215 Stevenson St · Buffalo, NY 14210

$275,000

6 bd · 2.0 ba · 2,332 sqft · MultiFamily public records · 7 Days on market

Built 1925 3,648 sqft lot Est $224k · 23% over

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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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.7/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

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

Very well maintained 3/3 double fully occupied! Both units in great condition, lower kitchen with ceramic floors, newer cabinetry, a dishwasher & range hood. Very nice open floor plan with an enclosed front room. Upper is also in great condition with beautiful original natural woodwork, 6 panel solid wood doors, hardwood floors through-out. 2 car garage, vinyl sided, Partial (half) tear off roof approx 5 yrs. Glass block windows in Dry bsmnt. Updated electric. Great Investment opportunity!

Key facts

• Updated electrical
• Enclosed bonus room
• Updated bathrooms

Tags

• UPDATED KITCHENS
• UPDATED BATHROOMS
• HARDWOOD FLOORS
• ORIGINAL WOODWORK
• ENCLOSED BONUS ROOM
• UPDATED ELECTRICAL

Property features AI

Finance

• Financial info: Owner pays water; Rent includes water; Operating expenses may include insurance, maintenance (structure), general maintenance, professional management, trash, and water/sewer

Exterior

• Parking: Paved parking; Garage with about 1.5 spaces
• Utilities: Cable available; Electricity connected (circuit breakers); High-speed internet available; Public water connected; Sewer connected
• Home design: 2 stories; Two-unit residential (multi-family)
• Construction: Vinyl siding; Asphalt architectural shingle roof; Block foundation; Existing construction (year built: existing)
• Exterior features: Open porch; Rectangular residential lot; City street frontage

Interior

• Flooring: Hardwood; Luxury vinyl; Varied flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Ceiling fans; Natural woodwork; Thermal windows
• Laundry & utility: Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Cap rate 12.0% 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 fast (+12.7%/yr); 94 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,055/mo this rent would consume 90% of the median local household income ($54k/yr) (locally 959% 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 $29k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $77k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 14y 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 $120k; list at $275k implies a 129% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $275,000

Questions for the listing agent

1. Built in 1925 — 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: 1.47% ✓
• Cap rate: 11.98%
• Cash-on-cash: 20.31%
• DSCR: 1.90
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $223,872
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
219 Stevenson St	0.01mi	6/2.0	2,332 (0%)	6mo	$190,000	$81	94
42 Mineral Spring Rd	0.14mi	6/2.0	2,278 (-2%)	0mo	$300,000	$132	90
110 Armin Pl	0.29mi	5/2.0 (-1)	2,366 (+2%)	1mo	$235,000	$99	79
26 Kamper Ave	0.31mi	6/2.0	2,394 (+3%)	3mo	$179,000	$75	79
96 Stevenson St	0.23mi	6/2.0	2,496 (+7%)	6mo	$272,096	$109	72
18 Sage Ave	0.26mi	6/2.0	2,578 (+10%)	4mo	$164,500	$64	67
75 Juniata Pl	0.36mi	6/2.0	2,544 (+9%)	2mo	$245,000	$96	67
389 Cumberland Ave	0.52mi	5/2.0 (-1)	2,328 (-0%)	5mo	$280,000	$120	66
35 Kimmel Ave	0.58mi	6/2.0	2,218 (-5%)	2mo	$225,000	$101	63
1726 S Park Ave	0.70mi	6/2.0	2,232 (-4%)	6mo	$77,500	$35	55
71 Buffum St	0.58mi	5/2.0 (-1)	2,136 (-8%)	6mo	$160,000	$75	49
39 Kimmel Ave	0.58mi	6/2.0	2,016 (-14%)	4mo	$152,000	$75	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 42.2%
• Equity multiple: 4.30×
• Total profit: $254,251
• Equity at exit: $247,742

10-year hold

• IRR: 38.4%
• Equity multiple: 10.57×
• Total profit: $736,677
• Equity at exit: $534,265

Cash invested: $77,000 (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 14210

• Home prices YoY: 13.8%
• Rents YoY: 12.7%
• Active inventory: 94
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $4,055 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$852
• Net cashflow: $1,303

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$4,056
Total (3 units)			$4,055

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-21
   listed $275,000 Active
2. 2019-09-06
   soldstatus $120,000
3. 2016-06-30
   soldstatus $76,000 Closed Sale or Rented 500-char remark

   Show marketing remark (500 chars)

   Very well maintained 3/3 double fully occupied! Both units in great condition, lower kitchen with ceramic floors, newer cabinetry, a dishwasher & range hood. Very nice open floor plan with an enclosed front room. Upper is also in great condition with beautiful original natural woodwork, 6 panel solid wood doors, hardwood floors through-out. 2 car garage, vinyl sided, Partial (half) tear off roof approx 5 yrs. Glass block windows in Dry bsmnt. Updated electric. Great Investment opportunity!

