550 Ontario St · Buffalo, NY 14207

$189,000

6 bd · 2.0 ba · 2,478 sqft · MultiFamily public records · 20 Days on market

Built 1925 3,750 sqft lot $76/sqft · 49% below area Est $373k · 49% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

WHY RENT WHEN YOU CAN OWN * BUILD EQUITY * LET YOUR TENANT HELP PAY THE MORTGAGE * SPACIOUS & SOLIDLY BUILT 3/3 DOUBLE IN THE UP AND COMING RIVERSIDE NEIGHBORHOOD * LOWER UNIT FEATURES A LARGE LIVING ROOM WITH ARTIFICIAL FIREPLACE * FORMAL DINING ROOM HAS A CEILING FAN * EAT IN KITCHEN IS PARTIALLY UPDATED * ONE BEDROOM HAS A DOOR THAT LEADS TO A 20X20 REAR COVERED DECK * BOTH UNITS FEATURE NATURAL WOODWORK AND BUILT IN CABINETS * UPPER UNIT HAS A 12X9 OPEN FRONT PORCH * UPGRADED ELECTRICAL SERVICE IN EACH UNIT * GLASS BLOCK BASEMENT * OFF STREET PARKING * SEPARATE UTILITIES EXCEPT FOR WATER * RENT COULD BE HIGHER

Key facts

• 3,750 sq ft lot
• Parking
• Built 1925

🏷️ Possibly a rental listed for sale. The $189,000 price doesn't fit this home's estimated sale value (~$373,412) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $189k.

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 $189k).
• Recommended offer: $186k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.7% 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 rising fast (+8.2%/yr); 197 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,734/mo this rent would consume 83% of the median local household income ($40k/yr) (locally 2177% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $53k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $58k; list at $189k implies a 226% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $186,165 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — 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 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: 1.45% ✓
• Cap rate: 12.68%
• Cash-on-cash: 22.79%
• DSCR: 2.01
• GRM: 5.8

CMA / ARV

• ARV (median comp): $373,412
• List price: $189,000
• Delta: -49.39%
• 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
528 Ontario St	0.04mi	6/2.0	2,664 (+8%)	11mo	$240,000	$90	77
129 Philadelphia St	0.10mi	6/2.0	2,292 (-8%)	9mo	$250,000	$109	75
74 Philadelphia St	0.09mi	6/2.0	2,160 (-13%)	5mo	$170,000	$79	70
68 Baxter St	0.57mi	6/2.0	2,430 (-2%)	5mo	$165,000	$68	66
908 Tonawanda St	0.61mi	6/2.0	2,332 (-6%)	2mo	$145,000	$62	60
179 Laird Ave	0.40mi	6/2.0	2,825 (+14%)	0mo	$278,500	$99	58
65 Huetter Ave	0.75mi	6/2.0	2,464 (-1%)	13mo	$100,100	$41	53
311 Newfield St	0.45mi	6/2.0	2,129 (-14%)	6mo	$215,000	$101	50
208 Roesch Ave	0.38mi	6/2.0	2,160 (-13%)	13mo	$250,000	$116	50
84 Riverside Ave	0.64mi	6/2.0	2,200 (-11%)	13mo	$250,000	$114	41
241 Laird Ave	0.52mi	6/4.0	2,200 (-11%)	13mo	$83,500	$38	39
378 Wabash Ave	0.73mi	5/2.0 (-1)	2,299 (-7%)	13mo	$285,000	$124	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 20.9%
• Equity multiple: 1.90×
• Total profit: $47,795
• Equity at exit: $28,181

10-year hold

• IRR: 32.0%
• Equity multiple: 4.58×
• Total profit: $189,612
• Equity at exit: $16,341

Cash invested: $52,920 (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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 197
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,734 high
• Mortgage (P&I): −$991
• Tax from tax record: −$85 /mo · $1,017/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $1,005

Break-even live

Break-even rent $1,462

Max offer price $189,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,734
Total (2 units)			$2,734

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-13
   statusdays on market $189,000 Pending 20 DOM
2. 2026-06-10
   days on market $189,000 Active 19 DOM
3. 2026-06-09
   days on market $189,000 Active 18 DOM
4. 2026-06-08
   days on market $189,000 Active 17 DOM
5. 2026-06-07
   statusdays on market $189,000 Active 16 DOM
6. 2026-05-07
   historical Active Under Contract
7. 2026-05-06
   status Active
8. 2026-05-05
   status Pending
9. 2026-04-19
   listed $189,000 Active
10. 2013-09-16
    soldstatus $58,000 627-char remark

