489 E Utica St Unit S · Buffalo, NY 14208

$275,000

6 bd · 2.0 ba · 2,456 sqft · MultiFamily public records · 58 Days on market

Built 1878 4,260 sqft lot $112/sqft · 8% above area Est $255k · 8% over

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +3.9/15.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Welcome to 489 East Utica Street, a fully renovated 2-unit property located in Buffalo, NY 14208. Whether you are an investor looking for a turnkey rental or an owner-occupant ready to live in one unit and let the other pay your mortgage, this property is move-in ready from top to bottom. Both units feature 3 bedrooms and 1 full bath, and every inch of this home has been completely updated. We are talking a true gut renovation. New drywall, new electrical, new kitchens, new bathrooms, and beautifully refinished hardwood floors throughout. New light fixtures in every room. The major mechanicals have all been addressed as well. Both furnaces and hot water tanks have been replaced within the last 5 years, and the roof was replaced within the last 5 years as well. Additional highlights include a full unfinished attic, offering great storage space or future potential, and a convenient location near public transportation. Please note: the vacant lot adjacent to the property is under separate ownership and does not convey with this sale.

Key facts

• Fully renovated
• Gut renovation
• New kitchens

Tags

• FULLY RENOVATED
• TURNKEY RENTAL
• GUT RENOVATION
• NEW KITCHENS
• NEW BATHROOMS
• REFINISHED HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $543/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $267k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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: 54 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,781/mo this rent would consume 94% of the median local household income ($48k/yr) (locally 723% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $266,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 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 1878 — 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: 1.37% ✓
• Cap rate: 11.03%
• Cash-on-cash: 16.93%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (median comp): $254,650
• List price: $275,000
• Delta: 7.99%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
497-499 Riley St	0.12mi	6/2.0	2,380 (-3%)	2mo	$105,900	$44	88
192 Goulding Ave	0.36mi	6/2.0	2,476 (+1%)	2mo	$220,000	$89	81
502 Glenwood Ave	0.12mi	5/2.0 (-1)	2,294 (-7%)	7mo	$20,500	$9	72
622 Woodlawn Ave	0.37mi	6/2.0	2,288 (-7%)	3mo	$177,500	$78	69
125 Butler Ave	0.36mi	6/2.0	2,762 (+12%)	4mo	$145,000	$52	59
26 Pleasant Pl	0.71mi	6/2.0	2,346 (-4%)	3mo	$162,000	$69	57
304 Northland Ave	0.60mi	6/2.0	2,288 (-7%)	4mo	$121,000	$53	57
361 E North St Unit S	0.72mi	5/2.5 (-1)	2,544 (+4%)	3mo	$172,500	$68	51
236 Brunswick Blvd	0.45mi	5/2.0 (-1)	2,779 (+13%)	4mo	$287,500	$103	48
396 Guilford St	0.58mi	6/3.0	2,144 (-13%)	2mo	$135,000	$63	46
37 Pershing Ave	0.68mi	5/3.0 (-1)	2,641 (+8%)	1mo	$85,000	$32	46
169 Florida St	0.69mi	6/2.0	2,138 (-13%)	3mo	$258,000	$121	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.2%
• Equity multiple: 1.32×
• Total profit: $24,697
• Equity at exit: $41,003

10-year hold

• IRR: 17.4%
• Equity multiple: 2.44×
• Total profit: $110,845
• Equity at exit: $23,777

Cash invested: $77,000 (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 14208

• Home prices YoY: -3.4%
• Active inventory: 54
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $3,781 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$794
• Net cashflow: $1,087

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,277	-5% $1,182	+0% $1,087	+5% $992	+10% $896
Rent	-10% $788	-5% $937	+0% $1,087	+5% $1,236	+10% $1,385
Rate	-1.0pp $1,225	-0.5pp $1,156	base $1,087	+0.5pp $1,015	+1.0pp $943

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,780
Total (2 units)			$3,781

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	24d	1	0.90mi
15 Hughes Ave Buffalo, NY	7.0	2.0	1650	$3,000	$1.82	44d	1	0.96mi

