428 Normal Ave · Buffalo, NY 14213

$224,900

4 bd · 2.0 ba · 1,680 sqft · MultiFamily public records · 56 Days on market

Built 1910 4,023 sqft lot $134/sqft · 17% below area Est $272k · 17% under

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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 +25.9/30.0
• ARV discount +15.0/15.0
• Appreciation +8.8/10.0
• DSCR +8.7/10.0
• 1% rule +5.5/10.0
• 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

This beautifully remodeled two-unit property is perfectly situated in the flourishing West Side of Buffalo, just blocks from Five Points Bakery, Southern Junction, and an array of some of the city’s most beloved dining spots. Ideal for both owner-occupants and investors, the home offers separate HVAC systems for each unit, complete with their own air conditioning, ensuring comfort and efficiency throughout. Both units have been tastefully updated with modern quartz countertops and refreshed bathrooms. The upper one-bedroom unit has been completely transformed, featuring a bright, airy layout with vaulted ceilings that create a loft-like feel, along with new luxury vinyl plank flooring, a fully renovated kitchen and bathroom, exposed brick accents, and all-new insulation, drywall, trim, and paint. This unit also includes a brand-new HVAC system and hot water tank for peace of mind. The lower three-bedroom unit offers generous living space with the potential for a fourth bedroom, along with fresh paint updates, making it move-in ready while still offering room for added value. Outside, enjoy a fully fenced yard perfect for privacy and entertaining, highlighted by a private stamped concrete patio; an inviting space to relax or host gatherings.

Key facts

• Refreshed bathrooms
• Vaulted ceilings
• 4,023 sq ft lot

Tags

• SEPARATE HVAC SYSTEMS
• MODERN QUARTZ COUNTERTOPS
• REFRESHED BATHROOMS
• VAULTED CEILINGS
• LUXURY VINYL PLANK FLOORING
• FULLY RENOVATED KITCHEN

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $551 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.

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; 26 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,369/mo this rent would consume 53% 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 $18k of equity ($2k loan paydown + $17k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $180k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $218,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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: 1.05% ✓
• Cap rate: 9.23%
• Cash-on-cash: 10.50%
• DSCR: 1.47
• GRM: 7.9

CMA / ARV

• ARV (median comp): $271,772
• List price: $224,900
• Delta: -17.25%
• 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
428 Normal Ave	0.00mi	4/2.0	1,680 (0%)	9mo	$180,000	$107	92
875 West Ave	0.30mi	3/2.0 (-1)	1,696 (+1%)	8mo	$165,000	$97	72
23 Sherwood St	0.18mi	3/2.0 (-1)	1,830 (+9%)	4mo	$150,000	$82	68
73 Baynes St	0.59mi	4/2.0	1,698 (+1%)	6mo	$199,900	$118	66
413 14th St	0.10mi	4/2.0	1,896 (+13%)	13mo	$225,000	$119	63
118 Auburn Ave	0.56mi	4/2.0	1,760 (+5%)	9mo	$260,000	$148	59
475 W Ferry St	0.54mi	3/2.0 (-1)	1,740 (+4%)	7mo	$236,900	$136	58
145 14th St	0.56mi	3/2.0 (-1)	1,710 (+2%)	9mo	$281,500	$165	58
647 Prospect Ave	0.44mi	3/2.0 (-1)	1,625 (-3%)	19mo	$148,500	$91	53
158 16th St	0.42mi	4/2.5	1,817 (+8%)	17mo	$295,000	$162	51
192 York St	0.61mi	3/2.5 (-1)	1,884 (+12%)	1mo	$285,000	$151	44
92 Dewitt St	0.60mi	4/2.0	1,856 (+10%)	13mo	$60,000	$32	43

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: 25.8%
• Equity multiple: 2.81×
• Total profit: $113,737
• Equity at exit: $163,451

10-year hold

• IRR: 22.5%
• Equity multiple: 5.62×
• Total profit: $290,924
• Equity at exit: $317,625

Cash invested: $62,972 (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: 15.8×

Monthly cashflow live

• Estimated rent: $2,369 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$47 /mo · $566/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$497
• Net cashflow: $551

Break-even live

Break-even rent $1,671

Max offer price $224,900

Occupancy floor 72%

Sensitivity live

Price	-10% $679	-5% $615	+0% $551	+5% $488	+10% $424
Rent	-10% $364	-5% $458	+0% $551	+5% $645	+10% $738
Rate	-1.0pp $664	-0.5pp $608	base $551	+0.5pp $493	+1.0pp $434

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,368
Total (2 units)			$2,369

