501 West Ave · Buffalo, NY 14213

$350,000

6 bd · 2.0 ba · 2,552 sqft · MultiFamily public records · 23 Days on market

Built 1920 5,215 sqft lot $137/sqft · at area comps Est $363k · at est.

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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 +25.3/30.0
• ARV discount +9.2/15.0
• Appreciation +8.8/10.0
• DSCR +8.3/10.0
• 1% rule +5.3/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

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

Bank owned, cash sale only. Solid building, but repairs needed throughout. Plumbing/freezing damage and vandalized. Buyer to determine condition of all mechanics and systems, as well as determining existence of and rectifying any and all code violations. Sold as-is and buyer pays search, survey, and transfer tax. Close to D'Youville and Connecticut Street, could be a good house but will need work.

Key facts

• 2 parking spots
• Built 1920
• Listed 23 days

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $793 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $345k (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.
• Market conditions: Rents soft (-0.5%/yr); 137 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,599/mo this rent would consume 80% of the median local household income ($54k/yr) (locally 1501% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $26k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $98k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask is 20488% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $100k; list at $350k implies a 250% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $344,750 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 1.03% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.71%
• DSCR: 1.43
• GRM: 8.1

CMA / ARV

• ARV (median comp): $363,416
• List price: $350,000
• Delta: -3.69%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26 York St	0.18mi	6/2.0	2,519 (-1%)	1mo	$199,900	$79	88
215 Normal Ave	0.14mi	5/2.0 (-1)	2,626 (+3%)	7mo	$294,000	$112	78
207 Rhode Island St	0.19mi	5/2.0 (-1)	2,436 (-4%)	2mo	$295,500	$121	77
288 14th St	0.21mi	5/2.0 (-1)	2,616 (+2%)	6mo	$260,000	$99	76
324 West Ave	0.35mi	6/2.0	2,652 (+4%)	5mo	$312,500	$118	73
383 Summer St	0.39mi	5/2.0 (-1)	2,468 (-3%)	6mo	$492,000	$199	66
715 Prospect Ave	0.21mi	6/2.0	2,867 (+12%)	6mo	$232,500	$81	64
67 Barton St	0.66mi	6/2.0	2,420 (-5%)	0mo	$170,000	$70	60
395 Hampshire St	0.67mi	5/2.0 (-1)	2,438 (-4%)	3mo	$165,500	$68	54
298 Massachusetts Ave	0.42mi	5/2.0 (-1)	2,221 (-13%)	1mo	$220,000	$99	53
250 West Ave	0.50mi	6/2.0	2,230 (-13%)	4mo	$375,000	$168	52
214 W Ferry St Unit N	0.71mi	5/2.0 (-1)	2,296 (-10%)	7mo	$185,000	$81	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 25.2%
• Equity multiple: 2.77×
• Total profit: $173,117
• Equity at exit: $254,371

10-year hold

• IRR: 22.0%
• Equity multiple: 5.54×
• Total profit: $445,015
• Equity at exit: $494,303

Cash invested: $98,000 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $3,599 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$69 /mo · $829/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $793

Break-even live

Break-even rent $2,595

Max offer price $350,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,598
Total (2 units)			$3,599

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-18
   price $350,000 1703-char remark
2. 2026-05-16
   listed $1,850
3. 2026-05-04
   listed $400,000 Active 1703-char remark
4. 2025-10-14
   soldstatus $100,000
5. 2010-04-22
   soldstatus $11,000 400-char remark

   Show marketing remark (400 chars)

   Bank owned, cash sale only. Solid building, but repairs needed throughout. Plumbing/freezing damage and vandalized. Buyer to determine condition of all mechanics and systems, as well as determining existence of and rectifying any and all code violations. Sold as-is and buyer pays search, survey, and transfer tax. Close to D'Youville and Connecticut Street, could be a good house but will need work.

6. 2010-03-18
   listed $9,900 400-char remark

   Show marketing remark (400 chars)

   Bank owned, cash sale only. Solid building, but repairs needed throughout. Plumbing/freezing damage and vandalized. Buyer to determine condition of all mechanics and systems, as well as determining existence of and rectifying any and all code violations. Sold as-is and buyer pays search, survey, and transfer tax. Close to D'Youville and Connecticut Street, could be a good house but will need work.

ⓘ 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: $829 · $69/mo
• Projected year-2 tax: $3,372 · $281/mo
• Expected delta: +$2,543/yr (+$212/mo · 306.8%)

ⓘ 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 ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,188
• − Mortgage interest: −$19,605
• − Property taxes: −$829
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,455
• − Management: −$3,455
• − Depreciation: −$10,182
• Taxable income: $3,912
• Est. tax owed @ 24.0%: −$939
• After-tax cash flow: $8,576/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

-82.8% since first listed

7 events — show timeline

• 2026-06-05 Listed for Rent $1,700 WNYREIS
• 2026-06-05 Rental Removed $1,850 WNYREIS
• 2026-05-18 Price Changed $350,000 WNYREIS
• 2026-05-16 Listed for Rent $1,850 WNYREIS
• 2025-10-14 Sold (Public Records) $100,000 Public Records
• 2010-04-22 Sold (MLS) $11,000 WNYREIS
• 2010-03-18 Listed $9,900 WNYREIS

Property tax history

+11.7%/yr

Latest (2025): $829 · +8.0% YoY. Source: county tax records.