298 Massachusetts Ave · Buffalo, NY 14213

$170,000

4 bd · 2.0 ba · 2,221 sqft · MultiFamily public records · 11 Days on market

Built 1875 3,688 sqft lot Est $269k · 37% under

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Why this score? — see what drove the A 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
• Appreciation +8.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

* AMAZING OPPORTUNITY * UPDATED DOUBLE NEAR FIVE POINTS * Enclosed Porch Leads To Lower Unit / Spacious Living Room W Hardwood Floors & Ceiling Fan / Open Floor Plan / Dining Room W Hardwood Floors Flowing Into Updated Kitchen / Huge Kitchen Has Vinyl Flooring, Shaker Cabinets, SS Sink, Built In Bluetooth Speakers, Counter Height Seating / Updated Bathroom W Tile Floor & In Unit Laundry / Three Bedrooms In Lower Unit / Primary Bed With Vinyl Flooring, Walk-In Closet, Exterior Walkout To Backyard Deck / Upper: Updated Kitchen With Shaker Cabinets / Spacious Living Room W Hardwood Floor / Two Large Bedrooms / Spacious Flex Room / Bathroom W Updated Vanity & Claw Foot Tu

Key facts

• Exterior walkout
• Huge kitchen
• Enclosed porch

Tags

• ENCLOSED PORCH
• UPDATED KITCHEN
• HUGE KITCHEN
• UPDATED BATHROOM
• WALK IN CLOSET
• EXTERIOR WALKOUT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $170k.

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 ($3k rent vs $170k).
• Cap rate 15.8% 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 soft (-0.5%/yr); 137 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,991/mo this rent would consume 67% of the median local household income ($54k/yr) (locally 1501% 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 $14k of equity ($1k loan paydown + $13k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $48k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $170,000

Questions for the listing agent

1. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.76% ✓
• Cap rate: 15.82%
• Cash-on-cash: 34.02%
• DSCR: 2.51
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $268,741
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
298 Massachusetts Ave	0.00mi	5/2.0 (+1)	2,221 (0%)	1mo	$220,000	$99	94
375 Plymouth Ave	0.27mi	4/2.0	2,121 (-4%)	4mo	$265,000	$125	76
214 W Ferry St Unit N	0.31mi	5/2.0 (+1)	2,296 (+3%)	7mo	$185,000	$81	69
440 W Utica St Unit S	0.42mi	4/3.0	2,371 (+7%)	0mo	$380,000	$160	65
207 Rhode Island St	0.26mi	5/2.0 (+1)	2,436 (+10%)	2mo	$295,500	$121	65
395 Hampshire St	0.28mi	5/2.0 (+1)	2,438 (+10%)	3mo	$165,500	$68	64
233 Auburn Ave	0.47mi	5/2.0 (+1)	2,264 (+2%)	10mo	$310,000	$137	61
492 Normal Ave	0.21mi	4/2.0	2,530 (+14%)	8mo	$120,000	$47	61
193 14th St	0.42mi	3/2.0 (-1)	2,040 (-8%)	6mo	$156,000	$76	57
651 Prospect Ave	0.49mi	5/2.0 (+1)	2,026 (-9%)	9mo	$278,500	$137	50
383 Summer St	0.61mi	5/2.0 (+1)	2,468 (+11%)	6mo	$492,000	$199	43
156 14th St	0.50mi	4/3.0	2,538 (+14%)	9mo	$135,000	$53	41

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

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 43.5%
• Equity multiple: 3.91×
• Total profit: $138,401
• Equity at exit: $123,551

10-year hold

• IRR: 38.0%
• Equity multiple: 7.81×
• Total profit: $324,178
• Equity at exit: $240,090

Cash invested: $47,600 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,991 high
• Mortgage (P&I): −$891
• Tax from tax record: −$51 /mo · $611/yr
• Insurance: −$71
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$628
• Net cashflow: $1,294

Break-even live

Break-even rent $1,353

Max offer price $170,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,616
1× unit	2	1	$1,375
Total (2 units)			$2,991

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	43d	1	0.32mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	14d	1	0.34mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	23d	1	0.38mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	14d	1	0.45mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	19d	1	0.45mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	0.48mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	14d	1	0.49mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	23d	1	0.53mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	23d	1	0.61mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	19d	1	0.64mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	14d	1	0.78mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	43d	1	0.90mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	43d	1	1.09mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	1d	14	1.16mi
7 Berkley Pl Buffalo, NY	3.0	1.0	2879	$1,250	$0.43	3d	1	1.50mi

Listing history 6 events

1. 2026-03-20
   status Pending
2. 2026-03-09
   listed $170,000 Active
3. 2025-08-28
   status Pending
4. 2025-08-20
   historical Active Under Contract
5. 2025-08-19
   historical
6. 2025-08-04
   listed $170,000 Active

ⓘ 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: $611 · $51/mo
• Projected year-2 tax: $1,742 · $145/mo
• Expected delta: +$1,131/yr (+$94/mo · 185.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% 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: $35,892
• − Mortgage interest: −$9,523
• − Property taxes: −$611
• − Insurance: −$1,516
• − Repairs & maintenance: −$2,871
• − Management: −$2,871
• − Depreciation: −$4,945
• Taxable income: $13,554
• Est. tax owed @ 24.0%: −$3,253
• After-tax cash flow: $12,276/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

+0.0% since first listed

6 events — show timeline

• 2026-03-20 Pending — WNYREIS
• 2026-03-09 Listed $170,000 WNYREIS
• 2025-08-28 Pending — WNYREIS
• 2025-08-20 Contingent — WNYREIS
• 2025-08-19 Listing Removed — WNYREIS
• 2025-08-04 Listed $170,000 WNYREIS

Property tax history

+11.5%/yr

Latest (2025): $611 · +0.0% YoY. Source: county tax records.