439 Vermont St · Buffalo, NY 14213

$219,900

4 bd · 2.0 ba · 1,898 sqft · MultiFamily public records · 44 Days on market

Built 1875 3,569 sqft lot $116/sqft · 54% 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
• Appreciation +8.8/10.0
• 1% rule +7.9/10.0
• 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 MLS

2 UNIT HOME IN A VERY POPULAR AREA! STEPS FROM ELMWOOD VILLAGE, 5 POINTS, 10 MINUTES TO DOWNTOWN AND TO MEDICAL CAMPUS, SHOPPING IS CLOSE BY FOR EVERYTHING! UPER IS VACANT FOR EASY SHOWING OR MOVE IN. LOWER WILL NEED NOTICE, TENANT OCCUPPIED. BOTH UNITS HAVE A PORCH, IN HOUSE LAUNDRY HOOK-UPS, NEWER FLOORING, KITCHENS, BATHS AND HEATING UNITS. NUETRAL PAINT AND READY FOR OWNER OCCUPANT OR INVESTMENT. FABULOUS OPPORTUNITY MAY NEED EXTERIOR PAINT WHICH WILL LIMIT FINANCING-GREAT PRICE!

Key facts

• Separate utilities
• Off street parking
• Newer furnaces

Tags

• OFF STREET PARKING
• NEWER FURNACES
• UPDATED ELECTRICAL PANELS
• SEPARATE UTILITIES
• IN-UNIT LAUNDRY
• PORCHES FOR EACH UNIT

Property features AI

Finance

• Other: Operating expense details: see remarks
• Financial info: Two-unit property with separate gas and electric meters; Owner pays trash collection and water; rent includes trash collection and water; Reported rents: Unit 1 $1,079; Unit 2 $1,000

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: High-speed internet available; Public water connected; Sewer connected; Circuit breaker electrical
• Home design: Two-story multifamily property; Existing condition
• Construction: Wood siding; Asphalt roof; Stone foundation; Built (existing)
• Exterior features: Covered porch; Balcony; Porch; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Oven/Range; Refrigerator; Dishwasher (in one unit)
• Bedrooms: Two 2-bedroom units
• Flooring: Laminate; Tile; Varies by unit
• Bathrooms: Two full bathrooms (one per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Partial basement; Balcony
• Laundry & utility: In-unit laundry (both units); Gas water heater

🏷️ Possibly a rental listed for sale. The $219,900 price doesn't fit this home's estimated sale value (~$480,212) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $941 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,843/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 $18k of equity ($2k loan paydown + $17k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $62k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $30k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1875 — 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: 1.29% ✓
• Cap rate: 11.43%
• Cash-on-cash: 18.34%
• DSCR: 1.82
• GRM: 6.4

CMA / ARV

• ARV (median comp): $480,212
• List price: $219,900
• Delta: -54.21%
• 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
192 York St	0.27mi	3/2.5 (-1)	1,884 (-1%)	1mo	$285,000	$151	79
132 Ashland Ave	0.26mi	4/2.0	2,002 (+6%)	12mo	$293,200	$146	69
193 14th St	0.30mi	3/2.0 (-1)	2,040 (+8%)	6mo	$156,000	$76	64
23 Sherwood St	0.49mi	3/2.0 (-1)	1,830 (-4%)	4mo	$150,000	$82	63
475 W Ferry St	0.36mi	3/2.0 (-1)	1,740 (-8%)	6mo	$236,900	$136	59
375 Plymouth Ave	0.41mi	4/2.0	2,121 (+12%)	4mo	$265,000	$125	58
145 14th St	0.35mi	3/2.0 (-1)	1,710 (-10%)	9mo	$281,500	$165	54
73 Baynes St	0.52mi	4/2.0	1,698 (-10%)	6mo	$199,900	$118	53
221 Lexington Ave	0.35mi	4/2.0	1,620 (-15%)	8mo	$425,000	$262	52
428 Normal Ave	0.49mi	4/2.0	1,680 (-12%)	9mo	$180,000	$107	50
651 Prospect Ave	0.62mi	5/2.0 (+1)	2,026 (+7%)	9mo	$278,500	$137	47
147 Mariner St	0.69mi	4/3.0	2,098 (+10%)	4mo	$365,000	$174	43

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: 31.9%
• Equity multiple: 3.20×
• Total profit: $135,298
• Equity at exit: $159,817

10-year hold

• IRR: 27.6%
• Equity multiple: 6.40×
• Total profit: $332,520
• Equity at exit: $310,564

