353 Ludington St · Buffalo, NY 14206

$149,900

6 bd · 2.0 ba · 2,567 sqft · MultiFamily public records · 8 Days on market

Built 1910 3,600 sqft lot Est $205k · 27% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• 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

Charming duplex located in Buffalo’s Lovejoy neighborhood, offering space, character, and versatility! This over 100-year-old home features beautiful natural woodwork, classic arched doorways, and a welcoming large front porch. The front unit is expansive, offering 4 bedrooms (all upstairs, including one especially large bedroom), a full bath, living room, formal dining room, kitchen, and a bonus room—perfect for additional living or office space. The rear unit features a spacious layout with a large kitchen and living room with built in bookshelves, full bath, and 2 bedrooms upstairs plus a loft-style bonus space for added flexibility. The property also includes a carport and a

Key facts

• Natural woodwork
• Large front porch
• Arched doorways

Tags

• NATURAL WOODWORK
• ARCHED DOORWAYS
• LARGE FRONT PORCH
• SPACIOUS LAYOUT
• BUILT IN BOOKSHELVES
• LOFT-STYLE BONUS SPACE

Property features AI

Finance

• Financial info: Operating expense details: see remarks; Owner pays: other / see remarks; Rent includes: see remarks

Exterior

• Parking: Concrete parking area; Carport
• Utilities: Public water connected; Sewer connected; Electric system with fuses
• Home design: 2-story multi-family (2-unit) residence; Resale property; Residential 2-unit zoning
• Construction: Vinyl siding; Asphalt roof; Built (existing)
• Exterior features: Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchens in both units; Formal dining room in one unit
• Bedrooms: One unit with 2 bedrooms; One unit with 4 bedrooms
• Flooring: Carpet; Laminate; Varies by room
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas heating; Hot water heat
• Interior features: Natural woodwork; Varied flooring
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $656/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Cap rate 16.8% 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: 169 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,973/mo this rent would consume 71% of the median local household income ($50k/yr) (locally 841% 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 $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 ~2 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 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $149,900

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 1910 — 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: 1.98% ✓
• Cap rate: 16.80%
• Cash-on-cash: 37.53%
• DSCR: 2.67
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $205,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
53 Gold St	0.21mi	6/2.0	2,412 (-6%)	11mo	$170,000	$70	71
402 Shanley St	0.31mi	6/2.0	2,748 (+7%)	11mo	$200,000	$73	64
153 Ideal St	0.35mi	6/2.5	2,390 (-7%)	10mo	$141,500	$59	62
217 Benzinger St	0.37mi	6/2.0	2,508 (-2%)	21mo	$170,000	$68	62
1047 E Lovejoy St	0.46mi	6/2.0	2,640 (+3%)	15mo	$220,000	$83	61
45 N Ogden St	0.10mi	5/3.0 (-1)	2,712 (+6%)	20mo	$223,000	$82	60
136 Longnecker St	0.42mi	6/2.0	2,705 (+5%)	14mo	$195,000	$72	60
55 N Ogden St Unit E	0.09mi	6/2.0	2,184 (-15%)	14mo	$220,000	$101	60
361 Ludington St	0.01mi	6/2.5	2,209 (-14%)	21mo	$258,000	$117	57
317 Gold St	0.49mi	6/2.0	2,497 (-3%)	22mo	$215,100	$86	54
965 E Lovejoy St	0.63mi	5/2.0 (-1)	2,696 (+5%)	17mo	$150,000	$56	43
1514 William St	0.73mi	6/2.0	2,200 (-14%)	4mo	$175,000	$80	39

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: 50.5%
• Equity multiple: 4.48×
• Total profit: $145,965
• Equity at exit: $114,479

10-year hold

• IRR: 45.6%
• Equity multiple: 9.61×
• Total profit: $361,494
• 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: 8.4×

Monthly cashflow live

• Estimated rent: $2,973 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$624
• Net cashflow: $1,313

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,974
Total (2 units)			$2,973

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: —

Listing history 2 events

1. 2026-04-17
   status Pending
2. 2026-04-09
   listed $149,900 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 · 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: $35,676
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$2,854
• − Management: −$2,854
• − Depreciation: −$4,361
• Taxable income: $14,212
• Est. tax owed @ 24.0%: −$3,411
• After-tax cash flow: $12,342/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

2 events — show timeline

• 2026-04-17 Pending — WNYREIS
• 2026-04-09 Listed $149,900 WNYREIS

Property tax history

+1.3%/yr

Latest (2025): $261 · +0.0% YoY. Source: county tax records.