29 Garner Ave · Buffalo, NY 14213

$140,000

4 bd · 2.0 ba · 1,620 sqft · MultiFamily public records · 17 Days on market

Built 1847 3,780 sqft lot $86/sqft · 52% below area

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Why this score? — see what drove the B+ 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 +8.9/10.0
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Great income potential with a long term tenant in the lower. Owner motivated to sell and accepting all reasonable offers.

Key facts

• 3,780 sq ft lot
• Built 1847
• Listed 17 days

Property features AI

Finance

• Other: Separate gas and electric meters for each unit; Operating expense details: see remarks
• Financial info: Owner pays water (rent includes water); Two rental units with rents shown for one unit at $550 (other unit listed month-to-month)

Exterior

• Parking: On-street parking
• Utilities: Public water connected; Sewer connected; Cable available; Circuit breaker electric
• Home design: Two-story building; Existing structure
• Construction: Composite siding; Wood siding; Block foundation; Asphalt roof; Copper plumbing; Built (existing)
• Exterior features: City street frontage; Rectangular residential lot; Near public transit; Awning(s)

Interior

• Kitchen: Oven/Range; Refrigerator; Eat-in kitchen (one unit); Formal dining room (both units listed with dining)
• Bedrooms: Two 2-bedroom units
• Flooring: Carpet; Vinyl; Varies
• Bathrooms: Two full bathrooms (one per unit)
• Heating & cooling: Gas heating; Forced air; Space heater
• Interior features: Partial basement; Awning(s)
• Laundry & utility: Gas water heater

🏷️ Possibly a rental listed for sale. The $140,000 price doesn't fit this home's estimated sale value (~$290,555) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $708 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.4% 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; 24 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).
• This rent runs 43% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $11k of equity ($968 loan paydown + $11k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$40k 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 ($138k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y 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 $25k; list at $140k implies a 460% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1847 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $137,900 (1.5% below list)

Questions for the listing agent

1. Built in 1847 — 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: 1.39% ✓
• Cap rate: 12.36%
• Cash-on-cash: 21.68%
• DSCR: 1.96
• GRM: 6.0

CMA / ARV

• ARV (median comp): $290,555
• List price: $140,000
• Delta: -51.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
276 Potomac Ave	0.24mi	4/2.0	1,674 (+3%)	4mo	$167,000	$100	80
228 Potomac Ave	0.14mi	3/2.0 (-1)	1,782 (+10%)	10mo	$325,000	$182	64
118 Auburn Ave	0.44mi	4/2.0	1,760 (+9%)	9mo	$260,000	$148	58
73 Baynes St	0.65mi	4/2.0	1,698 (+5%)	6mo	$199,900	$118	57
319 Breckenridge St	0.59mi	3/2.0 (-1)	1,632 (+1%)	22mo	$159,900	$98	48
92 Dewitt St	0.38mi	4/2.0	1,856 (+15%)	13mo	$60,000	$32	47
20 Auchinvole Ave	0.48mi	4/2.0	1,846 (+14%)	23mo	$160,000	$87	35

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: 34.6%
• Equity multiple: 3.36×
• Total profit: $92,678
• Equity at exit: $101,748

10-year hold

• IRR: 30.0%
• Equity multiple: 6.73×
• Total profit: $224,765
• Equity at exit: $197,721

Cash invested: $39,200 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,951 high
• Mortgage (P&I): −$734
• Tax from tax record: −$40 /mo · $482/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $708

