582 Michigan Ave · Buffalo, NY 14203

$199,900

7 bd · 2.0 ba · 2,384 sqft · MultiFamily public records · 129 Days on market

Built 1850 3,393 sqft lot $84/sqft · 50% below area Est $399k · 50% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• 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

582 Michigan Ave is an oversized multi family situated just down the street from the hustle and bustle of Downtown Buffalo. This 2,300 square foot home comes with 3 beds in 1 unit and 2 beds in another plus a full size attic and is ready to take on the future! The current owner has done a complete asbestos abatement with documentation, installed a new metal roof, took care of the brick exterior pointing, and even had the inside framed out making it the perfect project starter. City of Buffalo was also just allocated $16,000,000 to redo all of Michigan Ave including, new sidewalks, parks, street lights, and more in 2027! Also included is 61 Sycamore St, the property directly behind, that will allow you to make a driveway with a garage and to top it all off there is a potential Federal tax credit due to the home being apart of the African American Heritage Corridor!

Key facts

• New parks
• New metal roof
• New sidewalks

Tags

• FULL SIZE ATTIC
• COMPLETE ASBESTOS ABATEMENT
• NEW METAL ROOF
• BRICK EXTERIOR POINTING
• NEW SIDEWALKS
• NEW PARKS

What this means for you Summary

Snapshot

• This is a 7-bed/2.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.2% 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: 20 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,039/mo this rent would consume 86% of the median local household income ($56k/yr) (locally 254% 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 $7k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• At projected returns (3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 16y 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 $65k; list at $200k implies a 208% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1850 — 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: 2.02% ✓
• Cap rate: 17.15%
• Cash-on-cash: 38.79%
• DSCR: 2.73
• GRM: 4.1

CMA / ARV

• ARV (median comp): $398,944
• List price: $199,900
• Delta: -49.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Spruce St	0.23mi	6/3.0 (-1)	2,588 (+9%)	11mo	$184,500	$71	57
310 Pratt St	0.42mi	7/2.0	2,240 (-6%)	22mo	$180,000	$80	52

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: 44.3%
• Equity multiple: 3.49×
• Total profit: $139,380
• Equity at exit: $89,884

10-year hold

• IRR: 44.1%
• Equity multiple: 6.98×
• Total profit: $334,792
• Equity at exit: $138,521

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 14203

• Active inventory: 20
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $4,039 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$848
• Net cashflow: $1,809

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,162
1× unit	2	1	$1,876
Total (2 units)			$4,039

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: —

Listing history 29 events

1. 2026-06-18
   days on market $199,900 Active 129 DOM
2. 2026-06-17
   days on market $199,900 Active 128 DOM
3. 2026-06-16
   days on market $199,900 Active 127 DOM
4. 2026-06-15
   days on market $199,900 Active 126 DOM
5. 2026-06-13
   days on market $199,900 Active 124 DOM
6. 2026-06-13
   days on market $199,900 Active 123 DOM
7. 2026-06-10
   days on market $199,900 Active 121 DOM
8. 2026-06-09
   days on market $199,900 Active 120 DOM
9. 2026-06-08
   days on market $199,900 Active 119 DOM
10. 2026-06-07
    days on market $199,900 Active 118 DOM
11. 2026-06-03
    days on market $199,900 Active 114 DOM
12. 2026-06-02
    days on market $199,900 Active 113 DOM
13. 2026-06-01
    days on market $199,900 Active 112 DOM
14. 2026-05-31
    days on market $199,900 Active 111 DOM
15. 2026-02-10
    historical
16. 2026-02-09
    listed $199,900 Active

    Show marketing remark (876 chars)

    582 Michigan Ave is an oversized multi family situated just down the street from the hustle and bustle of Downtown Buffalo. This 2,300 square foot home comes with 3 beds in 1 unit and 2 beds in another plus a full size attic and is ready to take on the future! The current owner has done a complete asbestos abatement with documentation, installed a new metal roof, took care of the brick exterior pointing, and even had the inside framed out making it the perfect project starter. City of Buffalo was also just allocated $16,000,000 to redo all of Michigan Ave including, new sidewalks, parks, street lights, and more in 2027! Also included is 61 Sycamore St, the property directly behind, that will allow you to make a driveway with a garage and to top it all off there is a potential Federal tax credit due to the home being apart of the African American Heritage Corridor!

