124 Ludington St · Buffalo, NY 14206

$139,900

6 bd · 2.0 ba · 2,370 sqft · MultiFamily public records · 38 Days on market

Built 1900 2,696 sqft lot $59/sqft · 51% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• ARV discount +7.5/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Great rental area. Long time tenants. Both units in good condition.

Key facts

• Formal dining room
• Investment property
• Spacious unit

Tags

• INVESTMENT PROPERTY
• STRONG RENTAL STABILITY
• IMMEDIATE INCOME POTENTIAL
• SPACIOUS UNIT
• LARGE LIVING ROOM
• FORMAL DINING ROOM

Property features AI

Finance

• Financial info: Operating expenses include insurance, maintenance, professional management, and water/sewer; Owner pays trash collection and water (see remarks); Rent includes trash collection and water (see remarks); Two leased units with current rents of $1,000 and $995

Exterior

• Parking: On-street parking
• Utilities: Electricity connected; Sewer connected; Public water connected; Cable available; High-speed internet available
• Home design: Two-story multifamily building; Resale property; Wood siding
• Construction: Wood siding construction; Existing year built; Full basement foundation
• Exterior features: Fully fenced yard; Porch; Rectangular residential lot; Near public transit; City street frontage

Interior

• Kitchen: Eat-in kitchens; Formal dining rooms
• Bedrooms: Two 3-bedroom units
• Flooring: Carpet; Hardwood; Vinyl; Varied flooring
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas heating; Forced air; Hot water heating
• Interior features: Full basement; Enclosed porch
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $677/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.9% 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; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,774/mo this rent would consume 66% 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 $12k of equity ($967 loan paydown + $11k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y ago; this cycle's ask has dropped $19k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $47k; list at $140k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.98% ✓
• Cap rate: 17.90%
• Cash-on-cash: 41.47%
• DSCR: 2.84
• GRM: 4.2

CMA / ARV

• ARV (median comp): $285,678
• List price: $139,900
• Delta: -51.03%
• 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
153 Ideal St	0.15mi	6/2.5	2,390 (+1%)	10mo	$141,500	$59	82
53 Gold St	0.25mi	6/2.0	2,412 (+2%)	11mo	$170,000	$70	77
1514 William St	0.34mi	6/2.0	2,200 (-7%)	4mo	$175,000	$80	69
1047 E Lovejoy St	0.14mi	6/2.0	2,640 (+11%)	15mo	$220,000	$83	62
136 Longnecker St	0.07mi	6/2.0	2,705 (+14%)	14mo	$195,000	$72	61
55 N Ogden St Unit E	0.37mi	6/2.0	2,184 (-8%)	14mo	$220,000	$101	58
120 Gold Street St	0.20mi	5/2.0 (-1)	2,104 (-11%)	15mo	$151,000	$72	54
8 Wagner Ave	0.52mi	5/3.0 (-1)	2,149 (-9%)	2mo	$205,000	$95	49
965 E Lovejoy St	0.22mi	5/2.0 (-1)	2,696 (+14%)	18mo	$150,000	$56	47
103 Goethe St	0.48mi	5/2.0 (-1)	2,024 (-15%)	15mo	$140,000	$69	36
45 N Ogden St	0.38mi	5/3.0 (-1)	2,712 (+14%)	20mo	$223,000	$82	33
75 Brownell St	0.74mi	7/3.0 (+1)	2,565 (+8%)	16mo	$81,500	$32	29

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: 53.8%
• Equity multiple: 4.68×
• Total profit: $144,325
• Equity at exit: $106,842

10-year hold

• IRR: 48.9%
• Equity multiple: 10.05×
• Total profit: $354,638
• Equity at exit: $212,612

Cash invested: $39,172 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 169
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,774 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$46 /mo · $551/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $1,354

Break-even live

Break-even rent $1,061

Max offer price $139,900

Occupancy floor 46%

Sensitivity live

Price	-10% $1,433	-5% $1,393	+0% $1,354	+5% $1,314	+10% $1,274
Rent	-10% $1,134	-5% $1,244	+0% $1,354	+5% $1,463	+10% $1,573
Rate	-1.0pp $1,424	-0.5pp $1,389	base $1,354	+0.5pp $1,317	+1.0pp $1,280

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,774
Total (2 units)			$2,774

