602 Grant St · Buffalo, NY 14213

$199,900

5 bd · 2.0 ba · 1,980 sqft · MultiFamily public records · 4 Days on market

Built 1900 3,019 sqft lot Est $251k · 21% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Appreciation +8.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Welcome to 602 Grant Street. This two-family property is fully renovated and ideally located in the heart of Buffalo's West Side. This turnkey investment or owner-occupied opportunity features two spacious units each offering 2 bedrooms and 1 bathroom. Extensive updates provide peace of mind, including a new roof (2021), updated electrical service, newer furnaces and hot water tanks, vinyl replacement windows throughout, fresh exterior paint, and new lighting fixtures. Both units feature updated kitchens with sleek butcher block countertops, beautifully renovated spa-like bathrooms, luxury vinyl flooring, new carpeting in the bedrooms, and beautiful refinished hardwood floors. The bright, w

Key facts

• Fully renovated
• Newer furnaces
• Hot water tanks

Tags

• FULLY RENOVATED
• NEW ROOF
• UPDATED ELECTRICAL SERVICE
• NEWER FURNACES
• HOT WATER TANKS
• VINYL REPLACEMENT WINDOWS

Property features AI

Finance

• Financial info: Owner pays: other (see remarks); Rent includes: see remarks; Operating expense details: see remarks; Property has two total units with separate gas and electric meters (2 each)

Exterior

• Parking: Two or more parking spaces
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: Two-story property; Resale condition
• Construction: Wood siding; Asphalt roof; Copper and PEX plumbing; Built existing (existing property)
• Exterior features: Enclosed porch; Open porch; Near public transit; Rectangular lot

Interior

• Flooring: Carpet; Hardwood; Varies
• Bathrooms: Two full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Carpet and hardwood flooring; varies by area
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $511/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 12.4% 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 soft (-0.5%/yr); 137 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,775/mo this rent would consume 62% of the median local household income ($54k/yr) (locally 1501% 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 $16k of equity ($1k loan paydown + $15k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $42k; list at $200k implies a 376% 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 $199,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.39% ✓
• Cap rate: 12.42%
• Cash-on-cash: 21.89%
• DSCR: 1.97
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $251,460
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
124 Hawley St	0.08mi	6/2.0 (+1)	1,920 (-3%)	5mo	$179,900	$94	82
427 Forest Ave	0.37mi	5/2.0	2,068 (+4%)	1mo	$262,500	$127	74
391 Hoyt St	0.33mi	6/2.0 (+1)	2,112 (+7%)	8mo	$308,000	$146	61
77 Clay St	0.69mi	6/2.0 (+1)	1,964 (-1%)	3mo	$73,500	$37	59
433 Parkdale Ave	0.24mi	6/2.0 (+1)	2,200 (+11%)	9mo	$280,000	$127	58
234 Dewitt St	0.57mi	5/3.0	2,120 (+7%)	2mo	$59,000	$28	56
823 Ashland Ave	0.60mi	6/2.0 (+1)	2,066 (+4%)	7mo	$403,000	$195	54
38 Ardmore Pl	0.68mi	5/2.0	2,121 (+7%)	6mo	$230,000	$108	52
192 Baynes St	0.69mi	6/2.0 (+1)	1,920 (-3%)	10mo	$284,000	$148	50
289 Hoyt St	0.50mi	6/2.0 (+1)	2,232 (+13%)	8mo	$270,000	$121	44
94 Germain St	0.66mi	6/2.0 (+1)	2,142 (+8%)	10mo	$110,000	$51	42
60 Granger Pl	0.70mi	6/2.5 (+1)	2,228 (+12%)	1mo	$300,000	$135	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 34.8%
• Equity multiple: 3.38×
• Total profit: $132,966
• Equity at exit: $145,282

10-year hold

• IRR: 30.1%
• Equity multiple: 6.76×
• Total profit: $322,348
• Equity at exit: $282,318

Cash invested: $55,972 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,775 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$40 /mo · $476/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $1,021

Break-even live

Break-even rent $1,483

Max offer price $199,900

Occupancy floor 58%

Sensitivity live

Price	-10% $1,134	-5% $1,078	+0% $1,021	+5% $964	+10% $908
Rent	-10% $802	-5% $911	+0% $1,021	+5% $1,131	+10% $1,240
Rate	-1.0pp $1,122	-0.5pp $1,072	base $1,021	+0.5pp $969	+1.0pp $917

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,774
Total (2 units)			$2,775

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	2d	14	0.28mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	0.48mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	24d	1	0.85mi

Listing history 5 events

1. 2026-06-18
   days on market $199,900 Active 4 DOM
2. 2026-06-17
   days on market $199,900 Active 3 DOM
3. 2026-06-16
   days on market $199,900 Active 2 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $199,900 Active 1 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: $476 · $40/mo
• Projected year-2 tax: $1,927 · $161/mo
• Expected delta: +$1,451/yr (+$121/mo · 305.2%)

ⓘ 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 ≥91°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,300
• − Mortgage interest: −$11,198
• − Property taxes: −$476
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,664
• − Management: −$2,664
• − Depreciation: −$5,815
• Taxable income: $9,484
• Est. tax owed @ 24.0%: −$2,276
• After-tax cash flow: $9,976/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

+376.0% since first listed

2 events — show timeline

• 2026-06-14 Listed $199,900 WNYREIS
• 1998-10-27 Sold (Public Records) $42,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $476 · +84.5% YoY. Source: county tax records.