71 E Morris Ave Unit S · Buffalo, NY 14214

$364,900

6 bd · 2.0 ba · 2,590 sqft · MultiFamily public records · 81 Days on market

Built 1929 4,400 sqft lot Est $319k · 15% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +1.0/15.0
• 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 this gorgeous full brick Multifamily, off of Main St. near UB & Canisius campuses and many amenities. The house offers generous layout with great size, living-dining combo, two bedrooms, bathroom and a kitchen. It has a lot of original character with hardwood floors, natural woodwork, fireplaces with flanking bookshelves, custom arched openings, and leaded glass windows. Lower unit has updated open concept kitchen. Full walk-up attic adds a bonus space and a cedar closet. The driveway is quite wide which add comfort in the mobility with two car detached garage. The house has full dry basement with solid foundation and great mechanics. The utilities are updated and are sepa

Key facts

• Natural woodwork
• Leaded glass windows
• Hardwood floors

Tags

• FULL BRICK MULTIFAMILY
• HARDWOOD FLOORS
• NATURAL WOODWORK
• CUSTOM ARCHED OPENINGS
• LEADED GLASS WINDOWS
• UPDATED OPEN CONCEPT KITCHEN

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $365k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $365k).
• Recommended offer: $343k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.9% 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 (+5.8%/yr); 90 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $5,635/mo this rent would consume 116% of the median local household income ($58k/yr) (locally 1820% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $102k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($343k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $343,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — 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: 1.54% ✓
• Cap rate: 13.91%
• Cash-on-cash: 27.20%
• DSCR: 2.21
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $318,570
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
172 Rodney Ave	0.33mi	6/2.5	2,430 (-6%)	7mo	$222,499	$92	66
107 E Morris Ave	0.07mi	6/2.0	2,846 (+10%)	18mo	$300,500	$106	65
1681 Amherst St	0.42mi	6/2.0	2,728 (+5%)	10mo	$335,000	$123	63
366 Beard Ave	0.38mi	6/2.0	2,482 (-4%)	17mo	$400,000	$161	61
196 Lasalle Ave	0.65mi	6/2.0	2,654 (+2%)	6mo	$200,000	$75	60
1949 Hertel Ave	0.46mi	6/2.0	2,768 (+7%)	13mo	$320,000	$116	56
1829 Hertel Ave	0.56mi	6/2.0	2,528 (-2%)	16mo	$365,000	$144	56
329 Huntington Ave	0.68mi	5/2.0 (-1)	2,886 (+11%)	8mo	$392,500	$136	38
5 Dunlop Ave	0.52mi	6/2.0	2,212 (-15%)	19mo	$330,000	$149	36
39 Custer St	0.71mi	6/2.0	2,323 (-10%)	18mo	$275,000	$118	35
142 Shoshone St	0.75mi	6/2.0	2,896 (+12%)	15mo	$360,000	$124	33
482 Leroy Ave	0.62mi	6/2.0	2,244 (-13%)	20mo	$141,000	$63	32

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 · 5.81% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 2.02×
• Total profit: $104,574
• Equity at exit: $54,408

10-year hold

• IRR: 33.5%
• Equity multiple: 4.44×
• Total profit: $351,546
• Equity at exit: $31,550

Cash invested: $102,172 (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 14214

• Rents YoY: 5.8%
• Active inventory: 90
• Price-to-rent: 21.6×

Monthly cashflow live

• Estimated rent: $5,635 high
• Mortgage (P&I): −$1,914
• Tax from tax record: −$71 /mo · $846/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,183
• Net cashflow: $2,316

Break-even live

Break-even rent $2,704

Max offer price $364,900

Occupancy floor 54%

Sensitivity live

Price	-10% $2,522	-5% $2,419	+0% $2,316	+5% $2,212	+10% $2,109
Rent	-10% $1,870	-5% $2,093	+0% $2,316	+5% $2,538	+10% $2,761
Rate	-1.0pp $2,499	-0.5pp $2,408	base $2,316	+0.5pp $2,221	+1.0pp $2,125

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,636
Total (4 units)			$5,635

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: $91,225
• Closing costs: $10,947
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 Minnesota Ave Buffalo, NY	7.0	2.0	2551	$4,900	$1.92	15d	1	0.63mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	15d	1	0.69mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	15d	1	0.72mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	15d	1	0.75mi
133 Merrimac St Buffalo, NY	7.0	2.0	2327	$4,450	$1.91	15d	1	0.92mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	2d	1	1.04mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	2d	1	1.37mi

Listing history 8 events

1. 2026-02-26
   soldstatus $335,000
2. 2025-11-13
   status Pending
3. 2025-10-05
   price $364,900
4. 2025-08-25
   listed $359,900 Active
5. 2022-03-10
   soldstatus $250,000
6. 2018-06-22
   soldstatus $152,500
7. 2013-07-30
   soldstatus $124,000
8. 2009-02-06
   soldstatus $85,000

ⓘ 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: $846 · $71/mo
• Projected year-2 tax: $3,507 · $292/mo
• Expected delta: +$2,660/yr (+$222/mo · 314.3%)

ⓘ 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 3/10 Moderate 7 d/yr ≥93°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: $67,620
• − Mortgage interest: −$20,440
• − Property taxes: −$846
• − Insurance: −$1,824
• − Repairs & maintenance: −$5,410
• − Management: −$5,410
• − Depreciation: −$10,615
• Taxable income: $23,075
• Est. tax owed @ 24.0%: −$5,538
• After-tax cash flow: $22,248/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): 21,314
• Household income: $58,228
• Rent vs Own: 57.7% rent · 42.3% own
• Severe rent burden: 1820.0

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 47% Black 31% Asian 11% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 2% Scotch-Irish 1%
• Foreign-born: 14% · Canada, China
• Languages at home: 81% English-only · Other Indo-European 7% Spanish 4% Other Asian/Pacific 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: ▼ -282.52%
• Current HPI: 373.377
• Rent YoY: ▲ 5.81%
• 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

+294.1% since first listed

8 events — show timeline

• 2026-02-26 Sold (Public Records) $335,000 Public Records
• 2025-11-13 Pending — WNYREIS
• 2025-10-05 Price Changed $364,900 WNYREIS
• 2025-08-25 Listed $359,900 WNYREIS
• 2022-03-10 Sold (Public Records) $250,000 Public Records
• 2018-06-22 Sold (Public Records) $152,500 Public Records
• 2013-07-30 Sold (Public Records) $124,000 Public Records
• 2009-02-06 Sold (Public Records) $85,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $846 · +0.0% YoY. Source: county tax records.