849 Delaware Ave #205 · Buffalo, NY 14209

$118,000

1 bd · 1.0 ba · 539 sqft · Condo public records · 61 Days on market

Built 1961 $219/sqft · 33% below area Est $175k · 33% under $911/mo HOA · 67% of rent ↓ 16% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• 1% rule +6.4/10.0
• Appreciation +5.9/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0

Listing remarks MLS

This 1 bedroom, 1 full bathroom condo is filled with amenities and offers a low maintenance lifestyle. Located conveniently on beautiful Delaware Ave, walking distance from Elmwood Village, The Executive Condominium offers a comfortable lobby, bike storage, one garage parking space, and a beautifully renovated rooftop patio that will be completed in the early summer. Inside the unit is complete with updated flooring, a renovated kitchen and comfortable bedroom layout. HOA includes heat, AC, water, trash, recycling and common area maintenance.

Key facts

• Renovated kitchen
• Updated flooring
• Bike storage

Tags

• RENOVATED ROOFTOP PATIO
• UPDATED FLOORING
• RENOVATED KITCHEN
• BIKE STORAGE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $118k.

Deal economics

• At list price, monthly cash flow is $-540 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $23k (80.8% below list).
• Meets the 1% rule at list price ($1k rent vs $118k).
• Recommended offer: $23k (80.8% below list) — sets the bar for cash-flow.
• Cap rate 0.8% vs local median 8.0% in Buffalo — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+8.5%/yr); 56 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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).
• This rent runs 32% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($816 loan paydown + $2k appreciation (1.9% local appreciation)).

Negotiation context

• It's been on market 61 days — a 6% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 15y ago; this cycle's ask has dropped $32k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 67% of rent.

Recommended offer $22,637 (80.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 81% concession, seller financing, or rate buy-down credit?
3. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 1.14% ✓
• Cap rate: 0.80%
• Cash-on-cash: -19.61%
• DSCR: 0.13
• GRM: 7.3

CMA / ARV

• ARV (median comp): $175,379
• List price: $118,000
• Delta: -32.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

1.86% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.41×
• Total profit: $-19,475
• Equity at exit: $45,667

10-year hold

• IRR: 0.4%
• Equity multiple: 1.06×
• Total profit: $1,910
• Equity at exit: $65,096

Cash invested: $33,040 (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 14209

• Home prices YoY: 0.4%
• Rents YoY: 8.5%
• Active inventory: 56
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,350 high
• Mortgage (P&I): −$619
• Tax from tax record: −$27 /mo · $325/yr
• Insurance: −$49
• HOA: −$911
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $-540

Break-even live

Break-even rent $2,033

Max offer price $22,637

Occupancy floor —

Sensitivity live

Price	-10% $-473	-5% $-506	+0% $-540	+5% $-573	+10% $-607
Rent	-10% $-646	-5% $-593	+0% $-540	+5% $-487	+10% $-433
Rate	-1.0pp $-480	-0.5pp $-510	base $-540	+0.5pp $-570	+1.0pp $-602

