271 May St · Buffalo, NY 14211

$73,000

3 bd · 1.0 ba · 1,518 sqft · SingleFamily public records · 15 Days on market

Built 1910 $48/sqft · 39% below area Est $121k · 39% 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 +6.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Roof less than five years old & acirc; & euro; & brvbar; original flooring everything & acirc; & euro; & tilde; s original form sold as is

Key facts

• Original flooring
• Built 1910
• Listed 14 days

Tags

• ROOF LESS THAN FIVE YEARS OLD
• ORIGINAL FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $73k.

Deal economics

• At list price, monthly cash flow is $766 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $73k).
• Recommended offer: $72k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.9% 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: 172 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1,521/mo this rent would consume 50% of the median local household income ($36k/yr) (locally 1804% 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 $2k of equity ($505 loan paydown + $1k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; list at $73k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $71,905 (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. 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: 2.08% ✓
• Cap rate: 18.88%
• Cash-on-cash: 44.97%
• DSCR: 3.00
• GRM: 4.0

CMA / ARV

• ARV (median comp): $120,638
• List price: $73,000
• Delta: -39.49%
• 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
26 Moeller St	0.30mi	3/1.5	1,454 (-4%)	4mo	$220,000	$151	74
221 Wood Ave	0.41mi	4/1.0 (+1)	1,572 (+4%)	3mo	$60,000	$38	67
236 Bissell Ave	0.37mi	4/2.0 (+1)	1,582 (+4%)	1mo	$169,600	$107	66
18 Wex Ave	0.56mi	3/1.0	1,496 (-1%)	13mo	$112,000	$75	61
239 Keystone St	0.34mi	4/2.0 (+1)	1,632 (+8%)	10mo	$250,000	$153	54
22 Zenner St	0.33mi	3/1.0	1,701 (+12%)	14mo	$90,000	$53	53
114 Wex Ave	0.46mi	4/1.0 (+1)	1,336 (-12%)	5mo	$95,000	$71	50
21 Theodore St	0.49mi	3/1.0	1,327 (-13%)	11mo	$135,000	$102	47
158 Wende St	0.62mi	4/1.0 (+1)	1,340 (-12%)	0mo	$70,000	$52	46
71 Poplar Ave	0.65mi	3/2.0	1,419 (-6%)	11mo	$129,000	$91	46
89 Goodyear Ave	0.68mi	3/1.0	1,360 (-10%)	15mo	$60,000	$44	38
15 Stevens Ave	0.65mi	3/1.0	1,315 (-13%)	11mo	$175,000	$133	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 49.0%
• Equity multiple: 3.64×
• Total profit: $53,955
• Equity at exit: $28,987

10-year hold

• IRR: 49.6%
• Equity multiple: 7.28×
• Total profit: $128,352
• Equity at exit: $41,892

Cash invested: $20,440 (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 14211

• Home prices YoY: 0.6%
• Active inventory: 172
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,521 high
• Mortgage (P&I): −$383
• Tax from tax record: −$22 /mo · $264/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $766

Break-even live

Break-even rent $551

Max offer price $73,000

Occupancy floor 45%

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: $18,250
• Closing costs: $2,190
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
517 Goodyear Ave Buffalo, NY	3.0	1.0	1559	$1,800	$1.15	19d	1	0.30mi
96 Academy Rd Buffalo, NY	3.0	1.0	2247	$1,400	$0.62	23d	1	0.56mi
1777 Broadway Unit 2 Buffalo, NY	3.0	1.0	1300	$1,200	$0.92	44d	1	0.84mi
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	1d	1	0.89mi
65 Domedion Ave Buffalo, NY	3.0	1.0	1632	$1,500	$0.92	1d	1	0.94mi
216 Newburgh Ave Buffalo, NY	2.0	1.0	1690	$1,150	$0.68	23d	1	0.96mi
24 Euclid Ave Buffalo, NY	3.0	2.0	1150	$1,700	$1.48	44d	1	0.98mi
71 Gerald Ave Buffalo, NY	2.0	1.0	1773	$1,100	$0.62	44d	1	1.21mi
110 Gerald Ave Buffalo, NY	2.0	1.0	2098	$1,100	$0.52	23d	1	1.26mi
74 Dorris Ave Buffalo, NY	3.0	1.0	1200	$1,450	$1.21	44d	1	1.27mi
73 Inter Park Ave Buffalo, NY	3.0	1.0	2080	$1,300	$0.62	14d	1	1.29mi
1202 Walden Ave Unit 3 Buffalo, NY	3.0	1.0	1500	$1,400	$0.93	17d	1	1.29mi
143 Reo Ave Buffalo, NY	3.0	2.0	1143	$1,600	$1.40	12d	1	1.48mi

Listing history 4 events

1. 2026-05-12
   listed $73,000 Active 126-char remark
2. 1993-11-23
   soldstatus $31,500
3. 1993-08-16
   soldstatus $19,000
4. 1993-03-10
   soldstatus $19,000

ⓘ 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: $264 · $22/mo
• Projected year-2 tax: $749 · $62/mo
• Expected delta: +$485/yr (+$40/mo · 183.5%)

ⓘ 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 2/10 Low 7 d/yr ≥93°F today · 14 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: $18,247
• − Mortgage interest: −$4,089
• − Property taxes: −$264
• − Insurance: −$365
• − Repairs & maintenance: −$1,460
• − Management: −$1,460
• − Depreciation: −$2,124
• Taxable income: $8,485
• Est. tax owed @ 24.0%: −$2,036
• After-tax cash flow: $7,155/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): 24,663
• Household income: $36,300
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1804.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 59% Asian 20% Hispanic / Latino 9% White 9% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4%
• Foreign-born: 17% · Canada, Philippines, Vietnam
• Languages at home: 74% English-only · Other Indo-European 14% Spanish 6% Other Asian/Pacific 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: ▲ 2.05%
• Current HPI: 357.6438
• 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

+65.8% since first listed

3 events — show timeline

• 1993-11-23 Sold (Public Records) $31,500 Public Records
• 1993-08-16 Sold (Public Records) $19,000 Public Records
• 1993-03-10 Sold (Public Records) $19,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $264 · +52.1% YoY. Source: county tax records.