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $139,900 Active 38 DOM
2. 2026-06-17
   days on market $139,900 Active 37 DOM
3. 2026-06-16
   days on market $139,900 Active 36 DOM
4. 2026-06-15
   days on market $139,900 Active 35 DOM
5. 2026-06-13
   days on market $139,900 Active 33 DOM
6. 2026-06-13
   days on market $139,900 Active 32 DOM
7. 2026-06-10
   days on market $139,900 Active 30 DOM
8. 2026-06-09
   days on market $139,900 Active 29 DOM
9. 2026-06-08
   days on market $139,900 Active 28 DOM
10. 2026-06-07
    days on market $139,900 Active 27 DOM
11. 2026-06-03
    days on market $139,900 Active 23 DOM
12. 2026-06-02
    days on market $139,900 Active 22 DOM
13. 2026-06-01
    days on market $139,900 Active 21 DOM
14. 2026-05-31
    days on market $139,900 Active 20 DOM
15. 2026-05-11
    listed $159,000 Active 1265-char remark
16. 2017-05-12
    soldstatus $47,000
17. 2017-05-09
    soldstatus $47,000 Closed Sale or Rented 67-char remark

    Show marketing remark (67 chars)

    Great rental area. Long time tenants. Both units in good condition.

18. 2017-03-30
    status Pending Sale 67-char remark

    Show marketing remark (67 chars)

    Great rental area. Long time tenants. Both units in good condition.

19. 2017-03-09
    historical Under Contract- Do Not Show 67-char remark

    Show marketing remark (67 chars)

    Great rental area. Long time tenants. Both units in good condition.

20. 2017-03-07
    status Pending Sale 67-char remark

    Show marketing remark (67 chars)

    Great rental area. Long time tenants. Both units in good condition.

21. 2017-02-03
    price $53,000 67-char remark

    Show marketing remark (67 chars)

    Great rental area. Long time tenants. Both units in good condition.

22. 2016-04-14
    price $61,900 67-char remark

    Show marketing remark (67 chars)

    Great rental area. Long time tenants. Both units in good condition.

23. 2015-10-16
    listed $67,500 Active 67-char remark

    Show marketing remark (67 chars)

    Great rental area. Long time tenants. Both units in good condition.

24. 2012-08-03
    soldstatus $52,000
25. 2012-02-03
    soldstatus $20,000
26. 2012-02-03
    soldstatus $20,000
27. 2011-12-28
    listed $30,000
28. 2006-03-10
    soldstatus $61,450
29. 2006-01-31
    soldstatus $20,500
30. 1999-01-15
    soldstatus $45,000

ⓘ 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: $1,458 · $121/mo
• Expected delta: +$906/yr (+$76/mo · 164.4%)

ⓘ 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: $33,288
• − Mortgage interest: −$7,837
• − Property taxes: −$551
• − Insurance: −$700
• − Repairs & maintenance: −$2,663
• − Management: −$2,663
• − Depreciation: −$4,070
• Taxable income: $14,805
• Est. tax owed @ 24.0%: −$3,553
• After-tax cash flow: $12,690/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

+210.9% since first listed

17 events — show timeline

• 2026-05-29 Price Changed $139,900 WNYREIS
• 2026-05-11 Listed $159,000 WNYREIS
• 2017-05-12 Sold (Public Records) $47,000 Public Records
• 2017-05-09 Sold (MLS) $47,000 WNYREIS
• 2017-03-30 Pending — WNYREIS
• 2017-03-09 Contingent — WNYREIS
• 2017-03-07 Pending — WNYREIS
• 2017-02-03 Price Changed $53,000 WNYREIS
• 2016-04-14 Price Changed $61,900 WNYREIS
• 2015-10-16 Listed $67,500 WNYREIS
• 2012-08-03 Sold (Public Records) $52,000 Public Records
• 2012-02-03 Sold (Public Records) $20,000 Public Records
• 2012-02-03 Sold (MLS) $20,000 WNYREIS
• 2011-12-28 Listed $30,000 WNYREIS
• 2006-03-10 Sold (Public Records) $61,450 Public Records
• 2006-01-31 Sold (Public Records) $20,500 Public Records
• 1999-01-15 Sold (Public Records) $45,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $551 · +85.7% YoY. Source: county tax records.