15 Greenwich Dr #1 · University at Buffalo, NY 14228

$115,000

2 bd · 1.0 ba · 1,015 sqft · Condo public records · 1 Days on market

Built 1971 $412/mo HOA · 21% of rent

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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 +27.5/30.0
• 1% rule +10.0/10.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located near UB North. .. Nicely updated FIRST floor condo in Charter Oaks. You will love the gorgeous updated ceramic tile bath, neutral decor through out, moderately updated kitchen with glass top electric stove and refrigerator. All updated windows and sliding glass door, York furnace and central air only 4 years old. There is a private covered patio, plenty of storage, pool, tennis courts and clubhouse. Ease of living, pet friendly and move in condition make your appointment today!

Key facts

• Ample closet space
• First floor access
• $412 HOA

Tags

• FIRST FLOOR ACCESS
• COVERED CONCRETE PATIO
• DECORATIVE TILE BACKSPLASH
• AMPLE CLOSET SPACE
• LOCKABLE STORAGE SPACE
• COIN OPERATED LAUNDRY

Property features AI

Finance

• Financial info: Pets allowed: cats and dogs (with number and size limits)
• HOA & community: Managed by Fairwood Management; Monthly association fee of $412; Association covers common area maintenance, structure maintenance, sewer, snow removal, trash and water

Exterior

• Parking: No garage (see remarks)
• Utilities: Public water connected; Sewer connected
• Home design: Single-story property; Brick construction; Existing/resale condition
• Construction: Brick exterior
• Exterior features: Irregular-shaped lot

Interior

• Kitchen: Dishwasher; Electric cooktop; Microwave; Refrigerator; Garbage disposal
• Bedrooms: Two main-level bedrooms
• Flooring: Carpet; Varied flooring
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Open living/dining area; Full basement
• Laundry & utility: Laundry located in the basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 9.8% vs local median 2.8% in University at 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 88/100 on livability (#9 in NY, #176 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living D+, employment F.
• Sweet Home Central School District (suburban): math 46% / reading 59% proficiency, ranked #342 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 94 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 32% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $97k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.74% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.68%
• DSCR: 1.56
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 2.7%
• Equity multiple: 1.10×
• Total profit: $3,338
• Equity at exit: $17,147

10-year hold

• IRR: 12.5%
• Equity multiple: 1.99×
• Total profit: $32,038
• Equity at exit: $9,943

Cash invested: $32,200 (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 14228

• Home prices YoY: -31.9%
• Active inventory: 94
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,996 high
• Mortgage (P&I): −$603
• Tax from tax record: −$173 /mo · $2,081/yr
• Insurance: −$48
• HOA: −$412
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $340

