340 Rhode Island St · Buffalo, NY 14213

$350,000

9 bd · 3.9 ba · 9,702 sqft · MultiFamily · 164 Days on market

Built 1910 Fair condition 4,505 sqft lot $36/sqft · 68% 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 +9.3/10.0
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• 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.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $509/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 11.5% 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); 138 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,995/mo this rent would consume 111% 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 $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 164 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 164 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: 1.43% ✓
• Cap rate: 11.53%
• Cash-on-cash: 18.70%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (median comp): $1,107,617
• List price: $350,000
• Delta: -68.40%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 32.1%
• Equity multiple: 3.20×
• Total profit: $216,049
• Equity at exit: $254,371

10-year hold

• IRR: 27.7%
• Equity multiple: 6.39×
• Total profit: $527,824
• 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 →

ZIP-level market 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 138
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $4,995 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,049
• Net cashflow: $1,527

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,769	-5% $1,648	+0% $1,527	+5% $1,406	+10% $1,285
Rent	-10% $1,133	-5% $1,330	+0% $1,527	+5% $1,725	+10% $1,922
Rate	-1.0pp $1,704	-0.5pp $1,616	base $1,527	+0.5pp $1,437	+1.0pp $1,344

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$4,995
Total (3 units)			$4,995

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
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $350,000 Active 164 DOM
2. 2026-06-18
   days on market $350,000 Active 161 DOM
3. 2026-06-17
   days on market $350,000 Active 160 DOM
4. 2026-06-16
   days on market $350,000 Active 159 DOM
5. 2026-06-15
   days on market $350,000 Active 158 DOM
6. 2026-06-13
   days on market $350,000 Active 156 DOM
7. 2026-06-13
   days on market $350,000 Active 155 DOM
8. 2026-06-10
   days on market $350,000 Active 153 DOM
9. 2026-06-09
   days on market $350,000 Active 152 DOM
10. 2026-06-08
    days on market $350,000 Active 151 DOM
11. 2026-06-07
    days on market $350,000 Active 150 DOM
12. 2026-06-03
    days on market $350,000 Active 146 DOM
13. 2026-06-02
    days on market $350,000 Active 145 DOM
14. 2026-06-01
    days on market $350,000 Active 144 DOM
15. 2026-05-31
    days on market $350,000 Active 143 DOM
16. 2026-04-20
    status Active 611-char remark

    Show marketing remark (611 chars)

    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.

17. 2026-04-20
    price $350,000 611-char remark

    Show marketing remark (611 chars)

    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.

18. 2025-12-19
    listed $375,000 Active 611-char remark

    Show marketing remark (611 chars)

    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.

19. 2025-08-13
    status Pending
20. 2025-08-13
    historical
21. 2025-06-06
    listed $375,000 Active
22. 2025-06-06
    historical
23. 2025-06-04
    listed $375,000 Active
24. 2023-03-15
    historical
25. 2022-11-16
    price $499,000
26. 2022-09-15
    listed $499,900 Active

ⓘ 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: $59,940
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,795
• − Management: −$4,795
• − Depreciation: −$10,182
• Taxable income: $13,562
• Est. tax owed @ 24.0%: −$3,255
• After-tax cash flow: $15,072/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
flooring · Worn carpet, potential structural issues	Major	$15,000–50,000
interior walls/paint · Peeling paint, potential structural issues	Major	$15,000–50,000
bathrooms · Visible wear, potential plumbing issues	Major	$15,000–50,000
kitchen · Visible wear, potential plumbing issues	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• 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 ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-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