188 Norwalk Ave · Buffalo, NY 14216

$319,900

6 bd · 2.0 ba · 2,502 sqft · Townhouse public records · 13 Days on market

Built 1915 7,500 sqft lot $128/sqft · 58% below area

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Why this score? — see what drove the C- 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 +19.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * LOCATION * * BE THE FIRST TO OCCUPY THIS 2 BED 1 BATH UPPER UNIT THAT HAS BEEN COMPLETELY RENOVATED WITH GRANITE KITCHEN COUNTERS/STAINLESS APPLIANCES/MODERN BATH FIXTURES AND TILE! ENTIRE PROPERTY HAS NEW WINDOWS 2014.RENTAL INCLUDES OFF STREET PARKING AND BASEMENT LAUNDRY. BOOK YOUR APPOINTMENT TODAY. WILL NOT LAST LONG!

Key facts

• Updated upper unit
• Private entrances
• Functional layouts

Tags

• PRIVATE ENTRANCES
• ORIGINAL HARDWOOD FLOORING
• UPDATED UPPER UNIT
• FUNCTIONAL LAYOUTS
• GENEROUS LIVING SPACE
• FULL ATTIC

Property features AI

Finance

• Other: Two total units; Separate gas and electric meters for each unit; Rent details not provided
• Financial info: Owner pays grounds care, garage, hot water, snow removal, trash collection and water; Operating expenses may include insurance, rent, snow removal and water/sewer

Exterior

• Parking: Concrete parking; Garage; Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-unit property; Resale condition
• Construction: Built with cedar, vinyl siding and wood siding; Asphalt shingle roof; Stone foundation; PEX plumbing
• Exterior features: Partial fencing; Covered and open porch; Porch; Fence; Rectangular lot; Near public transit; Residential lot; City street frontage; Lot dimensions approximately 50 x 150

Interior

• Kitchen: Dishwasher; Oven/Range; Refrigerator; Formal dining room (in one unit); Dining area open to living room (in other unit)
• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Carpet; Hardwood; Ceramic tile; Tile; Vinyl; Varied flooring types
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas heating; Forced-air system; Multiple heating units
• Interior features: Ceiling fans
• Laundry & utility: Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath townhouse listed at $320k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (9.0% below list).
• Recommended offer: $291k (9.0% below list) — sets the bar for 1% rule.

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 (+3.6%/yr); 88 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,911/mo this rent would consume 50% of the median local household income ($70k/yr) (locally 1831% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 16y 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 $1k; list at $320k implies a 30367% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $291,102 (9.0% below list)

Questions for the listing agent

1. Built in 1915 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 7.75%
• Cash-on-cash: 5.20%
• DSCR: 1.23
• GRM: 9.2

CMA / ARV

• ARV (median comp): $766,735
• List price: $319,900
• Delta: -58.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
300 N Park Ave	0.22mi	6/2.0	2,560 (+2%)	11mo	$375,000	$146	76
269 N Park Ave	0.16mi	6/2.0	2,656 (+6%)	16mo	$440,000	$166	69
221 Lovering Ave	0.49mi	6/2.0	2,592 (+4%)	4mo	$324,900	$125	68
88 Commonwealth Ave	0.42mi	6/2.0	2,710 (+8%)	7mo	$372,000	$137	61
338 N Park Ave	0.29mi	6/2.0	2,752 (+10%)	15mo	$485,000	$176	57
180 Lovering Ave	0.48mi	6/2.0	2,808 (+12%)	9mo	$410,000	$146	49
27 Fairchild Pl	0.56mi	6/2.0	2,164 (-14%)	4mo	$360,000	$166	48
248 Hartwell Rd	0.67mi	6/2.0	2,736 (+9%)	17mo	$335,000	$122	39

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 · 3.65% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.72×
• Total profit: $-25,343
• Equity at exit: $47,698

10-year hold

• IRR: 2.6%
• Equity multiple: 1.19×
• Total profit: $17,160
• Equity at exit: $27,659

Cash invested: $89,572 (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 14216

• Rents YoY: 3.6%
• Active inventory: 88
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,911 medium
• Mortgage (P&I): −$1,678
• Tax from tax record: −$101 /mo · $1,209/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$611
• Net cashflow: $388

Break-even live

Break-even rent $2,420

Max offer price $319,900

Occupancy floor 82%

Sensitivity live

Price	-10% $569	-5% $479	+0% $388	+5% $298	+10% $207
Rent	-10% $158	-5% $273	+0% $388	+5% $503	+10% $618
Rate	-1.0pp $549	-0.5pp $469	base $388	+0.5pp $305	+1.0pp $221

