208 Stevenson St · Buffalo, NY 14210

$137,500

6 bd · 2.0 ba · 2,438 sqft · MultiFamily public records · 109 Days on market

Built 1920 3,648 sqft lot $56/sqft · 65% below area ↓ 21% since listing

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Why this score? — see what drove the A- 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 +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Solid 3/3 double in South Buffalo with loads of potential! Nice layouts with some original hardwood floors and moldings. 2 exterior porches, bay window and driveway. Lower unit tenant in place paying $800 and upper unit is vacant. Would make for a great owner occupied home. House needs some TLC. 203k Rehab loan would also work.

Key facts

• Driveway
• 2 exterior porches
• Bay window

Tags

• ORIGINAL HARDWOOD FLOORS
• 2 EXTERIOR PORCHES
• BAY WINDOW
• DRIVEWAY

🏷️ Possibly a rental listed for sale. The $137,500 price doesn't fit this home's estimated sale value (~$393,819) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $138k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $138k).
• Recommended offer: $125k (9.0% below list) — sets the bar for market timing.
• Cap rate 18.1% 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 rising fast (+12.7%/yr); 94 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,752/mo this rent would consume 61% of the median local household income ($54k/yr) (locally 959% 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 $15k of equity ($951 loan paydown + $14k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $38k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $32k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,125 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.00% ✓
• Cap rate: 18.12%
• Cash-on-cash: 42.24%
• DSCR: 2.88
• GRM: 4.2

CMA / ARV

• ARV (median comp): $393,819
• List price: $137,500
• Delta: -65.09%
• 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
42 Mineral Spring Rd	0.16mi	6/2.0	2,278 (-7%)	0mo	$300,000	$132	81
96 Stevenson St	0.21mi	6/2.0	2,496 (+2%)	6mo	$272,096	$109	81
26 Kamper Ave	0.34mi	6/2.0	2,394 (-2%)	3mo	$179,000	$75	79
110 Armin Pl	0.29mi	5/2.0 (-1)	2,366 (-3%)	1mo	$235,000	$99	76
18 Sage Ave	0.24mi	6/2.0	2,578 (+6%)	4mo	$164,500	$64	76
75 Juniata Pl	0.35mi	6/2.0	2,544 (+4%)	2mo	$245,000	$96	75
85 Geary St	0.27mi	6/2.0	2,780 (+14%)	2mo	$267,500	$96	62
389 Cumberland Ave	0.53mi	5/2.0 (-1)	2,328 (-4%)	5mo	$280,000	$120	59
35 Kimmel Ave	0.55mi	6/2.0	2,218 (-9%)	2mo	$225,000	$101	57
1726 S Park Ave	0.68mi	6/2.0	2,232 (-8%)	6mo	$77,500	$35	49
54 Remoleno St	0.59mi	5/2.0 (-1)	2,796 (+15%)	2mo	$300,000	$107	42
71 Buffum St	0.61mi	5/2.0 (-1)	2,136 (-12%)	6mo	$160,000	$75	41

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

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 60.4%
• Equity multiple: 5.56×
• Total profit: $175,697
• Equity at exit: $123,871

10-year hold

• IRR: 55.9%
• Equity multiple: 13.61×
• Total profit: $485,480
• Equity at exit: $267,132

Cash invested: $38,500 (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 14210

• Home prices YoY: 13.8%
• Rents YoY: 12.7%
• Active inventory: 94
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,752 high
• Mortgage (P&I): −$721
• Tax from tax record: −$41 /mo · $488/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $1,355

Break-even live

Break-even rent $1,037

Max offer price $137,500

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,752
Total (2 units)			$2,752

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: $34,375
• Closing costs: $4,125
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-05-31
   days on market $137,500 Active 109 DOM
2. 2026-04-22
   price $137,500 329-char remark

   Show marketing remark (329 chars)

   Solid 3/3 double in South Buffalo with loads of potential! Nice layouts with some original hardwood floors and moldings. 2 exterior porches, bay window and driveway. Lower unit tenant in place paying $800 and upper unit is vacant. Would make for a great owner occupied home. House needs some TLC. 203k Rehab loan would also work.

3. 2026-04-01
   price $139,900 329-char remark

   Show marketing remark (329 chars)

   Solid 3/3 double in South Buffalo with loads of potential! Nice layouts with some original hardwood floors and moldings. 2 exterior porches, bay window and driveway. Lower unit tenant in place paying $800 and upper unit is vacant. Would make for a great owner occupied home. House needs some TLC. 203k Rehab loan would also work.

4. 2026-03-28
   price $147,500 329-char remark

   Show marketing remark (329 chars)

   Solid 3/3 double in South Buffalo with loads of potential! Nice layouts with some original hardwood floors and moldings. 2 exterior porches, bay window and driveway. Lower unit tenant in place paying $800 and upper unit is vacant. Would make for a great owner occupied home. House needs some TLC. 203k Rehab loan would also work.

