2296 Seneca St · Buffalo, NY 14210

$199,900

4 bd · 2.0 ba · 2,153 sqft · MultiFamily public records · 14 Days on market

Built 1924 3,630 sqft lot $93/sqft · 51% below area

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Why this score? — see what drove the C+ 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 +20.2/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• Rent growth +5.0/5.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Nicely updated and conveniently located 2/1 Double in the heart of the newly revitalized Seneca Street area. Located on a bus line for public transportation or walk to restaurants, stores and golf course located in the Olmsted Cazenovia Park. Newer mechanics, full walk up attic, new shed and clean dry basement with separate laundry hook ups. This home is perfect for owner occupied or the savvy investor. Showings are limited due to the tenants' schedules. Please remove shoes before entering the apartments.

Key facts

• 3,630 sq ft lot
• Parking
• Built 1924

Property features AI

Finance

• Other: Operating expenses include water/sewer
• Financial info: Two-unit building with separate gas and electric meters for each unit; Owner pays water; water is included in rent; Unit 1 rent $1,000 (leased through Dec 31, 2026); Unit 2 rent $900 (month-to-month)

Exterior

• Parking: One off-street parking space
• Utilities: Public water connected; Sewer connected
• Home design: 2-story multifamily property; Resale condition
• Construction: Vinyl siding
• Exterior features: Rectangular residential lot; City street and main thoroughfare frontage; Lot dimensions approximately 33 x 110

Interior

• Kitchen: Units include oven/range and refrigerator; Eat-in kitchens
• Bedrooms: Two 2-bedroom units
• Flooring: Hardwood; Laminate; Vinyl; Varies
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: 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 $200k.

Deal economics

• At list price, monthly cash flow is $253 ($3k/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 $181k (9.4% below list).
• Recommended offer: $181k (9.4% 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 (+12.7%/yr); 94 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 40% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $37k; list at $200k implies a 440% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,076 (9.4% below list)

Questions for the listing agent

1. Built in 1924 — 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: 0.91% ✗
• Cap rate: 7.81%
• Cash-on-cash: 5.42%
• DSCR: 1.24
• GRM: 9.2

CMA / ARV

• ARV (median comp): $410,644
• List price: $199,900
• Delta: -51.32%
• 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
71 Buffum St	0.19mi	5/2.0 (+1)	2,136 (-1%)	6mo	$160,000	$75	80
146 Chamberlin Dr	0.41mi	4/2.0	2,187 (+2%)	8mo	$290,000	$133	72
154 Chamberlin Dr	0.42mi	5/2.0 (+1)	2,182 (+1%)	2mo	$242,400	$111	71
46 Kirkwood Dr	0.53mi	4/2.0	2,128 (-1%)	5mo	$198,700	$93	69
30 Chamberlin Dr	0.42mi	5/2.0 (+1)	2,208 (+3%)	5mo	$239,800	$109	67
48 Ryan St	0.55mi	4/2.0	2,084 (-3%)	8mo	$213,000	$102	63
81 Melrose St	0.69mi	4/2.0	2,116 (-2%)	5mo	$264,000	$125	61
11 Dorr St	0.35mi	3/2.0 (-1)	1,944 (-10%)	4mo	$179,900	$93	59
389 Cumberland Ave	0.42mi	5/2.0 (+1)	2,328 (+8%)	5mo	$280,000	$120	58
89 Melrose St	0.68mi	4/2.0	2,038 (-5%)	7mo	$318,000	$156	54
116 Melrose St	0.69mi	4/2.0	2,001 (-7%)	8mo	$223,000	$111	50
14 Winegar Pl	0.37mi	5/2.5 (+1)	2,469 (+15%)	5mo	$187,000	$76	47

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

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 30.0%
• Equity multiple: 3.40×
• Total profit: $134,453
• Equity at exit: $180,086

10-year hold

• IRR: 27.4%
• Equity multiple: 8.27×
• Total profit: $406,785
• Equity at exit: $388,362

Cash invested: $55,972 (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 14210

• Home prices YoY: 13.8%
• Rents YoY: 12.7%
• Active inventory: 94
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,811 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$46 /mo · $551/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $253

Break-even live

Break-even rent $1,491

Max offer price $199,900

Occupancy floor 81%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
181 Willett St Buffalo, NY	3.0	1.0	2704	$1,550	$0.57	2d	1	1.12mi

Listing history 3 events

1. 2026-05-12
   status Pending 510-char remark
2. 2026-04-28
   listed $199,900 Active 510-char remark
3. 2005-03-04
   soldstatus $37,000

ⓘ 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: $551 · $46/mo
• Projected year-2 tax: $1,965 · $164/mo
• Expected delta: +$1,413/yr (+$118/mo · 256.3%)

ⓘ 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 · 16 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: $21,729
• − Mortgage interest: −$11,198
• − Property taxes: −$551
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,738
• − Management: −$1,738
• − Depreciation: −$5,815
• Taxable loss: −$311
• Est. tax savings @ 24.0%: +$75
• After-tax cash flow: $3,110/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): 15,563
• Household income: $54,197
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 959.0

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: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 8% Black 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 21% Lithuanian 2% Serbian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Arabic 1% Other Indo-European 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: ▲ 52.34%
• Current HPI: 431.7951
• Rent YoY: ▲ 12.67%
• 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

+440.3% since first listed

3 events — show timeline

• 2026-05-12 Pending — WNYREIS
• 2026-04-28 Listed $199,900 WNYREIS
• 2005-03-04 Sold (Public Records) $37,000 Public Records

Property tax history

+7.3%/yr

Latest (2025): $551 · +36.7% YoY. Source: county tax records.