Break-even live

Break-even rent $1,565

Max offer price $115,000

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 Charter Oaks Dr #4 Buffalo, NY	1.0	1.0	795	$1,500	$1.89	1d	1	0.08mi
695 Skinnersville Rd Buffalo, NY	2.0	1.5	1328	$1,990	$1.50	1d	1	0.18mi
1880 Sweet Home Rd Buffalo, NY	1.0–2.0	1.0	745	$2,030	$2.72	2d	6	0.27mi
2071 Sweet Home Rd Buffalo, NY	3.0–4.0	3.0	1415	$2,300	$1.63	1d	5	0.27mi
2791 N Forest Rd Getzville, NY	3.0	1.0	1160	$2,400	$2.07	3d	1	0.52mi
2635 N Forest Rd Getzville, NY	3.0	2.0	1340	$2,395	$1.79	10d	1	0.60mi
2635 N Forest Rd Unit Type A Getzville, NY	2.0	2.0	1140	$2,199	$1.93	1d	1	0.60mi
2635 N Forest Rd Unit Type G Getzville, NY	1.0	1.0	705	$1,699	$2.41	1d	1	0.60mi
2217 Sweet Home Rd Buffalo, NY	3.0–4.0	2.0–3.0	1372	$2,400	$1.75	1d	1	0.62mi
2217 Sweet Home Rd #50 Buffalo, NY	3.0–4.0	2.0–3.0	1372	$2,400	$1.75	1d	2	0.62mi
325 Kaymar Dr Unit 325 Buffalo, NY	3.0	1.0	1073	$1,695	$1.58	43d	1	0.73mi
4585 Chestnut Ridge Rd #4 Buffalo, NY	2.0	2.0	1197	$1,600	$1.34	23d	1	0.97mi
2493 Sweet Home Rd Unit 202 Buffalo, NY	1.0	1.0	1000	$2,850	$2.85	43d	1	1.00mi
2493 Sweet Home Rd Unit 1-106 Buffalo, NY	2.0	2.0	943	$1,782	$1.89	23d	1	1.00mi
2493 Sweet Home Rd Unit 101A Buffalo, NY	2.0	2.0	1000	$3,500	$3.50	43d	1	1.00mi
2493 Sweet Home Rd Apt 101 Buffalo, NY	2.0	2.0	1000	$2,850	$2.85	3d	1	1.00mi
2493 Sweet Home Rd Unit 1-201 Buffalo, NY	2.0	2.0	943	$1,904	$2.02	43d	1	1.00mi
1410 Deer Lakes Dr Amherst, NY	2.0	2.0	1300	$1,995	$1.53	3d	5	1.00mi
91 Marine Dr Amherst, NY	3.0	1.0	1291	$2,150	$1.67	43d	1	1.06mi
133 Sunshine Dr Buffalo, NY	3.0	1.0	1300	$2,100	$1.62	16d	1	1.11mi
227 Sunshine Dr Unit 227 Buffalo, NY	3.0	2.0	1450	$2,799	$1.93	1d	1	1.15mi
1280 Sweet Home Rd Buffalo, NY	1.0	1.0	1126	$1,850	$1.64	14d	1	1.16mi
212 Sunshine Dr Unit Left Buffalo, NY	3.0	1.5	1300	$2,099	$1.61	1d	1	1.17mi
3948 Ridge Lea Rd Unit D Buffalo, NY	2.0	1.0	952	$1,850	$1.94	1d	1	1.43mi
1525 Amherst Manor Dr Buffalo, NY	2.0	2.0	1080	$1,495	$1.38	1d	5	1.48mi

HOA detail condo

• Monthly dues: $412 · $4,944/yr
• Likely covers: electricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-04-28
   status Pending
2. 2026-04-27
   listed $115,000 Active
3. 2018-08-22
   soldstatus $96,550 Closed Sale or Rented 490-char remark

   Show marketing remark (490 chars)

   Located near UB North. .. Nicely updated FIRST floor condo in Charter Oaks. You will love the gorgeous updated ceramic tile bath, neutral decor through out, moderately updated kitchen with glass top electric stove and refrigerator. All updated windows and sliding glass door, York furnace and central air only 4 years old. There is a private covered patio, plenty of storage, pool, tennis courts and clubhouse. Ease of living, pet friendly and move in condition make your appointment today!

4. 2018-08-20
   soldstatus $96,550
5. 2018-08-02
   status Pending Sale 490-char remark

   Show marketing remark (490 chars)

   Located near UB North. .. Nicely updated FIRST floor condo in Charter Oaks. You will love the gorgeous updated ceramic tile bath, neutral decor through out, moderately updated kitchen with glass top electric stove and refrigerator. All updated windows and sliding glass door, York furnace and central air only 4 years old. There is a private covered patio, plenty of storage, pool, tennis courts and clubhouse. Ease of living, pet friendly and move in condition make your appointment today!

6. 2018-07-11
   status Under Contract- Do Not Show 490-char remark

   Show marketing remark (490 chars)

   Located near UB North. .. Nicely updated FIRST floor condo in Charter Oaks. You will love the gorgeous updated ceramic tile bath, neutral decor through out, moderately updated kitchen with glass top electric stove and refrigerator. All updated windows and sliding glass door, York furnace and central air only 4 years old. There is a private covered patio, plenty of storage, pool, tennis courts and clubhouse. Ease of living, pet friendly and move in condition make your appointment today!

7. 2018-06-29
   listed $90,000 Active 490-char remark

   Show marketing remark (490 chars)

   Located near UB North. .. Nicely updated FIRST floor condo in Charter Oaks. You will love the gorgeous updated ceramic tile bath, neutral decor through out, moderately updated kitchen with glass top electric stove and refrigerator. All updated windows and sliding glass door, York furnace and central air only 4 years old. There is a private covered patio, plenty of storage, pool, tennis courts and clubhouse. Ease of living, pet friendly and move in condition make your appointment today!