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 Hampshire St Apt 3 Buffalo, NY	3.0	1.0	1200	$1,500	$1.25	45d	1	0.23mi
375 Hampshire St Buffalo, NY	3.0	1.0	1200	$1,100	$0.92	45d	1	0.34mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	25d	1	0.43mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	25d	1	0.48mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	25d	1	0.60mi
478 Breckenridge St Buffalo, NY	3.0	1.0	1100	$1,575	$1.43	45d	1	0.63mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	25d	1	0.64mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	15d	1	0.71mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	21d	1	0.72mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	15d	1	0.73mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	45d	1	0.82mi
232 Dewitt St Buffalo, NY	3.0	1.0	1200	$1,300	$1.08	25d	1	0.85mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	15d	1	0.91mi
685 Auburn Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,750	$1.46	15d	1	1.04mi
305 Bird Ave Unit 3 Buffalo, NY	3.0	1.5	1128	$2,300	$2.04	45d	1	1.05mi
309 Bird Ave Unit 1 Buffalo, NY	3.0	1.0	1100	$2,200	$2.00	45d	1	1.06mi
374 Baynes St Buffalo, NY	3.0	1.0	1126	$1,550	$1.38	45d	1	1.10mi
190 Whitney Pl Buffalo, NY	3.0	1.0	1180	$1,550	$1.31	45d	1	1.17mi
21 College St Buffalo, NY	3.0	1.0	1104	$1,850	$1.68	25d	1	1.18mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	45d	1	1.20mi
37 Abbottsford Pl Buffalo, NY	3.0	1.0	1130	$1,650	$1.46	45d	1	1.22mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	3d	14	1.22mi
217 W Tupper St Unit 2 Buffalo, NY	3.0	1.0	1150	$1,350	$1.17	45d	1	1.28mi
891 Richmond Ave Buffalo, NY	3.0	1.0	1176	$1,800	$1.53	45d	1	1.31mi
44 N Pearl St #5 Buffalo, NY	3.0	1.0	1200	$2,400	$2.00	45d	1	1.40mi
17 N Pearl St Unit 3 Buffalo, NY	3.0	2.0	1197	$3,100	$2.59	25d	1	1.45mi

Listing history 14 events

1. 2026-06-10
   days on market $224,900 Active 56 DOM
2. 2026-06-09
   days on market $224,900 Active 55 DOM
3. 2026-06-08
   days on market $224,900 Active 54 DOM
4. 2026-06-07
   days on market $224,900 Active 53 DOM
5. 2026-06-03
   days on market $224,900 Active 49 DOM
6. 2026-06-02
   days on market $224,900 Active 48 DOM
7. 2026-06-01
   days on market $224,900 Active 47 DOM
8. 2026-05-31
   days on market $224,900 Active 46 DOM
9. 2026-05-18
   price $224,900 1266-char remark

   Show marketing remark (1266 chars)

   This beautifully remodeled two-unit property is perfectly situated in the flourishing West Side of Buffalo, just blocks from Five Points Bakery, Southern Junction, and an array of some of the city’s most beloved dining spots. Ideal for both owner-occupants and investors, the home offers separate HVAC systems for each unit, complete with their own air conditioning, ensuring comfort and efficiency throughout. Both units have been tastefully updated with modern quartz countertops and refreshed bathrooms. The upper one-bedroom unit has been completely transformed, featuring a bright, airy layout with vaulted ceilings that create a loft-like feel, along with new luxury vinyl plank flooring, a fully renovated kitchen and bathroom, exposed brick accents, and all-new insulation, drywall, trim, and paint. This unit also includes a brand-new HVAC system and hot water tank for peace of mind. The lower three-bedroom unit offers generous living space with the potential for a fourth bedroom, along with fresh paint updates, making it move-in ready while still offering room for added value. Outside, enjoy a fully fenced yard perfect for privacy and entertaining, highlighted by a private stamped concrete patio; an inviting space to relax or host gatherings.

10. 2026-04-15
    listed $229,900 Active 1266-char remark

    Show marketing remark (1266 chars)

    This beautifully remodeled two-unit property is perfectly situated in the flourishing West Side of Buffalo, just blocks from Five Points Bakery, Southern Junction, and an array of some of the city’s most beloved dining spots. Ideal for both owner-occupants and investors, the home offers separate HVAC systems for each unit, complete with their own air conditioning, ensuring comfort and efficiency throughout. Both units have been tastefully updated with modern quartz countertops and refreshed bathrooms. The upper one-bedroom unit has been completely transformed, featuring a bright, airy layout with vaulted ceilings that create a loft-like feel, along with new luxury vinyl plank flooring, a fully renovated kitchen and bathroom, exposed brick accents, and all-new insulation, drywall, trim, and paint. This unit also includes a brand-new HVAC system and hot water tank for peace of mind. The lower three-bedroom unit offers generous living space with the potential for a fourth bedroom, along with fresh paint updates, making it move-in ready while still offering room for added value. Outside, enjoy a fully fenced yard perfect for privacy and entertaining, highlighted by a private stamped concrete patio; an inviting space to relax or host gatherings.

