125 Ludington St · Buffalo, NY 14206

$149,900

4 bd · 1.0 ba · 1,056 sqft · SingleFamily public records · 7 Days on market

Built 1910 3,378 sqft lot Est $156k · at est.

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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 +22.1/30.0
• ARV discount +9.3/15.0
• Appreciation +9.0/10.0
• DSCR +7.1/10.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Come see this 3 bedroom 1 bath old style home with all its charm! Come sit on the covered porch and entertain in the fully fenced yard. 2 additional rooms upstairs could be 2 more bedrooms/office or more storage. Tons of storage available! Newer furnace with a transferable warranty, carpets (4 years), HWT (5 years), 1/2 of the roof reshingled in 2017: most windows have been replaced; glass block windows in basement; original trim, 12x14 shed; all appliances stay including freezer, washer and dryer. This home has more to offer than meets the eye. Come and book your appointment today!

Key facts

• Large eat-in kitchen
• Bonus room
• Storage shed

Tags

• LARGE EAT-IN KITCHEN
• LOFT AREA
• BONUS ROOM
• FULLY FENCED YARD
• STORAGE SHED
• MAJOR UPDATES

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water connected; Sewer connected; Electric service with circuit breakers
• Home design: Single-story listed (interior includes second-level rooms/loft); Vinyl siding; Resale condition; City street frontage; Rectangular residential lot (approx. 28 x 120)
• Construction: Asphalt roof; Stone foundation; Copper plumbing; Existing (previously built)
• Exterior features: Concrete driveway; Fully fenced yard; Open porch; Shed(s) and additional storage

Interior

• Kitchen: Refrigerator; Eat-in kitchen layout
• Bedrooms: Two main-level bedrooms; Additional bedrooms on second level including a loft area
• Flooring: Hardwood; Laminate; Varies
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Eat-in kitchen; Separate/formal living room; Living/dining room combination; Loft; Bedroom on main level; Partial basement
• Laundry & utility: Washer located in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (5.0% below list).
• Recommended offer: $142k (5.0% below list) — sets the bar for 1% rule.

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: 169 active listings in the ZIP; 3 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 34% 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 $13k of equity ($1k loan paydown + $12k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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 $70k; list at $150k implies a 115% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $142,438 (5.0% below list)

Questions for the listing agent

1. Built in 1910 — 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: 0.95% ✗
• Cap rate: 8.23%
• Cash-on-cash: 6.93%
• DSCR: 1.31
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $156,288
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
86 Moreland St	0.26mi	4/1.0	1,069 (+1%)	12mo	$82,000	$77	76
29 Bogardus St	0.22mi	3/1.0 (-1)	1,092 (+3%)	10mo	$150,000	$137	70
324 Ideal St	0.45mi	4/2.0	1,092 (+3%)	6mo	$195,000	$179	64
74 Vanderbilt St	0.39mi	3/1.0 (-1)	1,136 (+8%)	3mo	$105,000	$92	62
31 Schiller St	0.43mi	3/1.0 (-1)	1,037 (-2%)	13mo	$90,000	$87	61
105 Regent St	0.28mi	3/2.0 (-1)	1,138 (+8%)	6mo	$110,000	$97	60
379 N Ogden St Unit E	0.69mi	3/1.0 (-1)	1,083 (+3%)	3mo	$160,000	$148	56
67 Gold St	0.23mi	3/2.0 (-1)	1,183 (+12%)	8mo	$103,500	$87	54
391 Greene St	0.58mi	3/1.0 (-1)	1,144 (+8%)	2mo	$200,000	$175	52
302 N Pleasant Pkwy	0.71mi	3/1.0 (-1)	1,000 (-5%)	7mo	$185,000	$185	47
185 Wagner Ave	0.68mi	3/1.5 (-1)	971 (-8%)	12mo	$197,500	$203	38
212 Wagner Ave	0.69mi	3/1.0 (-1)	1,166 (+10%)	12mo	$205,000	$176	36

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

Projected returns pro-forma

8.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.4%
• Equity multiple: 2.85×
• Total profit: $77,671
• Equity at exit: $114,479

10-year hold

• IRR: 22.9%
• Equity multiple: 6.09×
• Total profit: $213,760
• Equity at exit: $227,810

Cash invested: $41,972 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 169
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,424 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$34 /mo · $413/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $242

Break-even live

Break-even rent $1,118

Max offer price $149,900

Occupancy floor 78%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1150 Bailey Ave Buffalo, NY	4.0	1.5	1100	$1,200	$1.09	23d	1	0.30mi
1777 Broadway Unit 2 Buffalo, NY	3.0	1.0	1300	$1,200	$0.92	43d	1	0.71mi
14 Rutland Ave Buffalo, NY	4.0	1.0	1430	$2,200	$1.54	10d	1	1.31mi

Listing history 7 events

1. 2026-06-18
   days on market $149,900 Active 7 DOM
2. 2026-06-17
   days on market $149,900 Active 6 DOM
3. 2026-06-16
   days on market $149,900 Active 5 DOM
4. 2026-06-15
   days on market $149,900 Active 4 DOM
5. 2026-06-13
   days on market $149,900 Active 2 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $149,900 Active 1 DOM

ⓘ 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: $413 · $34/mo
• Projected year-2 tax: $1,473 · $123/mo
• Expected delta: +$1,060/yr (+$88/mo · 256.9%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,093
• − Mortgage interest: −$8,397
• − Property taxes: −$413
• − Insurance: −$750
• − Repairs & maintenance: −$1,367
• − Management: −$1,367
• − Depreciation: −$4,361
• Taxable income: $438
• Est. tax owed @ 24.0%: −$105
• After-tax cash flow: $2,803/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): 21,631
• Household income: $50,450
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 841.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Romanian 25% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Arabic 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: ▲ 8.06%
• Current HPI: 457.3935
• Rent YoY: —
• 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

+115.7% since first listed

11 events — show timeline

• 2026-06-11 Listed $149,900 WNYREIS
• 2018-10-05 Sold (Public Records) $69,800 Public Records
• 2018-10-05 Sold (MLS) $69,800 WNYREIS
• 2018-09-24 Pending — WNYREIS
• 2018-08-06 Pending — WNYREIS
• 2018-07-17 Relisted — WNYREIS
• 2018-07-13 Pending — WNYREIS
• 2018-07-06 Relisted — WNYREIS
• 2018-05-29 Pending — WNYREIS
• 2018-05-22 Pending — WNYREIS
• 2018-05-11 Listed $69,500 WNYREIS

Property tax history

+4.0%/yr

Latest (2025): $413 · +44.4% YoY. Source: county tax records.