723 Kensington Ave · Buffalo, NY 14215

$174,999

6 bd · 2.0 ba · 2,426 sqft · MultiFamily public records · 1 Days on market

Built 1915 5,147 sqft lot $72/sqft · 37% below area Est $277k · 37% under

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• 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

723 Kensington Ave in the 14215 presents a rare opportunity for both investors & owner-occupants to secure a property with immediate income, long-term upside, & exceptional value. This solid 3/3 double offers the perfect combination of stability & future growth, featuring a long-term lower tenant of more than 20 years who pays $550 per month plus utilities. While providing reliable income from day one, the current rent is well below today's market rates for a three-bedroom apartment, creating a clear value-add opportunity for investors seeking increased cash flow & stronger returns over time. For owner-occupants, this property offers an ideal house-hacking opportunity

Key facts

• Separate utilities
• Walk up attic
• Large front porch

Tags

• SEPARATE UTILITIES
• HIGH CEILINGS
• UPDATED WINDOWS
• FULL BASEMENT
• WALK UP ATTIC
• LARGE FRONT PORCH

Property features AI

Finance

• Other: Two separate gas meters and two separate electric meters; Two total units (both in community)
• Financial info: One unit currently rented month-to-month for $550; Owner pays water and trash collection; Rent includes water and trash collection; Operating expenses include trash (see remarks for details)

Exterior

• Parking: Gravel and paved parking with two or more spaces
• Utilities: Public water connected; Sewer connected; Electric with circuit breakers
• Home design: 3-story multi-family residence; Residential two-unit zoning; Resale condition
• Construction: Composite siding; Asphalt roof; Stone foundation; Copper and PEX plumbing; Existing (built previously)
• Exterior features: Balcony; Rectangular lot near public transit; Main thoroughfare frontage

Interior

• Kitchen: Eat-in kitchen in one unit; Standard kitchen features (details not provided)
• Bedrooms: Two 3-bedroom units
• Flooring: Carpet; Laminate; Tile; Varies by area
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Varied flooring including carpet, laminate and tile
• Laundry & utility: Gas water heater

🏷️ Possibly a rental listed for sale. The $174,999 price doesn't fit this home's estimated sale value (~$277,447) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Cap rate 14.9% 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: Rents flat; 237 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,904/mo this rent would consume 78% of the median local household income ($45k/yr) (locally 2873% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $15k; list at $175k implies a 1067% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $174,999

Questions for the listing agent

1. Built in 1915 — 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: 1.66% ✓
• Cap rate: 14.92%
• Cash-on-cash: 30.81%
• DSCR: 2.37
• GRM: 5.0

CMA / ARV

• ARV (median comp): $277,447
• List price: $174,999
• Delta: -33.32%
• 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
172 Rodney Ave	0.55mi	6/2.5	2,430 (+0%)	7mo	$222,499	$92	66
2002 Fillmore Ave	0.74mi	6/2.0	2,390 (-2%)	4mo	$206,500	$86	59
440 Cornwall Ave	0.45mi	6/2.0	2,200 (-9%)	6mo	$131,000	$60	58
96 Sussex St	0.36mi	5/2.0 (-1)	2,152 (-11%)	4mo	$255,000	$118	56
258 Leroy Ave	0.50mi	6/2.0	2,200 (-9%)	6mo	$220,000	$100	56
2006 Fillmore Ave	0.74mi	5/2.0 (-1)	2,390 (-2%)	3mo	$84,800	$35	56
359 Cambridge Ave	0.59mi	6/2.0	2,656 (+10%)	2mo	$65,000	$24	55
168 Rodney Ave	0.56mi	6/2.0	2,199 (-9%)	7mo	$175,000	$80	52
2032 Fillmore Ave	0.72mi	6/2.0	2,226 (-8%)	10mo	$150,000	$67	45
815 E Delavan Ave	0.73mi	6/2.0	2,096 (-14%)	4mo	$160,000	$76	40
19 Dunlop Ave	0.73mi	5/2.0 (-1)	2,160 (-11%)	6mo	$160,000	$74	38
18 Phyllis Ave	0.71mi	5/2.0 (-1)	2,134 (-12%)	8mo	$138,000	$65	35

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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: 23.1%
• Equity multiple: 1.92×
• Total profit: $45,057
• Equity at exit: $26,093

10-year hold

• IRR: 29.6%
• Equity multiple: 3.37×
• Total profit: $116,105
• Equity at exit: $15,131

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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 237
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,904 high
• Mortgage (P&I): −$918
• Tax from tax record: −$45 /mo · $545/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$610
• Net cashflow: $1,258

Break-even live

Break-even rent $1,311

Max offer price $174,999

Occupancy floor 52%

Sensitivity live

Price	-10% $1,357	-5% $1,308	+0% $1,258	+5% $1,209	+10% $1,159
Rent	-10% $1,029	-5% $1,143	+0% $1,258	+5% $1,373	+10% $1,488
Rate	-1.0pp $1,346	-0.5pp $1,303	base $1,258	+0.5pp $1,213	+1.0pp $1,167

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,904
Total (2 units)			$2,904

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 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 Minnesota Ave Buffalo, NY	7.0	2.0	2551	$4,900	$1.92	15d	1	0.94mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	15d	1	1.02mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	15d	1	1.09mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	15d	1	1.18mi
133 Merrimac St Buffalo, NY	7.0	2.0	2327	$4,450	$1.91	15d	1	1.46mi

Listing history 13 events

1. 2026-06-17
   pricedays on marketlisting id $174,999 Active 1 DOM
2. 2026-06-10
   days on market $185,000 Active 57 DOM
3. 2026-06-09
   days on market $185,000 Active 56 DOM
4. 2026-06-08
   days on market $185,000 Active 55 DOM
5. 2026-06-07
   days on market $185,000 Active 54 DOM
6. 2026-06-03
   days on market $185,000 Active 50 DOM
7. 2026-06-02
   days on market $185,000 Active 49 DOM
8. 2026-06-01
   days on market $185,000 Active 48 DOM
9. 2026-05-31
   days on market $185,000 Active 47 DOM
10. 2026-05-11
    price $185,000 1277-char remark
11. 2026-04-14
    listed $200,000 Active 1277-char remark
12. 2012-04-24
    soldstatus $15,000
13. 2004-10-27
    soldstatus $52,500

ⓘ 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: $545 · $45/mo
• Projected year-2 tax: $1,751 · $146/mo
• Expected delta: +$1,206/yr (+$101/mo · 221.4%)

ⓘ 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 ≥93°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: $34,848
• − Mortgage interest: −$9,803
• − Property taxes: −$545
• − Insurance: −$875
• − Repairs & maintenance: −$2,788
• − Management: −$2,788
• − Depreciation: −$5,091
• Taxable income: $12,959
• Est. tax owed @ 24.0%: −$3,110
• After-tax cash flow: $11,987/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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 Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% 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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

+233.3% since first listed

6 events — show timeline

• 2026-06-17 Listed $174,999 WNYREIS
• 2026-06-12 Listing Removed — WNYREIS
• 2026-05-11 Price Changed $185,000 WNYREIS
• 2026-04-14 Listed $200,000 WNYREIS
• 2012-04-24 Sold (Public Records) $15,000 Public Records
• 2004-10-27 Sold (Public Records) $52,500 Public Records

Property tax history

+8.0%/yr

Latest (2025): $545 · +102.5% YoY. Source: county tax records.