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	2d	1	1.32mi
133 Merrimac St Buffalo, NY	7.0	2.0	2327	$4,450	$1.91	15d	1	1.33mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	15d	1	1.36mi

Listing history 11 events

1. 2026-05-13
   listed $319,900 Active 1470-char remark
2. 2025-03-13
   historical $1,400
3. 2025-02-20
   price $1,400
4. 2025-02-14
   listed $1,475
5. 2015-10-31
   soldstatus $1,050 332-char remark

   Show marketing remark (332 chars)

   * * LOCATION * * BE THE FIRST TO OCCUPY THIS 2 BED 1 BATH UPPER UNIT THAT HAS BEEN COMPLETELY RENOVATED WITH GRANITE KITCHEN COUNTERS/STAINLESS APPLIANCES/MODERN BATH FIXTURES AND TILE! ENTIRE PROPERTY HAS NEW WINDOWS 2014.RENTAL INCLUDES OFF STREET PARKING AND BASEMENT LAUNDRY. BOOK YOUR APPOINTMENT TODAY. WILL NOT LAST LONG!

6. 2015-10-07
   listed $1,195 332-char remark

   Show marketing remark (332 chars)

   * * LOCATION * * BE THE FIRST TO OCCUPY THIS 2 BED 1 BATH UPPER UNIT THAT HAS BEEN COMPLETELY RENOVATED WITH GRANITE KITCHEN COUNTERS/STAINLESS APPLIANCES/MODERN BATH FIXTURES AND TILE! ENTIRE PROPERTY HAS NEW WINDOWS 2014.RENTAL INCLUDES OFF STREET PARKING AND BASEMENT LAUNDRY. BOOK YOUR APPOINTMENT TODAY. WILL NOT LAST LONG!

7. 2012-07-03
   soldstatus $800

   Show marketing remark (169 chars)

   * * LOCATION LOCATION * * 1/2 BLOCK TO HERTEL AVE SHOPPING, DINING AND ENTERTAINMENT. 2 BED NORTH BUFFALO LOWER UNIT. OFF STREET PARKING & LAUNDRY INCL IN RENT!!

8. 2012-06-24
   listed $815

   Show marketing remark (169 chars)

   * * LOCATION LOCATION * * 1/2 BLOCK TO HERTEL AVE SHOPPING, DINING AND ENTERTAINMENT. 2 BED NORTH BUFFALO LOWER UNIT. OFF STREET PARKING & LAUNDRY INCL IN RENT!!

9. 2010-06-24
   soldstatus $105,000
10. 2010-06-23
    soldstatus $105,000
11. 2010-04-07
    listed $109,900

ⓘ 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: $1,209 · $101/mo
• Projected year-2 tax: $3,307 · $276/mo
• Expected delta: +$2,099/yr (+$175/mo · 173.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% 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 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,932
• − Mortgage interest: −$17,919
• − Property taxes: −$1,209
• − Insurance: −$1,600
• − Repairs & maintenance: −$2,795
• − Management: −$2,795
• − Depreciation: −$9,306
• Taxable loss: −$691
• Est. tax savings @ 24.0%: +$166
• After-tax cash flow: $4,823/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): 22,849
• Household income: $69,629
• Rent vs Own: 54.4% rent · 45.6% own
• Severe rent burden: 1831.0

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 (72%)
• Race & ethnicity: White 72% Black 16% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 10% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 5% French/Haitian/Cajun 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: ▼ -264.53%
• Current HPI: 421.1138
• Rent YoY: ▲ 3.65%
• 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

+191.1% since first listed

12 events — show timeline

• 2026-05-25 Pending — WNYREIS
• 2026-05-13 Listed $319,900 WNYREIS
• 2025-03-13 Rental Removed $1,400 WNYREIS
• 2025-02-20 Price Changed $1,400 WNYREIS
• 2025-02-14 Listed for Rent $1,475 WNYREIS
• 2015-10-31 Sold (MLS) $1,050 WNYREIS
• 2015-10-07 Listed $1,195 WNYREIS
• 2012-07-03 Sold (MLS) $800 WNYREIS
• 2012-06-24 Listed $815 WNYREIS
• 2010-06-24 Sold (MLS) $105,000 WNYREIS
• 2010-06-23 Sold (Public Records) $105,000 Public Records
• 2010-04-07 Listed $109,900 WNYREIS

Property tax history

+8.6%/yr

Latest (2025): $1,209 · -0.6% YoY. Source: county tax records.