11. 2025-11-18
    soldstatus $180,000
12. 2025-09-22
    soldstatus $180,000 Closed 1120-char remark

    Show marketing remark (1120 chars)

    428 Normal Avenue is a 2-unit home that has been owner occupied and carefully maintained for decades (since 1979). The first-floor apartment is 3 bedrooms, it has a living room, eat in kitchen, full bath, and rear room that opens to a stamped concrete patio and fully fenced back yard. One of the bedrooms is currently used as a kitchen pantry. There is a partial basement with a new furnace and central air (2021) for the first-floor unit. The second-floor unit is a 1-bedroom with a large living room that opens to an eat in kitchen and also has access to a crawl space/attic. both units have separate utilities. The seller lives on the first floor and will need post occupancy until September 1st and the second-floor unit will be vacant at closing. Appliances include the washer and dryer in the basement, dishwasher on first floor, and stove and refrigerator in both units. This home could be converted to a single family. Roof was done in 2016, hot water tanks in 2010, the forced air gas heater for the upper unit was replaced in 2023. Updated windows and vinyl siding. Walking distance to Five Points (3 blocks).

13. 2025-04-10
    status Pending 1120-char remark

    Show marketing remark (1120 chars)

    428 Normal Avenue is a 2-unit home that has been owner occupied and carefully maintained for decades (since 1979). The first-floor apartment is 3 bedrooms, it has a living room, eat in kitchen, full bath, and rear room that opens to a stamped concrete patio and fully fenced back yard. One of the bedrooms is currently used as a kitchen pantry. There is a partial basement with a new furnace and central air (2021) for the first-floor unit. The second-floor unit is a 1-bedroom with a large living room that opens to an eat in kitchen and also has access to a crawl space/attic. both units have separate utilities. The seller lives on the first floor and will need post occupancy until September 1st and the second-floor unit will be vacant at closing. Appliances include the washer and dryer in the basement, dishwasher on first floor, and stove and refrigerator in both units. This home could be converted to a single family. Roof was done in 2016, hot water tanks in 2010, the forced air gas heater for the upper unit was replaced in 2023. Updated windows and vinyl siding. Walking distance to Five Points (3 blocks).

14. 2025-04-02
    listed $180,000 Active 1120-char remark

    Show marketing remark (1120 chars)

    428 Normal Avenue is a 2-unit home that has been owner occupied and carefully maintained for decades (since 1979). The first-floor apartment is 3 bedrooms, it has a living room, eat in kitchen, full bath, and rear room that opens to a stamped concrete patio and fully fenced back yard. One of the bedrooms is currently used as a kitchen pantry. There is a partial basement with a new furnace and central air (2021) for the first-floor unit. The second-floor unit is a 1-bedroom with a large living room that opens to an eat in kitchen and also has access to a crawl space/attic. both units have separate utilities. The seller lives on the first floor and will need post occupancy until September 1st and the second-floor unit will be vacant at closing. Appliances include the washer and dryer in the basement, dishwasher on first floor, and stove and refrigerator in both units. This home could be converted to a single family. Roof was done in 2016, hot water tanks in 2010, the forced air gas heater for the upper unit was replaced in 2023. Updated windows and vinyl siding. Walking distance to Five Points (3 blocks).

ⓘ 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: $566 · $47/mo
• Projected year-2 tax: $2,183 · $182/mo
• Expected delta: +$1,617/yr (+$135/mo · 285.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,428
• − Mortgage interest: −$12,598
• − Property taxes: −$566
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,274
• − Management: −$2,274
• − Depreciation: −$6,543
• Taxable income: $3,049
• Est. tax owed @ 24.0%: −$732
• After-tax cash flow: $5,883/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

+24.9% since first listed

6 events — show timeline

• 2026-05-18 Price Changed $224,900 WNYREIS
• 2026-04-15 Listed $229,900 WNYREIS
• 2025-11-18 Sold (Public Records) $180,000 Public Records
• 2025-09-22 Sold (MLS) $180,000 WNYREIS
• 2025-04-10 Pending — WNYREIS
• 2025-04-02 Listed $180,000 WNYREIS

Property tax history

+9.2%/yr

Latest (2025): $566 · +0.0% YoY. Source: county tax records.