936 W Ferry St Unit N · Buffalo, NY 14209

$199,900

4 bd · 1.0 ba · 1,111 sqft · Townhouse public records · 30 Days on market

Built 1910 595 sqft lot Est $170k · 18% over

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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 +21.0/30.0
• DSCR +6.7/10.0
• Appreciation +5.9/10.0
• Rent growth +4.6/5.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks

City Living at its best! This walkable row-style home combines charming character and modern touches. LTV flooring throughout the first floor. Tastefully renovated white kitchen w granite countertops and stainless steel appliances. Formal dining room, spacious living room with bay window and striking faux fireplace. Upstairs find 2 bedrooms and renovated bath with floating vanity and large format tile, tiled shower. Full basement with laundry. Available fully furnished! No HOA!

Key facts

• Formal dining room
• Bay window
• Granite countertops

Tags

• RENOVATED WHITE KITCHEN
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• FORMAL DINING ROOM
• SPACIOUS LIVING ROOM
• BAY WINDOW

Property features AI

Exterior

• Parking: No garage; No driveway
• Utilities: High-speed internet available; Public water (connected); Sewer connected; Electric with circuit breakers
• Home design: 2-story home; Existing construction
• Construction: Brick and shake siding; Asphalt roof; Stone foundation; Built (existing)
• Exterior features: Open porch; Rectangular lot; Near public transit; Lot dimensions approximately 19 x 30

Interior

• Kitchen: Gas oven; Gas range; Dishwasher; Refrigerator; Granite counters
• Flooring: Carpet; Luxury vinyl; Varies
• Bathrooms: 1 full bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Separate formal living room; Separate formal dining room; Granite counters; Natural woodwork; Full basement
• Laundry & utility: Washer and dryer; Laundry located in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $282 ($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 $190k (5.2% below list).
• Recommended offer: $190k (5.2% 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: Rents rising fast (+8.5%/yr); 56 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $1,896/mo this rent would consume 45% of the median local household income ($50k/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 $5k of equity ($1k loan paydown + $4k appreciation (1.9% local appreciation)).
• At projected returns (1.9% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($197k) 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 $155k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $189,578 (5.2% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 7.99%
• Cash-on-cash: 6.06%
• DSCR: 1.27
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $169,983
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
83 Bryant St Unit 7D	0.49mi	3/1.0 (-1)	1,180 (+6%)	2mo	$180,000	$153	60

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

Projected returns pro-forma

1.86% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 13.0%
• Equity multiple: 1.72×
• Total profit: $40,248
• Equity at exit: $77,364

10-year hold

• IRR: 18.5%
• Equity multiple: 3.72×
• Total profit: $152,001
• Equity at exit: $110,278

Cash invested: $55,972 (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 14209

• Home prices YoY: 0.4%
• Rents YoY: 8.5%
• Active inventory: 56
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,896 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$84 /mo · $1,003/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $282

