96 Fredro St · Buffalo, NY 14206

$175,000

5 bd · 2.0 ba · 1,697 sqft · MultiFamily public records · 85 Days on market

Built 1900 3,000 sqft lot $103/sqft · 31% below area Est $252k · 31% 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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• 1% rule +7.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• 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 MLS

Several updates in this Kaisertown double. Handsome wood trim in two bedroom upper, hardwood floors, updated windows. Excellent tenant looking to stay. Lower with open floor plan, two bedrooms, ample ceiling fans. Full basement, separated laundry hook-ups, updated gas lines, hot water tanks, and high efficiency furnaces. Fenced backyard, driveway.

Key facts

• Wood trim
• Open floor plan
• Updated windows

Tags

• WOOD TRIM
• HARDWOOD FLOORS
• UPDATED WINDOWS
• OPEN FLOOR PLAN
• FULL BASEMENT
• SEPARATED LAUNDRY HOOK-UPS

🏷️ Possibly a rental listed for sale. The $175,000 price doesn't fit this home's estimated sale value (~$252,405) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $558 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 8.0% in Buffalo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,237/mo this rent would consume 53% of the median local household income ($50k/yr) (locally 841% 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 $15k of equity ($1k loan paydown + $14k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $141k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 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 1900 — 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 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: 1.28% ✓
• Cap rate: 10.12%
• Cash-on-cash: 13.66%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

• ARV (median comp): $252,405
• List price: $175,000
• Delta: -30.67%
• 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
210 Weimar St	0.14mi	5/2.0	1,848 (+9%)	4mo	$175,000	$95	75
111 Roberts Ave	0.25mi	5/2.0	1,810 (+7%)	5mo	$115,000	$64	73
41 Weiss St	0.20mi	6/2.0 (+1)	1,609 (-5%)	6mo	$135,320	$84	72
230 Weiss St	0.22mi	6/2.0 (+1)	1,828 (+8%)	1mo	$205,000	$112	71
319 Barnard St	0.35mi	4/2.0 (-1)	1,658 (-2%)	6mo	$120,000	$72	70
52 Fredro St	0.09mi	4/2.0 (-1)	1,856 (+9%)	7mo	$43,000	$23	70
292 Willett St	0.38mi	4/2.0 (-1)	1,704 (+0%)	10mo	$215,000	$126	68
127 Barnard St	0.29mi	4/2.0 (-1)	1,628 (-4%)	10mo	$260,000	$160	67
241 Willett St	0.42mi	5/2.5	1,773 (+4%)	8mo	$200,000	$113	65
452 Willett St	0.48mi	4/2.0 (-1)	1,584 (-7%)	7mo	$130,000	$82	56
305 S Ogden St	0.46mi	4/2.0 (-1)	1,518 (-10%)	7mo	$223,000	$147	50
23 Archer Ave	0.62mi	5/2.0	1,840 (+8%)	9mo	$230,000	$125	49

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: 30.8%
• Equity multiple: 3.21×
• Total profit: $108,307
• Equity at exit: $133,648

10-year hold

• IRR: 27.4%
• Equity multiple: 6.88×
• Total profit: $287,937
• Equity at exit: $265,955

Cash invested: $49,000 (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: 13.0×

Monthly cashflow live

• Estimated rent: $2,237 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $558

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,236
Total (2 units)			$2,237

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	1.09mi

Listing history 25 events

1. 2026-06-18
   days on market $175,000 Active 85 DOM
2. 2026-06-17
   days on market $175,000 Active 84 DOM
3. 2026-06-16
   days on market $175,000 Active 83 DOM
4. 2026-06-15
   days on market $175,000 Active 82 DOM
5. 2026-06-13
   days on market $175,000 Active 80 DOM
6. 2026-06-13
   days on market $175,000 Active 79 DOM
7. 2026-06-10
   days on market $175,000 Active 77 DOM
8. 2026-06-09
   days on market $175,000 Active 76 DOM
9. 2026-06-08
   days on market $175,000 Active 75 DOM
10. 2026-06-07
    days on market $175,000 Active 74 DOM
11. 2026-06-03
    days on market $175,000 Active 70 DOM
12. 2026-06-02
    days on market $175,000 Active 69 DOM
13. 2026-06-01
    days on market $175,000 Active 68 DOM
14. 2026-05-31
    days on market $175,000 Active 67 DOM
15. 2026-03-25
    listed $175,000 Active 349-char remark

    Show marketing remark (349 chars)

    Several updates in this Kaisertown double. Handsome wood trim in two bedroom upper, hardwood floors, updated windows. Excellent tenant looking to stay. Lower with open floor plan, two bedrooms, ample ceiling fans. Full basement, separated laundry hook-ups, updated gas lines, hot water tanks, and high efficiency furnaces. Fenced backyard, driveway.

