15 Blum Ave · Buffalo, NY 14216

$219,000

4 bd · 2.0 ba · 1,600 sqft · MultiFamily public records · 30 Days on market

Built 1930 2,405 sqft lot Est $218k · at est.

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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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +7.2/10.0
• ARV discount +7.2/15.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to 15 Blum Street. This 2/2 brick and vinyl North Buffalo double has been updated from top to bottom. Brand new kitchens with white cabinets and appliances included. Both bathrooms have been gutted and totally remodeled with new vanities and ceramic tiled floor and tub surround. New electrical service and plumbing throughout. Entire interior has been painted and luxury vinyl floor put down. Don’t miss out on this amazing opportunity to invest or live in North Buffalo. Showings start immediately and negotiations to begin 1/8 @12pm

Key facts

• Off street parking
• Bright living spaces
• 2 unit property

Tags

• 2 UNIT PROPERTY
• UPDATED BATHROOMS
• DURABLE VINYL FLOORING
• OFF STREET PARKING
• QUICK ACCESS TO DELAWARE AVE
• BRIGHT LIVING SPACES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $219k.

Deal economics

• At list price, monthly cash flow is $595 ($7k/yr) — positive. Per door: $298/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Recommended offer: $216k (1.5% 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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Market conditions: Rents rising (+3.6%/yr); 91 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,669/mo this rent would consume 46% of the median local household income ($70k/yr) (locally 1831% 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 $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $61k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $219k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $215,715 (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 1930 — 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: 1.22% ✓
• Cap rate: 9.55%
• Cash-on-cash: 11.64%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $217,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 Blum Ave	0.00mi	4/2.0	1,600 (0%)	1mo	$212,000	$133	99
140 Hoover Ave	0.33mi	4/2.0	1,656 (+4%)	10mo	$315,000	$190	70
302 Hinman Ave	0.41mi	3/2.0 (-1)	1,482 (-7%)	1mo	$220,000	$148	63
23 Wyandotte Ave	0.64mi	4/2.0	1,496 (-6%)	6mo	$150,000	$100	54
345 Westgate Rd	0.58mi	3/2.0 (-1)	1,538 (-4%)	9mo	$217,000	$141	54
379 Victoria Blvd	0.50mi	4/2.0	1,764 (+10%)	6mo	$285,606	$162	54
365 Washington Ave	0.70mi	4/2.0	1,536 (-4%)	10mo	$249,000	$162	52
315 Roesch Ave	0.67mi	3/2.0 (-1)	1,498 (-6%)	6mo	$167,000	$111	48
87 Laird Ave	0.59mi	4/2.0	1,419 (-11%)	7mo	$150,000	$106	48
92 Greeley St	0.56mi	5/2.0 (+1)	1,766 (+10%)	6mo	$220,000	$125	47
374 Victoria Blvd	0.49mi	4/2.0	1,832 (+14%)	8mo	$235,522	$129	46
130 W Hazeltine Ave	0.74mi	4/2.0	1,806 (+13%)	4mo	$246,000	$136	40

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 · 3.65% rent growth · sell at horizon

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $4,209
• Equity at exit: $32,654

10-year hold

• IRR: 12.0%
• Equity multiple: 1.98×
• Total profit: $59,934
• Equity at exit: $18,935

Cash invested: $61,320 (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 14216

• Rents YoY: 3.6%
• Active inventory: 91
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $2,669 high
• Mortgage (P&I): −$1,148
• Tax est. 1.5%: −$274 /mo · $3,285/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$560
• Net cashflow: $595

Break-even live

Break-even rent $1,916

Max offer price $219,000

Occupancy floor 73%

Sensitivity live

Price	-10% $746	-5% $671	+0% $595	+5% $519	+10% $444
Rent	-10% $384	-5% $490	+0% $595	+5% $700	+10% $806
Rate	-1.0pp $705	-0.5pp $651	base $595	+0.5pp $538	+1.0pp $481

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,670
Total (2 units)			$2,669

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
62 Seabrook St Buffalo, NY	4.0	1.0	1300	$2,000	$1.54	3d	1	0.63mi
158 Chadduck Ave Buffalo, NY	4.0	1.0	1200	$1,250	$1.04	25d	1	0.76mi
118 Rano St Buffalo, NY	3.0	1.0	1050	$1,200	$1.14	23d	1	0.77mi
172 Tremont Ave Kenmore, NY	3.0	1.5	1569	$2,500	$1.59	12d	1	0.86mi
61 Baxter St Buffalo, NY	3.0	1.0	2014	$1,400	$0.70	3d	1	0.91mi
2522 Delaware Ave Buffalo, NY	3.0	1.0	1150	$1,625	$1.41	3d	1	1.04mi
2514 Delaware Ave Unit 1 Buffalo, NY	3.0	1.0	1620	$1,650	$1.02	3d	1	1.05mi
237 W Girard Blvd Buffalo, NY	4.0	1.5	1329	$4,000	$3.01	25d	1	1.07mi
244 Hartwell Rd Buffalo, NY	3.0	1.0	1250	$1,500	$1.20	4d	1	1.13mi
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	16d	1	1.21mi
62 Germain St Buffalo, NY	3.0	1.0	1320	$1,250	$0.95	25d	1	1.23mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	25d	1	1.37mi
77 Lovering Ave #2 Buffalo, NY	3.0	1.0	1450	$1,895	$1.31	45d	1	1.41mi
140 Commonwealth Ave Unit 1 Buffalo, NY	3.0	1.0	1250	$3,500	$2.80	45d	1	1.47mi