4. 2015-10-23
   historical Under Contract- Do Not Show 500-char remark

   Show marketing remark (500 chars)

   Very well maintained 3/3 double fully occupied! Both units in great condition, lower kitchen with ceramic floors, newer cabinetry, a dishwasher & range hood. Very nice open floor plan with an enclosed front room. Upper is also in great condition with beautiful original natural woodwork, 6 panel solid wood doors, hardwood floors through-out. 2 car garage, vinyl sided, Partial (half) tear off roof approx 5 yrs. Glass block windows in Dry bsmnt. Updated electric. Great Investment opportunity!

5. 2015-10-01
   listed $79,900 Active 500-char remark

   Show marketing remark (500 chars)

   Very well maintained 3/3 double fully occupied! Both units in great condition, lower kitchen with ceramic floors, newer cabinetry, a dishwasher & range hood. Very nice open floor plan with an enclosed front room. Upper is also in great condition with beautiful original natural woodwork, 6 panel solid wood doors, hardwood floors through-out. 2 car garage, vinyl sided, Partial (half) tear off roof approx 5 yrs. Glass block windows in Dry bsmnt. Updated electric. Great Investment opportunity!

6. 2012-12-07
   soldstatus $65,000 613-char remark

   Show marketing remark (613 chars)

   Very well maintained 3/3 double with Great Rental Income! Lower kitchen features Ceramic tile flooring, a dishwasher, range hood, newer cabinetry and counter tops. Beautiful hardwood floors and nice size rooms. Lower also features an updated bath & a front 9x6 enclosed rm that could be just about anything you need it for, Den, office, toy room ect. The upper features gorgeous original wdwk, six panel drs & hdwd floors through-out. Vinyl sided exterior and a nice size garage. 1/2 roof was a complete tear off recently. Glass block windows in the very dry basement. Newer furnaces & electric.

7. 2012-12-07
   soldstatus $65,000

   Show marketing remark (613 chars)

   Very well maintained 3/3 double with Great Rental Income! Lower kitchen features Ceramic tile flooring, a dishwasher, range hood, newer cabinetry and counter tops. Beautiful hardwood floors and nice size rooms. Lower also features an updated bath & a front 9x6 enclosed rm that could be just about anything you need it for, Den, office, toy room ect. The upper features gorgeous original wdwk, six panel drs & hdwd floors through-out. Vinyl sided exterior and a nice size garage. 1/2 roof was a complete tear off recently. Glass block windows in the very dry basement. Newer furnaces & electric.

8. 2012-07-29
   listed $79,900 613-char remark

   Show marketing remark (613 chars)

   Very well maintained 3/3 double with Great Rental Income! Lower kitchen features Ceramic tile flooring, a dishwasher, range hood, newer cabinetry and counter tops. Beautiful hardwood floors and nice size rooms. Lower also features an updated bath & a front 9x6 enclosed rm that could be just about anything you need it for, Den, office, toy room ect. The upper features gorgeous original wdwk, six panel drs & hdwd floors through-out. Vinyl sided exterior and a nice size garage. 1/2 roof was a complete tear off recently. Glass block windows in the very dry basement. Newer furnaces & electric.

9. 2004-11-16
   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 6/10 Major FEMA zone X (unshaded) · 75% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,660
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,893
• − Management: −$3,893
• − Depreciation: −$8,000
• Taxable income: $11,970
• Est. tax owed @ 24.0%: −$2,873
• After-tax cash flow: $12,763/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): 15,563
• Household income: $54,197
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 959.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 8% Black 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 21% Lithuanian 2% Serbian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Arabic 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: ▲ 52.34%
• Current HPI: 431.7951
• Rent YoY: ▲ 12.67%
• 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

+759.4% since first listed

9 events — show timeline

• 2026-05-21 Listed $275,000 WNYREIS
• 2019-09-06 Sold (Public Records) $120,000 Public Records
• 2016-06-30 Sold (MLS) $76,000 WNYREIS
• 2015-10-23 Contingent — WNYREIS
• 2015-10-01 Listed $79,900 WNYREIS
• 2012-12-07 Sold (Public Records) $65,000 Public Records
• 2012-12-07 Sold (MLS) $65,000 WNYREIS
• 2012-07-29 Listed $79,900 WNYREIS
• 2004-11-16 Sold (Public Records) $32,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $448 · +0.0% YoY. Source: county tax records.