5. 2026-03-23
   price $149,900 329-char remark

   Show marketing remark (329 chars)

   Solid 3/3 double in South Buffalo with loads of potential! Nice layouts with some original hardwood floors and moldings. 2 exterior porches, bay window and driveway. Lower unit tenant in place paying $800 and upper unit is vacant. Would make for a great owner occupied home. House needs some TLC. 203k Rehab loan would also work.

6. 2026-02-27
   price $159,900 329-char remark

   Show marketing remark (329 chars)

   Solid 3/3 double in South Buffalo with loads of potential! Nice layouts with some original hardwood floors and moldings. 2 exterior porches, bay window and driveway. Lower unit tenant in place paying $800 and upper unit is vacant. Would make for a great owner occupied home. House needs some TLC. 203k Rehab loan would also work.

7. 2026-02-11
   listed $169,900 Active 329-char remark

   Show marketing remark (329 chars)

   Solid 3/3 double in South Buffalo with loads of potential! Nice layouts with some original hardwood floors and moldings. 2 exterior porches, bay window and driveway. Lower unit tenant in place paying $800 and upper unit is vacant. Would make for a great owner occupied home. House needs some TLC. 203k Rehab loan would also work.

8. 2024-09-30
   historical
9. 2024-08-30
   price $152,500
10. 2024-08-13
    price $155,000
11. 2024-08-02
    price $157,500
12. 2024-07-23
    price $159,900
13. 2024-07-08
    price $169,000
14. 2024-06-19
    price $174,900
15. 2024-05-17
    price $185,000
16. 2024-04-23
    listed $199,900 Active
17. 2021-10-25
    soldstatus $135,000 Closed Sale or Rented
18. 2021-10-22
    soldstatus $135,000
19. 2021-07-27
    status Under Contract- Do Not Show
20. 2021-07-02
    price $154,900
21. 2021-07-02
    status Active
22. 2021-06-23
    status Under Contract- Do Not Show
23. 2021-06-17
    price $159,900
24. 2021-06-07
    price $164,900
25. 2021-06-04
    status Active
26. 2021-05-26
    status Under Contract- Do Not Show
27. 2021-05-24
    price $169,900
28. 2021-05-14
    listed $174,900 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: $488 · $41/mo
• Projected year-2 tax: $1,406 · $117/mo
• Expected delta: +$918/yr (+$77/mo · 188.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% 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: $33,024
• − Mortgage interest: −$7,702
• − Property taxes: −$488
• − Insurance: −$688
• − Repairs & maintenance: −$2,642
• − Management: −$2,642
• − Depreciation: −$4,000
• Taxable income: $14,863
• Est. tax owed @ 24.0%: −$3,567
• After-tax cash flow: $12,694/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): 15,563
• Household income: $54,197
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 959.0

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 White (79%)
• Race & ethnicity: White 79% Two or more races 8% Black 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 21% Lithuanian 2% Serbian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Arabic 1% Other Indo-European 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: ▲ 52.34%
• Current HPI: 431.7951
• Rent YoY: ▲ 12.67%
• 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

-21.4% since first listed

27 events — show timeline

• 2026-04-22 Price Changed $137,500 WNYREIS
• 2026-04-01 Price Changed $139,900 WNYREIS
• 2026-03-28 Price Changed $147,500 WNYREIS
• 2026-03-23 Price Changed $149,900 WNYREIS
• 2026-02-27 Price Changed $159,900 WNYREIS
• 2026-02-11 Listed $169,900 WNYREIS
• 2024-09-30 Listing Removed — WNYREIS
• 2024-08-30 Price Changed $152,500 WNYREIS
• 2024-08-13 Price Changed $155,000 WNYREIS
• 2024-08-02 Price Changed $157,500 WNYREIS
• 2024-07-23 Price Changed $159,900 WNYREIS
• 2024-07-08 Price Changed $169,000 WNYREIS
• 2024-06-19 Price Changed $174,900 WNYREIS
• 2024-05-17 Price Changed $185,000 WNYREIS
• 2024-04-23 Listed $199,900 WNYREIS
• 2021-10-25 Sold (MLS) $135,000 WNYREIS
• 2021-10-22 Sold (Public Records) $135,000 Public Records
• 2021-07-27 Pending — WNYREIS
• 2021-07-02 Price Changed $154,900 WNYREIS
• 2021-07-02 Relisted — WNYREIS
• 2021-06-23 Pending — WNYREIS
• 2021-06-17 Price Changed $159,900 WNYREIS
• 2021-06-07 Price Changed $164,900 WNYREIS
• 2021-06-04 Relisted — WNYREIS
• 2021-05-26 Pending — WNYREIS
• 2021-05-24 Price Changed $169,900 WNYREIS
• 2021-05-14 Listed $174,900 WNYREIS

Property tax history

+4.3%/yr

Latest (2025): $488 · +0.0% YoY. Source: county tax records.