    Show marketing remark (627 chars)

    WHY RENT WHEN YOU CAN OWN * BUILD EQUITY * LET YOUR TENANT HELP PAY THE MORTGAGE * SPACIOUS & SOLIDLY BUILT 3/3 DOUBLE IN THE UP AND COMING RIVERSIDE NEIGHBORHOOD * LOWER UNIT FEATURES A LARGE LIVING ROOM WITH ARTIFICIAL FIREPLACE * FORMAL DINING ROOM HAS A CEILING FAN * EAT IN KITCHEN IS PARTIALLY UPDATED * ONE BEDROOM HAS A DOOR THAT LEADS TO A 20X20 REAR COVERED DECK * BOTH UNITS FEATURE NATURAL WOODWORK AND BUILT IN CABINETS * UPPER UNIT HAS A 12X9 OPEN FRONT PORCH * UPGRADED ELECTRICAL SERVICE IN EACH UNIT * GLASS BLOCK BASEMENT * OFF STREET PARKING * SEPARATE UTILITIES EXCEPT FOR WATER * RENT COULD BE HIGHER

11. 2013-09-16
    soldstatus $55,000

    Show marketing remark (627 chars)

    WHY RENT WHEN YOU CAN OWN * BUILD EQUITY * LET YOUR TENANT HELP PAY THE MORTGAGE * SPACIOUS & SOLIDLY BUILT 3/3 DOUBLE IN THE UP AND COMING RIVERSIDE NEIGHBORHOOD * LOWER UNIT FEATURES A LARGE LIVING ROOM WITH ARTIFICIAL FIREPLACE * FORMAL DINING ROOM HAS A CEILING FAN * EAT IN KITCHEN IS PARTIALLY UPDATED * ONE BEDROOM HAS A DOOR THAT LEADS TO A 20X20 REAR COVERED DECK * BOTH UNITS FEATURE NATURAL WOODWORK AND BUILT IN CABINETS * UPPER UNIT HAS A 12X9 OPEN FRONT PORCH * UPGRADED ELECTRICAL SERVICE IN EACH UNIT * GLASS BLOCK BASEMENT * OFF STREET PARKING * SEPARATE UTILITIES EXCEPT FOR WATER * RENT COULD BE HIGHER

12. 2013-03-19
    listed $64,900 627-char remark

    Show marketing remark (627 chars)

    WHY RENT WHEN YOU CAN OWN * BUILD EQUITY * LET YOUR TENANT HELP PAY THE MORTGAGE * SPACIOUS & SOLIDLY BUILT 3/3 DOUBLE IN THE UP AND COMING RIVERSIDE NEIGHBORHOOD * LOWER UNIT FEATURES A LARGE LIVING ROOM WITH ARTIFICIAL FIREPLACE * FORMAL DINING ROOM HAS A CEILING FAN * EAT IN KITCHEN IS PARTIALLY UPDATED * ONE BEDROOM HAS A DOOR THAT LEADS TO A 20X20 REAR COVERED DECK * BOTH UNITS FEATURE NATURAL WOODWORK AND BUILT IN CABINETS * UPPER UNIT HAS A 12X9 OPEN FRONT PORCH * UPGRADED ELECTRICAL SERVICE IN EACH UNIT * GLASS BLOCK BASEMENT * OFF STREET PARKING * SEPARATE UTILITIES EXCEPT FOR WATER * RENT COULD BE HIGHER

ⓘ 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: $1,017 · $85/mo
• Projected year-2 tax: $2,105 · $175/mo
• Expected delta: +$1,089/yr (+$91/mo · 107.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,808
• − Mortgage interest: −$10,587
• − Property taxes: −$1,017
• − Insurance: −$945
• − Repairs & maintenance: −$2,625
• − Management: −$2,625
• − Depreciation: −$5,498
• Taxable income: $9,512
• Est. tax owed @ 24.0%: −$2,283
• After-tax cash flow: $9,780/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

+191.2% since first listed

7 events — show timeline

• 2026-05-07 Contingent — WNYREIS
• 2026-05-06 Relisted — WNYREIS
• 2026-05-05 Pending — WNYREIS
• 2026-04-19 Listed $189,000 WNYREIS
• 2013-09-16 Sold (Public Records) $55,000 Public Records
• 2013-09-16 Sold (MLS) $58,000 WNYREIS
• 2013-03-19 Listed $64,900 WNYREIS

Property tax history

+22.8%/yr

Latest (2020): $1,017 · +0.0% YoY. Source: county tax records.