82 Reservation St · Buffalo, NY 14207

$139,900

6 bd · 2.0 ba · 1,582 sqft · MultiFamily public records · 51 Days on market

Built 1910 3,872 sqft lot $88/sqft · 45% below area Est $256k · 45% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• 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

Check out this opportunity to make this multi-family home your own. It is located in Blackrock near Chandlerville, Wegmans, Buffalo State university and Elmwood avenue. The property features a renovated unit in the upper apartment with a current tenant. The lower is in need of light renovation to bring it back to rent-ready status. The property is being sold as-is. Sewer rent is $83.25 annually. The lower unit is vacant and easy to see, the upper unit requires 24 hour notice and can be viewed daily, Monday to Saturday between 9am-3pm. An open house will be held on 01/13/2024 from 10a-12pm.

Key facts

• Two-unit property
• Tenant-occupied
• 3,872 sq ft lot

Tags

• TWO-UNIT PROPERTY
• RECENTLY UPDATED UPPER UNIT
• TENANT-OCCUPIED
• STRONG VALUE-ADD OPPORTUNITY
• PARTIALLY GUTTED LOWER UNIT
• FULL RENOVATION OPPORTUNITY

Property features AI

Finance

• Financial info: Two total units (both in the community); Separate gas and electric meters for each unit; Owner pays water; water included in rent; Operating expenses include water; One unit currently rented month-to-month at $850

Exterior

• Parking: No driveway
• Utilities: Electricity available; High-speed internet available; Public water connected; Sewer connected
• Home design: 2-story building; Resale property
• Construction: Vinyl siding; Asphalt roof; Block foundation; Built as existing (year built listed as existing)
• Exterior features: Covered porch

Interior

• Kitchen: Eat-in kitchens in each unit
• Bedrooms: Two 3-bedroom units (each with an eat-in kitchen)
• Flooring: Hardwood; Varies
• Bathrooms: Two full bathrooms (one per unit)
• Heating & cooling: Gas baseboard heating
• Interior features: Hardwood and varied flooring; Full basement
• Laundry & utility: Gas water heater

🏷️ Possibly a rental listed for sale. The $139,900 price doesn't fit this home's estimated sale value (~$255,618) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.1% 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 (+8.2%/yr); 199 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,786/mo this rent would consume 84% of the median local household income ($40k/yr) (locally 2177% 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 $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $117k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.99% ✓
• Cap rate: 18.09%
• Cash-on-cash: 42.13%
• DSCR: 2.87
• GRM: 4.2

CMA / ARV

• ARV (median comp): $255,618
• List price: $139,900
• Delta: -45.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
80 Peter St	0.19mi	5/2.0 (-1)	1,469 (-7%)	4mo	$125,000	$85	71
64 Gladstone St	0.49mi	6/2.0	1,720 (+9%)	6mo	$118,000	$69	57
26 Clay St	0.45mi	5/2.0 (-1)	1,511 (-4%)	13mo	$192,500	$127	56
92 Greeley St	0.60mi	5/2.0 (-1)	1,766 (+12%)	6mo	$220,000	$125	42
222 Amherst St	0.59mi	5/3.0 (-1)	1,686 (+7%)	20mo	$50,000	$30	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 44.1%
• Equity multiple: 3.03×
• Total profit: $79,610
• Equity at exit: $20,860

10-year hold

• IRR: 52.1%
• Equity multiple: 7.36×
• Total profit: $248,954
• Equity at exit: $12,096

Cash invested: $39,172 (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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 199
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,786 high
• Mortgage (P&I): −$734
• Tax from tax record: −$34 /mo · $403/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$585
• Net cashflow: $1,375

Break-even live

Break-even rent $1,045

Max offer price $139,900

Occupancy floor 46%

Sensitivity live

Price	-10% $1,455	-5% $1,415	+0% $1,375	+5% $1,336	+10% $1,296
Rent	-10% $1,155	-5% $1,265	+0% $1,375	+5% $1,485	+10% $1,596
Rate	-1.0pp $1,446	-0.5pp $1,411	base $1,375	+0.5pp $1,339	+1.0pp $1,302

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,786
Total (2 units)			$2,786

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 Bird Ave Unit H Buffalo, NY	6.0	2.0	1100	$4,900	$4.45	44d	1	1.12mi

Listing history 26 events

1. 2026-06-21
   days on market $139,900 Active 51 DOM
2. 2026-06-18
   days on market $139,900 Active 48 DOM
3. 2026-06-17
   days on market $139,900 Active 47 DOM
4. 2026-06-16
   days on market $139,900 Active 46 DOM
5. 2026-06-15
   days on market $139,900 Active 45 DOM
6. 2026-06-13
   days on market $139,900 Active 43 DOM
7. 2026-06-13
   days on market $139,900 Active 42 DOM
8. 2026-06-10
   days on market $139,900 Active 40 DOM
9. 2026-06-09
   days on market $139,900 Active 39 DOM
10. 2026-06-08
    days on market $139,900 Active 38 DOM
11. 2026-06-07
    days on market $139,900 Active 37 DOM
12. 2026-06-03
    days on market $139,900 Active 33 DOM
13. 2026-06-02
    days on market $139,900 Active 32 DOM
14. 2026-06-01
    days on market $139,900 Active 31 DOM
15. 2026-05-31
    days on market $139,900 Active 30 DOM
16. 2026-05-01
    listed $139,900 Active 508-char remark
17. 2024-05-01
    soldstatus $117,000 Closed 596-char remark

