429 Franklin St · Buffalo, NY 14202

$685,000

9 bd · 3.5 ba · 4,440 sqft · MultiFamily public records · 58 Days on market

Built 1890 5,800 sqft lot

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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 +25.0/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• Appreciation +4.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Prime Allentown location! This fully renovated 4,440 sq ft all brick property welcomes you to a large, 1st floor, 4 bedroom apartment with and a separate office suite with bathroom, ideal for a small business or professional use with additional rental income. A 3 bedroom apartment and a large two bedroom unit with loft finish out the 2nd floor. Apartments offer well-proportioned living spaces with modern kitchens, baths, in unit laundry, HVAC and off street parking. The building has been completely updated with a new roof, mechanical systems including new HVAC, H/W Tanks 2025 providing peace of mind for years to come. Renovations also separated utilities for added convenience and efficiency

Key facts

• Fully renovated
• Separate utilities
• Off street parking

Tags

• FULLY RENOVATED
• MODERN KITCHENS
• IN UNIT LAUNDRY
• OFF STREET PARKING
• SEPARATE UTILITIES
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $685k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $496/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $685k).
• Recommended offer: $664k (3.0% below list) — sets the bar for market timing.

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: 40 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $7,012/mo this rent would consume 149% of the median local household income ($57k/yr) (locally 330% 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 $2k of equity ($5k loan paydown + $-3k appreciation (-0.5% local appreciation)).
• At projected returns (-0.5% appreciation + 3.0% rent growth), your $192k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($664k) 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 $130k; list at $685k implies a 427% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $664,450 (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 1890 — 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: 1.02% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.30%
• DSCR: 1.41
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.47% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.7%
• Equity multiple: 1.31×
• Total profit: $59,430
• Equity at exit: $183,043

10-year hold

• IRR: 12.3%
• Equity multiple: 2.28×
• Total profit: $245,784
• Equity at exit: $207,739

Cash invested: $191,800 (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 14202

• Home prices YoY: -0.1%
• Active inventory: 40
• Price-to-rent: 24.4×

Monthly cashflow live

• Estimated rent: $7,012 high
• Mortgage (P&I): −$3,592
• Tax from tax record: −$175 /mo · $2,102/yr
• Insurance: −$285
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,473
• Net cashflow: $1,487

Break-even live

Break-even rent $5,130

Max offer price $685,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$7,011
Total (3 units)			$7,012

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: $171,250
• Closing costs: $20,550
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-27
   status Pending
2. 2026-02-28
   listed $685,000 Active
3. 2026-02-28
   historical
4. 2026-02-27
   listed $685,000 Active
5. 2013-04-12
   soldstatus $130,000

ⓘ 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: $2,102 · $175/mo
• Projected year-2 tax: $6,839 · $570/mo
• Expected delta: +$4,737/yr (+$395/mo · 225.4%)

ⓘ 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 · 15 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: $84,144
• − Mortgage interest: −$38,371
• − Property taxes: −$2,102
• − Insurance: −$3,425
• − Repairs & maintenance: −$6,732
• − Management: −$6,732
• − Depreciation: −$19,927
• Taxable income: $6,856
• Est. tax owed @ 24.0%: −$1,646
• After-tax cash flow: $16,195/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): 3,862
• Household income: $56,528
• Rent vs Own: 78.1% rent · 21.9% own
• Severe rent burden: 330.0

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 0.67)
• Race & ethnicity: White 46% Black 24% Hispanic / Latino 24% Two or more races 5% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 15% Cuban 3% Dominican 1%
• Common ancestry: Romanian 7% Lithuanian 1% Serbian 1%
• Foreign-born: 11% · Canada, China, Jamaica
• Languages at home: 74% English-only · Spanish 16% French/Haitian/Cajun 2% Chinese 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: ▼ -0.47%
• Current HPI: 335.8972
• 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

+426.9% since first listed

5 events — show timeline

• 2026-04-27 Pending — WNYREIS
• 2026-02-28 Listing Removed — WNYREIS
• 2026-02-28 Listed $685,000 WNYREIS
• 2026-02-27 Listed $685,000 WNYREIS
• 2013-04-12 Sold (Public Records) $130,000 Public Records

Property tax history

-11.9%/yr

Latest (2025): $2,102 · +0.0% YoY. Source: county tax records.