663 Hopkins St · Buffalo, NY 14220

$74,900

6 bd · 3.0 ba · 2,164 sqft · MultiFamily public records · 176 Days on market

Built 1910 4,032 sqft lot $35/sqft · 74% below area

---

Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.4/5.0
• 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: 3 units. confirmed

Listing remarks MLS

FOR SALE: 3-Unit House in South Buffalo. Close to Tops Shopping Plaza and the I-190 Thruway.

Key facts

• South buffalo
• I-190 thruway
• 3-unit house

Tags

• 3-UNIT HOUSE
• SOUTH BUFFALO
• TOPS SHOPPING PLAZA
• I-190 THRUWAY

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 65.2% 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 (+7.6%/yr); 136 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $5,230/mo this rent would consume 88% of the median local household income ($71k/yr) (locally 602% 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 $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $21k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 176 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $15k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 176 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 6.98% ✓
• Cap rate: 65.20%
• Cash-on-cash: 210.39%
• DSCR: 10.36
• GRM: 1.2

CMA / ARV

• ARV (median comp): $291,886
• List price: $74,900
• Delta: -74.34%
• 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
331 Mystic St	0.13mi	6/2.0	2,174 (+0%)	5mo	$111,500	$51	85
35 Kimmel Ave	0.34mi	6/2.0	2,218 (+2%)	2mo	$225,000	$101	74
693 Hopkins St	0.06mi	5/2.0 (-1)	2,200 (+2%)	17mo	$88,000	$40	72
110 Trowbridge St	0.36mi	6/2.0	2,264 (+5%)	4mo	$180,000	$80	68
39 Kimmel Ave	0.35mi	6/2.0	2,016 (-7%)	4mo	$152,000	$75	65
1726 S Park Ave	0.45mi	6/2.0	2,232 (+3%)	6mo	$77,500	$35	65
30 Macamley St	0.26mi	6/2.0	2,392 (+10%)	5mo	$284,000	$119	62
147 Trowbridge St	0.39mi	6/2.0	2,024 (-6%)	9mo	$138,000	$68	59
68 Remoleno St	0.37mi	6/2.0	2,256 (+4%)	16mo	$231,150	$102	58
48 Payne Ave	0.45mi	6/2.0	2,308 (+7%)	9mo	$232,500	$101	57
1732 South Park Ave	0.46mi	6/2.0	2,251 (+4%)	15mo	$190,000	$84	55
72 Heussy Ave	0.34mi	6/2.0	2,350 (+9%)	14mo	$200,000	$85	54

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 · 7.62% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 12.64×
• Total profit: $244,026
• Equity at exit: $11,168

10-year hold

• IRR: —
• Equity multiple: 30.79×
• Total profit: $624,666
• Equity at exit: $6,476

Cash invested: $20,972 (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 14220

• Home prices YoY: -26.7%
• Rents YoY: 7.6%
• Active inventory: 136
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $5,230 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$31 /mo · $370/yr
• Insurance: −$31
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,098
• Net cashflow: $3,621

Break-even live

Break-even rent $646

Max offer price $74,900

Occupancy floor 26%

Sensitivity live

Price	-10% $3,664	-5% $3,643	+0% $3,621	+5% $3,600	+10% $3,579
Rent	-10% $3,208	-5% $3,415	+0% $3,621	+5% $3,828	+10% $4,035
Rate	-1.0pp $3,659	-0.5pp $3,640	base $3,621	+0.5pp $3,602	+1.0pp $3,582

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$5,229
Total (3 units)			$5,230

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-05-15
   status Pending 92-char remark

   Show marketing remark (92 chars)

   FOR SALE: 3-Unit House in South Buffalo. Close to Tops Shopping Plaza and the I-190 Thruway.

2. 2026-05-06
   price $74,900 92-char remark

   Show marketing remark (92 chars)

   FOR SALE: 3-Unit House in South Buffalo. Close to Tops Shopping Plaza and the I-190 Thruway.

