477 Riley St · Buffalo, NY 14208

$189,999

4 bd · 2.0 ba · 2,304 sqft · MultiFamily public records · 44 Days on market

Built 1900 3,465 sqft lot $82/sqft · 32% below area Est $280k · 32% under

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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 +19.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +3.9/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Welcome to 477 Riley. This 2/2 double in Buffalo is a fantastic investment property or owner occupied house hack opportunity. This house sits on a quiet street and on a HUGE double lot. Ample parking, including a 2 car garage. Home being sold as is - upper tenant is fantastic and willing to stay. Offers reviewed as they come in. Showings start immediately.

Key facts

• Ample parking
• Double lot
• 3,465 sq ft lot

Tags

• DOUBLE LOT
• AMPLE PARKING

Property features AI

Finance

• Financial info: Owner pays water; Rent includes water; Operating expense details: see remarks

Exterior

• Parking: Attached garage; Two-car garage
• Utilities: Electricity connected; Public water connected; Sewer connected; High-speed internet available
• Home design: Two-story building; Existing construction
• Construction: Wood siding exterior; Asphalt roof; Block foundation; Built previously (existing)
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 33 x 105

Interior

• Kitchen: Gas water heater (appliance/service noted)
• Bedrooms: Two-unit property (unit count: 2)
• Flooring: Hardwood; Vinyl; Varied flooring
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Gas heating; Forced-air heating
• Interior features: Hardwood flooring in parts of the home; Vinyl and varied flooring throughout; Full basement
• Laundry & utility: Separate utilities: two separate gas meters and two separate electric meters

🏷️ Possibly a rental listed for sale. The $189,999 price doesn't fit this home's estimated sale value (~$280,195) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (10.9% below list).
• Recommended offer: $169k (10.9% below list) — sets the bar for 1% rule.

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: 54 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 42% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago 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 $60k; list at $190k implies a 217% 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 $169,338 (10.9% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.89% ✗
• Cap rate: 7.71%
• Cash-on-cash: 5.05%
• DSCR: 1.22
• GRM: 9.4

CMA / ARV

• ARV (median comp): $280,195
• List price: $189,999
• Delta: -32.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
494 Riley St	0.03mi	4/2.0	2,145 (-7%)	2mo	$175,000	$82	85
502 Glenwood Ave	0.25mi	5/2.0 (+1)	2,294 (-0%)	7mo	$20,500	$9	77
421 E Utica St	0.15mi	5/2.0 (+1)	2,377 (+3%)	10mo	$210,000	$88	74
469 Woodlawn Ave	0.31mi	4/2.0	2,120 (-8%)	6mo	$250,000	$118	67
53 Pershing Ave	0.53mi	5/2.0 (+1)	2,360 (+2%)	11mo	$149,000	$63	57
511 Dodge St	0.26mi	5/3.0 (+1)	2,564 (+11%)	8mo	$80,000	$31	53
24 Winslow Ave	0.34mi	5/2.0 (+1)	2,024 (-12%)	7mo	$220,000	$109	53
361 E North St Unit S	0.60mi	5/2.5 (+1)	2,544 (+10%)	3mo	$172,500	$68	45
352 Guilford St	0.56mi	5/2.0 (+1)	2,088 (-9%)	14mo	$120,000	$57	41
37 Pershing Ave	0.56mi	5/3.0 (+1)	2,641 (+15%)	1mo	$85,000	$32	39
244 Purdy St	0.68mi	4/2.0	2,026 (-12%)	12mo	$145,000	$72	38
108 Urban St	0.68mi	5/2.0 (+1)	2,100 (-9%)	13mo	$150,000	$71	38

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

Projected returns pro-forma

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

5-year hold

• IRR: -8.5%
• Equity multiple: 0.69×
• Total profit: $-16,637
• Equity at exit: $28,329

10-year hold

• IRR: 0.9%
• Equity multiple: 1.07×
• Total profit: $3,466
• Equity at exit: $16,428

Cash invested: $53,200 (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 14208

• Home prices YoY: -3.4%
• Active inventory: 54
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,693 high
• Mortgage (P&I): −$996
• Tax from tax record: −$39 /mo · $462/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $224

