106 Dodge St · Buffalo, NY 14209

$75,000

6 bd · 2.0 ba · 2,440 sqft · MultiFamily public records · 29 Days on market

Built 1910 4,230 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Location, Location, Location!!! Upper & lower, minutes from downtown, hospitals, highway, Anchor Bar and Main Street. House needs renovations.

Key facts

• Off street parking
• Large lot
• Large attic

Tags

• LARGE ATTIC
• OFF STREET PARKING
• LARGE LOT
• 3 BLOCKS TO MEDICAL CAMPUS
• 1 BLOCK TO MASTEN PARK
• 1 BLOCK FROM MAIN STREET

Property features AI

Finance

• Financial info: Tenant pays all utilities; Operating expense details: see remarks

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story residence; Residential 2-unit zoning
• Construction: Wood siding; Asphalt roof; Stone foundation; Existing construction
• Exterior features: Open porch; Rectangular residential lot with city street frontage; Lot dimensions approximately 30 x 141

Interior

• Flooring: Hardwood; Varies
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas heating (see remarks)
• Interior features: Hardwood and varied flooring; Full basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 50.0% 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 rising fast (+8.5%/yr); 56 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,115/mo this rent would consume 99% of the median local household income ($50k/yr) (locally 959% 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 $2k of equity ($519 loan paydown + $1k appreciation (1.9% local appreciation)).
• At projected returns (1.9% appreciation + 8.0% rent growth), your $21k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $50k; list at $75k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $73,875 (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 1910 — 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: 5.49% ✓
• Cap rate: 50.01%
• Cash-on-cash: 156.15%
• DSCR: 7.95
• GRM: 1.5

CMA / ARV

• ARV (on-the-fly): $222,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 Riley St	0.34mi	6/3.0	2,522 (+3%)	7mo	$210,000	$83	68
44 Laurel St	0.31mi	6/2.0	2,600 (+7%)	10mo	$130,100	$50	66
253 High St	0.45mi	6/2.0	2,448 (+0%)	16mo	$233,000	$95	65
248 Peach St	0.46mi	6/2.0	2,612 (+7%)	4mo	$191,000	$73	63
361 E North St Unit S	0.53mi	5/2.5 (-1)	2,544 (+4%)	3mo	$172,500	$68	59
53 Pershing Ave	0.70mi	5/2.0 (-1)	2,360 (-3%)	11mo	$149,000	$63	48
494 Best St	0.71mi	6/2.0	2,352 (-4%)	17mo	$267,000	$114	47
37 Pershing Ave	0.71mi	5/3.0 (-1)	2,641 (+8%)	1mo	$85,000	$32	43
254 W Utica St	0.72mi	6/2.0	2,206 (-10%)	15mo	$375,000	$170	38
159 Purdy St	0.70mi	6/2.0	2,080 (-15%)	6mo	$212,500	$102	38
157 Park St	0.69mi	5/3.0 (-1)	2,644 (+8%)	11mo	$661,000	$250	35
227 Timon St	0.70mi	6/2.0	2,084 (-15%)	10mo	$190,000	$91	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 10.55×
• Total profit: $200,465
• Equity at exit: $29,026

10-year hold

• IRR: —
• Equity multiple: 25.58×
• Total profit: $516,085
• Equity at exit: $41,375

Cash invested: $21,000 (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: 3.0×

Monthly cashflow live

• Estimated rent: $4,115 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$864
• Net cashflow: $2,733

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 29%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,114
Total (2 units)			$4,115

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	23d	1	1.29mi
15 Hughes Ave Buffalo, NY	7.0	2.0	1650	$3,000	$1.82	43d	1	1.38mi

Listing history 25 events

1. 2026-06-18
   days on market $75,000 Active 29 DOM
2. 2026-06-17
   days on market $75,000 Active 28 DOM
3. 2026-06-16
   days on market $75,000 Active 27 DOM
4. 2026-06-15
   days on market $75,000 Active 26 DOM
5. 2026-06-13
   days on market $75,000 Active 24 DOM
6. 2026-06-13
   days on market $75,000 Active 23 DOM
7. 2026-06-10
   days on market $75,000 Active 21 DOM
8. 2026-06-09
   days on market $75,000 Active 20 DOM
9. 2026-06-08
   days on market $75,000 Active 19 DOM
10. 2026-06-07
    days on market $75,000 Active 18 DOM
11. 2026-06-03
    days on market $75,000 Active 14 DOM
12. 2026-06-02
    days on market $75,000 Active 13 DOM
13. 2026-06-01
    days on market $75,000 Active 12 DOM
14. 2026-05-31
    days on market $75,000 Active 11 DOM
15. 2026-05-17
    listed $75,000 Active
16. 2025-08-06
    soldstatus $50,000
17. 2016-10-24
    soldstatus $15,000 Closed Sale or Rented 148-char remark

    Show marketing remark (148 chars)

    Location, Location, Location!!! Upper & lower, minutes from downtown, hospitals, highway, Anchor Bar and Main Street. House needs renovations.

18. 2016-10-18
    soldstatus $15,000
19. 2016-06-09
    status Pending Sale 148-char remark

    Show marketing remark (148 chars)

    Location, Location, Location!!! Upper & lower, minutes from downtown, hospitals, highway, Anchor Bar and Main Street. House needs renovations.

20. 2016-06-09
    status Active 148-char remark

    Show marketing remark (148 chars)

    Location, Location, Location!!! Upper & lower, minutes from downtown, hospitals, highway, Anchor Bar and Main Street. House needs renovations.

21. 2016-05-05
    historical 148-char remark

    Show marketing remark (148 chars)

    Location, Location, Location!!! Upper & lower, minutes from downtown, hospitals, highway, Anchor Bar and Main Street. House needs renovations.

22. 2016-05-02
    price $29,900 148-char remark

    Show marketing remark (148 chars)

    Location, Location, Location!!! Upper & lower, minutes from downtown, hospitals, highway, Anchor Bar and Main Street. House needs renovations.

23. 2016-02-06
    listed $34,900 Active 148-char remark

    Show marketing remark (148 chars)

    Location, Location, Location!!! Upper & lower, minutes from downtown, hospitals, highway, Anchor Bar and Main Street. House needs renovations.

24. 2016-01-17
    historical
25. 2015-10-16
    listed $41,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% 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: $49,380
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$3,950
• − Management: −$3,950
• − Depreciation: −$2,182
• Taxable income: $33,596
• Est. tax owed @ 24.0%: −$8,063
• After-tax cash flow: $24,727/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

+79.0% since first listed

11 events — show timeline

• 2026-05-17 Listed $75,000 WNYREIS
• 2025-08-06 Sold (Public Records) $50,000 Public Records
• 2016-10-24 Sold (MLS) $15,000 WNYREIS
• 2016-10-18 Sold (Public Records) $15,000 Public Records
• 2016-06-09 Pending — WNYREIS
• 2016-06-09 Relisted — WNYREIS
• 2016-05-05 Listing Removed — WNYREIS
• 2016-05-02 Price Changed $29,900 WNYREIS
• 2016-02-06 Listed $34,900 WNYREIS
• 2016-01-17 Listing Removed — WNYREIS
• 2015-10-16 Listed $41,900 WNYREIS

Property tax history

-2.8%/yr

Latest (2025): $95 · +0.0% YoY. Source: county tax records.