34 Norway Park · Buffalo, NY 14208

$199,900

6 bd · 2.0 ba · 2,576 sqft · MultiFamily public records · 30 Days on market

Built 1905 3,300 sqft lot Est $178k · 12% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0
• 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

MUST SEE INVESTORS!!! Come see this SPACIOUS, two unit property in the City of Buffalo, steps from MLK Park & Masten Park. This 3/3, upper/lower double has FANTASTIC rental potential, is newly renovated and ready to cash flow. Both units are in good shape and have period hardwood floors throughout with many other updates including an architectural roof 2014, HWT’s 2018, newer furnaces & circuit breakers w/ some newer windows. This two unit property has a deep driveway w/ plenty of parking, separate utilities & is conveniently located minutes from Downtown Buffalo, major roadways, suburban centers, schools, shopping & entertainment. TURNKEY investment property or perfect for owner occupied buyers who find value in collecting rent to help with or cover a mortgage!

Key facts

• Two unit property
• Plenty of parking
• Deep driveway

Tags

• TWO UNIT PROPERTY
• HARDWOOD FLOORS
• DEEP DRIVEWAY
• PLENTY OF PARKING
• CONVENIENTLY LOCATED

Property features AI

Finance

• Financial info: Owner pays water; rent includes water; Operating expenses may include electric, fuel, professional management, rent processing, trash, and water/sewer

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multifamily property; Resale condition
• Construction: Built with block, frame and concrete materials
• Exterior features: Rectangular lot (approx. 33 x 100)

Interior

• Kitchen: Each unit includes an eat-in kitchen and formal dining room
• Bedrooms: Two 3-bedroom units (each with 3 bedrooms)
• Flooring: Hardwood; Varies
• Bathrooms: Two full bathrooms total (one full bath in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Hardwood and varied flooring throughout; 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 $200k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $993/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.2% 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: 54 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,262/mo this rent would consume 106% of the median local household income ($48k/yr) (locally 723% 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $75k; list at $200k implies a 166% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,901 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.13% ✓
• Cap rate: 18.21%
• Cash-on-cash: 42.57%
• DSCR: 2.89
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $177,744
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 Dodge St	0.07mi	5/3.0 (-1)	2,564 (-0%)	8mo	$80,000	$31	80
497-499 Riley St	0.30mi	6/2.0	2,380 (-8%)	2mo	$105,900	$44	72
1002 Humboldt Pkwy	0.32mi	6/2.0	2,684 (+4%)	8mo	$185,750	$69	72
37 Pershing Ave	0.31mi	5/3.0 (-1)	2,641 (+2%)	1mo	$85,000	$32	71
248 Peach St	0.52mi	6/2.0	2,612 (+1%)	4mo	$191,000	$73	70
361 E North St Unit S	0.43mi	5/2.5 (-1)	2,544 (-1%)	3mo	$172,500	$68	68
144 Grey St	0.69mi	6/2.0	2,568 (-0%)	8mo	$70,000	$27	61
213 Winslow Ave	0.57mi	6/2.0	2,484 (-4%)	8mo	$242,000	$97	60
211 Riley St	0.65mi	6/3.0	2,522 (-2%)	7mo	$210,000	$83	57
421 E Utica St	0.44mi	5/2.0 (-1)	2,377 (-8%)	10mo	$210,000	$88	53
622 Woodlawn Ave	0.69mi	6/2.0	2,288 (-11%)	3mo	$177,500	$78	46
502 Glenwood Ave	0.53mi	5/2.0 (-1)	2,294 (-11%)	7mo	$20,500	$9	46

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.3%
• Equity multiple: 2.68×
• Total profit: $94,130
• Equity at exit: $29,806

10-year hold

• IRR: 45.7%
• Equity multiple: 5.38×
• Total profit: $245,064
• 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 14208

• Home prices YoY: -3.4%
• Active inventory: 54
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $4,262 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$895
• Net cashflow: $1,986

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 48%

Sensitivity live

Price	-10% $2,124	-5% $2,055	+0% $1,986	+5% $1,916	+10% $1,847
Rent	-10% $1,649	-5% $1,817	+0% $1,986	+5% $2,154	+10% $2,322
Rate	-1.0pp $2,086	-0.5pp $2,036	base $1,986	+0.5pp $1,934	+1.0pp $1,881

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,262
Total (2 units)			$4,262

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	24d	1	0.52mi

Listing history 21 events

1. 2026-06-18
   days on market $199,900 Active 30 DOM
2. 2026-06-17
   days on market $199,900 Active 29 DOM
3. 2026-06-16
   days on market $199,900 Active 28 DOM
4. 2026-06-15
   days on market $199,900 Active 27 DOM
5. 2026-06-13
   days on market $199,900 Active 25 DOM
6. 2026-06-13
   days on market $199,900 Active 24 DOM
7. 2026-06-10
   days on market $199,900 Active 22 DOM
8. 2026-06-09
   days on market $199,900 Active 21 DOM
9. 2026-06-08
   days on market $199,900 Active 20 DOM
10. 2026-06-07
    days on market $199,900 Active 19 DOM
11. 2026-06-03
    days on market $199,900 Active 15 DOM
12. 2026-06-02
    days on market $199,900 Active 14 DOM
13. 2026-06-01
    days on market $199,900 Active 13 DOM
14. 2026-05-31
    days on market $199,900 Active 12 DOM
15. 2026-05-19
    listed $199,900 Active
16. 2019-04-15
    soldstatus $75,100 Closed Sale or Rented 802-char remark