Cash invested: $61,572 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,843 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$60 /mo · $720/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$597
• Net cashflow: $941

Break-even live

Break-even rent $1,652

Max offer price $219,900

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,842
Total (2 units)			$2,843

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	24d	1	0.12mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	20d	1	0.26mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	14d	1	0.28mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	24d	1	0.32mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	44d	1	0.38mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	24d	1	0.44mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	20d	1	0.46mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	14d	1	0.46mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	14d	1	0.54mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	24d	1	0.56mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	14d	1	0.61mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	14d	1	0.89mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	44d	1	0.90mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	1.12mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	2d	14	1.39mi

Listing history 25 events

1. 2026-06-18
   days on market $219,900 Active 44 DOM
2. 2026-06-17
   days on market $219,900 Active 43 DOM
3. 2026-06-16
   days on market $219,900 Active 42 DOM
4. 2026-06-15
   days on market $219,900 Active 41 DOM
5. 2026-06-13
   days on market $219,900 Active 39 DOM
6. 2026-06-13
   days on market $219,900 Active 38 DOM
7. 2026-06-10
   days on market $219,900 Active 36 DOM
8. 2026-06-09
   days on market $219,900 Active 35 DOM
9. 2026-06-08
   days on market $219,900 Active 34 DOM
10. 2026-06-07
    days on market $219,900 Active 33 DOM
11. 2026-06-03
    days on market $219,900 Active 29 DOM
12. 2026-06-02
    days on market $219,900 Active 28 DOM
13. 2026-06-01
    days on market $219,900 Active 27 DOM
14. 2026-05-31
    pricedays on market $219,900 Active 26 DOM
15. 2026-05-05
    listed $249,900 Active 502-char remark
16. 2022-10-12
    soldstatus $219,000 Closed Sale or Rented 488-char remark

    Show marketing remark (488 chars)

    2 UNIT HOME IN A VERY POPULAR AREA! STEPS FROM ELMWOOD VILLAGE, 5 POINTS, 10 MINUTES TO DOWNTOWN AND TO MEDICAL CAMPUS, SHOPPING IS CLOSE BY FOR EVERYTHING! UPER IS VACANT FOR EASY SHOWING OR MOVE IN. LOWER WILL NEED NOTICE, TENANT OCCUPPIED. BOTH UNITS HAVE A PORCH, IN HOUSE LAUNDRY HOOK-UPS, NEWER FLOORING, KITCHENS, BATHS AND HEATING UNITS. NUETRAL PAINT AND READY FOR OWNER OCCUPANT OR INVESTMENT. FABULOUS OPPORTUNITY MAY NEED EXTERIOR PAINT WHICH WILL LIMIT FINANCING-GREAT PRICE!

17. 2022-10-12
    soldstatus $219,000

    Show marketing remark (488 chars)

    2 UNIT HOME IN A VERY POPULAR AREA! STEPS FROM ELMWOOD VILLAGE, 5 POINTS, 10 MINUTES TO DOWNTOWN AND TO MEDICAL CAMPUS, SHOPPING IS CLOSE BY FOR EVERYTHING! UPER IS VACANT FOR EASY SHOWING OR MOVE IN. LOWER WILL NEED NOTICE, TENANT OCCUPPIED. BOTH UNITS HAVE A PORCH, IN HOUSE LAUNDRY HOOK-UPS, NEWER FLOORING, KITCHENS, BATHS AND HEATING UNITS. NUETRAL PAINT AND READY FOR OWNER OCCUPANT OR INVESTMENT. FABULOUS OPPORTUNITY MAY NEED EXTERIOR PAINT WHICH WILL LIMIT FINANCING-GREAT PRICE!

18. 2022-10-12
    soldstatus $219,000

    Show marketing remark (488 chars)

    2 UNIT HOME IN A VERY POPULAR AREA! STEPS FROM ELMWOOD VILLAGE, 5 POINTS, 10 MINUTES TO DOWNTOWN AND TO MEDICAL CAMPUS, SHOPPING IS CLOSE BY FOR EVERYTHING! UPER IS VACANT FOR EASY SHOWING OR MOVE IN. LOWER WILL NEED NOTICE, TENANT OCCUPPIED. BOTH UNITS HAVE A PORCH, IN HOUSE LAUNDRY HOOK-UPS, NEWER FLOORING, KITCHENS, BATHS AND HEATING UNITS. NUETRAL PAINT AND READY FOR OWNER OCCUPANT OR INVESTMENT. FABULOUS OPPORTUNITY MAY NEED EXTERIOR PAINT WHICH WILL LIMIT FINANCING-GREAT PRICE!

