47 Fargo Ave · Buffalo, NY 14201

$419,900

7 bd · 2.0 ba · 3,952 sqft · MultiFamily public records · 53 Days on market

Built 1900 5,805 sqft lot $106/sqft · 30% below area Est $596k · 30% 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
• DSCR +8.7/10.0
• 1% rule +5.6/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Truly Unique!!! This stately home is situated on more than 1/3 of an acre in the Fargo Estate Preservation district! Incredibly well maintained this 2 Family home boasts 3 Bedrooms and 1 bath in each unit with a 2 story upper unit utilizing the finished attic for an incredible amount of bonus living space. Too Many Pluses to list: Hardwood floors, original tile, and period details throughout, renovated upper kitchen, Second Story Laundry, Separate Utilities. The grounds of this property features a fully fenced yard, coy pond, chicken coop, duck habitat, off street parking, front and rear porches. First Showings at Open House on 5/4 from 1-3. Tear off Roof(2015) Exterior Paint(2015) Concrete Driveway and Entry Stairs(2015) Shed(2018) Upper Rear Deck(2017) Second Story Laundry(2017)

Key facts

• Multiple balconies
• Double lot
• Large kitchen

Tags

• DOUBLE LOT
• TWO STORY OWNERS SUITE
• MULTIPLE BALCONIES
• LARGE KITCHEN
• SECOND FLOOR LAUNDRY ROOM
• ORIGINAL ARCHITECTURAL DETAILS

Property features AI

Finance

• Financial info: Owner pays water; rent includes water; Operating expense details: see remarks; One unit reported with $1,400 actual monthly rent (other unit rent listed as 0)

Exterior

• Parking: Concrete parking area
• Utilities: Public water connected; Sewer connected
• Home design: 2-story multifamily building; Resale property
• Construction: Existing structure; Construction details: see remarks
• Exterior features: Rectangular residential lot; Near public transit; City street frontage

Interior

• Kitchen: Each unit includes an eat-in kitchen
• Bedrooms: Two separate 3-bedroom units (each unit listed as having 3 bedrooms)
• Flooring: Hardwood; Tile; Varies by area
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Hardwood and tile flooring throughout; flooring varies by area; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $513/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $420k).
• Recommended offer: $407k (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 rising fast (+4.3%/yr); 56 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,437/mo this rent would consume 131% of the median local household income ($41k/yr) (locally 1213% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $118k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($407k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $60k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $407,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 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 1900 — 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: 1.06% ✓
• Cap rate: 9.23%
• Cash-on-cash: 10.47%
• DSCR: 1.47
• GRM: 7.9

CMA / ARV

• ARV (median comp): $596,478
• List price: $419,900
• Delta: -29.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
328 Pennsylvania St	0.15mi	6/4.0 (-1)	4,161 (+5%)	6mo	$449,000	$108	66
258 Hudson St	0.08mi	6/2.0 (-1)	3,359 (-15%)	1mo	$150,000	$45	65
62 Park St	0.51mi	7/4.0	4,266 (+8%)	7mo	$450,000	$105	49
181 Richmond Ave	0.62mi	8/3.0 (+1)	4,002 (+1%)	17mo	$655,000	$164	46
243 Niagara St	0.57mi	7/3.0	3,720 (-6%)	18mo	$325,000	$87	45
574 West Ave	0.63mi	7/3.0	3,360 (-15%)	11mo	$425,000	$126	32
761 Prospect Ave	0.73mi	8/3.0 (+1)	3,476 (-12%)	16mo	$160,000	$46	24

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 · 4.28% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $2,910
• Equity at exit: $62,608

10-year hold

• IRR: 11.4%
• Equity multiple: 1.94×
• Total profit: $110,283
• Equity at exit: $36,305

Cash invested: $117,572 (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 14201

• Home prices YoY: -19.1%
• Rents YoY: 4.3%
• Active inventory: 56
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $4,437 high
• Mortgage (P&I): −$2,202
• Tax from tax record: −$102 /mo · $1,225/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$932
• Net cashflow: $1,026

Break-even live

Break-even rent $3,138

Max offer price $419,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,436
Total (2 units)			$4,437

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: $104,975
• Closing costs: $12,597
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $419,900 Active 53 DOM
2. 2026-06-17
   days on market $419,900 Active 52 DOM
3. 2026-06-16
   days on market $419,900 Active 51 DOM
4. 2026-06-15
   days on market $419,900 Active 50 DOM
5. 2026-06-13
   days on market $419,900 Active 48 DOM
6. 2026-06-13
   days on market $419,900 Active 47 DOM
7. 2026-06-10
   days on market $419,900 Active 45 DOM
8. 2026-06-09
   days on market $419,900 Active 44 DOM
9. 2026-06-08
   days on market $419,900 Active 43 DOM
10. 2026-06-07
    pricedays on market $419,900 Active 42 DOM
11. 2026-06-03
    days on market $449,900 Active 38 DOM
12. 2026-06-02
    days on market $449,900 Active 37 DOM
13. 2026-06-01
    days on market $449,900 Active 36 DOM
14. 2026-05-31
    days on market $449,900 Active 35 DOM
15. 2026-04-26
    listed $479,900 Active 1600-char remark
16. 2025-06-05
    historical
17. 2025-05-20
    price $499,900
18. 2025-04-02
    listed $549,900 Active
19. 2019-08-16
    soldstatus $370,650 Closed Sale or Rented

