340 Rhode Island St · Buffalo, NY 14213

$350,000

10 bd · 3.9 ba · 9,702 sqft · MultiFamily · 259 Days on market

Built 1910 Fair condition 4,505 sqft lot $36/sqft · 66% below area ↓ 30% since listing

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.4/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Don’t miss this exceptional investment opportunity! This well-maintained mixed-used property features four Residential units - two spacious 3-bedroom apartments and two 2-bedroom apartments, along with a full lower level commercial space, perfect for retail or office use. High-rise ceilings & beautiful natural woodwork. Updates throughout, including newer roof, windows, mechanics, and plumbing. Separate utilities. Close to all the shops, restaurants, and all the growth happening in the West Side. MUST-SEE opportunity for investors and owner-occupants. Also listed as commercial at ML#B1655330.

Key facts

• Separate utilities
• Newer roof
• Newer mechanics

Tags

• MIXED-USE PROPERTY
• NEWER ROOF
• NEWER WINDOWS
• NEWER MECHANICS
• NEWER PLUMBING
• SEPARATE UTILITIES

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $350k. Condition is rated fair.
• This rent per unit runs 37% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $488/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $350k).
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 6.9% 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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Market conditions: Rents soft (-0.5%/yr); 247 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $26k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $98k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 259 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $308,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 259 days. Have you received any prior offers? Is the seller open to a 12% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.40% ✓
• Cap rate: 11.32%
• Cash-on-cash: 17.94%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $1,032,181
• List price: $350,000
• Delta: -66.09%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
261-263 Richmond Ave	0.36mi	8/4.0 (-2)	7,752 (-20%)	46mo	$565,000	$73	28
53 Laurel St	1.30mi	12/4.0 (+2)	9,088 (-6%)	50mo	$250,000	$28	24
6 Granger Pl	1.27mi	8/4.0 (-2)	9,069 (-6%)	26mo	$652,800	$72	24
158-166 Park St	0.88mi	12/— (+2)	12,345 (+27%)	9mo	$1,825,000	$148	23
580 Potomac Ave	1.12mi	12/4.0 (+2)	7,866 (-19%)	15mo	$741,000	$94	17
351 Linwood Ave	1.08mi	9/5.5 (-1)	7,885 (-19%)	14mo	$770,000	$98	17
18 Ashland Ave	0.59mi	8/4.0 (-2)	7,363 (-24%)	35mo	$500,000	$68	17
735 Ashland Ave	1.15mi	8/— (-2)	8,082 (-17%)	16mo	$1,050,000	$130	17
440 Linwood Ave	1.10mi	11/5.0 (+1)	8,294 (-14%)	44mo	$999,900	$121	11
721 Ashland Ave	1.12mi	8/— (-2)	7,659 (-21%)	35mo	$725,000	$95	10
190 Bryant St	0.75mi	9/8.0 (-1)	11,514 (+19%)	37mo	$1,500,000	$130	0
771 W Ferry St	0.90mi	12/8.0 (+2)	6,951 (-28%)	37mo	$1,450,000	$209	0

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: 31.5%
• Equity multiple: 3.17×
• Total profit: $212,304
• Equity at exit: $254,371

10-year hold

• IRR: 27.2%
• Equity multiple: 6.31×
• Total profit: $520,335
• Equity at exit: $494,303

Cash invested: $98,000 (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 →

Active competition Active MLS

• For sale now: 2 active
• Median asking: $1,199,500 ($106/sqft)
• Median days on market: 176 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +0.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 247
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $4,916 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,032
• Net cashflow: $1,465

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$4,917
Total (3 units)			$4,916

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,707	-5% $1,586	+0% $1,465	+5% $1,344	+10% $1,223
Rent	-10% $1,077	-5% $1,271	+0% $1,465	+5% $1,659	+10% $1,853
Rate	-1.0pp $1,641	-0.5pp $1,554	base $1,465	+0.5pp $1,374	+1.0pp $1,282