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: $29,500
• Closing costs: $3,540
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
871 Delaware Ave Apt 15 Buffalo, NY	1.0	1.0	650	$1,325	$2.04	15d	1	0.06mi
888 Delaware Ave Buffalo, NY	2.0	1.0–2.0	899	$2,045	$2.27	24d	1	0.10mi
916 Delaware Ave Buffalo, NY	2.0	1.0	750	$1,405	$1.87	4d	9	0.15mi
1155 Main St Buffalo, NY	2.0	1.0–2.0	592	$1,770	$2.99	44d	1	0.21mi
213 Summer St Apt 2 Buffalo, NY	—	1.0	488	$1,395	$2.86	22d	1	0.30mi
213 Summer St Apt 1 Buffalo, NY	1.0	1.0	687	$1,550	$2.26	22d	1	0.30mi
374 Elmwood Ave Apt 4 Buffalo, NY	1.0	1.0	700	$1,100	$1.57	44d	1	0.33mi
374 Elmwood Ave Unit 2 Buffalo, NY	1.0	1.0	700	$1,300	$1.86	24d	1	0.33mi
40 North St Unit 102 Buffalo, NY	1.0	1.5	702	$1,350	$1.92	3d	1	0.35mi
1040 Delaware Ave Buffalo, NY	1.0–2.0	1.0	687	$1,250	$1.82	4d	4	0.37mi
504 Elmwood Ave Unit 202 Buffalo, NY	1.0	1.0	602	$1,250	$2.08	44d	1	0.42mi
1145 Michigan Ave Buffalo, NY	2.0	1.0–2.0	655	$1,719	$2.62	44d	1	0.47mi
279 North St Buffalo, NY	1.0–2.0	1.0–2.0	820	$1,650	$2.01	44d	1	0.50mi
946 Main St Buffalo, NY	1.0	1.0	700	$1,000	$1.43	44d	1	0.51mi
26 Irving Pl Unit 2 Buffalo, NY	1.0	1.0	604	$1,259	$2.08	11d	1	0.52mi
26 Irving Pl Unit 12 Buffalo, NY	1.0	1.0	512	$1,289	$2.52	11d	1	0.52mi
26 Irving Pl Unit 16 Buffalo, NY	—	1.0	480	$1,129	$2.35	11d	1	0.52mi
273 Richmond Ave Buffalo, NY	1.0–2.0	1.0–1.5	789	$1,549	$1.96	24d	1	0.57mi
1165 Delaware Ave Buffalo, NY	1.0–2.0	1.0	658	$1,045	$1.59	44d	1	0.61mi
455 Franklin St #5 Buffalo, NY	1.0	1.0	400	$950	$2.38	4d	1	0.62mi
416 Jersey St Buffalo, NY	1.0	1.0	650	$1,100	$1.69	44d	1	0.64mi
983 Michigan Ave Buffalo, NY	2.0	1.0–2.0	804	$2,442	$3.04	3d	58	0.66mi
193 Southampton St Buffalo, NY	1.0	1.0	625	$1,400	$2.24	44d	1	0.67mi
201 Southampton St Buffalo, NY	1.0	1.0	600	$1,300	$2.17	44d	1	0.68mi
60 1/2 Days Park Unit 1 Buffalo, NY	1.0	1.0	600	$1,200	$2.00	44d	1	0.72mi
519 Virginia St Buffalo, NY	1.0–2.0	1.0–2.0	700	$1,650	$2.36	4d	3	0.72mi
51 Days Park Unit 4 Buffalo, NY	1.0	1.0	750	$1,195	$1.59	44d	1	0.73mi
126 Oxford Ave Apt 2 Buffalo, NY	1.0	1.0	750	$1,225	$1.63	15d	1	0.88mi
1310 Delaware Ave Buffalo, NY	2.0	1.0	684	$1,138	$1.66	44d	1	0.88mi
52 Locust St Unit 3 Buffalo, NY	1.0	1.0	500	$899	$1.80	44d	1	0.93mi
96 Fargo Ave Unit Rear Buffalo, NY	1.0	1.0	675	$1,275	$1.89	24d	1	0.98mi
76 Tracy St Unit 7 Buffalo, NY	1.0	1.0	575	$950	$1.65	15d	1	1.03mi
476 Niagara St Buffalo, NY	1.0	1.0	700	$800	$1.14	44d	1	1.13mi
1786 Main Rd Unit 115 Buffalo, NY	1.0	1.0	491	$1,215	$2.47	44d	1	1.14mi
1786 Main St Unit 113 Buffalo, NY	1.0	1.0	512	$1,405	$2.74	44d	1	1.14mi
1786 Main St Unit 110 Buffalo, NY	1.0	1.0	563	$1,343	$2.39	44d	1	1.14mi
193 Massachusetts Ave Buffalo, NY	1.0	1.0	700	$925	$1.32	44d	1	1.17mi
116 Bidwell Pkwy Buffalo, NY	1.0	1.0	550	$1,375	$2.50	4d	3	1.19mi
130 Parkdale Ave Buffalo, NY	1.0	1.0	650	$900	$1.38	44d	1	1.21mi
1116 Elmwood Ave Buffalo, NY	1.0	1.0	700	$995	$1.42	44d	1	1.46mi

