377 Marilla St · Buffalo, NY 14220

$275,000

5 bd · 2.0 ba · 2,160 sqft · MultiFamily public records · 28 Days on market

Built 1930 4,200 sqft lot Est $244k · 13% over

---

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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Rent growth +4.4/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +1.8/15.0
• 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 MLS

South Buffalo 3/2 double in move-in condition. Updated windows, furnaces, kitchens & baths. Solid structure & good roof. Rented to family.

Key facts

• Finished attic area
• Vinyl siding
• Concrete driveway

Tags

• WALKABLE TO BOTANICAL GARDENS
• PRIVATE PORCH ENTRANCES
• RENOVATED MODERN KITCHENS
• FINISHED ATTIC AREA
• VINYL SIDING
• CONCRETE DRIVEWAY

Property features AI

Finance

• Other: Two separate gas meters and two separate electric meters; Two total units; some units leased or month-to-month with listed rents
• Financial info: Owner pays water; water included in rent; Operating expenses may include insurance, professional management, trash, and water/sewer

Exterior

• Parking: Garage with approximately 1.5 car spaces; Concrete surfaces and additional parking available
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected; Cable available; High-speed internet available
• Home design: Two-story multi-family (2 units); Residential 2-unit zoning; Existing condition
• Construction: Vinyl siding and wood siding; Asphalt architectural shingle roof; Stone foundation; Built (existing)
• Exterior features: Covered porch; Porch; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Dishwasher; Oven/Range; Refrigerator; Microwave; Eat-in kitchen; Dining area open to living room
• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Carpet; Ceramic tile; Luxury vinyl; Tile; Varies
• Bathrooms: Two full bathrooms total (one full bath in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Attic; Natural woodwork; Thermal windows
• Laundry & utility: Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.2% 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: Rents rising fast (+7.6%/yr); 136 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,839/mo this rent would consume 65% of the median local household income ($71k/yr) (locally 602% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $77k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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 $110k; list at $275k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $270,875 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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 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: 1.40% ✓
• Cap rate: 11.23%
• Cash-on-cash: 17.65%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $244,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Harding Rd	0.40mi	4/2.0 (-1)	2,330 (+8%)	3mo	$225,000	$97	61
140 Aldrich Pl	0.47mi	5/2.0	2,300 (+6%)	8mo	$260,000	$113	61
169 Altruria St	0.42mi	5/2.0	1,958 (-9%)	8mo	$241,000	$123	59
889 Tifft St	0.66mi	4/2.0 (-1)	2,112 (-2%)	4mo	$210,000	$99	57
6 Mckinley Pkwy	0.61mi	4/2.0 (-1)	2,110 (-2%)	9mo	$380,000	$180	56
137 Lockwood Ave	0.48mi	5/2.0	1,936 (-10%)	13mo	$204,000	$105	49
55 Harding Rd	0.32mi	4/2.0 (-1)	1,844 (-15%)	9mo	$275,000	$149	48
1313 Mckinley Pkwy	0.63mi	6/2.0 (+1)	2,304 (+7%)	9mo	$260,000	$113	47
204 Woodside Ave	0.63mi	6/2.0 (+1)	2,332 (+8%)	10mo	$280,000	$120	44
165 Lockwood Ave	0.47mi	4/3.0 (-1)	1,865 (-14%)	3mo	$195,000	$105	44
183 Lockwood Ave	0.47mi	4/2.0 (-1)	1,858 (-14%)	12mo	$197,500	$106	40
15 Arbour Ln	0.60mi	4/2.0 (-1)	1,856 (-14%)	7mo	$275,000	$148	38

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 · 7.62% rent growth · sell at horizon

5-year hold

• IRR: 14.2%
• Equity multiple: 1.60×
• Total profit: $46,292
• Equity at exit: $41,003

10-year hold

• IRR: 26.3%
• Equity multiple: 3.83×
• Total profit: $217,736
• Equity at exit: $23,777

Cash invested: $77,000 (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 14220

• Home prices YoY: -26.7%
• Rents YoY: 7.6%
• Active inventory: 136
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $3,839 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$806
• Net cashflow: $1,132

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,840
Total (3 units)			$3,839

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $275,000 Active 28 DOM
2. 2026-06-17
   days on market $275,000 Active 27 DOM
3. 2026-06-16
   days on market $275,000 Active 26 DOM
4. 2026-06-15
   days on market $275,000 Active 25 DOM
5. 2026-06-13
   days on market $275,000 Active 23 DOM
6. 2026-06-13
   days on market $275,000 Active 22 DOM
7. 2026-06-10
   days on market $275,000 Active 20 DOM
8. 2026-06-09
   days on market $275,000 Active 19 DOM
9. 2026-06-08
   days on market $275,000 Active 18 DOM
10. 2026-06-07
    days on market $275,000 Active 17 DOM
11. 2026-06-03
    days on market $275,000 Active 13 DOM
12. 2026-06-02
    days on market $275,000 Active 12 DOM
13. 2026-06-01
    days on market $275,000 Active 11 DOM
14. 2026-05-31
    days on market $275,000 Active 10 DOM
15. 2026-05-21
    listed $275,000 Active
16. 2019-06-13
    soldstatus $110,000
17. 2018-11-12
    status Pending Sale
18. 2018-11-03
    historical
19. 2018-10-10
    listed $119,900 Active
20. 2012-12-15
    soldstatus $43,000 150-char remark

    Show marketing remark (150 chars)

    South Buffalo 3/2 double in move-in condition. Updated windows, furnaces, kitchens & baths. Solid structure & good roof. Rented to family.

21. 2012-12-13
    soldstatus $43,000
22. 2012-08-20
    listed $47,500 150-char remark

    Show marketing remark (150 chars)

    South Buffalo 3/2 double in move-in condition. Updated windows, furnaces, kitchens & baths. Solid structure & good roof. Rented to family.

23. 1995-01-06
    soldstatus $22,000

ⓘ 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 2/10 Low 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,068
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,685
• − Management: −$3,685
• − Depreciation: −$8,000
• Taxable income: $9,793
• Est. tax owed @ 24.0%: −$2,350
• After-tax cash flow: $11,238/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): 24,428
• Household income: $70,963
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 602.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 13% Two or more races 6% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 10% Cuban 1%
• Common ancestry: Romanian 16% Lithuanian 1% Subsaharan African 1%
• Foreign-born: 4% · Canada, Jamaica, China
• Languages at home: 90% English-only · Spanish 4% Chinese 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: ▼ -146.29%
• Current HPI: 402.5053
• Rent YoY: ▲ 7.62%
• 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

+1150.0% since first listed

9 events — show timeline

• 2026-05-21 Listed $275,000 WNYREIS
• 2019-06-13 Sold (Public Records) $110,000 Public Records
• 2018-11-12 Pending — WNYREIS
• 2018-11-03 Listing Removed — WNYREIS
• 2018-10-10 Listed $119,900 WNYREIS
• 2012-12-15 Sold (MLS) $43,000 WNYREIS
• 2012-12-13 Sold (Public Records) $43,000 Public Records
• 2012-08-20 Listed $47,500 WNYREIS
• 1995-01-06 Sold (Public Records) $22,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $510 · +0.0% YoY. Source: county tax records.