Listing history 16 events

1. 2026-06-18
   status $275,000 Pending 58 DOM
2. 2026-06-17
   days on market $275,000 Active Under Contract 58 DOM
3. 2026-06-16
   days on market $275,000 Active Under Contract 57 DOM
4. 2026-06-15
   days on market $275,000 Active Under Contract 56 DOM
5. 2026-06-13
   days on market $275,000 Active Under Contract 54 DOM
6. 2026-06-13
   days on market $275,000 Active Under Contract 53 DOM
7. 2026-06-10
   days on market $275,000 Active Under Contract 51 DOM
8. 2026-06-09
   days on market $275,000 Active Under Contract 50 DOM
9. 2026-06-08
   days on market $275,000 Active Under Contract 49 DOM
10. 2026-06-07
    days on market $275,000 Active Under Contract 48 DOM
11. 2026-06-03
    days on market $275,000 Active Under Contract 44 DOM
12. 2026-06-02
    days on market $275,000 Active Under Contract 43 DOM
13. 2026-06-01
    days on market $275,000 Active Under Contract 42 DOM
14. 2026-05-31
    days on market $275,000 Active Under Contract 41 DOM
15. 2026-05-14
    historical Active Under Contract 1046-char remark

    Show marketing remark (1046 chars)

    Welcome to 489 East Utica Street, a fully renovated 2-unit property located in Buffalo, NY 14208. Whether you are an investor looking for a turnkey rental or an owner-occupant ready to live in one unit and let the other pay your mortgage, this property is move-in ready from top to bottom. Both units feature 3 bedrooms and 1 full bath, and every inch of this home has been completely updated. We are talking a true gut renovation. New drywall, new electrical, new kitchens, new bathrooms, and beautifully refinished hardwood floors throughout. New light fixtures in every room. The major mechanicals have all been addressed as well. Both furnaces and hot water tanks have been replaced within the last 5 years, and the roof was replaced within the last 5 years as well. Additional highlights include a full unfinished attic, offering great storage space or future potential, and a convenient location near public transportation. Please note: the vacant lot adjacent to the property is under separate ownership and does not convey with this sale.

16. 2026-04-20
    listed $275,000 Active 1046-char remark

    Show marketing remark (1046 chars)

    Welcome to 489 East Utica Street, a fully renovated 2-unit property located in Buffalo, NY 14208. Whether you are an investor looking for a turnkey rental or an owner-occupant ready to live in one unit and let the other pay your mortgage, this property is move-in ready from top to bottom. Both units feature 3 bedrooms and 1 full bath, and every inch of this home has been completely updated. We are talking a true gut renovation. New drywall, new electrical, new kitchens, new bathrooms, and beautifully refinished hardwood floors throughout. New light fixtures in every room. The major mechanicals have all been addressed as well. Both furnaces and hot water tanks have been replaced within the last 5 years, and the roof was replaced within the last 5 years as well. Additional highlights include a full unfinished attic, offering great storage space or future potential, and a convenient location near public transportation. Please note: the vacant lot adjacent to the property is under separate ownership and does not convey with this sale.

ⓘ 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 ≥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: $45,372
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,630
• − Management: −$3,630
• − Depreciation: −$8,000
• Taxable income: $9,208
• Est. tax owed @ 24.0%: −$2,210
• After-tax cash flow: $10,828/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): 12,572
• Household income: $48,476
• Rent vs Own: 46.2% rent · 53.8% own
• Severe rent burden: 723.0

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 (72%)
• Race & ethnicity: Black 72% White 15% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 2% Italian 1% Hispanic 0%
• Foreign-born: 7% · Canada, South Korea, Philippines
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 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: ▼ -16.37%
• Current HPI: 459.2084
• 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

2 events — show timeline

• 2026-05-14 Contingent — WNYREIS
• 2026-04-20 Listed $275,000 WNYREIS

Property tax history

+6.8%/yr

Latest (2025): $280 · +0.0% YoY. Source: county tax records.