192 Bird Ave · Buffalo, NY 14213

$195,000

4 bd · 2.0 ba · 1,598 sqft · MultiFamily public records · 84 Days on market

Built 1880 3,525 sqft lot $122/sqft · 34% below area Est $294k · 34% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Must see double in the heart of Buffalo's vibrant West Side! This home offers a 3 bedroom 1 bath lower unit with newer stainless steel appliances and a 2 bedroom 1 bath upper unit with newer stainless steel appliances. Separate utilities and each unit has laundry hookups conveniently steps away. The owners completed loads of updates including kitchen cabinetry, bathroom fixtures, modern plumbing, updated electric, vinyl plank flooring throughout each unit, fresh paint, replacement windows/doors. Property management already in place and able to continue maintaining the property. Both units are occupied with a great tenants who wish to stay. If you're in the market for a CASH FLOWING property with low taxes, modern updates in a prime location then this one is a great opportunity! Don't miss out on this one!

Key facts

• 3,525 sq ft lot
• Built 1880
• Listed 84 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Recommended offer: $183k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.6% 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); 138 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,933/mo this rent would consume 65% 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 + $15k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $55k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $90k; list at $195k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $183,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 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 1880 — 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: 1.50% ✓
• Cap rate: 13.56%
• Cash-on-cash: 25.95%
• DSCR: 2.15
• GRM: 5.5

CMA / ARV

• ARV (median comp): $294,456
• List price: $195,000
• Delta: -33.78%
• 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
276 Potomac Ave	0.19mi	4/2.0	1,674 (+5%)	4mo	$167,000	$100	80
228 Potomac Ave	0.13mi	3/2.0 (-1)	1,782 (+12%)	10mo	$325,000	$182	62
73 Baynes St	0.67mi	4/2.0	1,698 (+6%)	6mo	$199,900	$118	53
118 Auburn Ave	0.56mi	4/2.0	1,760 (+10%)	9mo	$260,000	$148	50
319 Breckenridge St	0.66mi	3/2.0 (-1)	1,632 (+2%)	22mo	$159,900	$98	42
222 Amherst St	0.75mi	5/3.0 (+1)	1,686 (+6%)	20mo	$50,000	$30	30

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: 38.1%
• Equity multiple: 3.58×
• Total profit: $140,796
• Equity at exit: $141,721

10-year hold

• IRR: 33.1%
• Equity multiple: 7.17×
• Total profit: $336,675
• Equity at exit: $275,397

Cash invested: $54,600 (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: 138
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,933 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$33 /mo · $392/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$616
• Net cashflow: $1,181

Break-even live

Break-even rent $1,439

Max offer price $195,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,291	-5% $1,236	+0% $1,181	+5% $902	+10% $835
Rent	-10% $949	-5% $1,065	+0% $1,181	+5% $1,296	+10% $1,412
Rate	-1.0pp $1,279	-0.5pp $1,230	base $1,181	+0.5pp $1,130	+1.0pp $1,079

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,558
1× unit	2	1	$1,375
Total (2 units)			$2,933

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	2d	14	0.22mi
305 Bird Ave Unit 3 Buffalo, NY	3.0	1.5	1128	$2,300	$2.04	44d	1	0.22mi
309 Bird Ave Unit 1 Buffalo, NY	3.0	1.0	1100	$2,200	$2.00	44d	1	0.23mi
232 Dewitt St Buffalo, NY	3.0	1.0	1200	$1,300	$1.08	24d	1	0.25mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	15d	1	0.32mi
374 Baynes St Buffalo, NY	3.0	1.0	1126	$1,550	$1.38	44d	1	0.35mi
37 Abbottsford Pl Buffalo, NY	3.0	1.0	1130	$1,650	$1.46	44d	1	0.45mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	0.55mi
891 Richmond Ave Buffalo, NY	3.0	1.0	1176	$1,800	$1.53	44d	1	0.59mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	24d	1	0.66mi
478 Breckenridge St Buffalo, NY	3.0	1.0	1100	$1,575	$1.43	44d	1	0.74mi
375 Hampshire St Buffalo, NY	3.0	1.0	1200	$1,100	$0.92	44d	1	0.81mi
310 Hampshire St Apt 3 Buffalo, NY	3.0	1.0	1200	$1,500	$1.25	44d	1	0.84mi
62 Germain St Buffalo, NY	3.0	1.0	1320	$1,250	$0.95	24d	1	0.92mi
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	15d	1	0.94mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	15d	1	0.96mi
685 Auburn Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,750	$1.46	15d	1	1.00mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	24d	1	1.15mi
825 Forest Ave Unit 1 Buffalo, NY	3.0	1.0	1200	$1,700	$1.42	4d	1	1.21mi
825 Forest Ave Buffalo, NY	3.0	1.0	1200	$2,000	$1.67	24d	1	1.21mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	24d	1	1.25mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	21d	1	1.35mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	15d	1	1.40mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	24d	1	1.42mi
238 Oxford Ave Unit Upper Buffalo, NY	3.0	1.0	1100	$1,600	$1.45	24d	1	1.45mi

