467 East St · Buffalo, NY 14207

$164,900

4 bd · 2.0 ba · 1,993 sqft · MultiFamily public records · 16 Days on market

Built 1915 3,000 sqft lot Est $181k · 9% under

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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 +30.0/30.0
• ARV discount +11.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Well maintained 2/2 located in Black Rock. Both units boast original hardwood floors, wood kitchen cabinets and wood trim. There are four porches, each unit has a front and rear porch. The apartments have identical lay outs, large living, formal dining room and nice sized kitchens. In the rear hallway both units have additional storage rooms. HWT replaced in 2018 and 2019, roof done in 2003 and lower unit furnace replaced in 2005. There are front and rear gardens and drive way for 1 or more cars.

Key facts

• Natural woodwork
• Full kitchen
• Formal dining room

Tags

• SPACIOUS LAYOUT
• HARDWOOD FLOORS
• NATURAL WOODWORK
• FUNCTIONAL FLOOR PLAN
• FULL KITCHEN
• FORMAL DINING ROOM

Property features AI

Finance

• Financial info: Operating expense details: See remarks; Owner pays: See remarks/Other; Rent details: See remarks

Exterior

• Parking: Gravel, unpaved parking with two or more spaces available
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-family building; Residential 2-unit zoning; Resale property
• Construction: Frame construction with fiber cement and wood siding; Asphalt/rolled/shingle roofing
• Exterior features: Balcony; Covered and open porches; Fully fenced yard; Rectangular residential lot on a city street

Interior

• Kitchen: Each unit includes an eat-in kitchen
• Bedrooms: Two 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Hardwood; Laminate; Vinyl; Varies
• Bathrooms: Two full bathrooms (one full bath in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Hardwood, laminate, vinyl and varied flooring throughout; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $162k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.6% 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 (+8.2%/yr); 197 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,679/mo this rent would consume 81% of the median local household income ($40k/yr) (locally 2177% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $46k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,426 (1.5% below list)

Questions for the listing agent

1. Built in 1915 — 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: 1.62% ✓
• Cap rate: 14.58%
• Cash-on-cash: 29.59%
• DSCR: 2.32
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $181,363
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37 Peoria St	0.10mi	4/2.0	2,148 (+8%)	6mo	$138,000	$64	77
2112 Niagara St	0.18mi	5/2.0 (+1)	2,020 (+1%)	14mo	$163,000	$81	72
181 Gorton St	0.34mi	4/2.0	1,864 (-6%)	11mo	$109,000	$58	64
29 Hunt Ave	0.36mi	4/2.0	2,026 (+2%)	20mo	$185,000	$91	64
18 Lamont Pl	0.33mi	5/2.0 (+1)	1,848 (-7%)	12mo	$220,000	$119	58
14 Collaton St	0.32mi	4/2.0	1,708 (-14%)	9mo	$105,000	$61	54
85 Gallatin Ave	0.44mi	5/2.0 (+1)	2,092 (+5%)	16mo	$195,000	$93	52
227 Crowley Ave	0.68mi	3/2.0 (-1)	1,909 (-4%)	6mo	$155,000	$81	51
24 Briggs Ave	0.47mi	4/2.0	2,192 (+10%)	13mo	$211,000	$96	51
63 Mayer Ave	0.49mi	5/2.0 (+1)	1,912 (-4%)	18mo	$230,000	$120	50
128 Crowley Ave	0.70mi	4/2.0	2,080 (+4%)	20mo	$198,000	$95	44
306 East St	0.30mi	5/2.0 (+1)	2,264 (+14%)	22mo	$200,000	$88	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 29.2%
• Equity multiple: 2.30×
• Total profit: $59,881
• Equity at exit: $24,587

10-year hold

• IRR: 39.2%
• Equity multiple: 5.54×
• Total profit: $209,702
• Equity at exit: $14,258

Cash invested: $46,172 (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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 197
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,679 high
• Mortgage (P&I): −$865
• Tax from tax record: −$45 /mo · $535/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $1,138

Break-even live

Break-even rent $1,238

Max offer price $164,900

Occupancy floor 53%

Sensitivity live

Price	-10% $1,232	-5% $1,185	+0% $1,138	+5% $1,092	+10% $1,045
Rent	-10% $927	-5% $1,033	+0% $1,138	+5% $1,244	+10% $1,350
Rate	-1.0pp $1,221	-0.5pp $1,180	base $1,138	+0.5pp $1,096	+1.0pp $1,052

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,678
Total (2 units)			$2,679

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	15d	1	0.86mi
62 Germain St Buffalo, NY	3.0	1.0	1320	$1,250	$0.95	24d	1	0.89mi
61 Baxter St Buffalo, NY	3.0	1.0	2014	$1,400	$0.70	2d	1	0.99mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	2d	14	1.19mi
62 Seabrook St Buffalo, NY	4.0	1.0	1300	$2,000	$1.54	2d	1	1.42mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	24d	1	1.43mi

Listing history 12 events

1. 2026-06-18
   days on market $164,900 Active 16 DOM
2. 2026-06-17
   days on market $164,900 Active 15 DOM
3. 2026-06-16
   days on market $164,900 Active 14 DOM
4. 2026-06-15
   days on market $164,900 Active 13 DOM
5. 2026-06-13
   days on market $164,900 Active 11 DOM
6. 2026-06-13
   days on market $164,900 Active 10 DOM
7. 2026-06-10
   days on market $164,900 Active 8 DOM
8. 2026-06-09
   days on market $164,900 Active 7 DOM
9. 2026-06-08
   days on market $164,900 Active 6 DOM
10. 2026-06-07
    days on market $164,900 Active 5 DOM
11. 2026-06-03
    remarks 699-char remark
12. 2026-06-03
    listed $164,900 Active 1 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: $535 · $45/mo
• Projected year-2 tax: $1,661 · $138/mo
• Expected delta: +$1,126/yr (+$94/mo · 210.5%)

ⓘ 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 ≥93°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: $32,148
• − Mortgage interest: −$9,237
• − Property taxes: −$535
• − Insurance: −$824
• − Repairs & maintenance: −$2,572
• − Management: −$2,572
• − Depreciation: −$4,797
• Taxable income: $11,611
• Est. tax owed @ 24.0%: −$2,787
• After-tax cash flow: $10,874/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

+142.5% since first listed

6 events — show timeline

• 2026-06-01 Listed $164,900 WNYREIS
• 2021-03-10 Sold (MLS) $145,000 WNYREIS
• 2021-03-02 Sold (Public Records) $145,000 Public Records
• 2020-11-23 Pending — WNYREIS
• 2020-11-18 Listed $139,900 WNYREIS
• 1994-10-07 Sold (Public Records) $68,000 Public Records

Property tax history

+8.5%/yr

Latest (2025): $535 · +44.6% YoY. Source: county tax records.