8. 2016-07-22
   soldstatus $76,500 Closed Sale or Rented 230-char remark

   Show marketing remark (230 chars)

   Nicely maintained two bedroom condominium. Large Living room. Patio!! Pool!! Tennis courts!! Clubhouse!! Furnace/AC-2015, HWt 2014.. 2 assigned parking spots, storage room, coin laundry in basement. SHOWINGS START FRIDAY MAY 27TH.

9. 2016-07-22
   soldstatus $76,500

   Show marketing remark (230 chars)

   Nicely maintained two bedroom condominium. Large Living room. Patio!! Pool!! Tennis courts!! Clubhouse!! Furnace/AC-2015, HWt 2014.. 2 assigned parking spots, storage room, coin laundry in basement. SHOWINGS START FRIDAY MAY 27TH.

10. 2016-06-01
    status Pending Sale 230-char remark

    Show marketing remark (230 chars)

    Nicely maintained two bedroom condominium. Large Living room. Patio!! Pool!! Tennis courts!! Clubhouse!! Furnace/AC-2015, HWt 2014.. 2 assigned parking spots, storage room, coin laundry in basement. SHOWINGS START FRIDAY MAY 27TH.

11. 2016-05-23
    listed $75,500 Active 230-char remark

    Show marketing remark (230 chars)

    Nicely maintained two bedroom condominium. Large Living room. Patio!! Pool!! Tennis courts!! Clubhouse!! Furnace/AC-2015, HWt 2014.. 2 assigned parking spots, storage room, coin laundry in basement. SHOWINGS START FRIDAY MAY 27TH.

12. 2010-06-21
    soldstatus $72,000
13. 2005-05-09
    soldstatus $65,900

ⓘ 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: $2,081 · $173/mo
• Projected year-2 tax: $2,081 · $173/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥94°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: $23,949
• − Mortgage interest: −$6,442
• − Property taxes: −$2,081
• − Insurance: −$575
• − Repairs & maintenance: −$1,916
• − Management: −$1,916
• − HOA: −$4,944
• − Depreciation: −$3,345
• Taxable income: $2,730
• Est. tax owed @ 24.0%: −$655
• After-tax cash flow: $3,428/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: Sweet Home Central School District
• NCES district ID: 3628500
• Math proficiency: 46% ▼ -12.00%
• Reading proficiency: 59% ▲ 4.00%
• Median HH income: $48,509
• Composite: 44.67/100
• National rank: #2765
• State rank: #342 of 590 in NY

Livability — University at Buffalo

• Score: 88/100
• State rank: #9
• US rank: #176

Category grades

Amenities A+ Commute A+ Cost of living D+ Crime A Employment F Housing B Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Erie County · 714,559 people
• City population: 5,827
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 25,350
• Household income: $74,871
• Rent vs Own: 46.9% rent · 53.1% own
• Severe rent burden: 1566.0

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 (74%)
• Race & ethnicity: White 74% Asian 13% Black 5% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 13% Scotch-Irish 2% Lithuanian 1%
• Foreign-born: 17% · China, Canada, South Korea
• Languages at home: 78% English-only · Chinese 6% Other Indo-European 4% Russian/Polish/Slavic 3%

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: ▼ -148.08%
• Current HPI: 316.3097
• 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

+74.5% since first listed

13 events — show timeline

• 2026-04-28 Pending — WNYREIS
• 2026-04-27 Listed $115,000 WNYREIS
• 2018-08-22 Sold (MLS) $96,550 WNYREIS
• 2018-08-20 Sold (Public Records) $96,550 Public Records
• 2018-08-02 Pending — WNYREIS
• 2018-07-11 Pending — WNYREIS
• 2018-06-29 Listed $90,000 WNYREIS
• 2016-07-22 Sold (Public Records) $76,500 Public Records
• 2016-07-22 Sold (MLS) $76,500 WNYREIS
• 2016-06-01 Pending — WNYREIS
• 2016-05-23 Listed $75,500 WNYREIS
• 2010-06-21 Sold (Public Records) $72,000 Public Records
• 2005-05-09 Sold (Public Records) $65,900 Public Records

Property tax history

+1.6%/yr

Latest (2025): $2,081 · -0.2% YoY. Source: county tax records.