Break-even live

Break-even rent $1,538

Max offer price $199,900

Occupancy floor 80%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
76 Chester St Unit 1 Buffalo, NY	3.0	1.0	1100	$1,000	$0.91	14d	1	0.38mi
88 W Utica St Unit 1 Buffalo, NY	3.0	2.0	990	$2,150	$2.17	14d	1	0.38mi
88 W Utica St Unit 1 Buffalo, NY	3.0	2.0	990	$2,150	$2.17	2d	1	0.38mi
238 Oxford Ave Unit Upper Buffalo, NY	3.0	1.0	1100	$1,600	$1.45	23d	1	0.42mi
685 Auburn Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,750	$1.46	14d	1	0.50mi
102 Florida St Buffalo, NY	3.0	1.0	1296	$1,650	$1.27	43d	1	0.63mi
1560 Delaware Ave Unit 1 Buffalo, NY	3.0	1.0	1000	$2,800	$2.80	23d	1	0.73mi
1152 Main St Apt 3 Buffalo, NY	3.0	1.0	1000	$2,400	$2.40	14d	1	0.76mi
825 Forest Ave Unit 1 Buffalo, NY	3.0	1.0	1200	$1,700	$1.42	3d	1	0.83mi
825 Forest Ave Buffalo, NY	3.0	1.0	1200	$2,000	$1.67	23d	1	0.83mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	14d	1	0.86mi
104 Butler Ave Buffalo, NY	3.0	1.0	1000	$1,400	$1.40	43d	1	0.90mi
478 Breckenridge St Buffalo, NY	3.0	1.0	1100	$1,575	$1.43	43d	1	0.91mi
31 Norwood Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,950	$1.95	11d	1	1.00mi
179 Donaldson Rd Buffalo, NY	3.0	1.0	1152	$1,350	$1.17	3d	1	1.04mi
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	14d	1	1.05mi
117 Humboldt Pkwy Unit A Buffalo, NY	3.0	1.0	1105	$2,300	$2.08	43d	1	1.09mi
891 Richmond Ave Buffalo, NY	3.0	1.0	1176	$1,800	$1.53	43d	1	1.09mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	23d	1	1.10mi
375 Hampshire St Buffalo, NY	3.0	1.0	1200	$1,100	$0.92	43d	1	1.15mi
37 Abbottsford Pl Buffalo, NY	3.0	1.0	1130	$1,650	$1.46	43d	1	1.16mi
374 Baynes St Buffalo, NY	3.0	1.0	1126	$1,550	$1.38	43d	1	1.18mi
310 Hampshire St Apt 3 Buffalo, NY	3.0	1.0	1200	$1,500	$1.25	43d	1	1.26mi
44 N Pearl St #5 Buffalo, NY	3.0	1.0	1200	$2,400	$2.00	43d	1	1.28mi
309 Bird Ave Unit 1 Buffalo, NY	3.0	1.0	1100	$2,200	$2.00	43d	1	1.28mi
305 Bird Ave Unit 3 Buffalo, NY	3.0	1.5	1128	$2,300	$2.04	43d	1	1.29mi
17 N Pearl St Unit 3 Buffalo, NY	3.0	2.0	1197	$3,100	$2.59	23d	1	1.33mi
67 Herkimer St Buffalo, NY	3.0	1.0	1000	$1,300	$1.30	14d	1	1.38mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	14d	1	1.39mi
196 Auburn Ave Buffalo, NY	3.0	1.0	1000	$1,300	$1.30	43d	1	1.40mi
21 College St Buffalo, NY	3.0	1.0	1104	$1,850	$1.68	23d	1	1.43mi
408 Winslow Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,050	$1.05	14d	1	1.45mi
163 W Delavan Ave Buffalo, NY	3.0	1.0	1000	$1,500	$1.50	23d	1	1.45mi

Listing history 17 events

1. 2026-06-18
   days on market $199,900 Active 30 DOM
2. 2026-06-17
   days on market $199,900 Active 29 DOM
3. 2026-06-16
   days on market $199,900 Active 28 DOM
4. 2026-06-15
   days on market $199,900 Active 27 DOM
5. 2026-06-13
   days on market $199,900 Active 25 DOM
6. 2026-06-13
   days on market $199,900 Active 24 DOM
7. 2026-06-10
   days on market $199,900 Active 22 DOM
8. 2026-06-09
   days on market $199,900 Active 21 DOM
9. 2026-06-08
   days on market $199,900 Active 20 DOM
10. 2026-06-07
    days on market $199,900 Active 19 DOM
11. 2026-06-03
    days on market $199,900 Active 15 DOM
12. 2026-06-02
    days on market $199,900 Active 14 DOM
13. 2026-06-01
    days on market $199,900 Active 13 DOM
14. 2026-05-31
    days on market $199,900 Active 12 DOM
15. 2026-05-19
    listed $199,900 Active
16. 2025-11-17
    listed $209,900 Active
17. 2022-01-10
    soldstatus $155,200

ⓘ 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: $1,003 · $84/mo
• Projected year-2 tax: $2,191 · $183/mo
• Expected delta: +$1,188/yr (+$99/mo · 118.4%)

ⓘ 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: $22,749
• − Mortgage interest: −$11,198
• − Property taxes: −$1,003
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,820
• − Management: −$1,820
• − Depreciation: −$5,815
• Taxable income: $94
• Est. tax owed @ 24.0%: −$23
• After-tax cash flow: $3,367/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): 8,313
• Household income: $50,046
• Rent vs Own: 66.3% rent · 33.7% 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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 53% Black 30% Hispanic / Latino 11% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 6% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 9% · Canada, Dominican Republic, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▲ 1.86%
• Current HPI: 443.9414
• Rent YoY: ▲ 8.53%
• 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

+28.8% since first listed

3 events — show timeline

• 2026-05-19 Listed $199,900 WNYREIS
• 2025-11-17 Listed $209,900 WNYREIS
• 2022-01-10 Sold (Public Records) $155,200 Public Records

Property tax history

+23.5%/yr

Latest (2025): $1,003 · +0.0% YoY. Source: county tax records.