371 Riverside Ave · Buffalo, NY 14207

$290,000

5 bd · None ba · 6,387 sqft · MultiFamily · 93 Days on market

Built 1880 3,696 sqft lot $45/sqft · 37% below area Est $462k · 37% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

FIVE Extremely spacious renovated units. Upper floor has 2 very large units with separate entrances. Hardwood floors and new vinyl flooring. Some newly renovated kitchens. 4 brand new HWT''s and 2 brand new furnaces. All tenants want to stay. The upper unit tenant recently moved into the owner's bigger unit at another property. Can easily be rented out for at least $1200. Corner lot with a driveway. Sold AS IS. Showings begin at OPEN HOUSE on Saturday, 3/28 from 11:00-1:00 PM.

Key facts

• Renovated units
• Brand new hwts
• Separate entrances

Tags

• RENOVATED UNITS
• SEPARATE ENTRANCES
• HARDWOOD FLOORS
• NEW VINYL FLOORING
• NEWLY RENOVATED KITCHENS
• BRAND NEW HWTS

🏷️ Possibly a rental listed for sale. The $290,000 price doesn't fit this home's estimated sale value (~$462,196) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/?-bath multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $290k).
• Recommended offer: $264k (9.0% below list) — sets the bar for market timing.
• Cap rate 21.2% 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 (+8.2%/yr); 199 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 $7,090/mo this rent would consume 214% of the median local household income ($40k/yr) (locally 2177% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $81k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $46k; list at $290k implies a 524% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $263,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — 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 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: 2.44% ✓
• Cap rate: 21.18%
• Cash-on-cash: 53.16%
• DSCR: 3.37
• GRM: 3.4

CMA / ARV

• ARV (median comp): $462,196
• List price: $290,000
• Delta: -37.26%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
706 Tonawanda St	0.35mi	4/— (-1)	6,582 (+3%)	1mo	$450,000	$68	73

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 56.8%
• Equity multiple: 3.71×
• Total profit: $219,677
• Equity at exit: $43,240

10-year hold

• IRR: 63.6%
• Equity multiple: 9.09×
• Total profit: $657,256
• Equity at exit: $25,074

Cash invested: $81,200 (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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 199
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $7,090 high
• Mortgage (P&I): −$1,521
• Tax est. 1.5%: −$362 /mo · $4,350/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,489
• Net cashflow: $3,597

Break-even live

Break-even rent $2,537

Max offer price $290,000

Occupancy floor 44%

Sensitivity live

Price	-10% $3,797	-5% $3,697	+0% $3,597	+5% $3,497	+10% $3,397
Rent	-10% $3,037	-5% $3,317	+0% $3,597	+5% $3,877	+10% $4,157
Rate	-1.0pp $3,743	-0.5pp $3,671	base $3,597	+0.5pp $3,522	+1.0pp $3,445

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,848
▸ 2× units	1	1	$2,242
Total (6 units)			$7,090

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $290,000 Active 93 DOM
2. 2026-06-18
   days on market $290,000 Active 90 DOM
3. 2026-06-17
   days on market $290,000 Active 89 DOM
4. 2026-06-16
   days on market $290,000 Active 88 DOM
5. 2026-06-15
   days on market $290,000 Active 87 DOM
6. 2026-06-13
   days on market $290,000 Active 85 DOM
7. 2026-06-13
   days on market $290,000 Active 84 DOM
8. 2026-06-10
   days on market $290,000 Active 82 DOM
9. 2026-06-09
   days on market $290,000 Active 81 DOM
10. 2026-06-08
    days on market $290,000 Active 80 DOM
11. 2026-06-07
    days on market $290,000 Active 79 DOM
12. 2026-06-03
    days on market $290,000 Active 75 DOM
13. 2026-06-02
    days on market $290,000 Active 74 DOM
14. 2026-06-01
    days on market $290,000 Active 73 DOM
15. 2026-05-31
    days on market $290,000 Active 72 DOM
16. 2026-03-20
    listed $290,000 Active 481-char remark

    Show marketing remark (481 chars)

    FIVE Extremely spacious renovated units. Upper floor has 2 very large units with separate entrances. Hardwood floors and new vinyl flooring. Some newly renovated kitchens. 4 brand new HWT''s and 2 brand new furnaces. All tenants want to stay. The upper unit tenant recently moved into the owner's bigger unit at another property. Can easily be rented out for at least $1200. Corner lot with a driveway. Sold AS IS. Showings begin at OPEN HOUSE on Saturday, 3/28 from 11:00-1:00 PM.

17. 2025-02-20
    status Pending
18. 2025-02-18
    historical
19. 2025-02-11
    listed $275,000 Active
20. 2005-07-27
    soldstatus $46,500
21. 2005-04-30
    listed $49,900

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

Taxation est. · year 1

• Rental income: $85,080
• − Mortgage interest: −$16,245
• − Property taxes: −$4,350
• − Insurance: −$1,450
• − Repairs & maintenance: −$6,806
• − Management: −$6,806
• − Depreciation: −$8,436
• Taxable income: $40,986
• Est. tax owed @ 24.0%: −$9,837
• After-tax cash flow: $33,327/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

+481.2% since first listed

6 events — show timeline

• 2026-03-20 Listed $290,000 WNYREIS
• 2025-02-20 Pending — WNYREIS
• 2025-02-18 Listing Removed — WNYREIS
• 2025-02-11 Listed $275,000 WNYREIS
• 2005-07-27 Sold (MLS) $46,500 WNYREIS
• 2005-04-30 Listed $49,900 WNYREIS