge Ave	0.38mi	5/2.0 (+1)	2,042 (+15%)	10mo	$62,000	$30	45
104 French St	0.73mi	4/2.0	1,930 (+8%)	11mo	$102,500	$53	43
9 Alma Ave	0.70mi	5/2.0 (+1)	1,630 (-8%)	9mo	$82,000	$50	41
325 Box Ave	0.60mi	5/2.0 (+1)	1,524 (-14%)	13mo	$135,000	$89	33
20 Ericson Ave	0.75mi	4/2.0	1,563 (-12%)	16mo	$123,000	$79	32

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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: 30.8%
• Equity multiple: 2.25×
• Total profit: $45,606
• Equity at exit: $19,369

10-year hold

• IRR: 36.8%
• Equity multiple: 4.05×
• Total profit: $110,893
• Equity at exit: $11,231

Cash invested: $36,372 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 237
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,414 high
• Mortgage (P&I): −$681
• Tax from tax record: −$38 /mo · $452/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $1,134

Break-even live

Break-even rent $979

Max offer price $129,900

Occupancy floor 48%

Sensitivity live

Price	-10% $1,208	-5% $1,171	+0% $1,134	+5% $1,097	+10% $1,060
Rent	-10% $943	-5% $1,039	+0% $1,134	+5% $1,229	+10% $1,325
Rate	-1.0pp $1,199	-0.5pp $1,167	base $1,134	+0.5pp $1,100	+1.0pp $1,066

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,414
Total (2 units)			$2,414

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
73 Inter Park Ave Buffalo, NY	3.0	1.0	2080	$1,300	$0.62	15d	1	0.71mi
517 Goodyear Ave Buffalo, NY	3.0	1.0	1559	$1,800	$1.15	19d	1	0.73mi
563 Humboldt Pkwy Buffalo, NY	3.0	1.0	2004	$1,200	$0.60	24d	1	0.81mi
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	15d	1	0.91mi
25 Parkridge Ave Buffalo, NY	3.0	1.0	1914	$1,350	$0.71	15d	1	1.12mi
79 Walden Ave Buffalo, NY	3.0	1.0	2528	$1,250	$0.49	44d	1	1.18mi
96 Academy Rd Buffalo, NY	3.0	1.0	2247	$1,400	$0.62	24d	1	1.36mi
65 Domedion Ave Buffalo, NY	3.0	1.0	1632	$1,500	$0.92	2d	1	1.38mi
102 Florida St Buffalo, NY	3.0	1.0	1296	$1,650	$1.27	44d	1	1.39mi

Listing history 16 events

1. 2026-06-18
   days on market $129,900 Active 48 DOM
2. 2026-06-17
   days on market $129,900 Active 47 DOM
3. 2026-06-16
   days on market $129,900 Active 46 DOM
4. 2026-06-15
   days on market $129,900 Active 45 DOM
5. 2026-06-13
   days on market $129,900 Active 43 DOM
6. 2026-06-13
   days on market $129,900 Active 42 DOM
7. 2026-06-10
   days on market $129,900 Active 40 DOM
8. 2026-06-09
   days on market $129,900 Active 39 DOM
9. 2026-06-08
   days on market $129,900 Active 38 DOM
10. 2026-06-07
    days on market $129,900 Active 37 DOM
11. 2026-06-03
    days on market $129,900 Active 33 DOM
12. 2026-06-02
    days on market $129,900 Active 32 DOM
13. 2026-06-01
    days on market $129,900 Active 31 DOM
14. 2026-05-31
    days on market $129,900 Active 30 DOM
15. 2026-05-14
    price $129,900 844-char remark
16. 2026-04-30
    listed $139,900 Active 844-char remark

ⓘ 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: $452 · $38/mo
• Projected year-2 tax: $1,324 · $110/mo
• Expected delta: +$871/yr (+$73/mo · 192.6%)

ⓘ 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 ≥93°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: $28,968
• − Mortgage interest: −$7,276
• − Property taxes: −$452
• − Insurance: −$650
• − Repairs & maintenance: −$2,317
• − Management: −$2,317
• − Depreciation: −$3,779
• Taxable income: $12,176
• Est. tax owed @ 24.0%: −$2,922
• After-tax cash flow: $10,686/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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 Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% 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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

-7.1% since first listed

2 events — show timeline

• 2026-05-14 Price Changed $129,900 WNYREIS
• 2026-04-30 Listed $139,900 WNYREIS

Property tax history

+14.9%/yr

Latest (2025): $452 · +169.1% YoY. Source: county tax records.