32 Custer St · Buffalo, NY 14214

$89,999

4 bd · 1.0 ba · 1,016 sqft · SingleFamily public records · 8 Days on market

Built 1925 2,775 sqft lot $89/sqft · 56% below area

---

Why this score? — see what drove the B 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
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent investment opportunity in University District! 4 bdrm 1 bath very well maintained. Newer vinyl windows (3yrs), newer siding, roof - 7yrs, newer HWT, newer stove and fridge included. Newer front/rear porches and steps. Owner has been renting for 17 years. Current rent at $800 per month. Show & Sell!

Key facts

• 2,775 sq ft lot
• Built 1925
• Listed 8 days

Tags

• MAINTENANCE-FREE EXTERIOR
• UPDATED VINYL WINDOWS
• SPACIOUS LIVING AREAS

Property features AI

Exterior

• Parking: No garage; No driveway
• Utilities: Public water connected; Sewer connected
• Home design: Single-story property; Existing condition
• Construction: Brick and vinyl siding exterior; Block foundation
• Exterior features: Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Free-standing range; Oven; Refrigerator
• Bedrooms: 1 bedroom on the main level
• Flooring: Carpet; Hardwood; Tile; Varied flooring
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Gas hot water heating
• Interior features: Separate/formal living room; Open living/dining area; Bedroom on main level; Crawl space basement
• Laundry & utility: Gas water heater

🏷️ Possibly a rental listed for sale. The $89,999 price doesn't fit this home's estimated sale value (~$202,524) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $945 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 18.9% 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 rising fast (+5.8%/yr); 90 active listings in the ZIP; 17 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).
• This rent runs 39% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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 $46k; list at $90k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,999

Questions for the listing agent

1. Built in 1925 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.09% ✓
• Cap rate: 18.89%
• Cash-on-cash: 44.99%
• DSCR: 3.00
• GRM: 4.0

CMA / ARV

• ARV (median comp): $202,524
• List price: $89,999
• Delta: -55.56%
• 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
44 Custer St	0.03mi	4/1.0	918 (-10%)	11mo	$165,000	$180	74
22 Bruce St	0.22mi	3/1.0 (-1)	1,106 (+9%)	11mo	$180,000	$163	61
96 Winspear Ave	0.30mi	3/1.0 (-1)	918 (-10%)	10mo	$175,000	$191	56
33 Nicholson St	0.52mi	4/1.0	1,119 (+10%)	8mo	$230,000	$206	53
160 Nicholson St	0.62mi	3/1.0 (-1)	1,080 (+6%)	4mo	$239,900	$222	52
19 Seattle St	0.68mi	3/1.5 (-1)	988 (-3%)	10mo	$211,150	$214	49
135 Tyler St	0.30mi	3/1.0 (-1)	882 (-13%)	13mo	$100,000	$113	48
195 Merrimac St	0.35mi	4/2.0	1,149 (+13%)	14mo	$228,000	$198	46
116 Dunlop Ave	0.64mi	3/1.0 (-1)	962 (-5%)	13mo	$180,000	$187	46
133 Dunlop Ave	0.69mi	3/1.0 (-1)	962 (-5%)	12mo	$115,000	$120	44
296 Parkridge Ave	0.59mi	3/1.0 (-1)	1,155 (+14%)	7mo	$175,000	$152	39
155 Hewitt Ave	0.74mi	4/1.0	1,168 (+15%)	9mo	$195,000	$167	33

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: 45.1%
• Equity multiple: 3.03×
• Total profit: $51,044
• Equity at exit: $13,419

10-year hold

• IRR: 52.1%
• Equity multiple: 6.78×
• Total profit: $145,626
• Equity at exit: $7,781

Cash invested: $25,200 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,881 high
• Mortgage (P&I): −$472
• Tax from tax record: −$32 /mo · $383/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $945

Break-even live

Break-even rent $685

Max offer price $89,999

Occupancy floor 45%

Sensitivity live

Price	-10% $996	-5% $970	+0% $945	+5% $919	+10% $894
Rent	-10% $796	-5% $871	+0% $945	+5% $1,019	+10% $1,094
Rate	-1.0pp $990	-0.5pp $968	base $945	+0.5pp $922	+1.0pp $898

