241 Herman St · Buffalo, NY 14211

$249,900

6 bd · 2.0 ba · 2,000 sqft · MultiFamily public records · 19 Days on market

Built 1925 4,810 sqft lot $125/sqft · 34% above area Est $186k · 34% over

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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 +6.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Wow! Updated and well-maintained multi-family property featuring a newer tear-off roof—an excellent opportunity for both investors and owner-occupants. This classic Buffalo double offers a spacious lower unit with 3 bedrooms and a comfortable upper unit with 2 bedrooms, each with its own full bath. Located on a residential street, the property provides strong income potential along with the flexibility to occupy one unit while renting the other. A great opportunity to own a sizable multi-unit in the City of Buffalo.

Key facts

• Spacious lower unit
• Newer tear-off roof
• 4,810 sq ft lot

Tags

• UPDATED MULTI-FAMILY PROPERTY
• NEWER TEAR-OFF ROOF
• CLASSIC BUFFALO DOUBLE
• SPACIOUS LOWER UNIT
• COMFORTABLE UPPER UNIT
• STRONG INCOME POTENTIAL

Property features AI

Finance

• Other: Two total units in the building; Two separate gas meters and two separate electric meters (one for each unit)
• Financial info: Operating expense details: see remarks; Owner pays: see remarks; Rent includes: see remarks

Exterior

• Parking: Paved driveway/parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-family property; Resale condition
• Construction: Vinyl siding; Existing construction
• Exterior features: Rectangular residential lot; City street frontage; Paved parking with two or more spaces

Interior

• Kitchen: Gas water heater
• Bedrooms: One unit with 3 bedrooms
• Flooring: Luxury vinyl flooring
• Bathrooms: Two full bathrooms (total for property); Each 3-bed unit has 1 full bathroom
• Heating & cooling: Forced air heating; Electric and gas heating (see remarks)
• Interior features: Full basement
• Laundry & utility: Separate gas meters for each unit; Separate electric meters for each unit

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $250k.

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 ($4k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% 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: 172 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,769/mo this rent would consume 125% of the median local household income ($36k/yr) (locally 1804% 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 $7k of equity ($2k loan paydown + $5k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 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 $103k; list at $250k implies a 143% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,151 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — 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: 1.51% ✓
• Cap rate: 12.30%
• Cash-on-cash: 21.45%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

• ARV (median comp): $186,059
• List price: $249,900
• Delta: 34.31%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
494 Wilson St	0.21mi	6/2.0	2,148 (+7%)	11mo	$121,000	$56	69
396 Guilford St	0.31mi	6/3.0	2,144 (+7%)	2mo	$135,000	$63	68
352 Guilford St	0.23mi	5/2.0 (-1)	2,088 (+4%)	14mo	$120,000	$57	65
301 Reed St	0.18mi	6/2.0	2,224 (+11%)	20mo	$65,000	$29	56
227 Timon St	0.62mi	6/2.0	2,084 (+4%)	10mo	$190,000	$91	56
443 Madison St	0.59mi	5/2.0 (-1)	1,892 (-5%)	8mo	$75,000	$40	51
38 Fox St	0.41mi	6/2.0	2,172 (+9%)	23mo	$65,000	$30	48
553 E North St	0.28mi	5/2.0 (-1)	2,272 (+14%)	16mo	$83,800	$37	46
65 Kingsley St	0.75mi	5/2.0 (-1)	1,884 (-6%)	11mo	$230,000	$122	42
424 Dodge St	0.63mi	6/2.0	2,142 (+7%)	21mo	$245,000	$114	41
64 Sweet Ave	0.72mi	5/2.0 (-1)	1,740 (-13%)	7mo	$145,000	$83	33

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

Projected returns pro-forma

2.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.8%
• Equity multiple: 2.39×
• Total profit: $97,461
• Equity at exit: $99,232

10-year hold

• IRR: 27.4%
• Equity multiple: 4.59×
• Total profit: $251,423
• Equity at exit: $143,409

Cash invested: $69,972 (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 14211

• Home prices YoY: 0.6%
• Active inventory: 172
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $3,769 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$791
• Net cashflow: $1,251

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,108
1× unit	2	1	$1,661
Total (2 units)			$3,769

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	23d	1	0.19mi

Listing history 5 events

1. 2026-05-18
   status Pending 527-char remark
2. 2026-04-29
   listed $249,900 Active 527-char remark
3. 2026-02-13
   historical
4. 2026-02-04
   listed $149,900 Active
5. 2026-01-16
   soldstatus $103,000

ⓘ 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: $45,228
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,618
• − Management: −$3,618
• − Depreciation: −$7,270
• Taxable income: $11,725
• Est. tax owed @ 24.0%: −$2,814
• After-tax cash flow: $12,192/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): 24,663
• Household income: $36,300
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1804.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 59% Asian 20% Hispanic / Latino 9% White 9% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4%
• Foreign-born: 17% · Canada, Philippines, Vietnam
• Languages at home: 74% English-only · Other Indo-European 14% Spanish 6% Other Asian/Pacific 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: ▲ 2.05%
• Current HPI: 357.6438
• 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

+142.6% since first listed

5 events — show timeline

• 2026-05-18 Pending — WNYREIS
• 2026-04-29 Listed $249,900 WNYREIS
• 2026-02-13 Listing Removed — WNYREIS
• 2026-02-04 Listed $149,900 WNYREIS
• 2026-01-16 Sold (Public Records) $103,000 Public Records

Property tax history

+12.7%/yr

Latest (2025): $175 · +183.9% YoY. Source: county tax records.