Break-even live

Break-even rent $1,054

Max offer price $140,000

Occupancy floor 59%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
232 Dewitt St Buffalo, NY	3.0	1.0	1200	$1,300	$1.08	23d	1	0.13mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	1d	14	0.26mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	14d	1	0.27mi
305 Bird Ave Unit 3 Buffalo, NY	3.0	1.5	1128	$2,300	$2.04	44d	1	0.33mi
309 Bird Ave Unit 1 Buffalo, NY	3.0	1.0	1100	$2,200	$2.00	44d	1	0.33mi
374 Baynes St Buffalo, NY	3.0	1.0	1126	$1,550	$1.38	44d	1	0.46mi
37 Abbottsford Pl Buffalo, NY	3.0	1.0	1130	$1,650	$1.46	44d	1	0.57mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	0.65mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	23d	1	0.67mi
891 Richmond Ave Buffalo, NY	3.0	1.0	1176	$1,800	$1.53	44d	1	0.70mi
478 Breckenridge St Buffalo, NY	3.0	1.0	1100	$1,575	$1.43	44d	1	0.75mi
375 Hampshire St Buffalo, NY	3.0	1.0	1200	$1,100	$0.92	44d	1	0.77mi
310 Hampshire St Apt 3 Buffalo, NY	3.0	1.0	1200	$1,500	$1.25	44d	1	0.79mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	14d	1	1.00mi
62 Germain St Buffalo, NY	3.0	1.0	1320	$1,250	$0.95	23d	1	1.01mi
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	14d	1	1.03mi
685 Auburn Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,750	$1.46	14d	1	1.06mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	23d	1	1.22mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	23d	1	1.27mi
825 Forest Ave Unit 1 Buffalo, NY	3.0	1.0	1200	$1,700	$1.42	3d	1	1.32mi
825 Forest Ave Buffalo, NY	3.0	1.0	1200	$2,000	$1.67	23d	1	1.32mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	20d	1	1.35mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	1.38mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	14d	1	1.39mi

Listing history 8 events

1. 2026-05-04
   listed $140,000 Active
2. 2013-03-12
   soldstatus $25,000 121-char remark

   Show marketing remark (121 chars)

   Great income potential with a long term tenant in the lower. Owner motivated to sell and accepting all reasonable offers.

3. 2013-03-11
   soldstatus $25,000
4. 2012-08-27
   listed $28,500 121-char remark

   Show marketing remark (121 chars)

   Great income potential with a long term tenant in the lower. Owner motivated to sell and accepting all reasonable offers.

5. 2010-01-12
   soldstatus $425

   Show marketing remark (149 chars)

   2 bedroom, 1 bath lower available to rent for $425/mth. Unit has a new kitchen, new carpet and new windows. Rent includes water and trash. See today!

6. 2009-11-03
   listed $425

   Show marketing remark (149 chars)

   2 bedroom, 1 bath lower available to rent for $425/mth. Unit has a new kitchen, new carpet and new windows. Rent includes water and trash. See today!

7. 2006-08-29
   soldstatus $24,000
8. 2004-03-25
   soldstatus $11,000

ⓘ 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: $482 · $40/mo
• Projected year-2 tax: $1,424 · $119/mo
• Expected delta: +$942/yr (+$78/mo · 195.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 50% 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: $23,408
• − Mortgage interest: −$7,842
• − Property taxes: −$482
• − Insurance: −$700
• − Repairs & maintenance: −$1,873
• − Management: −$1,873
• − Depreciation: −$4,073
• Taxable income: $6,565
• Est. tax owed @ 24.0%: −$1,576
• After-tax cash flow: $6,924/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

+1172.7% since first listed

9 events — show timeline

• 2026-05-21 Pending — WNYREIS
• 2026-05-04 Listed $140,000 WNYREIS
• 2013-03-12 Sold (MLS) $25,000 WNYREIS
• 2013-03-11 Sold (Public Records) $25,000 Public Records
• 2012-08-27 Listed $28,500 WNYREIS
• 2010-01-12 Sold (MLS) $425 WNYREIS
• 2009-11-03 Listed $425 WNYREIS
• 2006-08-29 Sold (Public Records) $24,000 Public Records
• 2004-03-25 Sold (Public Records) $11,000 Public Records

Property tax history

+12.2%/yr

Latest (2025): $482 · -12.2% YoY. Source: county tax records.