15 Newman Pl · Buffalo, NY 14210

$150,000

5 bd · 2.0 ba · 1,756 sqft · MultiFamily public records · 15 Days on market

Built 1900 4,380 sqft lot Est $200k · 25% under

---

Why this score? — see what drove the A 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
• Appreciation +10.0/10.0
• Rent growth +5.0/5.0
• 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

VR Pricing, Seller will consider offers between $130k-160k. 2 unit home close to Caz Park. Upper apartment has open porch. Close to all Seneca Street and South Buffalo has to offer. Seller wants a quick sale, great opportunity to buy below market value.

Key facts

• 2 unit home
• Open porch
• Close to caz park

Tags

• 2 UNIT HOME
• OPEN PORCH
• CLOSE TO CAZ PARK
• CLOSE TO SENECA STREET
• CLOSE TO SOUTH BUFFALO

Property features AI

Finance

• Other: Operating expenses include maintenance (structure and general) and water/sewer; see remarks for details
• Financial info: Owner pays trash collection and water; Rent includes trash collection and water; Two-unit building with separate gas and electric meters for each unit; Each unit currently shows $1,000 actual rent

Exterior

• Parking: Concrete parking surface
• Utilities: Public water connected; Sewer connected; Circuit breaker electrical system
• Home design: Two-story multi-family property; Resale condition
• Construction: Vinyl siding; Existing construction
• Exterior features: Partial fencing; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchen in one unit; Formal dining room in one unit
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Hardwood; Varies by area
• Bathrooms: Two full bathrooms total (each unit has 1 full bath)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Hardwood and varied flooring throughout
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $542/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.0% 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 (+12.7%/yr); 94 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,507/mo this rent would consume 56% of the median local household income ($54k/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 $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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 $62k; list at $150k implies a 144% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,750 (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 1900 — 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: 1.67% ✓
• Cap rate: 14.97%
• Cash-on-cash: 30.98%
• DSCR: 2.38
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $200,184
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
92 Wildwood Pl	0.10mi	4/2.0 (-1)	1,771 (+1%)	18mo	$175,000	$99	74
18 Stephenson Ave	0.33mi	6/2.0 (+1)	1,978 (+13%)	2mo	$226,000	$114	56
61 Princeton Pl	0.64mi	4/2.0 (-1)	1,640 (-7%)	1mo	$256,000	$156	53
50 Kingston Pl	0.62mi	4/2.0 (-1)	1,631 (-7%)	1mo	$185,000	$113	53
95 Klas Ave	0.55mi	6/2.0 (+1)	1,782 (+2%)	17mo	$220,000	$123	53
103 Potters Rd	0.37mi	4/2.0 (-1)	1,866 (+6%)	18mo	$300,000	$161	52
126 Chamberlin Dr	0.29mi	4/2.0 (-1)	1,978 (+13%)	14mo	$190,000	$96	49
15 Parkview Ave	0.56mi	6/2.0 (+1)	1,920 (+9%)	15mo	$180,000	$94	41
27 Junior Ave	0.40mi	4/2.0 (-1)	1,974 (+12%)	18mo	$168,000	$85	40
99 Kamper Ave	0.71mi	4/2.0 (-1)	1,584 (-10%)	6mo	$175,000	$110	40
100 Shenandoah Rd	0.56mi	4/2.0 (-1)	1,552 (-12%)	17mo	$265,000	$171	36
109 Harlem Rd	0.65mi	4/2.0 (-1)	1,998 (+14%)	12mo	$237,000	$119	32

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

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 50.8%
• Equity multiple: 4.90×
• Total profit: $163,958
• Equity at exit: $135,132

10-year hold

• IRR: 46.4%
• Equity multiple: 11.98×
• Total profit: $461,243
• Equity at exit: $291,417

Cash invested: $42,000 (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 14210

• Home prices YoY: 13.8%
• Rents YoY: 12.7%
• Active inventory: 94
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,507 high
• Mortgage (P&I): −$787
• Tax from tax record: −$47 /mo · $565/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$526
• Net cashflow: $1,084

Break-even live

Break-even rent $1,134

Max offer price $150,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,506
Total (2 units)			$2,507

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $150,000 Active 15 DOM
2. 2026-06-17
   price $150,000 Active 14 DOM
3. 2026-06-17
   days on market $130,000 Active 14 DOM
4. 2026-06-16
   days on market $130,000 Active 13 DOM
5. 2026-06-15
   days on market $130,000 Active 12 DOM
6. 2026-06-13
   days on market $130,000 Active 10 DOM
7. 2026-06-13
   remarks 253-char remark
8. 2026-06-13
   pricedays on market $130,000 Active 9 DOM
9. 2026-06-10
   days on market $150,000 Active 7 DOM
10. 2026-06-09
    days on market $150,000 Active 6 DOM
11. 2026-06-08
    days on market $150,000 Active 5 DOM
12. 2026-06-07
    days on market $150,000 Active 4 DOM
13. 2026-06-03
    remarks 193-char remark
14. 2026-06-03
    listed $150,000 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: $565 · $47/mo
• Projected year-2 tax: $1,550 · $129/mo
• Expected delta: +$985/yr (+$82/mo · 174.5%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,084
• − Mortgage interest: −$8,402
• − Property taxes: −$565
• − Insurance: −$750
• − Repairs & maintenance: −$2,407
• − Management: −$2,407
• − Depreciation: −$4,364
• Taxable income: $11,190
• Est. tax owed @ 24.0%: −$2,686
• After-tax cash flow: $10,327/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): 15,563
• Household income: $54,197
• Rent vs Own: 53.9% rent · 46.1% 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: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 8% Black 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 21% Lithuanian 2% Serbian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Arabic 1% Other Indo-European 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: ▲ 52.34%
• Current HPI: 431.7951
• Rent YoY: ▲ 12.67%
• 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

+143.9% since first listed

3 events — show timeline

• 2026-06-02 Listed $150,000 WNYREIS
• 2013-02-05 Listed $65,900 WNYREIS
• 2000-07-07 Sold (Public Records) $61,500 Public Records

Property tax history

+7.3%/yr

Latest (2025): $565 · +29.2% YoY. Source: county tax records.