171 Herman St · Buffalo, NY 14211

$64,900

3 bd · 1.0 ba · 1,062 sqft · SingleFamily public records · 55 Days on market

Built 1900 3,720 sqft lot $61/sqft · 33% below area Est $97k · 33% under ↓ 7% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to 171 Herman St. The property is being sold “as-is”, and the seller will not undertake any repairs. This is a fixer-upper property, ideal for buyers looking to renovate and add value. The home features 5 bedrooms, a living room, an eat-in kitchen, and one bathroom, providing flexible space for a variety of uses. A brand new tear-off architectural asphalt shingle roof offers peace of mind for the new owner. Several windows have been replaced, including a skylight, and the front porch has been recently renovated. This property presents an excellent opportunity for investors seeking additional passive income. With strong potential and flexible use options, it is well-suite

Key facts

• Replaced windows
• 3,720 sq ft lot
• Built 1900

Tags

• REPLACED WINDOWS
• RECENTLY RENOVATED FRONT PORCH

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water connected; Sewer connected
• Home design: Single-story home; Frame construction with vinyl siding; Asphalt roof; Existing (resale) property
• Construction: Frame construction; Vinyl siding; Asphalt roof; Partial basement
• Exterior features: Dirt driveway; Near public transit; Rectangular residential lot with 30 x 124 dimensions; City street frontage

Interior

• Kitchen: Eat-in kitchen (appliance: gas water heater)
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet; Varied flooring
• Bathrooms: 1 full bathroom on main level
• Heating & cooling: Gas forced-air heating
• Interior features: Eat-in kitchen; Separate/formal living room; Combined living and dining area; Bedroom on main level; Partial basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 30.4% 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: 172 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 $2,128/mo this rent would consume 70% of the median local household income ($36k/yr) (locally 1804% 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 $2k of equity ($449 loan paydown + $1k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $62,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 3.28% ✓
• Cap rate: 30.38%
• Cash-on-cash: 86.01%
• DSCR: 4.83
• GRM: 2.5

CMA / ARV

• ARV (median comp): $96,796
• List price: $64,900
• Delta: -32.95%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
598 High St	0.27mi	3/1.0	1,139 (+7%)	7mo	$115,000	$101	70
18 Paderewski Dr	0.51mi	3/1.0	1,080 (+2%)	17mo	$65,000	$60	59
58 Peach St	0.70mi	3/1.0	940 (-12%)	22mo	$60,000	$64	30

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

Projected returns pro-forma

2.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 89.7%
• Equity multiple: 5.82×
• Total profit: $87,560
• Equity at exit: $25,771

10-year hold

• IRR: 89.8%
• Equity multiple: 11.98×
• Total profit: $199,585
• Equity at exit: $37,244

Cash invested: $18,172 (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 14211

• Home prices YoY: 0.6%
• Active inventory: 172
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $2,128 high
• Mortgage (P&I): −$340
• Tax from tax record: −$11 /mo · $135/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $1,303

