511 Dodge St · Buffalo, NY 14208

$135,000

4 bd · 2.0 ba · 2,564 sqft · MultiFamily public records · 1 Days on market

Built 1920 3,270 sqft lot Est $95k · 42% over

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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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

3-Unit Multi-Family with Great Potential! Excellent investment opportunity in a convenient location. Each unit offers a functional layout and plenty of potential. With some updating, this property can become a strong income producer or a great owner-occupied option with rental income. Sold "as is". As per seller's directive, Delayed negotiation date is set up for 08/07/2025 12 noon. .. .

Key facts

• Investment property
• Full renovation
• 3,270 sq ft lot

Tags

• INVESTMENT PROPERTY
• FULL RENOVATION
• INCOME PRODUCING ASSET
• EASY ACCESS TO DOWNTOWN

Property features AI

Finance

• Financial info: Multi-unit property with 3 total units; Three separate gas meters; Two separate electric meters; Operating expense details: see remarks; Owner pays: see remarks; Rent includes: see remarks

Exterior

• Parking: See remarks for parking details
• Utilities: Public water connected; Sewer connected
• Home design: Single-story building; Resale property; Wood siding exterior
• Construction: Wood siding construction; Existing (previously built)
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 30 x 109

Interior

• Kitchen: Eat-in kitchen in one unit; Kitchens with dining area in two units
• Bedrooms: Two 2-bedroom units; One studio/one-bedroom-like unit with eat-in kitchen
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas heating; Forced air; Space heaters
• Interior features: Partial basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $135k).
• Cap rate 31.9% 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: 54 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,650/mo this rent would consume 115% of the median local household income ($48k/yr) (locally 723% 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 $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 9y 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 $80k; list at $135k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,000

Questions for the listing agent

1. Built in 1920 — 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: 3.44% ✓
• Cap rate: 31.90%
• Cash-on-cash: 91.44%
• DSCR: 5.07
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $94,868
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 Dodge St	0.00mi	5/3.0 (+1)	2,564 (0%)	8mo	$80,000	$31	84
361 E North St Unit S	0.40mi	5/2.5 (+1)	2,544 (-1%)	3mo	$172,500	$68	70
37 Pershing Ave	0.31mi	5/3.0 (+1)	2,641 (+3%)	1mo	$85,000	$32	70
53 Pershing Ave	0.29mi	5/2.0 (+1)	2,360 (-8%)	11mo	$149,000	$63	59
354 Fox St	0.31mi	4/2.0	2,380 (-7%)	19mo	$110,000	$46	58
421 E Utica St	0.39mi	5/2.0 (+1)	2,377 (-7%)	10mo	$210,000	$88	56
553 E North St	0.25mi	5/2.0 (+1)	2,272 (-11%)	16mo	$83,800	$37	51
502 Glenwood Ave	0.50mi	5/2.0 (+1)	2,294 (-10%)	7mo	$20,500	$9	48
506 Glenwood Ave	0.50mi	5/2.0 (+1)	2,310 (-10%)	23mo	$79,000	$34	36

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 92.2%
• Equity multiple: 5.27×
• Total profit: $161,563
• Equity at exit: $20,129

10-year hold

• IRR: 95.0%
• Equity multiple: 10.97×
• Total profit: $376,848
• Equity at exit: $11,672

Cash invested: $37,800 (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 14208

• Home prices YoY: -3.4%
• Active inventory: 54
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $4,650 high
• Mortgage (P&I): −$708
• Tax from tax record: −$29 /mo · $347/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$976
• Net cashflow: $2,880

Break-even live

Break-even rent $1,004

Max offer price $135,000

Occupancy floor 33%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,190
1× unit	1	1	$1,460
Total (3 units)			$4,650

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	23d	1	0.55mi
79 Walden Ave Buffalo, NY	3.0	1.0	2528	$1,250	$0.49	43d	1	0.75mi
28 Lonsdale Rd Buffalo, NY	3.0	1.0	2735	$1,725	$0.63	43d	1	0.77mi
82 Butler Ave Unit 2 Buffalo, NY	3.0	1.0	2752	$1,300	$0.47	43d	1	0.79mi
73 Inter Park Ave Buffalo, NY	3.0	1.0	2080	$1,300	$0.62	14d	1	0.81mi
563 Humboldt Pkwy Buffalo, NY	3.0	1.0	2004	$1,200	$0.60	23d	1	1.03mi
491 Emslie St Buffalo, NY	3.0	1.0	2488	$1,200	$0.48	14d	1	1.05mi
98 E Delavan Ave Buffalo, NY	4.0	2.0	3105	$2,000	$0.64	43d	1	1.23mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $135,000 Active 1 DOM

ⓘ 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: $347 · $29/mo
• Projected year-2 tax: $1,314 · $110/mo
• Expected delta: +$967/yr (+$81/mo · 279.0%)

ⓘ 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 · 15 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: $55,800
• − Mortgage interest: −$7,562
• − Property taxes: −$347
• − Insurance: −$675
• − Repairs & maintenance: −$4,464
• − Management: −$4,464
• − Depreciation: −$3,927
• Taxable income: $34,361
• Est. tax owed @ 24.0%: −$8,247
• After-tax cash flow: $26,318/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): 12,572
• Household income: $48,476
• Rent vs Own: 46.2% rent · 53.8% own
• Severe rent burden: 723.0

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: Predominantly Black (72%)
• Race & ethnicity: Black 72% White 15% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 2% Italian 1% Hispanic 0%
• Foreign-born: 7% · Canada, South Korea, Philippines
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 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: ▼ -16.37%
• Current HPI: 459.2084
• 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

+170.5% since first listed

24 events — show timeline

• 2026-06-18 Listed $135,000 WNYREIS
• 2025-10-13 Sold (MLS) $80,000 WNYREIS
• 2025-10-06 Sold (Public Records) $80,000 Public Records
• 2025-08-11 Pending — WNYREIS
• 2025-07-31 Listed $59,900 WNYREIS
• 2025-02-05 Relisted — WNYREIS
• 2025-02-05 Price Changed $119,000 WNYREIS
• 2025-01-16 Pending — WNYREIS
• 2024-12-16 Relisted — WNYREIS
• 2024-12-16 Price Changed $120,000 WNYREIS
• 2024-05-18 Pending — WNYREIS
• 2024-04-24 Listed $75,000 WNYREIS
• 2023-10-31 Listing Removed — WNYREIS
• 2023-06-15 Price Changed $125,000 WNYREIS
• 2022-12-13 Price Changed $128,000 WNYREIS
• 2022-10-31 Listed $130,000 WNYREIS
• 2018-08-06 Sold (MLS) $21,000 WNYREIS
• 2018-03-16 Pending — WNYREIS
• 2018-01-05 Pending — WNYREIS
• 2017-12-22 Price Changed $24,900 WNYREIS
• 2017-12-19 Listed $39,000 WNYREIS
• 2017-09-18 Pending — WNYREIS
• 2017-09-18 Listing Removed — WNYREIS
• 2017-06-19 Listed $49,900 WNYREIS

Property tax history

+9.1%/yr

Latest (2025): $347 · +34.5% YoY. Source: county tax records.