    Show marketing remark (596 chars)

    Check out this opportunity to make this multi-family home your own. It is located in Blackrock near Chandlerville, Wegmans, Buffalo State university and Elmwood avenue. The property features a renovated unit in the upper apartment with a current tenant. The lower is in need of light renovation to bring it back to rent-ready status. The property is being sold as-is. Sewer rent is $83.25 annually. The lower unit is vacant and easy to see, the upper unit requires 24 hour notice and can be viewed daily, Monday to Saturday between 9am-3pm. An open house will be held on 01/13/2024 from 10a-12pm.

18. 2024-02-02
    status Pending 596-char remark

    Show marketing remark (596 chars)

    Check out this opportunity to make this multi-family home your own. It is located in Blackrock near Chandlerville, Wegmans, Buffalo State university and Elmwood avenue. The property features a renovated unit in the upper apartment with a current tenant. The lower is in need of light renovation to bring it back to rent-ready status. The property is being sold as-is. Sewer rent is $83.25 annually. The lower unit is vacant and easy to see, the upper unit requires 24 hour notice and can be viewed daily, Monday to Saturday between 9am-3pm. An open house will be held on 01/13/2024 from 10a-12pm.

19. 2024-01-08
    listed $134,900 Active 596-char remark

    Show marketing remark (596 chars)

    Check out this opportunity to make this multi-family home your own. It is located in Blackrock near Chandlerville, Wegmans, Buffalo State university and Elmwood avenue. The property features a renovated unit in the upper apartment with a current tenant. The lower is in need of light renovation to bring it back to rent-ready status. The property is being sold as-is. Sewer rent is $83.25 annually. The lower unit is vacant and easy to see, the upper unit requires 24 hour notice and can be viewed daily, Monday to Saturday between 9am-3pm. An open house will be held on 01/13/2024 from 10a-12pm.

20. 2019-04-05
    soldstatus $90,000 Closed Sale or Rented

    Show marketing remark (239 chars)

    Fully Occupied 3/3 double in Black Rock neighborhood, both great long term tenants, property currently bringing in 15,900 in rental income, Great investment property!! Both apartments in great condition with very little maintenance needed.

21. 2019-04-05
    soldstatus $88,925

    Show marketing remark (239 chars)

    Fully Occupied 3/3 double in Black Rock neighborhood, both great long term tenants, property currently bringing in 15,900 in rental income, Great investment property!! Both apartments in great condition with very little maintenance needed.

22. 2019-01-04
    status Under Contract- Do Not Show

    Show marketing remark (239 chars)

    Fully Occupied 3/3 double in Black Rock neighborhood, both great long term tenants, property currently bringing in 15,900 in rental income, Great investment property!! Both apartments in great condition with very little maintenance needed.

23. 2018-11-02
    listed $105,000 Active

    Show marketing remark (239 chars)

    Fully Occupied 3/3 double in Black Rock neighborhood, both great long term tenants, property currently bringing in 15,900 in rental income, Great investment property!! Both apartments in great condition with very little maintenance needed.

24. 2017-03-15
    soldstatus $45,000
25. 2017-03-15
    soldstatus $71,000
26. 2006-06-15
    soldstatus $32,000

ⓘ 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: $403 · $34/mo
• Projected year-2 tax: $1,384 · $115/mo
• Expected delta: +$981/yr (+$82/mo · 243.4%)

ⓘ 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: $33,432
• − Mortgage interest: −$7,837
• − Property taxes: −$403
• − Insurance: −$700
• − Repairs & maintenance: −$2,675
• − Management: −$2,675
• − Depreciation: −$4,070
• Taxable income: $15,074
• Est. tax owed @ 24.0%: −$3,618
• After-tax cash flow: $12,887/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

+337.2% since first listed

11 events — show timeline

• 2026-05-01 Listed $139,900 WNYREIS
• 2024-05-01 Sold (MLS) $117,000 WNYREIS
• 2024-02-02 Pending — WNYREIS
• 2024-01-08 Listed $134,900 WNYREIS
• 2019-04-05 Sold (Public Records) $88,925 Public Records
• 2019-04-05 Sold (MLS) $90,000 WNYREIS
• 2019-01-04 Pending — WNYREIS
• 2018-11-02 Listed $105,000 WNYREIS
• 2017-03-15 Sold (Public Records) $71,000 Public Records
• 2017-03-15 Sold (Public Records) $45,000 Public Records
• 2006-06-15 Sold (Public Records) $32,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $403 · +35.6% YoY. Source: county tax records.