27 Crestwood Ave · Buffalo, NY 14216

$189,000

6 bd · 2.0 ba · 2,946 sqft · MultiFamily public records · 2 Days on market

Built 1920 4,680 sqft lot

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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
• Rent growth +3.4/5.0
• 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

All offers due 6/23/2026 at 1pm. Wonderful rehab opportunity in North Buffalo! This 3/3 double has wonderful potential. Kitchen and bathroom in both units have already been gutted and are waiting for you to start your next project!

Key facts

• 4,680 sq ft lot
• Garage
• Built 1920

Property features AI

Finance

• Financial info: Two-unit multifamily property with water/sewer included in operating expenses; Owner pays snow removal, trash collection, and water; rent may include the same

Exterior

• Parking: Concrete parking; At least two parking spaces; Attached or detached 1-car garage (1 garage space present)
• Utilities: Public water connected; Sewer connected; Electric service with fuses
• Home design: Two-story building; Resale property
• Construction: Brick and vinyl siding exterior; Asphalt roof; Stone foundation; Built existing (year built details listed as existing)
• Exterior features: Rectangular residential lot; Near public transit; City street frontage

Interior

• Kitchen: Gas water heater
• Bedrooms: Two-unit property (unit-specific bedroom counts not provided)
• Flooring: Hardwood; Varies by area
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Gas heating with radiators
• Interior features: Hardwood and varying flooring throughout; Full basement
• Laundry & utility: Separate gas meters and separate electric meters for each unit (2 each)

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $189k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $189k).
• Cap rate 22.5% 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 (+3.6%/yr); 88 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,702/mo this rent would consume 81% of the median local household income ($70k/yr) (locally 1831% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $53k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $189,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.49% ✓
• Cap rate: 22.48%
• Cash-on-cash: 57.80%
• DSCR: 3.57
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $382,980
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 Colvin Ave	0.27mi	6/2.0	2,829 (-4%)	0mo	$367,000	$130	80
12 Lovering Ave	0.25mi	6/2.0	2,876 (-2%)	5mo	$294,000	$102	80
21 Sterling Ave	0.38mi	6/2.0	2,910 (-1%)	2mo	$441,000	$152	78
64 Delham Ave	0.36mi	6/2.0	3,068 (+4%)	1mo	$375,000	$122	75
24 Lovering Ave	0.27mi	6/2.0	2,716 (-8%)	4mo	$340,000	$125	71
190 Commonwealth Ave	0.35mi	6/2.0	2,672 (-9%)	4mo	$310,000	$116	65
131 Tacoma Ave	0.56mi	6/2.0	2,808 (-5%)	3mo	$330,000	$118	64
1164 Hertel Ave	0.30mi	5/3.0 (-1)	2,702 (-8%)	2mo	$420,000	$155	62
34 Delham Ave	0.40mi	6/2.0	3,318 (+13%)	0mo	$485,000	$146	60
60 Delham Ave	0.36mi	6/2.0	3,340 (+13%)	2mo	$471,000	$141	59
246 Crestwood Ave	0.44mi	6/3.0	2,665 (-10%)	7mo	$430,000	$161	54
903 Amherst St	0.64mi	5/3.0 (-1)	2,851 (-3%)	5mo	$300,000	$105	52

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 · 3.65% rent growth · sell at horizon

5-year hold

• IRR: 57.0%
• Equity multiple: 3.55×
• Total profit: $134,796
• Equity at exit: $28,181

10-year hold

• IRR: 62.2%
• Equity multiple: 7.41×
• Total profit: $339,226
• Equity at exit: $16,341

Cash invested: $52,920 (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 14216

• Rents YoY: 3.6%
• Active inventory: 88
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $4,702 high
• Mortgage (P&I): −$991
• Tax from tax record: −$96 /mo · $1,149/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$987
• Net cashflow: $2,549

Break-even live

Break-even rent $1,476

Max offer price $189,000

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$4,701
Total (3 units)			$4,702

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-18
   days on market $189,000 Active 2 DOM
2. 2026-06-16
   remarks 232-char remark
3. 2026-06-16
   listed $189,000 Active 1 DOM

ⓘ 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: $1,149 · $96/mo
• Projected year-2 tax: $2,172 · $181/mo
• Expected delta: +$1,022/yr (+$85/mo · 89.0%)

ⓘ 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: $56,424
• − Mortgage interest: −$10,587
• − Property taxes: −$1,149
• − Insurance: −$945
• − Repairs & maintenance: −$4,514
• − Management: −$4,514
• − Depreciation: −$5,498
• Taxable income: $29,217
• Est. tax owed @ 24.0%: −$7,012
• After-tax cash flow: $23,575/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): 22,849
• Household income: $69,629
• Rent vs Own: 54.4% rent · 45.6% own
• Severe rent burden: 1831.0

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 (72%)
• Race & ethnicity: White 72% Black 16% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 10% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -264.53%
• Current HPI: 421.1138
• Rent YoY: ▲ 3.65%
• 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

1 event — show timeline

• 2026-06-16 Listed $189,000 WNYREIS

Property tax history

+5.7%/yr

Latest (2025): $1,149 · -0.5% YoY. Source: county tax records.