397 Baynes St · Buffalo, NY 14213

$189,900

8 bd · 4.0 ba · 4,212 sqft · MultiFamily public records · 35 Days on market

Built 1910 4,140 sqft lot $45/sqft · 73% below area ↓ 10% since listing

---

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 +8.8/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

397 Baynes Street, Buffalo, New York, 14213. OPEN HOUSE Saturday, May 9, 2026, 1:00-3:00 pm. Early 1900's architecture, thoughtfully carved into four distinct, spacious yet easy to manage apartments. Recently painted wood exterior, serviceable roof and a quaint yard. Some modern kitchen and bathroom updates, mostly original oak hardwood floors. Separate meters for utilities. .

Key facts

• 4,140 sq ft lot
• Built 1910
• Listed 34 days

Tags

• EARLY 1900S ARCHITECTURE
• RECENTLY PAINTED WOOD EXTERIOR
• MODERN KITCHEN UPDATES
• MODERN BATHROOM UPDATES
• ORIGINAL OAK HARDWOOD FLOORS
• SEPARATE METERS FOR UTILITIES

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 29.9% 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); 137 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $6,194/mo this rent would consume 138% 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 $16k of equity ($1k loan paydown + $14k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $53k cash investment doubles in ~1 year — 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 35 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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: 3.26% ✓
• Cap rate: 29.86%
• Cash-on-cash: 84.16%
• DSCR: 4.74
• GRM: 2.6

CMA / ARV

• ARV (median comp): $699,052
• List price: $189,900
• Delta: -72.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 Bird Ave	0.13mi	8/4.0	4,200 (-0%)	13mo	$375,000	$89	83
294 Baynes St	0.21mi	7/4.0 (-1)	4,314 (+2%)	10mo	$450,000	$104	73
88 Arnold St	0.72mi	7/4.0 (-1)	4,284 (+2%)	7mo	$375,000	$88	53
497 Norwood Ave	0.60mi	7/4.0 (-1)	4,402 (+4%)	19mo	$590,000	$134	44
171 Lafayette Ave	0.60mi	9/3.0 (+1)	4,630 (+10%)	14mo	$487,695	$105	34
700 Lafayette Ave	0.73mi	9/5.0 (+1)	4,604 (+9%)	10mo	$830,000	$180	33

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: 89.0%
• Equity multiple: 6.49×
• Total profit: $291,702
• Equity at exit: $138,014

10-year hold

• IRR: 84.7%
• Equity multiple: 12.97×
• Total profit: $636,572
• Equity at exit: $268,195

Cash invested: $53,172 (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: 137
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $6,194 high
• Mortgage (P&I): −$996
• Tax from tax record: −$89 /mo · $1,070/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,301
• Net cashflow: $3,729

Break-even live

Break-even rent $1,474

Max offer price $189,900

Occupancy floor 35%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,196
Total (4 units)			$6,194

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-06
   price $189,900 379-char remark

   Show marketing remark (379 chars)

   397 Baynes Street, Buffalo, New York, 14213. OPEN HOUSE Saturday, May 9, 2026, 1:00-3:00 pm. Early 1900's architecture, thoughtfully carved into four distinct, spacious yet easy to manage apartments. Recently painted wood exterior, serviceable roof and a quaint yard. Some modern kitchen and bathroom updates, mostly original oak hardwood floors. Separate meters for utilities. .

2. 2026-04-22
   listed $209,900 Active 379-char remark

   Show marketing remark (379 chars)

   397 Baynes Street, Buffalo, New York, 14213. OPEN HOUSE Saturday, May 9, 2026, 1:00-3:00 pm. Early 1900's architecture, thoughtfully carved into four distinct, spacious yet easy to manage apartments. Recently painted wood exterior, serviceable roof and a quaint yard. Some modern kitchen and bathroom updates, mostly original oak hardwood floors. Separate meters for utilities. .

ⓘ 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: $1,070 · $89/mo
• Projected year-2 tax: $2,140 · $178/mo
• Expected delta: +$1,069/yr (+$89/mo · 99.9%)

ⓘ 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: $74,328
• − Mortgage interest: −$10,637
• − Property taxes: −$1,070
• − Insurance: −$950
• − Repairs & maintenance: −$5,946
• − Management: −$5,946
• − Depreciation: −$5,524
• Taxable income: $44,254
• Est. tax owed @ 24.0%: −$10,621
• After-tax cash flow: $34,128/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

-9.5% since first listed

2 events — show timeline

• 2026-05-06 Price Changed $189,900 WNYREIS
• 2026-04-22 Listed $209,900 WNYREIS

Property tax history

+8.5%/yr

Latest (2025): $1,070 · +0.0% YoY. Source: county tax records.