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: $87,500
• Closing costs: $10,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
44 Lowell Pl Buffalo, NY	1.0	1.0	850	$1,200	$1.41	107d	1	0.07mi
318 14th St Buffalo, NY	2.0	1.0	1619	$1,300	$0.80	107d	1	0.08mi
286 Normal Ave Unit Upper Buffalo, NY	2.0	1.0	1084	$1,250	$1.15	10d	1	0.17mi
256 14th St Unit 1 Buffalo, NY	2.0	1.0	800	$1,100	$1.38	110d	1	0.18mi
236 Massachusetts Ave Unit 5 Buffalo, NY	1.0	1.0	1000	$1,100	$1.10	139d	1	0.19mi
236 Massachusetts Ave Unit 5 Buffalo, NY	1.0	1.0	1000	$1,050	$1.05	110d	1	0.19mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	7d	1	0.22mi
501 Plymouth Ave Unit 2- 2nd Floor Buffalo, NY	3.0	1.0	1100	$1,350	$1.23	10d	1	0.24mi
193 Massachusetts Ave Buffalo, NY	1.0	1.0	700	$925	$1.32	139d	1	0.24mi
102 17th St Buffalo, NY	2.0	1.0	1086	$1,250	$1.15	74d	1	0.25mi
102 17th St Buffalo, NY	2.0	1.0	1086	$1,290	$1.19	119d	1	0.25mi
109 17th St Buffalo, NY	1.0	1.0	—	$950	—	10d	1	0.26mi
460 Rhode Island St Buffalo, NY	2.0	1.0	1089	$1,500	$1.38	110d	1	0.26mi
339 Hampshire St Unit 1 Buffalo, NY	3.0	1.0	—	$1,250	—	10d	1	0.28mi
339 Hampshire St Unit 2 Buffalo, NY	3.0	1.0	—	$1,300	—	10d	1	0.28mi
310 Hampshire St Apt 3 Buffalo, NY	3.0	1.0	1200	$1,500	$1.25	139d	1	0.28mi
395 Connecticut St Uppr 1 Buffalo, NY	3.0	1.0	1100	$1,600	$1.45	10d	1	0.28mi
346 Connecticut St Unit 203 Buffalo, NY	1.0	1.0	—	$1,100	—	99d	1	0.29mi
346 Connecticut St Unit 402 Buffalo, NY	2.0	1.0	—	$1,575	—	119d	1	0.29mi
346 Connecticut St Unit 505 Buffalo, NY	2.0	1.0	—	$1,525	—	119d	1	0.29mi
346 Connecticut St Unit 503 Buffalo, NY	1.0	1.0	—	$1,195	—	119d	1	0.29mi
367 Connecticut St Unit 2 Buffalo, NY	2.0	2.0	1150	$3,000	$2.61	106d	1	0.30mi
513 West Ave Buffalo, NY	3.0	1.0	—	$1,350	—	0d	1	0.31mi
351 Connecticut St Buffalo, NY	2.0	1.5	1150	$2,150	$1.87	67d	1	0.31mi
395 Fargo Ave Unit 2 Buffalo, NY	2.0	1.0	1200	$1,300	$1.08	82d	1	0.31mi
375 Hampshire St Buffalo, NY	3.0	1.0	1200	$1,100	$0.92	139d	1	0.32mi
441 Fargo Ave Unit 1 Lower Buffalo, NY	1.0	1.0	1100	$1,350	$1.23	10d	1	0.32mi
501 West Ave Buffalo, NY	3.0	1.0	1276	$1,550	$1.21	7d	1	0.32mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	63d	1	0.32mi
501 West Ave Buffalo, NY	3.0	1.0	1276	$1,575	$1.23	10d	1	0.32mi
467 Fargo Ave Buffalo, NY	1.0	1.0	—	$900	—	119d	1	0.34mi
716 West Ave Buffalo, NY	3.0	1.0	4796	$1,500	$0.31	82d	1	0.34mi
109 19th St Buffalo, NY	2.0	1.0	—	$950	—	74d	1	0.35mi
157 14th St Unit Upper front Buffalo, NY	2.0	1.0	2924	$1,200	$0.41	99d	1	0.36mi
157 14th St Unit Upper Rear Buffalo, NY	1.0	1.0	2924	$1,150	$0.39	99d	1	0.36mi
212 Richmond Ave Buffalo, NY	2.0	1.0	3167	$1,650	$0.52	74d	1	0.36mi
77 California St Unit 1 Buffalo, NY	2.0	1.0	800	$1,100	$1.38	139d	1	0.36mi
67 Herkimer St Buffalo, NY	3.0	1.0	1000	$1,200	$1.20	7d	1	0.37mi
273 Richmond Ave Buffalo, NY	1.0–2.0	1.0–1.5	789	$1,819	$2.31	119d	1	0.38mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	139d	1	0.38mi