19. 2022-08-10
    status Pending Sale 488-char remark

    Show marketing remark (488 chars)

    2 UNIT HOME IN A VERY POPULAR AREA! STEPS FROM ELMWOOD VILLAGE, 5 POINTS, 10 MINUTES TO DOWNTOWN AND TO MEDICAL CAMPUS, SHOPPING IS CLOSE BY FOR EVERYTHING! UPER IS VACANT FOR EASY SHOWING OR MOVE IN. LOWER WILL NEED NOTICE, TENANT OCCUPPIED. BOTH UNITS HAVE A PORCH, IN HOUSE LAUNDRY HOOK-UPS, NEWER FLOORING, KITCHENS, BATHS AND HEATING UNITS. NUETRAL PAINT AND READY FOR OWNER OCCUPANT OR INVESTMENT. FABULOUS OPPORTUNITY MAY NEED EXTERIOR PAINT WHICH WILL LIMIT FINANCING-GREAT PRICE!

20. 2022-07-15
    status Under Contract- Do Not Show 488-char remark

    Show marketing remark (488 chars)

    2 UNIT HOME IN A VERY POPULAR AREA! STEPS FROM ELMWOOD VILLAGE, 5 POINTS, 10 MINUTES TO DOWNTOWN AND TO MEDICAL CAMPUS, SHOPPING IS CLOSE BY FOR EVERYTHING! UPER IS VACANT FOR EASY SHOWING OR MOVE IN. LOWER WILL NEED NOTICE, TENANT OCCUPPIED. BOTH UNITS HAVE A PORCH, IN HOUSE LAUNDRY HOOK-UPS, NEWER FLOORING, KITCHENS, BATHS AND HEATING UNITS. NUETRAL PAINT AND READY FOR OWNER OCCUPANT OR INVESTMENT. FABULOUS OPPORTUNITY MAY NEED EXTERIOR PAINT WHICH WILL LIMIT FINANCING-GREAT PRICE!

21. 2022-07-09
    listed $219,000 Active 488-char remark

    Show marketing remark (488 chars)

    2 UNIT HOME IN A VERY POPULAR AREA! STEPS FROM ELMWOOD VILLAGE, 5 POINTS, 10 MINUTES TO DOWNTOWN AND TO MEDICAL CAMPUS, SHOPPING IS CLOSE BY FOR EVERYTHING! UPER IS VACANT FOR EASY SHOWING OR MOVE IN. LOWER WILL NEED NOTICE, TENANT OCCUPPIED. BOTH UNITS HAVE A PORCH, IN HOUSE LAUNDRY HOOK-UPS, NEWER FLOORING, KITCHENS, BATHS AND HEATING UNITS. NUETRAL PAINT AND READY FOR OWNER OCCUPANT OR INVESTMENT. FABULOUS OPPORTUNITY MAY NEED EXTERIOR PAINT WHICH WILL LIMIT FINANCING-GREAT PRICE!

22. 2022-07-05
    historical
23. 2022-04-26
    listed $249,000 Active
24. 2010-05-17
    soldstatus $37,000
25. 2007-04-02
    soldstatus $29,000

ⓘ 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: $720 · $60/mo
• Projected year-2 tax: $2,218 · $185/mo
• Expected delta: +$1,498/yr (+$125/mo · 208.1%)

ⓘ 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 ≥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: $34,116
• − Mortgage interest: −$12,318
• − Property taxes: −$720
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,729
• − Management: −$2,729
• − Depreciation: −$6,397
• Taxable income: $8,123
• Est. tax owed @ 24.0%: −$1,950
• After-tax cash flow: $9,345/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

+658.3% since first listed

12 events — show timeline

• 2026-05-30 Price Changed $219,900 WNYREIS
• 2026-05-05 Listed $249,900 WNYREIS
• 2022-10-12 Sold (Public Records) $219,000 Public Records
• 2022-10-12 Sold (Public Records) $219,000 Public Records
• 2022-10-12 Sold (MLS) $219,000 WNYREIS
• 2022-08-10 Pending — WNYREIS
• 2022-07-15 Pending — WNYREIS
• 2022-07-09 Listed $219,000 WNYREIS
• 2022-07-05 Listing Removed — WNYREIS
• 2022-04-26 Listed $249,000 WNYREIS
• 2010-05-17 Sold (Public Records) $37,000 Public Records
• 2007-04-02 Sold (Public Records) $29,000 Public Records

Property tax history

+10.5%/yr

Latest (2025): $720 · -25.8% YoY. Source: county tax records.