70 Houston St · Buffalo, NY 14220

$185,000

4 bd · 2.0 ba · 2,106 sqft · MultiFamily public records · 16 Days on market

Built 1928 3,366 sqft lot Est $223k · 17% 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Rent growth +4.4/5.0
• 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

Here's a great opportunity to own a well kept 2/2 double in South Buffalo! Located on a quiet street, this home has 2 units, both occupied by long term tenants. Each unit has a spacious eat-in kitchen with traditional built in shelves and cupboard, formal dining room, two bedrooms, hardwood floors, and a bonus space on each level. The upper unit has a great balcony looking out to the street, and the lower has a covered porch. Seller is also selling 65 Hayden B1602564 and is willing to offer a bundle price of $285,000 for both properties. Showings begin 4/30 and negotiations begin 5/6 at 3pm. Open Houses are Thursday 5/1 from 4-6, and Saturday 5/3 from 11-1.

Key facts

• Off street parking
• New flooring
• Full basement

Tags

• UPDATED KITCHEN
• NEW FLOORING
• FULL BASEMENT
• OFF STREET PARKING

Property features AI

Finance

• Financial info: Two-unit multifamily with separate gas and electric meters for each unit; Owner pays trash collection and water; rent includes trash collection and water; Operating expenses include insurance, maintenance, professional management, and water/sewer; Both units are leased (Unit 1 rent $1,235, lease expires January 31, 2027; Unit 2 rent $1,000, lease expires November 30, 2026)

Exterior

• Parking: Paved parking available
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected; Cable available; High-speed internet available
• Home design: 2-story residential 2-unit building; Existing construction
• Construction: Wood siding; Asphalt architectural shingle roof; Block and stone foundation; Built as existing (year built details: existing)
• Exterior features: Open porch; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Unit 1 includes oven/range, refrigerator, microwave, eat-in kitchen, formal dining room; Unit 2 includes eat-in kitchen, formal dining room
• Bedrooms: Two 2-bedroom units
• Flooring: Hardwood; Luxury vinyl; Varies
• Bathrooms: Each unit has 1 full bathroom (total 2 full bathrooms)
• Heating & cooling: Gas forced-air heating
• Interior features: Thermal windows; Full basement
• Laundry & utility: Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $790 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% 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: Rents rising fast (+7.6%/yr); 138 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 42% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $52k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y 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 $150k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $182,225 (1.5% below list)

Questions for the listing agent

1. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.33% ✓
• Cap rate: 11.78%
• Cash-on-cash: 19.59%
• DSCR: 1.87
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $223,236
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
70 Houston St	0.00mi	4/2.0	2,106 (0%)	11mo	$150,000	$71	91
39 Trowbridge St	0.18mi	4/2.0	2,157 (+2%)	9mo	$180,000	$83	80
889 Tifft St	0.46mi	4/2.0	2,112 (+0%)	4mo	$210,000	$99	75
50 Macamley St	0.09mi	4/2.0	2,328 (+10%)	4mo	$145,000	$62	75
81 Melrose St	0.66mi	4/2.0	2,116 (+0%)	5mo	$264,000	$125	65
44 Trowbridge St	0.15mi	4/2.0	1,908 (-9%)	15mo	$225,000	$118	65
89 Melrose St	0.67mi	4/2.0	2,038 (-3%)	7mo	$318,000	$156	58
116 Melrose St	0.69mi	4/2.0	2,001 (-5%)	8mo	$223,000	$111	53
165 Lockwood Ave	0.64mi	4/3.0	1,865 (-11%)	3mo	$195,000	$105	44
169 Altruria St	0.71mi	5/2.0 (+1)	1,958 (-7%)	8mo	$241,000	$123	44
137 Lockwood Ave	0.63mi	5/2.0 (+1)	1,936 (-8%)	13mo	$204,000	$105	41
183 Lockwood Ave	0.65mi	4/2.0	1,858 (-12%)	12mo	$197,500	$106	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 · 7.62% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 1.62×
• Total profit: $32,252
• Equity at exit: $27,584

