487 Main St · Buffalo, NY 14224

$389,900

5 bd · 2.0 ba · 2,477 sqft · SingleFamily public records · 12 Days on market

Built 1913 0.28 ac lot Est $354k · 10% over

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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 +22.8/30.0
• DSCR +7.3/10.0
• 1% rule +6.3/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• ARV discount +3.0/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large Colonial/Victorian Home w/ 5 Bdrms, 2 full baths. Easily converted into double or in-law if needed. Natural woodwork. Leaded glass windows. Heated pool w/ hot tub. Double Parlor w/ Oak pillars. Walk out Bsmt. w/ glass block windows. Hardwood Floors, Front porch. 2 driveways, ample parking. 2nd story deck. New windows (2011) Roof(Tear off 2011), HWT 12YRS, Furnace on 2nd floor 8yrs, lower ? New carpeting(2011). Walking distance to Park, Library & Southgate Plaza. Large partially fenced yard. Updated baths. This home is move in ready.

Key facts

• Oak pillars
• Pocket doors
• Formal dining room

Tags

• ORIGINAL HARDWOOD FLOORS
• TWO FIREPLACES
• OAK PILLARS
• POCKET DOORS
• LEADED GLASS WINDOWS
• FORMAL DINING ROOM

Property features AI

Exterior

• Parking: Detached garage; Driveway; One garage space
• Security: Full yard fencing
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected
• Home design: Two-story house; Existing/resale property; Rectangular residential lot; City street frontage; Lot dimensions approximately 60 x 200
• Construction: Aluminum and vinyl siding; Asphalt architectural shingle roof; Copper plumbing; Block and poured foundation
• Exterior features: Deck; Covered patio/porch; Patio; Private yard; Fully fenced yard; Sprinkler/irrigation system; In-ground pool; Blacktop driveway; Shed(s) / storage; See remarks

Interior

• Kitchen: Gas oven; Gas range; Refrigerator; Pantry / walk-in pantry; Solid surface counters; Eat-in kitchen
• Bedrooms: Five bedrooms total; Primary and additional bedrooms on first and second levels (bedrooms on both main and second levels)
• Flooring: Ceramic tile; Hardwood; Laminate; Luxury vinyl; Varies
• Bathrooms: Two full bathrooms; One full bathroom on the main level
• Heating & cooling: Gas heating with forced air and hot water systems; Central air conditioning
• Interior features: Ceiling fans; Separate/formal dining room; Entrance foyer; Eat-in kitchen; Separate/formal living room; Pantry; Walk-in pantry; Solid surface counters; Natural woodwork; Leaded glass windows; Thermal windows; See remarks; Bedroom on main level; Other interior features
• Laundry & utility: Washer and dryer included; Laundry located in the basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $390k.

Deal economics

• At list price, monthly cash flow is $680 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).

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: 201 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $107k; list at $390k implies a 264% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $389,900

Questions for the listing agent

1. Built in 1913 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 8.39%
• Cash-on-cash: 7.48%
• DSCR: 1.33
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $354,211
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
199 Prospect Ave	0.72mi	5/2.0	2,232 (-10%)	1mo	$85,000	$38	49
409 Hickory St	0.72mi	4/3.0 (-1)	2,538 (+2%)	18mo	$363,000	$143	39

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: -4.8%
• Equity multiple: 0.82×
• Total profit: $-19,726
• Equity at exit: $58,135

10-year hold

• IRR: 4.9%
• Equity multiple: 1.36×
• Total profit: $39,134
• Equity at exit: $33,711

Cash invested: $109,172 (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 14224

• Active inventory: 201
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $4,400 medium
• Mortgage (P&I): −$2,045
• Tax from tax record: −$589 /mo · $7,063/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$924
• Net cashflow: $680

Break-even live

Break-even rent $3,539

Max offer price $389,900

Occupancy floor 80%

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	1.45mi

Listing history 13 events

1. 2026-06-10
   status $389,900 Pending 12 DOM
2. 2026-06-09
   days on market $389,900 Active 12 DOM
3. 2026-06-08
   days on market $389,900 Active 11 DOM
4. 2026-06-07
   days on market $389,900 Active 10 DOM
5. 2026-06-03
   days on market $389,900 Active 6 DOM
6. 2026-06-02
   days on market $389,900 Active 5 DOM
7. 2026-06-01
   days on market $389,900 Active 4 DOM
8. 2026-05-31
   days on market $389,900 Active 3 DOM
9. 2026-05-29
   listed $389,900 Active
10. 2023-05-22
    soldstatus $107,000
11. 2012-07-10
    soldstatus $158,000 550-char remark

    Show marketing remark (550 chars)

    Large Colonial/Victorian Home w/ 5 Bdrms, 2 full baths. Easily converted into double or in-law if needed. Natural woodwork. Leaded glass windows. Heated pool w/ hot tub. Double Parlor w/ Oak pillars. Walk out Bsmt. w/ glass block windows. Hardwood Floors, Front porch. 2 driveways, ample parking. 2nd story deck. New windows (2011) Roof(Tear off 2011), HWT 12YRS, Furnace on 2nd floor 8yrs, lower ? New carpeting(2011). Walking distance to Park, Library & Southgate Plaza. Large partially fenced yard. Updated baths. This home is move in ready.

12. 2012-06-29
    soldstatus $158,000
13. 2012-03-01
    listed $159,900 550-char remark

    Show marketing remark (550 chars)

    Large Colonial/Victorian Home w/ 5 Bdrms, 2 full baths. Easily converted into double or in-law if needed. Natural woodwork. Leaded glass windows. Heated pool w/ hot tub. Double Parlor w/ Oak pillars. Walk out Bsmt. w/ glass block windows. Hardwood Floors, Front porch. 2 driveways, ample parking. 2nd story deck. New windows (2011) Roof(Tear off 2011), HWT 12YRS, Furnace on 2nd floor 8yrs, lower ? New carpeting(2011). Walking distance to Park, Library & Southgate Plaza. Large partially fenced yard. Updated baths. This home is move in ready.

ⓘ 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: $7,063 · $589/mo
• Projected year-2 tax: $7,063 · $589/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $52,800
• − Mortgage interest: −$21,840
• − Property taxes: −$7,063
• − Insurance: −$1,950
• − Repairs & maintenance: −$4,224
• − Management: −$4,224
• − Depreciation: −$11,343
• Taxable income: $2,156
• Est. tax owed @ 24.0%: −$517
• After-tax cash flow: $7,646/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
• City population: 440,021
• Population (ZIP): 41,101

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3% Black 2%
• Common ancestry: Romanian 22% Lithuanian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Arabic 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: ▼ -211.03%
• Current HPI: 303.7523
• Rent YoY: —
• Metro: —
• 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

+143.8% since first listed

5 events — show timeline

• 2026-05-29 Listed $389,900 WNYREIS
• 2023-05-22 Sold (Public Records) $107,000 Public Records
• 2012-07-10 Sold (MLS) $158,000 WNYREIS
• 2012-06-29 Sold (Public Records) $158,000 Public Records
• 2012-03-01 Listed $159,900 WNYREIS

Property tax history

+2.0%/yr

Latest (2025): $7,063 · -0.8% YoY. Source: county tax records.