3. 2026-01-15
   price $105,000 92-char remark

   Show marketing remark (92 chars)

   FOR SALE: 3-Unit House in South Buffalo. Close to Tops Shopping Plaza and the I-190 Thruway.

4. 2025-12-08
   price $140,000 92-char remark

   Show marketing remark (92 chars)

   FOR SALE: 3-Unit House in South Buffalo. Close to Tops Shopping Plaza and the I-190 Thruway.

5. 2025-11-20
   listed $89,900 Active 92-char remark

   Show marketing remark (92 chars)

   FOR SALE: 3-Unit House in South Buffalo. Close to Tops Shopping Plaza and the I-190 Thruway.

6. 2024-12-31
   historical
7. 2024-12-06
   price $99,898
8. 2024-10-18
   price $99,899
9. 2024-10-10
   price $99,900
10. 2024-09-27
    price $119,899
11. 2024-09-21
    price $119,900
12. 2024-09-17
    price $99,900
13. 2024-09-11
    price $119,897
14. 2024-09-01
    price $119,898
15. 2024-08-25
    price $119,899
16. 2024-08-18
    price $119,900
17. 2024-08-17
    price $129,889
18. 2024-08-09
    price $129,900
19. 2024-07-22
    listed $149,900 Active
20. 2023-08-18
    historical $1,400
21. 2023-07-27
    listed $1,400
22. 2013-10-15
    soldstatus $71,000
23. 2010-02-26
    soldstatus $43,300

ⓘ 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: $370 · $31/mo
• Projected year-2 tax: $818 · $68/mo
• Expected delta: +$448/yr (+$37/mo · 121.1%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 93% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°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: $62,760
• − Mortgage interest: −$4,196
• − Property taxes: −$370
• − Insurance: −$1,041
• − Repairs & maintenance: −$5,021
• − Management: −$5,021
• − Depreciation: −$2,179
• Taxable income: $44,933
• Est. tax owed @ 24.0%: −$10,784
• After-tax cash flow: $32,672/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): 24,428
• Household income: $70,963
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 602.0

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 White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 13% Two or more races 6% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 10% Cuban 1%
• Common ancestry: Romanian 16% Lithuanian 1% Subsaharan African 1%
• Foreign-born: 4% · Canada, Jamaica, China
• Languages at home: 90% English-only · Spanish 4% Chinese 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: ▼ -146.29%
• Current HPI: 402.5053
• Rent YoY: ▲ 7.62%
• 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

+73.0% since first listed

23 events — show timeline

• 2026-05-15 Pending — WNYREIS
• 2026-05-06 Price Changed $74,900 WNYREIS
• 2026-01-15 Price Changed $105,000 WNYREIS
• 2025-12-08 Price Changed $140,000 WNYREIS
• 2025-11-20 Listed $89,900 WNYREIS
• 2024-12-31 Listing Removed — WNYREIS
• 2024-12-06 Price Changed $99,898 WNYREIS
• 2024-10-18 Price Changed $99,899 WNYREIS
• 2024-10-10 Price Changed $99,900 WNYREIS
• 2024-09-27 Price Changed $119,899 WNYREIS
• 2024-09-21 Price Changed $119,900 WNYREIS
• 2024-09-17 Price Changed $99,900 WNYREIS
• 2024-09-11 Price Changed $119,897 WNYREIS
• 2024-09-01 Price Changed $119,898 WNYREIS
• 2024-08-25 Price Changed $119,899 WNYREIS
• 2024-08-18 Price Changed $119,900 WNYREIS
• 2024-08-17 Price Changed $129,889 WNYREIS
• 2024-08-09 Price Changed $129,900 WNYREIS
• 2024-07-22 Listed $149,900 WNYREIS
• 2023-08-18 Rental Removed $1,400 RENTEC
• 2023-07-27 Listed for Rent $1,400 RENTEC
• 2013-10-15 Sold (Public Records) $71,000 Public Records
• 2010-02-26 Sold (Public Records) $43,300 Public Records

Property tax history

+3.1%/yr

Latest (2025): $370 · +0.0% YoY. Source: county tax records.