213 Benzinger St · Buffalo, NY 14206

$144,900

5 bd · 2.0 ba · 1,651 sqft · Townhouse public records · 80 Days on market

Built 1920 4,020 sqft lot $88/sqft · 18% below area Est $177k · 18% under

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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
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• 1% rule +7.2/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to 213 Benzinger St in Buffalo—a versatile two-family property ideal for both owner-occupants and investors. This 2/3 multi-unit features a spacious layout, including a rear unit with beautiful hardwood floors and plenty of natural light. The front unit is currently rented for $750, offering immediate income, while the vacant rear unit provides an excellent opportunity for owner occupancy or additional rental potential. The home also includes a full basement for storage and a two-car garage, adding convenience and value. With solid mechanicals already in place and a location close to public transportation, shopping, and everyday amenities, this property is a smart investment with strong upside.

Key facts

• Natural light
• Two family property
• Full basement

Tags

• TWO FAMILY PROPERTY
• HARDWOOD FLOORS
• NATURAL LIGHT
• FULL BASEMENT
• TWO CAR GARAGE

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath townhouse listed at $145k.

Deal economics

• At list price, monthly cash flow is $546 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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: 169 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 42% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $61k; list at $145k implies a 138% 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 $136,206 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.22% ✓
• Cap rate: 10.81%
• Cash-on-cash: 16.15%
• DSCR: 1.72
• GRM: 6.8

CMA / ARV

• ARV (median comp): $177,000
• List price: $144,900
• Delta: -18.14%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
44 Moreland St	0.33mi	4/2.5 (-1)	1,772 (+7%)	1mo	$175,000	$99	65
245 Ideal St	0.09mi	4/2.0 (-1)	1,792 (+8%)	22mo	$95,000	$53	58
44 Dempster St	0.44mi	4/2.0 (-1)	1,810 (+10%)	4mo	$120,000	$66	55
9 Longnecker St	0.41mi	6/2.0 (+1)	1,840 (+11%)	16mo	$123,500	$67	44
16 Gates St	0.66mi	5/2.0	1,454 (-12%)	12mo	$200,000	$138	39

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

Projected returns pro-forma

8.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.7%
• Equity multiple: 3.34×
• Total profit: $94,944
• Equity at exit: $110,660

10-year hold

• IRR: 29.1%
• Equity multiple: 7.15×
• Total profit: $249,522
• Equity at exit: $220,211

Cash invested: $40,572 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 169
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,771 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$33 /mo · $392/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $546

Break-even live

Break-even rent $1,080

Max offer price $144,900

Occupancy floor 64%

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1150 Bailey Ave Buffalo, NY	4.0	1.5	1100	$1,200	$1.09	23d	1	0.57mi
14 Rutland Ave Buffalo, NY	4.0	1.0	1430	$2,200	$1.54	10d	1	1.07mi
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	1d	1	1.12mi

Listing history 24 events

1. 2026-06-18
   days on market $144,900 Active 80 DOM
2. 2026-06-17
   days on market $144,900 Active 79 DOM
3. 2026-06-16
   days on market $144,900 Active 78 DOM
4. 2026-06-15
   days on market $144,900 Active 77 DOM
5. 2026-06-13
   days on market $144,900 Active 75 DOM
6. 2026-06-13
   days on market $144,900 Active 74 DOM
7. 2026-06-10
   days on market $144,900 Active 72 DOM
8. 2026-06-09
   days on market $144,900 Active 71 DOM
9. 2026-06-08
   days on market $144,900 Active 70 DOM
10. 2026-06-07
    days on market $144,900 Active 69 DOM
11. 2026-06-03
    days on market $144,900 Active 65 DOM
12. 2026-06-02
    days on market $144,900 Active 64 DOM
13. 2026-06-01
    days on market $144,900 Active 63 DOM
14. 2026-05-31
    days on market $144,900 Active 62 DOM
15. 2026-04-19
    price $144,900 717-char remark

    Show marketing remark (717 chars)

    Welcome to 213 Benzinger St in Buffalo—a versatile two-family property ideal for both owner-occupants and investors. This 2/3 multi-unit features a spacious layout, including a rear unit with beautiful hardwood floors and plenty of natural light. The front unit is currently rented for $750, offering immediate income, while the vacant rear unit provides an excellent opportunity for owner occupancy or additional rental potential. The home also includes a full basement for storage and a two-car garage, adding convenience and value. With solid mechanicals already in place and a location close to public transportation, shopping, and everyday amenities, this property is a smart investment with strong upside.

16. 2026-03-30
    listed $149,900 Active 717-char remark

    Show marketing remark (717 chars)

    Welcome to 213 Benzinger St in Buffalo—a versatile two-family property ideal for both owner-occupants and investors. This 2/3 multi-unit features a spacious layout, including a rear unit with beautiful hardwood floors and plenty of natural light. The front unit is currently rented for $750, offering immediate income, while the vacant rear unit provides an excellent opportunity for owner occupancy or additional rental potential. The home also includes a full basement for storage and a two-car garage, adding convenience and value. With solid mechanicals already in place and a location close to public transportation, shopping, and everyday amenities, this property is a smart investment with strong upside.

17. 2025-08-10
    price $138,900
18. 2025-07-30
    listed $149,900 Active
19. 2016-08-15
    soldstatus $61,000 Closed Sale or Rented
20. 2016-08-15
    soldstatus $61,000
21. 2016-06-30
    status Pending Sale
22. 2016-03-02
    listed $69,500 Active
23. 2016-02-29
    historical
24. 2015-09-02
    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: $392 · $33/mo
• Projected year-2 tax: $1,421 · $118/mo
• Expected delta: +$1,028/yr (+$86/mo · 262.1%)

ⓘ 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: $21,250
• − Mortgage interest: −$8,117
• − Property taxes: −$392
• − Insurance: −$724
• − Repairs & maintenance: −$1,700
• − Management: −$1,700
• − Depreciation: −$4,215
• Taxable income: $4,401
• Est. tax owed @ 24.0%: −$1,056
• After-tax cash flow: $5,496/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): 21,631
• Household income: $50,450
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 841.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Romanian 25% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Arabic 2%

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: ▲ 8.06%
• Current HPI: 457.3935
• 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

+107.3% since first listed

10 events — show timeline

• 2026-04-19 Price Changed $144,900 WNYREIS
• 2026-03-30 Listed $149,900 WNYREIS
• 2025-08-10 Price Changed $138,900 WNYREIS
• 2025-07-30 Listed $149,900 WNYREIS
• 2016-08-15 Sold (Public Records) $61,000 Public Records
• 2016-08-15 Sold (MLS) $61,000 WNYREIS
• 2016-06-30 Pending — WNYREIS
• 2016-03-02 Listed $69,500 WNYREIS
• 2016-02-29 Listing Removed — WNYREIS
• 2015-09-02 Listed $69,900 WNYREIS

Property tax history

+4.0%/yr

Latest (2025): $392 · +0.0% YoY. Source: county tax records.