662 West Ave · Buffalo, NY 14213

$199,900

6 bd · 2.0 ba · 2,536 sqft · MultiFamily public records · 48 Days on market

Built 1877 4,455 sqft lot $79/sqft · 52% below area

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Discover the potential at 662 West Ave, a two-unit property in Buffalo’s vibrant West Side. Offered at $199,900 this is a great opportunity to invest in a high-demand location near local cafés, shops, and public transportation. One unit is currently occupied providing immediate income, while the other is vacant therefore offers flexibility for owner-occupants or value-add potential. A smart opportunity to build equity in a growing neighborhood.

Key facts

• Build equity
• Two unit property
• Value add potential

Tags

• TWO UNIT PROPERTY
• HIGH DEMAND LOCATION
• IMMEDIATE INCOME
• VACANT UNIT
• VALUE ADD POTENTIAL
• BUILD EQUITY

Property features AI

Finance

• Financial info: Owner pays water; Rent includes water; Operating expenses include water/sewer; Two-unit multifamily with month-to-month tenancy in at least one unit; One unit currently rents for $765

Exterior

• Parking: Concrete parking with two or more spaces
• Utilities: Public water connected; Sewer connected; Electricity connected; Cable available
• Home design: 2-story building; Resale property
• Construction: Wood siding; Asphalt roof; Block foundation; Built (existing)
• Exterior features: Balcony; Covered balcony/porch; Porch; Rectangular, wooded lot

Interior

• Kitchen: Each unit has an eat-in kitchen
• Bedrooms: Two 3-bedroom units
• Flooring: Carpet; Vinyl; Varies
• Bathrooms: Two full bathrooms (one per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Gas water heater
• Laundry & utility: Separate gas meters (2); Separate electric meters (2)

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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: Rents soft (-0.5%/yr); 137 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,815/mo this rent would consume 63% of the median local household income ($54k/yr) (locally 1501% 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 $16k of equity ($1k loan paydown + $15k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: built in 1877 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1877 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.41% ✓
• Cap rate: 12.47%
• Cash-on-cash: 22.07%
• DSCR: 1.98
• GRM: 5.9

CMA / ARV

• ARV (median comp): $412,395
• List price: $199,900
• Delta: -51.53%
• 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
207 Rhode Island St	0.13mi	5/2.0 (-1)	2,436 (-4%)	2mo	$295,500	$121	81
26 York St	0.49mi	6/2.0	2,519 (-1%)	1mo	$199,900	$79	75
67 Barton St	0.39mi	6/2.0	2,420 (-5%)	0mo	$170,000	$70	74
288 14th St	0.30mi	5/2.0 (-1)	2,616 (+3%)	6mo	$260,000	$99	71
215 Normal Ave	0.37mi	5/2.0 (-1)	2,626 (+4%)	7mo	$294,000	$112	66
715 Prospect Ave	0.20mi	6/2.0	2,867 (+13%)	6mo	$232,500	$81	64
298 Massachusetts Ave	0.26mi	5/2.0 (-1)	2,221 (-12%)	1mo	$220,000	$99	62
395 Hampshire St	0.54mi	5/2.0 (-1)	2,438 (-4%)	3mo	$165,500	$68	61
324 West Ave	0.66mi	6/2.0	2,652 (+5%)	5mo	$312,500	$118	58
187 Auburn Ave	0.64mi	5/2.0 (-1)	2,588 (+2%)	7mo	$289,000	$112	56
383 Summer St	0.65mi	5/2.0 (-1)	2,468 (-3%)	6mo	$492,000	$199	55
238 Barton St	0.71mi	6/2.0	2,246 (-11%)	2mo	$195,000	$87	47

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

Projected returns pro-forma

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

5-year hold

• IRR: 34.9%
• Equity multiple: 3.38×
• Total profit: $133,404
• Equity at exit: $145,282

10-year hold

• IRR: 30.2%
• Equity multiple: 6.77×
• Total profit: $323,032
• Equity at exit: $282,318

Cash invested: $55,972 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,815 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$63 /mo · $753/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$591
• Net cashflow: $1,030

Break-even live

Break-even rent $1,512

Max offer price $199,900

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,814
Total (2 units)			$2,815

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $199,900 Active 48 DOM
2. 2026-06-17
   days on market $199,900 Active 47 DOM
3. 2026-06-16
   days on market $199,900 Active 46 DOM
4. 2026-06-15
   days on market $199,900 Active 45 DOM
5. 2026-06-13
   days on market $199,900 Active 43 DOM
6. 2026-06-13
   days on market $199,900 Active 42 DOM
7. 2026-06-10
   days on market $199,900 Active 40 DOM
8. 2026-06-09
   days on market $199,900 Active 39 DOM
9. 2026-06-08
   days on market $199,900 Active 38 DOM
10. 2026-06-07
    days on market $199,900 Active 37 DOM
11. 2026-06-03
    days on market $199,900 Active 33 DOM
12. 2026-06-02
    days on market $199,900 Active 32 DOM
13. 2026-06-01
    days on market $199,900 Active 31 DOM
14. 2026-05-31
    days on market $199,900 Active 30 DOM
15. 2026-04-30
    listed $199,900 Active 461-char remark
16. 2025-02-24
    soldstatus $175,000
17. 2016-04-29
    historical
18. 2016-04-20
    listed $53,000 Active
19. 2016-03-05
    historical
20. 2015-11-20
    status Pending Sale
21. 2015-11-03
    listed $53,000 Active

ⓘ 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: $753 · $63/mo
• Projected year-2 tax: $2,066 · $172/mo
• Expected delta: +$1,313/yr (+$109/mo · 174.3%)

ⓘ 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 ≥92°F today · 14 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: $33,780
• − Mortgage interest: −$11,198
• − Property taxes: −$753
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,702
• − Management: −$2,702
• − Depreciation: −$5,815
• Taxable income: $9,610
• Est. tax owed @ 24.0%: −$2,306
• After-tax cash flow: $10,048/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

+277.2% since first listed

7 events — show timeline

• 2026-04-30 Listed $199,900 WNYREIS
• 2025-02-24 Sold (Public Records) $175,000 Public Records
• 2016-04-29 Listing Removed — WNYREIS
• 2016-04-20 Listed $53,000 WNYREIS
• 2016-03-05 Listing Removed — WNYREIS
• 2015-11-20 Pending — WNYREIS
• 2015-11-03 Listed $53,000 WNYREIS

Property tax history

+16.8%/yr

Latest (2025): $753 · +12.9% YoY. Source: county tax records.