251 Normal Ave · Buffalo, NY 14213

$205,000

3 bd · 1.5 ba · 1,365 sqft · Land · 52 Days on market

Built 2025 3,000 sqft lot $150/sqft · 16% below area Est $243k · 16% under

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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).

• ARV discount +14.5/15.0
• Cash flow +13.6/30.0
• Appreciation +8.8/10.0
• DSCR +4.1/10.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

This newly constructed home features 3 bedrooms, 1.5 baths, and brand-new appliances—perfect for first-time buyers or those continuing their homeownership journey. Thoughtfully designed for modern living, the home offers comfort, efficiency, and a functional two-story layout. Located on a neighborhood street with convenient access to public transportation, this property provides both accessibility and a strong sense of community. PLEASE READ CAREFULLY: This is an income-restricted, owner-occupied opportunity. Buyers must meet program eligibility requirements. For application details, contact Belmont Housing Resources for WNY. Taxes are estimated based on a $205,000 sale price and 2027

Key facts

• Two-story layout
• Brand-new appliances
• 3,000 sq ft lot

Tags

• BRAND-NEW APPLIANCES
• TWO-STORY LAYOUT

Property features AI

Exterior

• Parking: No garage; No driveway
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected
• Home design: 2-story property; New construction
• Construction: Frame construction with vinyl siding; Asphalt roof; Poured foundation; Copper plumbing; New build
• Exterior features: Covered porch

Interior

• Kitchen: Electric oven; Electric range; Dishwasher; Microwave; Refrigerator
• Flooring: Carpet; Laminate; Varies
• Bathrooms: 1 full bathroom; 1 half bathroom; One main-level bathroom
• Heating & cooling: Ductless cooling; Ductless electric heating
• Interior features: Living/dining room; Pull-down attic stairs
• Laundry & utility: Washer and dryer (upper level); Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath land listed at $205k.

Deal economics

• At list price, monthly cash flow is $11 ($131/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 $181k (11.8% below list).
• Recommended offer: $181k (11.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 8.0% in Buffalo — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 soft (-0.5%/yr); 137 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 40% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $15k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $57k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.

Recommended offer $180,716 (11.8% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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: 0.88% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.23%
• DSCR: 1.01
• GRM: 9.5

CMA / ARV

• ARV (median comp): $242,765
• List price: $205,000
• Delta: -15.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 17.9%
• Equity multiple: 2.28×
• Total profit: $73,527
• Equity at exit: $148,989

10-year hold

• IRR: 16.3%
• Equity multiple: 4.54×
• Total profit: $203,122
• Equity at exit: $289,520

Cash invested: $57,400 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,807 high
• Mortgage (P&I): −$1,075
• Tax est. 1.5%: −$256 /mo · $3,075/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $11

