40 W Winspear Ave Unit S · Buffalo, NY 14214

$269,900

4 bd · 2.0 ba · 1,968 sqft · MultiFamily public records · 14 Days on market

Built 1927 3,706 sqft lot Est $199k · 36% over

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Why this score? — see what drove the D 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 +19.4/30.0
• DSCR +6.1/10.0
• Rent growth +4.0/5.0
• 1% rule +3.9/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Welcome to this spacious single-family home just minutes from the University of Buffalo South Campus, offering a blend of comfort, functionality and opportunity. Featuring 6 bedrooms and expansive open living spaces, this property is ideal for large families, multi-generational living, or those seeking excellent income potential. Conveniently located near shopping, dining, public transportation and campus amenities, this home presents a fantastic opportunity for both owner-occupants and investors alike. Whether you're looking for a place to call home or a strong addition to your portfolio, this property delivers space, locations and plenty of potential. Showings begin immediately.

Key facts

• Open living spaces
• Near dining
• Near shopping

Tags

• SINGLE FAMILY HOME
• OPEN LIVING SPACES
• NEAR SHOPPING
• NEAR DINING
• NEAR PUBLIC TRANSPORTATION
• NEAR CAMPUS AMENITIES

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water (connected); Sewer connected
• Home design: 2-story existing home
• Construction: Vinyl siding; Wood siding; Poured foundation
• Exterior features: Concrete driveway; Rectangular residential lot; City street frontage; Lot dimensions approximately 34 x 109

Interior

• Kitchen: Eat-in kitchen; Electric oven; Electric range; Refrigerator
• Bedrooms: Three main-level bedrooms
• Flooring: Hardwood; Laminate; Varies
• Bathrooms: Two full bathrooms (one on the main level)
• Heating & cooling: Gas heating; Baseboard heating; Forced air
• Interior features: Attic; Separate formal dining room; Eat-in kitchen; Separate formal living room; Combined living/dining room; Bedroom on main level; Full basement
• Laundry & utility: Washer and dryer located in the basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $270k.

Deal economics

• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (11.4% below list).
• Recommended offer: $239k (11.4% below list) — sets the bar for 1% rule.

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 (+5.8%/yr); 90 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,392/mo this rent would consume 49% of the median local household income ($58k/yr) (locally 1820% 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 $8k of value loss. Plan a longer hold.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $239,150 (11.4% below list)

Questions for the listing agent

1. Built in 1927 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.89% ✗
• Cap rate: 7.64%
• Cash-on-cash: 4.81%
• DSCR: 1.21
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $198,768
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
80 Lasalle Ave	0.33mi	4/2.0	1,778 (-10%)	9mo	$170,000	$96	62
66 Montrose Ave	0.30mi	4/2.0	1,860 (-6%)	20mo	$193,750	$104	60
132 Hewitt Ave	0.73mi	4/2.0	1,946 (-1%)	5mo	$125,000	$64	60
60 Hawthorne Ave	0.60mi	3/2.0 (-1)	1,928 (-2%)	7mo	$230,000	$119	58
40 Dartmouth Ave	0.55mi	3/2.0 (-1)	1,884 (-4%)	16mo	$186,500	$99	49
19 Dunlop Ave	0.61mi	5/2.0 (+1)	2,160 (+10%)	6mo	$160,000	$74	46
347 Lasalle Ave	0.66mi	4/2.0	1,872 (-5%)	21mo	$190,000	$101	44
41 Wendel Ave	0.57mi	4/2.0	1,760 (-11%)	15mo	$265,000	$151	43
314 Lasalle Ave	0.59mi	4/2.0	1,675 (-15%)	8mo	$170,000	$101	41
396 Highgate Ave	0.75mi	4/2.0	2,247 (+14%)	20mo	$302,000	$134	25

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 · 5.81% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.77×
• Total profit: $-17,632
• Equity at exit: $40,243

10-year hold

• IRR: 6.3%
• Equity multiple: 1.52×
• Total profit: $39,151
• Equity at exit: $23,336

Cash invested: $75,572 (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 14214

• Rents YoY: 5.8%
• Active inventory: 90
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,392 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$59 /mo · $703/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $303