    Show marketing remark (796 chars)

    Truly Unique!!! This stately home is situated on more than 1/3 of an acre in the Fargo Estate Preservation district! Incredibly well maintained this 2 Family home boasts 3 Bedrooms and 1 bath in each unit with a 2 story upper unit utilizing the finished attic for an incredible amount of bonus living space. Too Many Pluses to list: Hardwood floors, original tile, and period details throughout, renovated upper kitchen, Second Story Laundry, Separate Utilities. The grounds of this property features a fully fenced yard, coy pond, chicken coop, duck habitat, off street parking, front and rear porches. First Showings at Open House on 5/4 from 1-3. Tear off Roof(2015) Exterior Paint(2015) Concrete Driveway and Entry Stairs(2015) Shed(2018) Upper Rear Deck(2017) Second Story Laundry(2017)

20. 2019-05-09
    status Under Contract- Do Not Show

    Show marketing remark (796 chars)

    Truly Unique!!! This stately home is situated on more than 1/3 of an acre in the Fargo Estate Preservation district! Incredibly well maintained this 2 Family home boasts 3 Bedrooms and 1 bath in each unit with a 2 story upper unit utilizing the finished attic for an incredible amount of bonus living space. Too Many Pluses to list: Hardwood floors, original tile, and period details throughout, renovated upper kitchen, Second Story Laundry, Separate Utilities. The grounds of this property features a fully fenced yard, coy pond, chicken coop, duck habitat, off street parking, front and rear porches. First Showings at Open House on 5/4 from 1-3. Tear off Roof(2015) Exterior Paint(2015) Concrete Driveway and Entry Stairs(2015) Shed(2018) Upper Rear Deck(2017) Second Story Laundry(2017)

21. 2019-04-29
    listed $349,900 Active

    Show marketing remark (796 chars)

    Truly Unique!!! This stately home is situated on more than 1/3 of an acre in the Fargo Estate Preservation district! Incredibly well maintained this 2 Family home boasts 3 Bedrooms and 1 bath in each unit with a 2 story upper unit utilizing the finished attic for an incredible amount of bonus living space. Too Many Pluses to list: Hardwood floors, original tile, and period details throughout, renovated upper kitchen, Second Story Laundry, Separate Utilities. The grounds of this property features a fully fenced yard, coy pond, chicken coop, duck habitat, off street parking, front and rear porches. First Showings at Open House on 5/4 from 1-3. Tear off Roof(2015) Exterior Paint(2015) Concrete Driveway and Entry Stairs(2015) Shed(2018) Upper Rear Deck(2017) Second Story Laundry(2017)

22. 1994-08-19
    soldstatus $56,000

ⓘ 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: $1,225 · $102/mo
• Projected year-2 tax: $4,161 · $347/mo
• Expected delta: +$2,936/yr (+$245/mo · 239.6%)

ⓘ 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 ≥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: $53,244
• − Mortgage interest: −$23,521
• − Property taxes: −$1,225
• − Insurance: −$2,100
• − Repairs & maintenance: −$4,260
• − Management: −$4,260
• − Depreciation: −$12,215
• Taxable income: $5,664
• Est. tax owed @ 24.0%: −$1,359
• After-tax cash flow: $10,955/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): 12,369
• Household income: $40,512
• Rent vs Own: 76.4% rent · 23.6% own
• Severe rent burden: 1213.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 42% Hispanic / Latino 36% Black 16% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 30% Dominican 1%
• Common ancestry: Romanian 7% Subsaharan African 2% Slovak 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 69% English-only · Spanish 24% Arabic 2% 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: ▼ -68.73%
• Current HPI: 290.2643
• Rent YoY: ▲ 4.28%
• 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

+649.8% since first listed

10 events — show timeline

• 2026-06-06 Price Changed $419,900 WNYREIS
• 2026-05-27 Price Changed $449,900 WNYREIS
• 2026-04-26 Listed $479,900 WNYREIS
• 2025-06-05 Listing Removed — WNYREIS
• 2025-05-20 Price Changed $499,900 WNYREIS
• 2025-04-02 Listed $549,900 WNYREIS
• 2019-08-16 Sold (MLS) $370,650 WNYREIS
• 2019-05-09 Pending — WNYREIS
• 2019-04-29 Listed $349,900 WNYREIS
• 1994-08-19 Sold (Public Records) $56,000 Public Records

Property tax history

+10.8%/yr

Latest (2025): $1,225 · -5.4% YoY. Source: county tax records.