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	15d	1	0.25mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	2d	1	0.30mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	2d	10	0.32mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	3d	1	0.45mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	24d	1	0.46mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	44d	1	0.46mi
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	15d	1	0.54mi
265 Lisbon Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,400	$1.17	44d	1	0.55mi
33 Tillotson Pl Buffalo, NY	3.0	1.0	1143	$2,095	$1.83	15d	1	0.73mi
140 Parkridge Ave Buffalo, NY	3.0	1.0	990	$1,500	$1.52	44d	1	0.86mi
76 Vernon Pl Unit Upper Buffalo, NY	3.0	1.0	1190	$1,595	$1.34	15d	1	1.00mi
76 Vernon Pl Unit Lower Buffalo, NY	3.0	1.0	1190	$1,445	$1.21	15d	1	1.00mi
414 Taunton Pl Unit Lowet Buffalo, NY	3.0	1.0	1232	$1,700	$1.38	15d	1	1.06mi
348 Capen Blvd Buffalo, NY	3.0	1.5	1424	$2,200	$1.54	2d	1	1.17mi
189 Westminster Ave Buffalo, NY	4.0	1.5	1065	$1,595	$1.50	11d	1	1.26mi
97 Davidson Ave Buffalo, NY	3.0	1.0	925	$1,495	$1.62	2d	1	1.31mi
151 Lamson Rd Buffalo, NY	4.0	2.0	1382	$2,350	$1.70	17d	1	1.42mi

Listing history 10 events

1. 2026-05-14
   listed $89,999 Active 517-char remark
2. 2022-09-07
   historical
3. 2022-08-09
   status Active
4. 2022-05-26
   status Pending Sale
5. 2022-05-17
   historical Continue to Show- Under Contract
6. 2022-04-15
   listed $129,000 Active
7. 2013-04-26
   soldstatus $46,000

   Show marketing remark (315 chars)

   Excellent investment opportunity in University District! 4 bdrm 1 bath very well maintained. Newer vinyl windows (3yrs), newer siding, roof - 7yrs, newer HWT, newer stove and fridge included. Newer front/rear porches and steps. Owner has been renting for 17 years. Current rent at $800 per month. Show & Sell!

8. 2013-04-26
   soldstatus $46,000

   Show marketing remark (315 chars)

   Excellent investment opportunity in University District! 4 bdrm 1 bath very well maintained. Newer vinyl windows (3yrs), newer siding, roof - 7yrs, newer HWT, newer stove and fridge included. Newer front/rear porches and steps. Owner has been renting for 17 years. Current rent at $800 per month. Show & Sell!

9. 2013-03-13
   listed $44,900

   Show marketing remark (315 chars)

   Excellent investment opportunity in University District! 4 bdrm 1 bath very well maintained. Newer vinyl windows (3yrs), newer siding, roof - 7yrs, newer HWT, newer stove and fridge included. Newer front/rear porches and steps. Owner has been renting for 17 years. Current rent at $800 per month. Show & Sell!

10. 1996-07-19
    soldstatus $23,500

ⓘ 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: $383 · $32/mo
• Projected year-2 tax: $952 · $79/mo
• Expected delta: +$569/yr (+$47/mo · 148.5%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% 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: $22,576
• − Mortgage interest: −$5,041
• − Property taxes: −$383
• − Insurance: −$450
• − Repairs & maintenance: −$1,806
• − Management: −$1,806
• − Depreciation: −$2,618
• Taxable income: $10,471
• Est. tax owed @ 24.0%: −$2,513
• After-tax cash flow: $8,825/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

+283.0% since first listed

11 events — show timeline

• 2026-05-22 Pending — WNYREIS
• 2026-05-14 Listed $89,999 WNYREIS
• 2022-09-07 Listing Removed — WNYREIS
• 2022-08-09 Relisted — WNYREIS
• 2022-05-26 Pending — WNYREIS
• 2022-05-17 Contingent — WNYREIS
• 2022-04-15 Listed $129,000 WNYREIS
• 2013-04-26 Sold (Public Records) $46,000 Public Records
• 2013-04-26 Sold (MLS) $46,000 WNYREIS
• 2013-03-13 Listed $44,900 WNYREIS
• 1996-07-19 Sold (Public Records) $23,500 Public Records

Property tax history

+5.5%/yr

Latest (2025): $383 · -3.7% YoY. Source: county tax records.