HOA detail condo

• Monthly dues: $911 · $10,932/yr
• Likely covers: watertrash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-02
   status $118,000 Pending 61 DOM
2. 2026-06-01
   days on market $118,000 Active 61 DOM
3. 2026-05-31
   days on market $118,000 Active 60 DOM
4. 2026-04-03
   price $118,000 548-char remark

   Show marketing remark (548 chars)

   This 1 bedroom, 1 full bathroom condo is filled with amenities and offers a low maintenance lifestyle. Located conveniently on beautiful Delaware Ave, walking distance from Elmwood Village, The Executive Condominium offers a comfortable lobby, bike storage, one garage parking space, and a beautifully renovated rooftop patio that will be completed in the early summer. Inside the unit is complete with updated flooring, a renovated kitchen and comfortable bedroom layout. HOA includes heat, AC, water, trash, recycling and common area maintenance.

5. 2026-04-01
   listed $149,900 Active 548-char remark

   Show marketing remark (548 chars)

   This 1 bedroom, 1 full bathroom condo is filled with amenities and offers a low maintenance lifestyle. Located conveniently on beautiful Delaware Ave, walking distance from Elmwood Village, The Executive Condominium offers a comfortable lobby, bike storage, one garage parking space, and a beautifully renovated rooftop patio that will be completed in the early summer. Inside the unit is complete with updated flooring, a renovated kitchen and comfortable bedroom layout. HOA includes heat, AC, water, trash, recycling and common area maintenance.

6. 2026-03-31
   historical
7. 2026-02-26
   price $149,900
8. 2025-10-06
   listed $159,900 Active
9. 2025-10-03
   historical
10. 2025-08-05
    price $169,900
11. 2025-07-07
    price $179,900
12. 2025-06-03
    listed $189,900 Active
13. 2015-06-18
    soldstatus $150,000 Closed Sale or Rented
14. 2015-06-11
    soldstatus $150,000
15. 2015-02-25
    listed $154,900
16. 2012-09-07
    soldstatus $123,000
17. 2012-09-06
    soldstatus $123,000
18. 2011-11-04
    listed $139,900

ⓘ 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: $325 · $27/mo
• Projected year-2 tax: $1,160 · $97/mo
• Expected delta: +$835/yr (+$70/mo · 256.7%)

ⓘ 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 ≥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: $16,196
• − Mortgage interest: −$6,610
• − Property taxes: −$325
• − Insurance: −$590
• − Repairs & maintenance: −$1,296
• − Management: −$1,296
• − HOA: −$10,932
• − Depreciation: −$3,433
• Taxable loss: −$8,285
• Est. tax savings @ 24.0%: +$1,988
• After-tax cash flow: $-4,490/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): 8,313
• Household income: $50,046
• Rent vs Own: 66.3% rent · 33.7% own
• Severe rent burden: 959.0

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 0.62)
• Race & ethnicity: White 53% Black 30% Hispanic / Latino 11% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 6% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 9% · Canada, Dominican Republic, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▲ 1.86%
• Current HPI: 443.9414
• Rent YoY: ▲ 8.53%
• 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

-15.7% since first listed

15 events — show timeline

• 2026-04-03 Price Changed $118,000 WNYREIS
• 2026-04-01 Listed $149,900 WNYREIS
• 2026-03-31 Listing Removed — WNYREIS
• 2026-02-26 Price Changed $149,900 WNYREIS
• 2025-10-06 Listed $159,900 WNYREIS
• 2025-10-03 Listing Removed — WNYREIS
• 2025-08-05 Price Changed $169,900 WNYREIS
• 2025-07-07 Price Changed $179,900 WNYREIS
• 2025-06-03 Listed $189,900 WNYREIS
• 2015-06-18 Sold (MLS) $150,000 WNYREIS
• 2015-06-11 Sold (Public Records) $150,000 Public Records
• 2015-02-25 Listed $154,900 WNYREIS
• 2012-09-07 Sold (MLS) $123,000 WNYREIS
• 2012-09-06 Sold (Public Records) $123,000 Public Records
• 2011-11-04 Listed $139,900 WNYREIS

Property tax history

+6.0%/yr

Latest (2025): $325 · +0.0% YoY. Source: county tax records.