Break-even live

Break-even rent $479

Max offer price $64,900

Occupancy floor 34%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
983 Michigan Ave Buffalo, NY	2.0	1.0–2.0	804	$3,202	$3.98	1d	58	0.98mi
1145 Michigan Ave Buffalo, NY	2.0	1.0–2.0	655	$2,049	$3.13	43d	1	1.06mi
408 Winslow Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,050	$1.05	14d	1	1.17mi
628 Ellicott St Buffalo, NY	1.0–2.0	1.0–2.0	1059	$2,812	$2.65	2d	5	1.32mi
1155 Main St Buffalo, NY	2.0	1.0–2.0	592	$2,300	$3.88	43d	1	1.33mi
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	14d	1	1.34mi
104 Butler Ave Buffalo, NY	3.0	1.0	1000	$1,400	$1.40	43d	1	1.36mi
489 Ellicott St Unit 36 Buffalo, NY	2.0	2.0	1000	$1,550	$1.55	2d	1	1.36mi
1152 Main St Apt 3 Buffalo, NY	3.0	1.0	1000	$2,400	$2.40	14d	1	1.36mi
19 North St Buffalo, NY	2.0	1.0–2.0	1306	$2,910	$2.23	10d	7	1.37mi
140 Seymour St Buffalo, NY	2.0	1.0	1300	$1,800	$1.38	23d	1	1.39mi
140 Seymour St Unit First Floor Buffalo, NY	2.0	1.0	1300	$1,800	$1.38	3d	1	1.39mi
40 North St Unit 306 Buffalo, NY	2.0	1.5	1125	$1,950	$1.73	43d	1	1.40mi
17 N Pearl St Buffalo, NY	2.0	2.0	1077	$2,700	$2.51	23d	1	1.40mi
17 N Pearl St Unit 3 Buffalo, NY	3.0	2.0	1197	$3,100	$2.59	23d	1	1.40mi
44 N Pearl St #5 Buffalo, NY	3.0	1.0	1200	$2,400	$2.00	43d	1	1.42mi
76 Chester St Unit 1 Buffalo, NY	3.0	1.0	1100	$1,000	$0.91	14d	1	1.43mi
519 Virginia St Buffalo, NY	1.0–2.0	1.0–2.0	700	$1,700	$2.43	3d	3	1.43mi
19 E Utica St Unit 203 Buffalo, NY	2.0	1.0	850	$1,300	$1.53	14d	1	1.45mi
130 Linwood Ave Buffalo, NY	2.0	1.0	900	$1,900	$2.11	23d	1	1.47mi

Listing history 18 events

1. 2026-06-18
   days on market $64,900 Active 55 DOM
2. 2026-06-17
   days on market $64,900 Active 54 DOM
3. 2026-06-16
   days on market $64,900 Active 53 DOM
4. 2026-06-15
   days on market $64,900 Active 52 DOM
5. 2026-06-13
   days on market $64,900 Active 50 DOM
6. 2026-06-13
   days on market $64,900 Active 49 DOM
7. 2026-06-10
   days on market $64,900 Active 47 DOM
8. 2026-06-09
   days on market $64,900 Active 46 DOM
9. 2026-06-08
   days on market $64,900 Active 45 DOM
10. 2026-06-07
    days on market $64,900 Active 44 DOM
11. 2026-06-03
    days on market $64,900 Active 40 DOM
12. 2026-06-02
    days on market $64,900 Active 39 DOM
13. 2026-06-01
    days on market $64,900 Active 38 DOM
14. 2026-05-31
    days on market $64,900 Active 37 DOM
15. 2026-04-24
    listed $64,900 Active 781-char remark
16. 2026-01-05
    historical
17. 2025-10-15
    price $59,900
18. 2025-10-05
    listed $69,900 Active

ⓘ 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: $135 · $11/mo
• Projected year-2 tax: $616 · $51/mo
• Expected delta: +$481/yr (+$40/mo · 355.1%)

ⓘ 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: $25,537
• − Mortgage interest: −$3,635
• − Property taxes: −$135
• − Insurance: −$324
• − Repairs & maintenance: −$2,043
• − Management: −$2,043
• − Depreciation: −$1,888
• Taxable income: $15,468
• Est. tax owed @ 24.0%: −$3,712
• After-tax cash flow: $11,918/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): 24,663
• Household income: $36,300
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1804.0

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 0.60)
• Race & ethnicity: Black 59% Asian 20% Hispanic / Latino 9% White 9% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4%
• Foreign-born: 17% · Canada, Philippines, Vietnam
• Languages at home: 74% English-only · Other Indo-European 14% Spanish 6% 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: ▲ 2.05%
• Current HPI: 357.6438
• Rent YoY: —
• 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

-7.2% since first listed

4 events — show timeline

• 2026-04-24 Listed $64,900 WNYREIS
• 2026-01-05 Listing Removed — WNYREIS
• 2025-10-15 Price Changed $59,900 WNYREIS
• 2025-10-05 Listed $69,900 WNYREIS

Property tax history

+17.5%/yr

Latest (2025): $135 · +101.3% YoY. Source: county tax records.