17. 2026-02-09
    listed $199,900 Active 876-char remark

    Show marketing remark (876 chars)

    582 Michigan Ave is an oversized multi family situated just down the street from the hustle and bustle of Downtown Buffalo. This 2,300 square foot home comes with 3 beds in 1 unit and 2 beds in another plus a full size attic and is ready to take on the future! The current owner has done a complete asbestos abatement with documentation, installed a new metal roof, took care of the brick exterior pointing, and even had the inside framed out making it the perfect project starter. City of Buffalo was also just allocated $16,000,000 to redo all of Michigan Ave including, new sidewalks, parks, street lights, and more in 2027! Also included is 61 Sycamore St, the property directly behind, that will allow you to make a driveway with a garage and to top it all off there is a potential Federal tax credit due to the home being apart of the African American Heritage Corridor!

18. 2026-02-09
    historical

    Show marketing remark (876 chars)

    582 Michigan Ave is an oversized multi family situated just down the street from the hustle and bustle of Downtown Buffalo. This 2,300 square foot home comes with 3 beds in 1 unit and 2 beds in another plus a full size attic and is ready to take on the future! The current owner has done a complete asbestos abatement with documentation, installed a new metal roof, took care of the brick exterior pointing, and even had the inside framed out making it the perfect project starter. City of Buffalo was also just allocated $16,000,000 to redo all of Michigan Ave including, new sidewalks, parks, street lights, and more in 2027! Also included is 61 Sycamore St, the property directly behind, that will allow you to make a driveway with a garage and to top it all off there is a potential Federal tax credit due to the home being apart of the African American Heritage Corridor!

19. 2025-10-20
    listed $299,900 Active
20. 2021-09-09
    historical
21. 2021-06-03
    listed $299,000 Active
22. 2021-05-01
    historical
23. 2020-12-29
    soldstatus $65,000
24. 2020-08-04
    status Active
25. 2020-06-24
    status Under Contract- Do Not Show
26. 2020-05-01
    listed $299,900 Active
27. 2015-03-27
    soldstatus $500
28. 2011-05-06
    soldstatus $37,000
29. 2010-07-31
    listed $69,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $48,468
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$3,877
• − Management: −$3,877
• − Depreciation: −$5,815
• Taxable income: $19,702
• Est. tax owed @ 24.0%: −$4,729
• After-tax cash flow: $16,984/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): 2,424
• Household income: $56,141
• Rent vs Own: 97.3% rent · 2.7% own
• Severe rent burden: 254.0

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 0.69)
• Race & ethnicity: Black 44% White 32% Hispanic / Latino 12% Two or more races 7% Asian 7%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 5% Subsaharan African 1% Lithuanian 1%
• Foreign-born: 4% · Canada, Guatemala
• Languages at home: 82% English-only · Spanish 12% Chinese 5%

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: —
• Current HPI: —
• 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

+186.0% since first listed

15 events — show timeline

• 2026-02-10 Listing Removed — WNYREIS
• 2026-02-09 Listing Removed — WNYREIS
• 2026-02-09 Listed $199,900 WNYREIS
• 2026-02-09 Listed $199,900 WNYREIS
• 2025-10-20 Listed $299,900 WNYREIS
• 2021-09-09 Listing Removed — UNYREIS
• 2021-06-03 Listed $299,000 UNYREIS
• 2021-05-01 Listing Removed — WNYREIS
• 2020-12-29 Sold (Public Records) $65,000 Public Records
• 2020-08-04 Relisted — WNYREIS
• 2020-06-24 Pending — WNYREIS
• 2020-05-01 Listed $299,900 WNYREIS
• 2015-03-27 Sold (Public Records) $500 Public Records
• 2011-05-06 Sold (MLS) $37,000 WNYREIS
• 2010-07-31 Listed $69,900 WNYREIS

Property tax history

+10.4%/yr

Latest (2025): $286 · +0.0% YoY. Source: county tax records.