Break-even live

Break-even rent $1,793

Max offer price $205,000

Occupancy floor 94%

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
367 Connecticut St Unit 2 Buffalo, NY	2.0	2.0	1150	$3,000	$2.61	10d	1	0.12mi
318 14th St Buffalo, NY	2.0	1.0	1619	$1,300	$0.80	11d	1	0.13mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	23d	1	0.22mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	23d	1	0.26mi
102 17th St Buffalo, NY	2.0	1.0	1086	$1,290	$1.19	23d	1	0.26mi
460 Rhode Island St Buffalo, NY	2.0	1.0	1089	$1,500	$1.38	14d	1	0.42mi
31 Norwood Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,950	$1.95	11d	1	0.47mi
310 Hampshire St Apt 3 Buffalo, NY	3.0	1.0	1200	$1,500	$1.25	43d	1	0.48mi
608 Niagara St Buffalo, NY	2.0	1.0	1200	$1,195	$1.00	14d	1	0.49mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	14d	1	0.51mi
375 Hampshire St Buffalo, NY	3.0	1.0	1200	$1,100	$0.92	43d	1	0.52mi
217 Norwood Ave Apt 1 Buffalo, NY	2.0	1.0	1500	$2,700	$1.80	43d	1	0.53mi
279 North St Buffalo, NY	1.0–2.0	1.0–2.0	820	$2,050	$2.50	43d	1	0.53mi
67 Herkimer St Buffalo, NY	3.0	1.0	1000	$1,300	$1.30	14d	1	0.56mi
233 Pennsylvania St Unit 3 Buffalo, NY	2.0	1.0	1200	$1,350	$1.12	10d	1	0.56mi
344 Elmwood Ave Unit 3rd floor Buffalo, NY	2.0	1.0	1000	$1,400	$1.40	23d	1	0.58mi
411 W Ferry St Buffalo, NY	2.0	1.0	900	$1,100	$1.22	14d	1	0.58mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	43d	1	0.60mi
344 Hudson St Unit UPPER Buffalo, NY	2.0	1.0	1065	$1,100	$1.03	43d	1	0.61mi
305 W Utica St Unit B302 Buffalo, NY	2.0	2.0	1180	$2,060	$1.75	14d	1	0.64mi
451 Elmwood Ave Buffalo, NY	2.0	1.0	1633	$3,305	$2.02	43d	1	0.64mi
213 Summer St Unit 3 Buffalo, NY	2.0	1.0	1020	$2,450	$2.40	21d	1	0.66mi
74 Days Park Unit 8 Buffalo, NY	2.0	1.0	1350	$1,695	$1.26	43d	1	0.68mi
126 Cottage St Unit 4 Buffalo, NY	2.0	2.5	1500	$2,000	$1.33	14d	1	0.69mi
569 Elmwood Ave Buffalo, NY	2.0	1.0	1500	$1,750	$1.17	11d	1	0.73mi
478 Breckenridge St Buffalo, NY	3.0	1.0	1100	$1,575	$1.43	43d	1	0.74mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	23d	1	0.79mi
21 College St Buffalo, NY	3.0	1.0	1104	$1,850	$1.68	23d	1	0.83mi
196 Auburn Ave Buffalo, NY	3.0	1.0	1000	$1,300	$1.30	43d	1	0.84mi
190 Whitney Pl Buffalo, NY	3.0	1.0	1180	$1,550	$1.31	43d	1	0.84mi
888 Delaware Ave Buffalo, NY	2.0	1.0–2.0	899	$2,440	$2.71	23d	1	0.86mi
370 Virginia St Unit 3 Buffalo, NY	2.0	1.0	1050	$1,300	$1.24	43d	1	0.88mi
257 Lafayette Ave Apt 319 Buffalo, NY	2.0	1.0	900	$1,395	$1.55	23d	1	0.89mi
257 Lafayette Ave Unit 317 Buffalo, NY	2.0	1.0	897	$1,400	$1.56	23d	1	0.89mi
916 Delaware Ave Buffalo, NY	2.0	1.0	750	$1,625	$2.17	3d	9	0.90mi
217 W Tupper St Unit 2 Buffalo, NY	3.0	1.0	1150	$1,350	$1.17	43d	1	0.94mi
130 Linwood Ave Buffalo, NY	2.0	1.0	900	$1,900	$2.11	23d	1	0.95mi
506 Delaware Ave Buffalo, NY	1.0–2.0	1.0–1.5	1190	$2,995	$2.52	10d	6	0.96mi
40 North St Unit 306 Buffalo, NY	2.0	1.5	1125	$1,950	$1.73	43d	1	0.99mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	14d	1	1.00mi

Listing history 15 events

1. 2026-06-18
   days on market $205,000 Active 52 DOM
2. 2026-06-17
   days on market $205,000 Active 51 DOM
3. 2026-06-16
   days on market $205,000 Active 50 DOM
4. 2026-06-15
   days on market $205,000 Active 49 DOM
5. 2026-06-13
   days on market $205,000 Active 47 DOM
6. 2026-06-13
   days on market $205,000 Active 46 DOM
7. 2026-06-10
   days on market $205,000 Active 44 DOM
8. 2026-06-09
   days on market $205,000 Active 43 DOM
9. 2026-06-08
   days on market $205,000 Active 42 DOM
10. 2026-06-07
    days on market $205,000 Active 41 DOM
11. 2026-06-03
    days on market $205,000 Active 37 DOM
12. 2026-06-02
    days on market $205,000 Active 36 DOM
13. 2026-06-01
    days on market $205,000 Active 35 DOM
14. 2026-05-31
    days on market $205,000 Active 34 DOM
15. 2026-04-27
    listed $205,000 Active 1184-char remark

ⓘ 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 ≥91°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: $21,686
• − Mortgage interest: −$11,483
• − Property taxes: −$3,075
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,735
• − Management: −$1,735
• − Depreciation: −$5,964
• Taxable loss: −$3,331
• Est. tax savings @ 24.0%: +$799
• After-tax cash flow: $931/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

1 event — show timeline

• 2026-04-27 Listed $205,000 WNYREIS

Property tax history

+1.1%/yr

Latest (2020): $81 · +0.0% YoY. Source: county tax records.