Listing history 50 events

1. 2026-09-24
   days on market $350,000 Active 259 DOM
2. 2026-09-23
   days on market $350,000 Active 258 DOM
3. 2026-09-22
   days on market $350,000 Active 257 DOM
4. 2026-09-21
   days on market $350,000 Active 256 DOM
5. 2026-09-20
   days on market $350,000 Active 255 DOM
6. 2026-09-19
   days on market $350,000 Active 254 DOM
7. 2026-09-18
   days on market $350,000 Active 253 DOM
8. 2026-09-17
   days on market $350,000 Active 252 DOM
9. 2026-09-16
   days on market $350,000 Active 251 DOM
10. 2026-09-15
    days on market $350,000 Active 250 DOM
11. 2026-09-14
    days on market $350,000 Active 249 DOM
12. 2026-09-13
    days on market $350,000 Active 248 DOM
13. 2026-09-12
    days on market $350,000 Active 247 DOM
14. 2026-09-11
    days on market $350,000 Active 246 DOM
15. 2026-09-05
    days on market $350,000 Active 240 DOM
16. 2026-09-04
    days on market $350,000 Active 239 DOM
17. 2026-09-03
    days on market $350,000 Active 238 DOM
18. 2026-08-31
    days on market $350,000 Active 235 DOM
19. 2026-08-29
    days on market $350,000 Active 233 DOM
20. 2026-08-28
    days on market $350,000 Active 232 DOM
21. 2026-08-27
    days on market $350,000 Active 231 DOM
22. 2026-08-25
    days on market $350,000 Active 229 DOM
23. 2026-08-24
    days on market $350,000 Active 228 DOM
24. 2026-08-23
    days on market $350,000 Active 227 DOM
25. 2026-08-22
    days on market $350,000 Active 226 DOM
26. 2026-08-21
    days on market $350,000 Active 225 DOM
27. 2026-08-20
    days on market $350,000 Active 224 DOM
28. 2026-08-19
    days on market $350,000 Active 223 DOM
29. 2026-08-18
    days on market $350,000 Active 222 DOM
30. 2026-08-17
    days on market $350,000 Active 221 DOM
31. 2026-08-16
    days on market $350,000 Active 220 DOM
32. 2026-08-15
    days on market $350,000 Active 219 DOM
33. 2026-08-14
    days on market $350,000 Active 218 DOM
34. 2026-08-13
    days on market $350,000 Active 217 DOM
35. 2026-08-12
    days on market $350,000 Active 216 DOM
36. 2026-08-11
    days on market $350,000 Active 215 DOM
37. 2026-08-10
    days on market $350,000 Active 214 DOM
38. 2026-08-09
    days on market $350,000 Active 213 DOM
39. 2026-08-08
    days on market $350,000 Active 212 DOM
40. 2026-08-07
    days on market $350,000 Active 211 DOM
41. 2026-08-06
    days on market $350,000 Active 210 DOM
42. 2026-08-05
    days on market $350,000 Active 209 DOM
43. 2026-08-04
    days on market $350,000 Active 208 DOM
44. 2026-08-03
    days on market $350,000 Active 207 DOM
45. 2026-07-31
    days on market $350,000 Active 204 DOM
46. 2026-07-30
    days on market $350,000 Active 203 DOM
47. 2026-07-30
    days on market $350,000 Active 202 DOM
48. 2026-07-28
    days on market $350,000 Active 201 DOM
49. 2026-07-26
    days on market $350,000 Active 199 DOM
50. 2026-07-24
    days on market $350,000 Active 197 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $58,992
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,719
• − Management: −$4,719
• − Depreciation: −$10,182
• Taxable income: $12,766
• Est. tax owed @ 24.0%: −$3,064
• After-tax cash flow: $14,515/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab Est. rehab $242,550–$436,590 screening

This multi-family property requires moderate repairs and updates to its exterior and interior, significantly impacting its value. Addressing these issues will improve its curb appeal and interior aesthetics, making it a strong investment opportunity.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major flooring — Worn carpet, potential structural issues
• Major interior walls/paint — Peeling paint, potential structural issues
• Major bathrooms — Visible wear, potential plumbing issues
• Major kitchen — Visible wear, potential plumbing issues

Value-add opportunities

• Both exterior siding replacement — Improves curb appeal and value ↑
• Both flooring replacement — Enhances interior aesthetics and value ↑
• Both painting interior walls — Enhances interior aesthetics and value ↑
• Both bathroom and kitchen updates — Enhances functionality and value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 37/100

Zoned Schools

Elementary Frank A Sedita School #30 F NY #2,062/2,108 Nat'l #38,691/41,679 High International Preparatory School (The) B- NY #813/1,100 Nat'l #3,134/17,239

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

B Composite livability gradescore 77/100

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 · 933,037 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: 9% of renters

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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%

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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%

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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

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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

-30.0% since first listed

11 events — show timeline

• 2026-04-20 Relisted — WNYREIS
• 2026-04-20 Price Changed $350,000 WNYREIS
• 2025-12-19 Listed $375,000 WNYREIS
• 2025-08-13 Pending — WNYREIS
• 2025-08-13 Listing Removed — WNYREIS
• 2025-06-06 Listing Removed — WNYREIS
• 2025-06-06 Listed $375,000 WNYREIS
• 2025-06-04 Listed $375,000 WNYREIS
• 2023-03-15 Listing Removed — WNYREIS
• 2022-11-16 Price Changed $499,000 WNYREIS
• 2022-09-15 Listed $499,900 WNYREIS