423 14th St · Buffalo, NY 14213

$189,900

5 bd · 2.0 ba · 2,072 sqft · MultiFamily public records · 44 Days on market

Built 1850 4,440 sqft lot $92/sqft · 45% below area Est $345k · 45% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Appreciation +8.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

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

Listing remarks

Excellent two-family well-maintained house for sale. It's located at the heart of west side Buffalo. This house is located at the hub of all types of communications. 14th St is most valuable street at West Side. Nearby Massachusetts Ave added additional value to the property. The structure of the house is in excellent condition. No major issues at all. Furnaces are almost new. The large garage and additional upper space gives storage facilities. Large driveway can accommodate 3/4 cars.

Key facts

• Large driveway
• Almost new furnaces
• Well-maintained

Tags

• WELL-MAINTAINED
• EXCELLENT CONDITION
• ALMOST NEW FURNACES
• LARGE DRIVEWAY

Property features AI

Finance

• Other: Owner pays water (per remarks)
• Financial info: Two-unit property with separate gas and electric meters for each unit; Operating expenses may include electric, fuel, insurance, professional management, and rent; Reported rents: one unit currently $700 (month-to-month)

Exterior

• Parking: Detached or on-site garage with 1 garage space; Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property
• Construction: Frame construction with vinyl and wood siding
• Exterior features: Rectangular lot; Near public transit; 30 x 148 lot dimensions

Interior

• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Hardwood; Vinyl; Varies
• Bathrooms: Two full bathrooms total; Each unit has 1 full bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Partial basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $511/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.8% 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 soft (-0.5%/yr); 137 active listings in the ZIP; 5 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 $2,727/mo this rent would consume 61% of the median local household income ($54k/yr) (locally 1501% 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 $16k of equity ($1k loan paydown + $14k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($184k) 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 $80k; list at $190k implies a 137% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $184,203 (3.0% 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 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 1850 — 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: 1.44% ✓
• Cap rate: 12.75%
• Cash-on-cash: 23.07%
• DSCR: 2.03
• GRM: 5.8

CMA / ARV

• ARV (median comp): $344,870
• List price: $189,900
• Delta: -44.94%
• 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
298 Massachusetts Ave	0.03mi	5/2.0	2,221 (+7%)	1mo	$220,000	$99	86
325 Breckenridge St	0.35mi	6/2.0 (+1)	2,044 (-1%)	2mo	$175,500	$86	75
375 Plymouth Ave	0.28mi	4/2.0 (-1)	2,121 (+2%)	4mo	$265,000	$125	75
651 Prospect Ave	0.50mi	5/2.0	2,026 (-2%)	9mo	$278,500	$137	66
214 W Ferry St Unit N	0.29mi	5/2.0	2,296 (+11%)	7mo	$185,000	$81	62
385 Auburn Ave	0.53mi	6/2.0 (+1)	1,920 (-7%)	0mo	$218,000	$114	58
149 16th St	0.40mi	6/3.0 (+1)	2,169 (+5%)	10mo	$394,000	$182	56
233 Auburn Ave	0.46mi	5/2.0	2,264 (+9%)	10mo	$310,000	$137	54
238 Barton St	0.54mi	6/2.0 (+1)	2,246 (+8%)	2mo	$195,000	$87	54
440 W Utica St Unit S	0.45mi	4/3.0 (-1)	2,371 (+14%)	0mo	$380,000	$160	46
315 Herkimer St	0.68mi	6/2.0 (+1)	2,303 (+11%)	2mo	$148,000	$64	44
192 Baynes St	0.69mi	6/2.0 (+1)	1,920 (-7%)	10mo	$284,000	$148	43

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

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 35.7%
• Equity multiple: 3.43×
• Total profit: $129,400
• Equity at exit: $138,014

10-year hold

• IRR: 30.9%
• Equity multiple: 6.87×
• Total profit: $312,235
• Equity at exit: $268,195

Cash invested: $53,172 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,727 high
• Mortgage (P&I): −$996
• Tax from tax record: −$57 /mo · $684/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $1,022

Break-even live

Break-even rent $1,433

Max offer price $189,900

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,728
Total (2 units)			$2,727

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	14d	1	0.34mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	0.48mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	23d	1	0.53mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	43d	1	1.09mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	1d	14	1.16mi

Listing history 18 events

1. 2026-06-18
   days on market $189,900 Active 44 DOM
2. 2026-06-17
   days on market $189,900 Active 43 DOM
3. 2026-06-16
   days on market $189,900 Active 42 DOM
4. 2026-06-15
   days on market $189,900 Active 41 DOM
5. 2026-06-13
   days on market $189,900 Active 39 DOM
6. 2026-06-13
   days on market $189,900 Active 38 DOM
7. 2026-06-10
   days on market $189,900 Active 36 DOM
8. 2026-06-09
   days on market $189,900 Active 35 DOM
9. 2026-06-08
   days on market $189,900 Active 34 DOM
10. 2026-06-07
    days on market $189,900 Active 33 DOM
11. 2026-06-03
    days on market $189,900 Active 29 DOM
12. 2026-06-02
    days on market $189,900 Active 28 DOM
13. 2026-06-01
    days on market $189,900 Active 27 DOM
14. 2026-05-31
    days on market $189,900 Active 26 DOM
15. 2026-05-04
    listed $189,900 Active 490-char remark
16. 2026-01-24
    historical
17. 2025-10-24
    listed $230,000 Active
18. 2021-04-23
    soldstatus $80,000

ⓘ 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: $684 · $57/mo
• Projected year-2 tax: $1,946 · $162/mo
• Expected delta: +$1,263/yr (+$105/mo · 184.7%)

ⓘ 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) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 14 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: $32,724
• − Mortgage interest: −$10,637
• − Property taxes: −$684
• − Insurance: −$950
• − Repairs & maintenance: −$2,618
• − Management: −$2,618
• − Depreciation: −$5,524
• Taxable income: $9,693
• Est. tax owed @ 24.0%: −$2,326
• After-tax cash flow: $9,942/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

+137.4% since first listed

4 events — show timeline

• 2026-05-04 Listed $189,900 WNYREIS
• 2026-01-24 Listing Removed — WNYREIS
• 2025-10-24 Listed $230,000 WNYREIS
• 2021-04-23 Sold (Public Records) $80,000 Public Records

Property tax history

+11.8%/yr

Latest (2025): $684 · +10.9% YoY. Source: county tax records.