    Show marketing remark (802 chars)

    MUST SEE INVESTORS!!! Come see this SPACIOUS, two unit property in the City of Buffalo, steps from MLK Park & Masten Park. This 3/3, upper/lower double has FANTASTIC rental potential, is newly renovated and ready to cash flow. Both units are in good shape and have period hardwood floors throughout with many other updates including an architectural roof 2014, HWT’s 2018, newer furnaces & circuit breakers w/ some newer windows. This two unit property has a deep driveway w/ plenty of parking, separate utilities & is conveniently located minutes from Downtown Buffalo, major roadways, suburban centers, schools, shopping & entertainment. TURNKEY investment property or perfect for owner occupied buyers who find value in collecting rent to help with or cover a mortgage!

17. 2019-04-15
    soldstatus $75,100

    Show marketing remark (802 chars)

    MUST SEE INVESTORS!!! Come see this SPACIOUS, two unit property in the City of Buffalo, steps from MLK Park & Masten Park. This 3/3, upper/lower double has FANTASTIC rental potential, is newly renovated and ready to cash flow. Both units are in good shape and have period hardwood floors throughout with many other updates including an architectural roof 2014, HWT’s 2018, newer furnaces & circuit breakers w/ some newer windows. This two unit property has a deep driveway w/ plenty of parking, separate utilities & is conveniently located minutes from Downtown Buffalo, major roadways, suburban centers, schools, shopping & entertainment. TURNKEY investment property or perfect for owner occupied buyers who find value in collecting rent to help with or cover a mortgage!

18. 2019-02-07
    status Pending Sale 802-char remark

    Show marketing remark (802 chars)

    MUST SEE INVESTORS!!! Come see this SPACIOUS, two unit property in the City of Buffalo, steps from MLK Park & Masten Park. This 3/3, upper/lower double has FANTASTIC rental potential, is newly renovated and ready to cash flow. Both units are in good shape and have period hardwood floors throughout with many other updates including an architectural roof 2014, HWT’s 2018, newer furnaces & circuit breakers w/ some newer windows. This two unit property has a deep driveway w/ plenty of parking, separate utilities & is conveniently located minutes from Downtown Buffalo, major roadways, suburban centers, schools, shopping & entertainment. TURNKEY investment property or perfect for owner occupied buyers who find value in collecting rent to help with or cover a mortgage!

19. 2019-01-29
    listed $69,900 Active 802-char remark

    Show marketing remark (802 chars)

    MUST SEE INVESTORS!!! Come see this SPACIOUS, two unit property in the City of Buffalo, steps from MLK Park & Masten Park. This 3/3, upper/lower double has FANTASTIC rental potential, is newly renovated and ready to cash flow. Both units are in good shape and have period hardwood floors throughout with many other updates including an architectural roof 2014, HWT’s 2018, newer furnaces & circuit breakers w/ some newer windows. This two unit property has a deep driveway w/ plenty of parking, separate utilities & is conveniently located minutes from Downtown Buffalo, major roadways, suburban centers, schools, shopping & entertainment. TURNKEY investment property or perfect for owner occupied buyers who find value in collecting rent to help with or cover a mortgage!

20. 2013-10-25
    soldstatus $5,000 187-char remark

    Show marketing remark (187 chars)

    House needs extensive rehab. The dwelling features are in fair condition and is presently not habitable. Major repairs are required. Garage is in poor condition - no vallue safety hazard.

21. 2013-01-02
    listed $5,000 187-char remark

    Show marketing remark (187 chars)

    House needs extensive rehab. The dwelling features are in fair condition and is presently not habitable. Major repairs are required. Garage is in poor condition - no vallue safety hazard.

ⓘ 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: $51,144
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$4,092
• − Management: −$4,092
• − Depreciation: −$5,815
• Taxable income: $21,950
• Est. tax owed @ 24.0%: −$5,268
• After-tax cash flow: $18,558/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): 12,572
• Household income: $48,476
• Rent vs Own: 46.2% rent · 53.8% own
• Severe rent burden: 723.0

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 (72%)
• Race & ethnicity: Black 72% White 15% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 2% Italian 1% Hispanic 0%
• Foreign-born: 7% · Canada, South Korea, Philippines
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 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: ▼ -16.37%
• Current HPI: 459.2084
• Rent YoY: —
• 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

+3898.0% since first listed

7 events — show timeline

• 2026-05-19 Listed $199,900 WNYREIS
• 2019-04-15 Sold (Public Records) $75,100 Public Records
• 2019-04-15 Sold (MLS) $75,100 WNYREIS
• 2019-02-07 Pending — WNYREIS
• 2019-01-29 Listed $69,900 WNYREIS
• 2013-10-25 Sold (MLS) $5,000 WNYREIS
• 2013-01-02 Listed $5,000 WNYREIS

Property tax history

+14.6%/yr

Latest (2025): $263 · +0.0% YoY. Source: county tax records.