16. 2025-05-09
    historical $780
17. 2025-05-01
    listed $780
18. 2024-11-08
    historical $925
19. 2024-10-29
    listed $925
20. 2022-12-19
    historical
21. 2021-10-21
    soldstatus $141,000 Closed Sale or Rented 500-char remark

    Show marketing remark (500 chars)

    Enjoy this beautiful freshly painted covered front porch on this Great 2/2 Multi-Family. Lower has extra-large open concept living/dining room combo. Kitchen with plenty of storage, counter space & breakfast bar. Large master bedroom, bath. Freshly painted. Upper has great size eat in kitchen with plenty of natural light. Freshly painted master bedroom. Lots of storage. Plenty of parking with extra large driveway & private backyard. All offers, if any, due by 6pm on August, 2nd 2021.

22. 2021-10-21
    soldstatus $141,000

    Show marketing remark (500 chars)

    Enjoy this beautiful freshly painted covered front porch on this Great 2/2 Multi-Family. Lower has extra-large open concept living/dining room combo. Kitchen with plenty of storage, counter space & breakfast bar. Large master bedroom, bath. Freshly painted. Upper has great size eat in kitchen with plenty of natural light. Freshly painted master bedroom. Lots of storage. Plenty of parking with extra large driveway & private backyard. All offers, if any, due by 6pm on August, 2nd 2021.

23. 2021-08-03
    status Under Contract- Do Not Show 500-char remark

    Show marketing remark (500 chars)

    Enjoy this beautiful freshly painted covered front porch on this Great 2/2 Multi-Family. Lower has extra-large open concept living/dining room combo. Kitchen with plenty of storage, counter space & breakfast bar. Large master bedroom, bath. Freshly painted. Upper has great size eat in kitchen with plenty of natural light. Freshly painted master bedroom. Lots of storage. Plenty of parking with extra large driveway & private backyard. All offers, if any, due by 6pm on August, 2nd 2021.

24. 2021-07-26
    listed $124,900 Active 500-char remark

    Show marketing remark (500 chars)

    Enjoy this beautiful freshly painted covered front porch on this Great 2/2 Multi-Family. Lower has extra-large open concept living/dining room combo. Kitchen with plenty of storage, counter space & breakfast bar. Large master bedroom, bath. Freshly painted. Upper has great size eat in kitchen with plenty of natural light. Freshly painted master bedroom. Lots of storage. Plenty of parking with extra large driveway & private backyard. All offers, if any, due by 6pm on August, 2nd 2021.

25. 1999-11-17
    soldstatus $42,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $26,844
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,148
• − Management: −$2,148
• − Depreciation: −$5,091
• Taxable income: $4,155
• Est. tax owed @ 24.0%: −$997
• After-tax cash flow: $5,697/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

+311.8% since first listed

11 events — show timeline

• 2026-03-25 Listed $175,000 WNYREIS
• 2025-05-09 Rental Removed $780 BUILDIUM
• 2025-05-01 Listed for Rent $780 BUILDIUM
• 2024-11-08 Rental Removed $925 BUILDIUM
• 2024-10-29 Listed for Rent $925 BUILDIUM
• 2022-12-19 Rental Removed — BUILDIUM
• 2021-10-21 Sold (Public Records) $141,000 Public Records
• 2021-10-21 Sold (MLS) $141,000 WNYREIS
• 2021-08-03 Pending — WNYREIS
• 2021-07-26 Listed $124,900 WNYREIS
• 1999-11-17 Sold (Public Records) $42,500 Public Records

Property tax history

+1.4%/yr

Latest (2025): $325 · +0.0% YoY. Source: county tax records.