462 Berkshire Ave · Buffalo, NY 14215

$199,900

4 bd · 2.0 ba · 1,796 sqft · Townhouse public records · 74 Days on market

Built 1925 3,300 sqft lot Est $212k · 6% under

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Why this score? — see what drove the C- 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 +19.7/30.0
• ARV discount +10.1/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A solid Multifamily house located near the south Campus of University at Buffalo. A well maintained , professionally renovated 2/2 Double with solid Mechanics. The house is recently renovated. The lower unit is vacant , upper is tenant occupied with a paying tenant presently paying $900/month. The lower unit has 2 bedrooms, generous living-dining combo, decent size kitchen and a full bathroom. The upper unit has two bedrooms, Living-dining combo, decent kitchen , and a full bathroom. The house has solid foundation and solid mechanics. The house has full basement , electric is circuit breakers, nice driveway and a decent size backyard.

Key facts

• Solid mechanics
• Circuit breakers
• Full basement

Tags

• PROFESSIONALLY RENOVATED
• SOLID MECHANICS
• FULL BASEMENT
• CIRCUIT BREAKERS
• DECENT SIZE BACKYARD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $188k (6.0% 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 flat; 237 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,047/mo this rent would consume 55% of the median local household income ($45k/yr) (locally 2873% 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.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $187,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 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 1925 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 7.71%
• Cash-on-cash: 5.05%
• DSCR: 1.22
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $211,928
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
161 Hewitt Ave	0.35mi	5/2.0 (+1)	1,740 (-3%)	12mo	$221,000	$127	63
717 Lasalle Ave	0.38mi	4/2.0	1,617 (-10%)	10mo	$230,000	$142	58
481 Winspear Ave	0.53mi	4/2.0	1,844 (+3%)	17mo	$210,000	$114	57
621 Highgate Ave	0.57mi	5/2.0 (+1)	1,874 (+4%)	6mo	$290,000	$155	56
151 Parkridge Ave	0.53mi	4/2.0	1,771 (-1%)	23mo	$195,000	$110	53
131 Hewitt Ave	0.41mi	4/2.0	1,706 (-5%)	23mo	$180,000	$106	53
25 Parkridge Ave	0.65mi	5/2.0 (+1)	1,914 (+7%)	2mo	$225,000	$118	52
570 Eggert Rd	0.42mi	3/2.0 (-1)	1,578 (-12%)	20mo	$151,000	$96	38

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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.61×
• Total profit: $-22,063
• Equity at exit: $29,806

10-year hold

• IRR: -5.6%
• Equity multiple: 0.68×
• Total profit: $-18,150
• Equity at exit: $17,284

Cash invested: $55,972 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 237
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,047 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $235

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 84%

Sensitivity live

Price	-10% $373	-5% $304	+0% $235	+5% $166	+10% $97
Rent	-10% $74	-5% $154	+0% $235	+5% $316	+10% $397
Rate	-1.0pp $336	-0.5pp $286	base $235	+0.5pp $184	+1.0pp $131

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	15d	1	0.57mi
25 Parkridge Ave Buffalo, NY	3.0	1.0	1914	$1,350	$0.71	15d	1	0.65mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	44d	1	0.67mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	24d	1	0.67mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	15d	1	0.72mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	15d	1	0.87mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	15d	1	0.89mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	2d	10	0.91mi
59 Lisbon Ave Buffalo, NY	3.0	1.0	2521	$1,250	$0.50	24d	1	0.92mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	15d	1	1.07mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	2d	1	1.17mi
91 Englewood Ave Buffalo, NY	4.0	1.0	2500	$2,000	$0.80	2d	1	1.23mi
102 Englewood Ave Buffalo, NY	4.0	1.0	2426	$2,750	$1.13	2d	1	1.24mi
44 Aurora Dr Buffalo, NY	3.0	1.0	1272	$3,300	$2.59	2d	1	1.29mi
63 Montrose Ave Buffalo, NY	4.0	1.0	2240	$2,000	$0.89	2d	1	1.31mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	2d	1	1.32mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	2d	1	1.41mi
91 Springville Ave Buffalo, NY	4.0	2.0	1660	$2,350	$1.42	24d	1	1.42mi

Listing history 7 events

1. 2026-03-24
   soldstatus $195,000
2. 2025-10-22
   status Pending
3. 2025-09-07
   price $199,900
4. 2025-08-09
   listed $209,900 Active
5. 2017-12-28
   soldstatus $34,000
6. 2007-07-05
   soldstatus $46,000
7. 1998-02-19
   soldstatus $32,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,559
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,965
• − Management: −$1,965
• − Depreciation: −$5,815
• Taxable loss: −$381
• Est. tax savings @ 24.0%: +$92
• After-tax cash flow: $2,915/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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 Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 4% Chinese 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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

+509.4% since first listed

7 events — show timeline

• 2026-03-24 Sold (Public Records) $195,000 Public Records
• 2025-10-22 Pending — WNYREIS
• 2025-09-07 Price Changed $199,900 WNYREIS
• 2025-08-09 Listed $209,900 WNYREIS
• 2017-12-28 Sold (Public Records) $34,000 Public Records
• 2007-07-05 Sold (Public Records) $46,000 Public Records
• 1998-02-19 Sold (Public Records) $32,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $275 · +0.0% YoY. Source: county tax records.