112 Herkimer St · Buffalo, NY 14213

$189,000

5 bd · 2.0 ba · 2,525 sqft · MultiFamily public records · 17 Days on market

Built 1880 4,500 sqft lot Est $250k · 24% 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 +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

Welcome to 112 Herkimer Street, a spacious and historic multi-family property located in the heart of Buffalo’s vibrant West Side. Built in 1880, this \ duplex offers 2,525 square feet of living space across two stories, featuring 7 bedrooms and 2 full bathrooms—perfect for owner-occupants, investors, or multi generational living. Both units feature bonus rooms that are suitable for sleeping. Situated on a 4,500 sq ft lot, the home boasts vinyl siding exterior a large backyard and parking area. Key Features: 7 Bedrooms, 2 Full The upper unit is a vacant 5 bedroom apartment. Large Backyard & Off-Street Parking Hot Air Heating System Located near W Ferry Street, local

Key facts

• Large backyard
• Near local shops
• Off-street parking

Tags

• HISTORIC MULTI-FAMILY PROPERTY
• VINYL SIDING EXTERIOR
• LARGE BACKYARD
• OFF-STREET PARKING
• HOT AIR HEATING SYSTEM
• NEAR LOCAL SHOPS

Property features AI

Finance

• Financial info: Owner pays trash collection and water for units; Operating expenses include professional management, trash, and water/sewer; One unit is marketed month-to-month with rent listed at $1,025

Exterior

• Parking: Concrete parking area
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Existing condition; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Rectangular residential lot; Near public transit; City street frontage

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Two 2-bedroom units (each unit); Unit 1 includes living room and porch
• Flooring: Carpet; Laminate; Vinyl; Varies
• Bathrooms: Each unit has one full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Varied flooring throughout
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 1×4bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $189k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $763/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• Recommended offer: $186k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.0% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,333/mo this rent would consume 74% 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 17 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; list at $189k implies a 226% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $186,165 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.76% ✓
• Cap rate: 15.98%
• Cash-on-cash: 34.59%
• DSCR: 2.54
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $249,975
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
67 Barton St	0.09mi	6/2.0 (+1)	2,420 (-4%)	0mo	$170,000	$70	83
187 Auburn Ave	0.17mi	5/2.0	2,588 (+2%)	7mo	$289,000	$112	82
395 Hampshire St	0.29mi	5/2.0	2,438 (-3%)	3mo	$165,500	$68	78
207 Rhode Island St	0.55mi	5/2.0	2,436 (-4%)	2mo	$295,500	$121	67
298 Massachusetts Ave	0.33mi	5/2.0	2,221 (-12%)	1mo	$220,000	$99	64
238 Barton St	0.24mi	6/2.0 (+1)	2,246 (-11%)	2mo	$195,000	$87	64
288 14th St	0.58mi	5/2.0	2,616 (+4%)	6mo	$260,000	$99	62
315 Herkimer St	0.39mi	6/2.0 (+1)	2,303 (-9%)	2mo	$148,000	$64	61
440 W Utica St Unit S	0.64mi	4/3.0 (-1)	2,371 (-6%)	0mo	$380,000	$160	51
448 W Delavan Ave	0.70mi	4/4.5 (-1)	2,477 (-2%)	3mo	$488,750	$197	47
715 Prospect Ave	0.67mi	6/2.0 (+1)	2,867 (+14%)	6mo	$232,500	$81	36
330 Potomac Ave	0.66mi	6/4.0 (+1)	2,896 (+15%)	6mo	$263,000	$91	27

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: 45.2%
• Equity multiple: 4.01×
• Total profit: $159,305
• Equity at exit: $137,360

10-year hold

• IRR: 39.7%
• Equity multiple: 8.03×
• Total profit: $371,945
• Equity at exit: $266,924

Cash invested: $52,920 (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: 9.4×

Monthly cashflow live

• Estimated rent: $3,333 high
• Mortgage (P&I): −$991
• Tax from tax record: −$38 /mo · $456/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$700
• Net cashflow: $1,525

Break-even live

Break-even rent $1,402

Max offer price $189,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
1× unit	4	1	$1,683
1× unit	3	1	$1,650
Total (2 units)			$3,333

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	0.32mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	0.78mi
664 Auburn Ave Unit 1 Buffalo, NY	4.0	2.5	3500	$5,000	$1.43	43d	1	0.88mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	43d	1	0.92mi

Listing history 14 events

1. 2026-06-18
   days on market $189,000 Active 17 DOM
2. 2026-06-17
   days on market $189,000 Active 16 DOM
3. 2026-06-16
   days on market $189,000 Active 15 DOM
4. 2026-06-15
   price $189,000 Active 14 DOM
5. 2026-06-15
   days on market $199,000 Active 14 DOM
6. 2026-06-13
   days on market $199,000 Active 12 DOM
7. 2026-06-13
   days on market $199,000 Active 11 DOM
8. 2026-06-10
   days on market $199,000 Active 9 DOM
9. 2026-06-09
   days on market $199,000 Active 8 DOM
10. 2026-06-08
    days on market $199,000 Active 7 DOM
11. 2026-06-07
    days on market $199,000 Active 6 DOM
12. 2026-06-03
    days on market $199,000 Active 2 DOM
13. 2026-06-02
    remarks 683-char remark
14. 2026-06-02
    listed $199,000 Active 1 DOM

ⓘ 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: $456 · $38/mo
• Projected year-2 tax: $1,825 · $152/mo
• Expected delta: +$1,369/yr (+$114/mo · 300.4%)

ⓘ 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 ≥92°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: $39,996
• − Mortgage interest: −$10,587
• − Property taxes: −$456
• − Insurance: −$945
• − Repairs & maintenance: −$3,200
• − Management: −$3,200
• − Depreciation: −$5,498
• Taxable income: $16,111
• Est. tax owed @ 24.0%: −$3,867
• After-tax cash flow: $14,436/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

+261.8% since first listed

7 events — show timeline

• 2026-06-01 Listed $199,000 WNYREIS
• 2025-12-11 Listing Removed — WNYREIS
• 2025-09-08 Price Changed $214,900 WNYREIS
• 2025-08-12 Listed $241,900 WNYREIS
• 2014-02-26 Sold (Public Records) $58,000 Public Records
• 2010-07-26 Sold (Public Records) $40,000 Public Records
• 1995-12-29 Sold (Public Records) $55,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $456 · -22.6% YoY. Source: county tax records.