62 Stevens Ave · Buffalo, NY 14215

$105,000

5 bd · 2.0 ba · 1,885 sqft · MultiFamily public records · 28 Days on market

Built 1910 3,000 sqft lot $56/sqft · 42% below area Est $181k · 42% 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
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• 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

Welcome to 62 Stevens Ave , Buffalo, NY 14215, Don’t miss this incredible opportunity to own a home in a convenient and desirable location. Whether you're a first-time buyer, investor, or looking to downsize, this property offers great potential and value. The home will be "Sold in its current Condition". The property is currently vacant, making for a smooth and quick transition. The lockbox is located in front of the door. Once your viewing is complete, please turn off the lights and ensure the door is closed behind you. Offers will be reviewed as they are received, so don’t wait! Please allow 24–48 hours for a response to any submitted offers.

Key facts

• 3,000 sq ft lot
• 2 parking spots
• Built 1910

Property features AI

Finance

• Financial info: Multi-unit property with 2 total units; Two separate gas meters; Two separate electric meters; Operating expenses: see remarks; Owner pays: see remarks

Exterior

• Parking: Concrete parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: Single-story building; Existing construction
• Construction: Vinyl siding; Wood siding; Asphalt roof; Block foundation
• Exterior features: Flag lot; Near public transit; Residential lot; City street frontage; Lot approximately 30 x 100

Interior

• Flooring: Hardwood; Luxury vinyl; Tile; Vinyl; Varied flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Partial basement; Basement present
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $105k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.1% 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 flat; 239 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,211/mo this rent would consume 59% of the median local household income ($45k/yr) (locally 2873% 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 $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $31k; list at $105k implies a 239% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; 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 $103,425 (1.5% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.11% ✓
• Cap rate: 19.07%
• Cash-on-cash: 45.63%
• DSCR: 3.03
• GRM: 4.0

CMA / ARV

• ARV (median comp): $181,102
• List price: $105,000
• Delta: -42.02%
• 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
45 Cambridge Ave	0.17mi	5/2.0	2,042 (+8%)	10mo	$62,000	$30	70
66 Northumberland Ave	0.25mi	6/2.0 (+1)	2,000 (+6%)	11mo	$170,000	$85	64
95 Carl St	0.12mi	4/2.0 (-1)	1,632 (-13%)	4mo	$84,000	$51	64
246 Cambridge Ave	0.38mi	6/2.0 (+1)	2,000 (+6%)	5mo	$117,000	$59	62
266 Cambridge Ave	0.42mi	6/2.0 (+1)	2,000 (+6%)	7mo	$75,000	$38	60
210 Carl St	0.32mi	5/2.0	2,112 (+12%)	7mo	$220,000	$104	60
75 Box Ave	0.64mi	4/2.0 (-1)	1,817 (-4%)	6mo	$117,000	$64	54
815 E Delavan Ave	0.41mi	6/2.0 (+1)	2,096 (+11%)	4mo	$160,000	$76	54
1135 E Delavan Ave	0.70mi	6/2.0 (+1)	1,914 (+2%)	8mo	$207,000	$108	53
94 Ericson Ave	0.74mi	6/2.0 (+1)	1,974 (+5%)	2mo	$85,000	$43	51
141 Moselle St	0.61mi	5/2.0	1,730 (-8%)	8mo	$30,000	$17	51
21 Antwerp St	0.74mi	4/2.0 (-1)	1,920 (+2%)	10mo	$130,000	$68	48

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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: 37.6%
• Equity multiple: 2.55×
• Total profit: $45,598
• Equity at exit: $15,656

10-year hold

• IRR: 43.0%
• Equity multiple: 4.64×
• Total profit: $107,036
• Equity at exit: $9,078

Cash invested: $29,400 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 239
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $2,211 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$34 /mo · $413/yr
• Insurance: −$44
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $1,062

Break-even live

Break-even rent $866

Max offer price $105,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,122	-5% $1,092	+0% $1,062	+5% $1,033	+10% $1,003
Rent	-10% $888	-5% $975	+0% $1,062	+5% $1,150	+10% $1,237
Rate	-1.0pp $1,115	-0.5pp $1,089	base $1,062	+0.5pp $1,035	+1.0pp $1,008

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	15d	1	0.98mi
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	25d	1	1.36mi
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	3d	1	1.49mi

Listing history 8 events

1. 2026-06-08
   statusdays on market $105,000 Pending 28 DOM
2. 2026-06-07
   days on market $105,000 Active 27 DOM
3. 2026-06-03
   days on market $105,000 Active 23 DOM
4. 2026-06-02
   days on market $105,000 Active 22 DOM
5. 2026-06-01
   days on market $105,000 Active 21 DOM
6. 2026-05-31
   days on market $105,000 Active 20 DOM
7. 2026-05-11
   listed $105,000 Active 681-char remark
8. 1997-07-08
   soldstatus $31,000

ⓘ 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: $413 · $34/mo
• Projected year-2 tax: $1,094 · $91/mo
• Expected delta: +$681/yr (+$57/mo · 164.9%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°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: $26,534
• − Mortgage interest: −$5,882
• − Property taxes: −$413
• − Insurance: −$1,192
• − Repairs & maintenance: −$2,123
• − Management: −$2,123
• − Depreciation: −$3,055
• Taxable income: $11,748
• Est. tax owed @ 24.0%: −$2,820
• After-tax cash flow: $9,930/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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 Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 4% Chinese 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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

+238.7% since first listed

3 events — show timeline

• 2026-06-08 Pending — WNYREIS
• 2026-05-11 Listed $105,000 WNYREIS
• 1997-07-08 Sold (Public Records) $31,000 Public Records

Property tax history

+14.1%/yr

Latest (2025): $413 · +145.5% YoY. Source: county tax records.