Break-even live

Break-even rent $1,410

Max offer price $189,999

Occupancy floor 82%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 Lonsdale Rd Buffalo, NY	3.0	1.0	2735	$1,725	$0.63	43d	1	0.51mi
82 Butler Ave Unit 2 Buffalo, NY	3.0	1.0	2752	$1,300	$0.47	43d	1	0.51mi
73 Inter Park Ave Buffalo, NY	3.0	1.0	2080	$1,300	$0.62	14d	1	0.58mi
563 Humboldt Pkwy Buffalo, NY	3.0	1.0	2004	$1,200	$0.60	23d	1	0.76mi
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	23d	1	0.77mi
79 Walden Ave Buffalo, NY	3.0	1.0	2528	$1,250	$0.49	43d	1	0.84mi
98 E Delavan Ave Buffalo, NY	4.0	2.0	3105	$2,000	$0.64	43d	1	0.97mi
491 Emslie St Buffalo, NY	3.0	1.0	2488	$1,200	$0.48	14d	1	1.33mi
91 W Humboldt Pkwy Buffalo, NY	4.0	2.0	3017	$3,400	$1.13	43d	1	1.42mi

Listing history 21 events

1. 2026-06-18
   days on market $189,999 Active 44 DOM
2. 2026-06-17
   days on market $189,999 Active 43 DOM
3. 2026-06-16
   days on market $189,999 Active 42 DOM
4. 2026-06-15
   days on market $189,999 Active 41 DOM
5. 2026-06-13
   days on market $189,999 Active 39 DOM
6. 2026-06-13
   days on market $189,999 Active 38 DOM
7. 2026-06-10
   days on market $189,999 Active 36 DOM
8. 2026-06-09
   days on market $189,999 Active 35 DOM
9. 2026-06-08
   pricedays on market $189,999 Active 34 DOM
10. 2026-06-07
    days on market $194,900 Active 33 DOM
11. 2026-06-03
    days on market $194,900 Active 29 DOM
12. 2026-06-02
    days on market $194,900 Active 28 DOM
13. 2026-06-01
    days on market $194,900 Active 27 DOM
14. 2026-05-31
    days on market $194,900 Active 26 DOM
15. 2026-05-04
    listed $199,900 Active 358-char remark
16. 2026-04-30
    historical
17. 2025-09-30
    listed $189,900 Active
18. 2019-09-12
    soldstatus $60,000 Closed Sale or Rented
19. 2019-09-12
    soldstatus $60,000
20. 2018-12-19
    status Under Contract- Do Not Show
21. 2018-12-19
    listed $60,000 Active

ⓘ 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: $462 · $39/mo
• Projected year-2 tax: $1,837 · $153/mo
• Expected delta: +$1,374/yr (+$115/mo · 297.3%)

ⓘ 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 2/10 Low 7 d/yr ≥93°F today · 14 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: $20,321
• − Mortgage interest: −$10,643
• − Property taxes: −$462
• − Insurance: −$950
• − Repairs & maintenance: −$1,626
• − Management: −$1,626
• − Depreciation: −$5,527
• Taxable loss: −$513
• Est. tax savings @ 24.0%: +$123
• After-tax cash flow: $2,808/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): 12,572
• Household income: $48,476
• Rent vs Own: 46.2% rent · 53.8% own
• Severe rent burden: 723.0

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: Predominantly Black (72%)
• Race & ethnicity: Black 72% White 15% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 2% Italian 1% Hispanic 0%
• Foreign-born: 7% · Canada, South Korea, Philippines
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 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: ▼ -16.37%
• Current HPI: 459.2084
• 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

+216.7% since first listed

9 events — show timeline

• 2026-06-08 Price Changed $189,999 WNYREIS
• 2026-05-21 Price Changed $194,900 WNYREIS
• 2026-05-04 Listed $199,900 WNYREIS
• 2026-04-30 Listing Removed — WNYREIS
• 2025-09-30 Listed $189,900 WNYREIS
• 2019-09-12 Sold (Public Records) $60,000 Public Records
• 2019-09-12 Sold (MLS) $60,000 WNYREIS
• 2018-12-19 Pending — WNYREIS
• 2018-12-19 Listed $60,000 WNYREIS

Property tax history

+17.8%/yr

Latest (2025): $462 · +111.5% YoY. Source: county tax records.