Listing history 28 events

1. 2026-06-18
   days on market $195,000 Active 84 DOM
2. 2026-06-17
   days on market $195,000 Active 83 DOM
3. 2026-06-16
   days on market $195,000 Active 82 DOM
4. 2026-06-15
   days on market $195,000 Active 81 DOM
5. 2026-06-13
   days on market $195,000 Active 79 DOM
6. 2026-06-13
   days on market $195,000 Active 78 DOM
7. 2026-06-10
   days on market $195,000 Active 76 DOM
8. 2026-06-09
   days on market $195,000 Active 75 DOM
9. 2026-06-08
   days on market $195,000 Active 74 DOM
10. 2026-06-07
    days on market $195,000 Active 73 DOM
11. 2026-06-03
    days on market $195,000 Active 69 DOM
12. 2026-06-02
    days on market $195,000 Active 68 DOM
13. 2026-06-01
    days on market $195,000 Active 67 DOM
14. 2026-05-31
    days on market $195,000 Active 66 DOM
15. 2026-03-26
    listed $195,000 Active 816-char remark

    Show marketing remark (816 chars)

    Must see double in the heart of Buffalo's vibrant West Side! This home offers a 3 bedroom 1 bath lower unit with newer stainless steel appliances and a 2 bedroom 1 bath upper unit with newer stainless steel appliances. Separate utilities and each unit has laundry hookups conveniently steps away. The owners completed loads of updates including kitchen cabinetry, bathroom fixtures, modern plumbing, updated electric, vinyl plank flooring throughout each unit, fresh paint, replacement windows/doors. Property management already in place and able to continue maintaining the property. Both units are occupied with a great tenants who wish to stay. If you're in the market for a CASH FLOWING property with low taxes, modern updates in a prime location then this one is a great opportunity! Don't miss out on this one!

16. 2026-03-17
    historical
17. 2025-12-17
    listed $199,990 Active
18. 2025-12-16
    historical
19. 2025-11-20
    price $212,000
20. 2025-11-06
    price $217,000
21. 2025-10-28
    price $224,000
22. 2025-10-14
    listed $229,000 Active
23. 2022-05-25
    soldstatus $90,000
24. 2022-05-19
    soldstatus $90,000 Closed Sale or Rented
25. 2022-04-12
    status Pending Sale
26. 2022-03-30
    status Under Contract- Do Not Show
27. 2022-02-28
    listed $125,000 Active
28. 2005-08-30
    soldstatus $18,000

ⓘ 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: $392 · $33/mo
• Projected year-2 tax: $1,844 · $154/mo
• Expected delta: +$1,452/yr (+$121/mo · 370.0%)

ⓘ 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 · 14 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: $35,196
• − Mortgage interest: −$10,923
• − Property taxes: −$392
• − Insurance: −$975
• − Repairs & maintenance: −$2,816
• − Management: −$2,816
• − Depreciation: −$5,673
• Taxable income: $11,602
• Est. tax owed @ 24.0%: −$2,784
• After-tax cash flow: $11,382/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

+983.3% since first listed

14 events — show timeline

• 2026-03-26 Listed $195,000 WNYREIS
• 2026-03-17 Listing Removed — WNYREIS
• 2025-12-17 Listed $199,990 WNYREIS
• 2025-12-16 Listing Removed — WNYREIS
• 2025-11-20 Price Changed $212,000 WNYREIS
• 2025-11-06 Price Changed $217,000 WNYREIS
• 2025-10-28 Price Changed $224,000 WNYREIS
• 2025-10-14 Listed $229,000 WNYREIS
• 2022-05-25 Sold (Public Records) $90,000 Public Records
• 2022-05-19 Sold (MLS) $90,000 WNYREIS
• 2022-04-12 Pending — WNYREIS
• 2022-03-30 Pending — WNYREIS
• 2022-02-28 Listed $125,000 WNYREIS
• 2005-08-30 Sold (Public Records) $18,000 Public Records

Property tax history

+9.3%/yr

Latest (2025): $392 · +0.0% YoY. Source: county tax records.