Listing history 13 events

1. 2026-03-28
   status Pending
2. 2026-03-25
   price $219,000
3. 2026-02-26
   listed $239,000 Active
4. 2020-03-11
   soldstatus $140,000 Closed Sale or Rented 549-char remark

   Show marketing remark (549 chars)

   Welcome to 15 Blum Street. This 2/2 brick and vinyl North Buffalo double has been updated from top to bottom. Brand new kitchens with white cabinets and appliances included. Both bathrooms have been gutted and totally remodeled with new vanities and ceramic tiled floor and tub surround. New electrical service and plumbing throughout. Entire interior has been painted and luxury vinyl floor put down. Don’t miss out on this amazing opportunity to invest or live in North Buffalo. Showings start immediately and negotiations to begin 1/8 @12pm

5. 2020-03-06
   soldstatus $140,000
6. 2020-01-20
   status Pending Sale 549-char remark

   Show marketing remark (549 chars)

   Welcome to 15 Blum Street. This 2/2 brick and vinyl North Buffalo double has been updated from top to bottom. Brand new kitchens with white cabinets and appliances included. Both bathrooms have been gutted and totally remodeled with new vanities and ceramic tiled floor and tub surround. New electrical service and plumbing throughout. Entire interior has been painted and luxury vinyl floor put down. Don’t miss out on this amazing opportunity to invest or live in North Buffalo. Showings start immediately and negotiations to begin 1/8 @12pm

7. 2020-01-11
   status Under Contract- Do Not Show 549-char remark

   Show marketing remark (549 chars)

   Welcome to 15 Blum Street. This 2/2 brick and vinyl North Buffalo double has been updated from top to bottom. Brand new kitchens with white cabinets and appliances included. Both bathrooms have been gutted and totally remodeled with new vanities and ceramic tiled floor and tub surround. New electrical service and plumbing throughout. Entire interior has been painted and luxury vinyl floor put down. Don’t miss out on this amazing opportunity to invest or live in North Buffalo. Showings start immediately and negotiations to begin 1/8 @12pm

8. 2020-01-02
   listed $139,900 Active 549-char remark

   Show marketing remark (549 chars)

   Welcome to 15 Blum Street. This 2/2 brick and vinyl North Buffalo double has been updated from top to bottom. Brand new kitchens with white cabinets and appliances included. Both bathrooms have been gutted and totally remodeled with new vanities and ceramic tiled floor and tub surround. New electrical service and plumbing throughout. Entire interior has been painted and luxury vinyl floor put down. Don’t miss out on this amazing opportunity to invest or live in North Buffalo. Showings start immediately and negotiations to begin 1/8 @12pm

9. 2019-09-27
   soldstatus $60,000 Closed Sale or Rented 209-char remark

   Show marketing remark (209 chars)

   Cash deal on this 2 unit investment property in need of some tlc. 2 bedrooms in each unit, some newer windows, off street parking, full basement with glass block windows and full attic. Close to all amenities.

10. 2019-09-27
    soldstatus $60,000

    Show marketing remark (209 chars)

    Cash deal on this 2 unit investment property in need of some tlc. 2 bedrooms in each unit, some newer windows, off street parking, full basement with glass block windows and full attic. Close to all amenities.

11. 2019-07-29
    status Under Contract- Do Not Show 209-char remark

    Show marketing remark (209 chars)

    Cash deal on this 2 unit investment property in need of some tlc. 2 bedrooms in each unit, some newer windows, off street parking, full basement with glass block windows and full attic. Close to all amenities.

12. 2019-07-11
    listed $59,900 Active 209-char remark

    Show marketing remark (209 chars)

    Cash deal on this 2 unit investment property in need of some tlc. 2 bedrooms in each unit, some newer windows, off street parking, full basement with glass block windows and full attic. Close to all amenities.

13. 2016-02-17
    soldstatus $38,125

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,028
• − Mortgage interest: −$12,267
• − Property taxes: −$3,285
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,562
• − Management: −$2,562
• − Depreciation: −$6,371
• Taxable income: $3,885
• Est. tax owed @ 24.0%: −$932
• After-tax cash flow: $6,208/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): 22,849
• Household income: $69,629
• Rent vs Own: 54.4% rent · 45.6% own
• Severe rent burden: 1831.0

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 (72%)
• Race & ethnicity: White 72% Black 16% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 10% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 5% French/Haitian/Cajun 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: ▼ -264.53%
• Current HPI: 421.1138
• Rent YoY: ▲ 3.65%
• 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

+474.4% since first listed

13 events — show timeline

• 2026-03-28 Pending — WNYREIS
• 2026-03-25 Price Changed $219,000 WNYREIS
• 2026-02-26 Listed $239,000 WNYREIS
• 2020-03-11 Sold (MLS) $140,000 WNYREIS
• 2020-03-06 Sold (Public Records) $140,000 Public Records
• 2020-01-20 Pending — WNYREIS
• 2020-01-11 Pending — WNYREIS
• 2020-01-02 Listed $139,900 WNYREIS
• 2019-09-27 Sold (Public Records) $60,000 Public Records
• 2019-09-27 Sold (MLS) $60,000 WNYREIS
• 2019-07-29 Pending — WNYREIS
• 2019-07-11 Listed $59,900 WNYREIS
• 2016-02-17 Sold (Public Records) $38,125 Public Records

Property tax history

+2.3%/yr

Latest (2025): $280 · +0.0% YoY. Source: county tax records.