10-year hold

• IRR: 26.6%
• Equity multiple: 3.83×
• Total profit: $146,660
• Equity at exit: $15,995

Cash invested: $51,800 (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 14220

• Home prices YoY: -26.7%
• Rents YoY: 7.6%
• Active inventory: 138
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,456 high
• Mortgage (P&I): −$970
• Tax from tax record: −$47 /mo · $568/yr
• Insurance: −$77
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $790

Break-even live

Break-even rent $1,456

Max offer price $185,000

Occupancy floor 63%

Sensitivity live

Price	-10% $895	-5% $842	+0% $790	+5% $738	+10% $685
Rent	-10% $596	-5% $693	+0% $790	+5% $887	+10% $984
Rate	-1.0pp $883	-0.5pp $837	base $790	+0.5pp $742	+1.0pp $693

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,456
Total (2 units)			$2,456

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
901 S Park Ave Unit Lower Buffalo, NY	4.0	1.0	1729	$1,600	$0.93	24d	1	1.31mi

Listing history 12 events

1. 2026-06-21
   days on market $185,000 Active 16 DOM
2. 2026-06-18
   days on market $185,000 Active 13 DOM
3. 2026-06-17
   days on market $185,000 Active 12 DOM
4. 2026-06-16
   days on market $185,000 Active 11 DOM
5. 2026-06-15
   days on market $185,000 Active 10 DOM
6. 2026-06-13
   days on market $185,000 Active 8 DOM
7. 2026-06-13
   days on market $185,000 Active 7 DOM
8. 2026-06-10
   days on market $185,000 Active 5 DOM
9. 2026-06-09
   days on market $185,000 Active 4 DOM
10. 2026-06-08
    days on market $185,000 Active 3 DOM
11. 2026-06-07
    remarks 383-char remark
12. 2026-06-07
    listed $185,000 Active 2 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: $568 · $47/mo
• Projected year-2 tax: $1,847 · $154/mo
• Expected delta: +$1,279/yr (+$107/mo · 225.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 76% 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: $29,472
• − Mortgage interest: −$10,363
• − Property taxes: −$568
• − Insurance: −$1,592
• − Repairs & maintenance: −$2,358
• − Management: −$2,358
• − Depreciation: −$5,382
• Taxable income: $6,852
• Est. tax owed @ 24.0%: −$1,645
• After-tax cash flow: $7,837/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): 24,428
• Household income: $70,963
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 602.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 13% Two or more races 6% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 10% Cuban 1%
• Common ancestry: Romanian 16% Lithuanian 1% Subsaharan African 1%
• Foreign-born: 4% · Canada, Jamaica, China
• Languages at home: 90% English-only · Spanish 4% Chinese 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: ▼ -146.29%
• Current HPI: 402.5053
• Rent YoY: ▲ 7.62%
• 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

+760.5% since first listed

17 events — show timeline

• 2026-06-05 Listed $185,000 WNYREIS
• 2025-08-25 Sold (Public Records) $150,000 Public Records
• 2025-08-01 Sold (MLS) $150,000 WNYREIS
• 2025-05-08 Pending — WNYREIS
• 2025-04-28 Listed $139,900 WNYREIS
• 2024-12-11 Listing Removed — WNYREIS
• 2024-10-17 Price Changed $174,900 WNYREIS
• 2024-07-22 Listed $184,900 WNYREIS
• 2016-02-02 Sold (Public Records) $52,000 Public Records
• 2016-01-19 Sold (MLS) $52,000 WNYREIS
• 2015-11-14 Pending — WNYREIS
• 2015-10-05 Relisted — WNYREIS
• 2015-09-28 Listing Removed — WNYREIS
• 2015-06-25 Listed $59,900 WNYREIS
• 2011-03-02 Sold (Public Records) $53,000 Public Records
• 2010-06-17 Sold (MLS) $20,000 WNYREIS
• 2010-05-05 Listed $21,500 WNYREIS

Property tax history

+9.5%/yr

Latest (2025): $568 · +77.8% YoY. Source: county tax records.