Break-even live

Break-even rent $2,008

Max offer price $269,900

Occupancy floor 82%

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	14d	1	0.09mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	14d	1	0.17mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	14d	1	0.20mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	1d	1	0.20mi
59 Lisbon Ave Buffalo, NY	3.0	1.0	2521	$1,250	$0.50	23d	1	0.20mi
102 Englewood Ave Buffalo, NY	4.0	1.0	2426	$2,750	$1.13	1d	1	0.24mi
91 Englewood Ave Buffalo, NY	4.0	1.0	2500	$2,000	$0.80	1d	1	0.25mi
63 Montrose Ave Buffalo, NY	4.0	1.0	2240	$2,000	$0.89	1d	1	0.34mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	14d	1	0.34mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	1d	1	0.37mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	1d	10	0.38mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	23d	1	0.40mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	43d	1	0.40mi
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	14d	1	0.49mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	3d	1	0.54mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	1d	1	0.60mi
91 Springville Ave Buffalo, NY	4.0	2.0	1660	$2,350	$1.42	23d	1	0.91mi
348 Capen Blvd Buffalo, NY	3.0	1.5	1424	$2,200	$1.54	1d	1	1.07mi
524 University Ave Buffalo, NY	3.0	1.0	1840	$1,600	$0.87	1d	1	1.07mi
25 Parkridge Ave Buffalo, NY	3.0	1.0	1914	$1,350	$0.71	14d	1	1.11mi
414 Taunton Pl Unit Lowet Buffalo, NY	3.0	1.0	1232	$1,700	$1.38	14d	1	1.14mi
4098 Bailey Ave Buffalo, NY	5.0	2.5	2108	$2,200	$1.04	43d	1	1.26mi
307 Sterling Ave Buffalo, NY	3.0	1.0	1632	$1,800	$1.10	3d	1	1.32mi
202 Summit Ave Unit 1 Buffalo, NY	3.0	1.0	2000	$2,400	$1.20	23d	1	1.34mi
151 Lamson Rd Buffalo, NY	4.0	2.0	1382	$2,350	$1.70	17d	1	1.40mi
309 N Park Ave Buffalo, NY	3.0	1.0	2560	$1,750	$0.68	14d	1	1.45mi

Listing history 11 events

1. 2026-06-18
   days on market $269,900 Active 14 DOM
2. 2026-06-17
   days on market $269,900 Active 13 DOM
3. 2026-06-16
   days on market $269,900 Active 12 DOM
4. 2026-06-15
   days on market $269,900 Active 11 DOM
5. 2026-06-13
   days on market $269,900 Active 9 DOM
6. 2026-06-13
   days on market $269,900 Active 8 DOM
7. 2026-06-10
   days on market $269,900 Active 6 DOM
8. 2026-06-09
   days on market $269,900 Active 5 DOM
9. 2026-06-08
   days on market $269,900 Active 4 DOM
10. 2026-06-07
    remarks 689-char remark
11. 2026-06-07
    listed $269,900 Active 3 DOM

ⓘ 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: $703 · $59/mo
• Projected year-2 tax: $2,632 · $219/mo
• Expected delta: +$1,929/yr (+$161/mo · 274.2%)

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

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 ≥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: $28,698
• − Mortgage interest: −$15,119
• − Property taxes: −$703
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,296
• − Management: −$2,296
• − Depreciation: −$7,852
• Taxable loss: −$917
• Est. tax savings @ 24.0%: +$220
• After-tax cash flow: $3,854/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): 21,314
• Household income: $58,228
• Rent vs Own: 57.7% rent · 42.3% own
• Severe rent burden: 1820.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 47% Black 31% Asian 11% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 2% Scotch-Irish 1%
• Foreign-born: 14% · Canada, China
• Languages at home: 81% English-only · Other Indo-European 7% Spanish 4% Other Asian/Pacific 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: ▼ -282.52%
• Current HPI: 373.377
• Rent YoY: ▲ 5.81%
• 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

+574.8% since first listed

5 events — show timeline

• 2026-06-04 Listed $269,900 WNYREIS
• 2022-01-31 Sold (Public Records) $755,942 Public Records
• 2010-09-23 Sold (Public Records) $84,987 Public Records
• 2005-05-27 Sold (Public Records) $78,000 Public Records
• 2003-02-11 Sold (Public Records) $40,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $703 · +47.7% YoY. Source: county tax records.