32 Edson St · Buffalo, NY 14210

$240,000

6 bd · 2.0 ba · 2,714 sqft · MultiFamily public records · 30 Days on market

Built 1890 4,320 sqft lot $88/sqft · 36% below area Est $377k · 36% under

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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 +26.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.7/10.0
• 1% rule +6.9/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Check out this conveniently located upper/lower multifamily in the heart of South Buffalo, just minutes from Cazenovia Park. The lower unit features three bedrooms and two full bathrooms, a spacious front porch perfect for relaxing, garage parking, and basement laundry hookups. The upper unit offers three bedrooms and one full bathroom, in-unit laundry hookups, garage parking, and a charming front porch located just off the family room. An excellent opportunity for owner-occupants or investors looking to add a well-located property to their portfolio. Offers reviewed as received!

Key facts

• Charming front porch
• Spacious front porch
• Garage parking

Tags

• SPACIOUS FRONT PORCH
• GARAGE PARKING
• BASEMENT LAUNDRY HOOKUPS
• IN UNIT LAUNDRY HOOKUPS
• CHARMING FRONT PORCH

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $236k (1.5% below list) — sets the bar for market timing.

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 $2,854/mo this rent would consume 63% 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 $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $67k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, 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 30 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $236,400 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — 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 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: 1.19% ✓
• Cap rate: 9.27%
• Cash-on-cash: 10.64%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

• ARV (median comp): $377,176
• List price: $240,000
• Delta: -36.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
50 Duerstein St	0.06mi	6/2.0	2,956 (+9%)	3mo	$160,000	$54	80
118 Indian Church Rd	0.24mi	6/2.0	2,552 (-6%)	8mo	$265,851	$104	72
85 Geary St	0.58mi	6/2.0	2,780 (+2%)	2mo	$267,500	$96	67
97 Red Jacket Pkwy	0.54mi	6/2.0	2,588 (-5%)	1mo	$220,000	$85	66
132 Edson St	0.20mi	7/3.0 (+1)	2,480 (-9%)	2mo	$210,000	$85	66
260 Indian Church Rd	0.41mi	6/2.0	2,488 (-8%)	4mo	$217,000	$87	64
14 Winegar Pl	0.25mi	5/2.5 (-1)	2,469 (-9%)	5mo	$187,000	$76	62
276 Choate Ave	0.70mi	6/2.0	2,608 (-4%)	4mo	$195,000	$75	57
26 Kamper Ave	0.51mi	6/2.0	2,394 (-12%)	3mo	$179,000	$75	54
30 Geary St	0.62mi	6/2.0	2,438 (-10%)	7mo	$301,000	$123	48
32 Magnolia Ave	0.57mi	6/2.0	2,376 (-12%)	5mo	$225,000	$95	48
389 Cumberland Ave	0.54mi	5/2.0 (-1)	2,328 (-14%)	5mo	$280,000	$120	42

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: 34.4%
• Equity multiple: 3.74×
• Total profit: $183,800
• Equity at exit: $216,211

10-year hold

• IRR: 31.4%
• Equity multiple: 9.17×
• Total profit: $548,858
• Equity at exit: $466,267

Cash invested: $67,200 (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: 14.0×

Monthly cashflow live

• Estimated rent: $2,854 high
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$599
• Net cashflow: $596

Break-even live

Break-even rent $2,099

Max offer price $240,000

Occupancy floor 74%

Sensitivity live

Price	-10% $762	-5% $679	+0% $596	+5% $513	+10% $430
Rent	-10% $371	-5% $483	+0% $596	+5% $709	+10% $822
Rate	-1.0pp $717	-0.5pp $657	base $596	+0.5pp $534	+1.0pp $471

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,427
1× unit	3	1	$1,427
Total (2 units)			$2,854

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-05-08
   status Pending 586-char remark

   Show marketing remark (586 chars)

   Check out this conveniently located upper/lower multifamily in the heart of South Buffalo, just minutes from Cazenovia Park. The lower unit features three bedrooms and two full bathrooms, a spacious front porch perfect for relaxing, garage parking, and basement laundry hookups. The upper unit offers three bedrooms and one full bathroom, in-unit laundry hookups, garage parking, and a charming front porch located just off the family room. An excellent opportunity for owner-occupants or investors looking to add a well-located property to their portfolio. Offers reviewed as received!

2. 2026-04-08
   listed $240,000 Active 586-char remark

   Show marketing remark (586 chars)

   Check out this conveniently located upper/lower multifamily in the heart of South Buffalo, just minutes from Cazenovia Park. The lower unit features three bedrooms and two full bathrooms, a spacious front porch perfect for relaxing, garage parking, and basement laundry hookups. The upper unit offers three bedrooms and one full bathroom, in-unit laundry hookups, garage parking, and a charming front porch located just off the family room. An excellent opportunity for owner-occupants or investors looking to add a well-located property to their portfolio. Offers reviewed as received!

3. 2026-03-31
   historical
4. 2026-03-24
   price $240,000
5. 2026-01-20
   price $250,000
6. 2025-12-19
   listed $275,000 Active
7. 2021-12-10
   soldstatus $220,000
8. 2021-12-09
   soldstatus $217,500 Closed Sale or Rented
9. 2021-10-07
   status Under Contract- Do Not Show
10. 2021-09-27
    status Pending Sale
11. 2021-09-22
    listed $210,000 Active
12. 2019-06-11
    soldstatus $79,900 Closed Sale or Rented
13. 2019-03-27
    status Pending Sale
14. 2019-03-07
    price $84,900
15. 2019-01-24
    listed $89,900 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 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,248
• − Mortgage interest: −$13,444
• − Property taxes: −$3,600
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,740
• − Management: −$2,740
• − Depreciation: −$6,982
• Taxable income: $3,543
• Est. tax owed @ 24.0%: −$850
• After-tax cash flow: $6,303/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

+167.0% since first listed

15 events — show timeline

• 2026-05-08 Pending — WNYREIS
• 2026-04-08 Listed $240,000 WNYREIS
• 2026-03-31 Listing Removed — WNYREIS
• 2026-03-24 Price Changed $240,000 WNYREIS
• 2026-01-20 Price Changed $250,000 WNYREIS
• 2025-12-19 Listed $275,000 WNYREIS
• 2021-12-10 Sold (Public Records) $220,000 Public Records
• 2021-12-09 Sold (MLS) $217,500 UNYREIS
• 2021-10-07 Pending — UNYREIS
• 2021-09-27 Pending — UNYREIS
• 2021-09-22 Listed $210,000 UNYREIS
• 2019-06-11 Sold (MLS) $79,900 WNYREIS
• 2019-03-27 Pending — WNYREIS
• 2019-03-07 Price Changed $84,900 WNYREIS
• 2019-01-24 Listed $89,900 WNYREIS

Property tax history

+2.1%/yr

Latest (2025): $471 · +0.0% YoY. Source: county tax records.