37 Schutrum St · Buffalo, NY 14212

$120,000

5 bd · 2.0 ba · 1,927 sqft · MultiFamily public records · 17 Days on market

Built 1910 3,300 sqft lot $62/sqft · 25% below area Est $160k · 25% 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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.6/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Discover this beautiful updated ready to move multi family home in a great neighbour hood close to Broadway. The entire property was remodeled, renovated and with an updated kitchen, bathroom. there is a bonus room at attic, along with good storage facility. The exquisite interiors with wide open living room and new windows, brings light, air and joy to make you feel at home with comfort, peace and tranquility. The calm and quiet neighbour hood brings the tranquility of peace. The home is accessible to all amenities and facilities within 5 minutes driving distance and access to all major highways and state ways. Please request through show time. Offer will be reviewed as they come. Please put your highest and best offer. This could be your precious home.

Key facts

• 3,300 sq ft lot
• Built 1910
• Listed 17 days

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $553 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% 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: 84 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($830 loan paydown + $12k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $22k; list at $120k implies a 435% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — 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: 1.46% ✓
• Cap rate: 11.82%
• Cash-on-cash: 19.75%
• DSCR: 1.88
• GRM: 5.7

CMA / ARV

• ARV (median comp): $160,264
• List price: $120,000
• Delta: -25.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
86 Shepard St	0.13mi	5/2.0	2,024 (+5%)	2mo	$165,000	$82	84
80 Liddell St	0.14mi	5/2.0	2,099 (+9%)	1mo	$68,000	$32	78
112 Liddell St	0.18mi	5/2.0	2,031 (+5%)	6mo	$65,000	$32	78
56 Shepard St	0.09mi	5/2.0	2,093 (+9%)	5mo	$88,000	$42	77
227 Ashley St	0.31mi	5/2.0	1,776 (-8%)	5mo	$145,000	$82	68
1362 Bailey Ave	0.46mi	4/2.0 (-1)	1,892 (-2%)	5mo	$197,081	$104	66
75 Schutrum St	0.07mi	6/2.0 (+1)	2,152 (+12%)	8mo	$150,000	$70	65
65 Goembel Ave	0.61mi	5/2.0	1,910 (-1%)	8mo	$110,000	$58	64
117 Quincy St	0.26mi	4/2.0 (-1)	1,728 (-10%)	4mo	$90,000	$52	62
221 May St	0.62mi	5/2.0	1,794 (-7%)	8mo	$91,000	$51	53
49 Howlett St	0.62mi	4/2.0 (-1)	2,178 (+13%)	1mo	$120,000	$55	44
362 Davey St	0.73mi	5/2.0	1,640 (-15%)	2mo	$92,000	$56	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.0%
• Equity multiple: 3.99×
• Total profit: $100,600
• Equity at exit: $108,106

10-year hold

• IRR: 33.6%
• Equity multiple: 8.99×
• Total profit: $268,606
• Equity at exit: $233,134

Cash invested: $33,600 (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 14212

• Home prices YoY: 20.4%
• Active inventory: 84
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,750 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $553

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 63%

Sensitivity live

Price	-10% $636	-5% $594	+0% $553	+5% $511	+10% $470
Rent	-10% $415	-5% $484	+0% $553	+5% $622	+10% $691
Rate	-1.0pp $613	-0.5pp $583	base $553	+0.5pp $522	+1.0pp $490

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	2d	1	1.10mi
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	24d	1	1.13mi

Listing history 3 events

1. 2026-05-04
   status Pending 764-char remark

   Show marketing remark (764 chars)

   Discover this beautiful updated ready to move multi family home in a great neighbour hood close to Broadway. The entire property was remodeled, renovated and with an updated kitchen, bathroom. there is a bonus room at attic, along with good storage facility. The exquisite interiors with wide open living room and new windows, brings light, air and joy to make you feel at home with comfort, peace and tranquility. The calm and quiet neighbour hood brings the tranquility of peace. The home is accessible to all amenities and facilities within 5 minutes driving distance and access to all major highways and state ways. Please request through show time. Offer will be reviewed as they come. Please put your highest and best offer. This could be your precious home.

2. 2026-04-17
   listed $120,000 Active 764-char remark

   Show marketing remark (764 chars)

   Discover this beautiful updated ready to move multi family home in a great neighbour hood close to Broadway. The entire property was remodeled, renovated and with an updated kitchen, bathroom. there is a bonus room at attic, along with good storage facility. The exquisite interiors with wide open living room and new windows, brings light, air and joy to make you feel at home with comfort, peace and tranquility. The calm and quiet neighbour hood brings the tranquility of peace. The home is accessible to all amenities and facilities within 5 minutes driving distance and access to all major highways and state ways. Please request through show time. Offer will be reviewed as they come. Please put your highest and best offer. This could be your precious home.

3. 1995-05-23
   soldstatus $22,450

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 10% 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: $20,996
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,680
• − Management: −$1,680
• − Depreciation: −$3,491
• Taxable income: $5,024
• Est. tax owed @ 24.0%: −$1,206
• After-tax cash flow: $5,430/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
• City population: 440,021
• Population (ZIP): 13,603

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 0.75)
• Race & ethnicity: White 32% Black 27% Asian 25% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 12% Serbian 1% Lithuanian 1%
• Foreign-born: 20% · Philippines, Canada, China
• Languages at home: 68% English-only · Other Indo-European 18% Spanish 4% Other Asian/Pacific 2%

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: ▲ 79.80%
• Current HPI: 471.6399
• Rent YoY: —
• Metro: —
• 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

+434.5% since first listed

3 events — show timeline

• 2026-05-04 Pending — WNYREIS
• 2026-04-17 Listed $120,000 WNYREIS
• 1995-05-23 Sold (Public Records) $22,450 Public Records

Property tax history

-2.4%/yr

Latest (2025): $95 · +0.0% YoY. Source: county tax records.