11 15th St · Buffalo, NY 14213

$410,000

4 bd · 2.0 ba · 2,240 sqft · MultiFamily public records · 37 Days on market

Built 1900 Est $307k · 34% 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 +25.1/30.0
• Appreciation +8.8/10.0
• DSCR +8.2/10.0
• 1% rule +5.2/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• ARV discount +0.0/15.0

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

This 2/2 double in Buffalo’s West Side is in great condition, 15th Street at York. It is perfect for owner occupied plus income or an investment property. Many updates inside and out include updated bathrooms and kitchens, furnaces (2017), hot water tank (2017), and roof (2011). Both units have beautiful hardwood floors and exposed brick. There is an open concept in both apartments. Glass block windows in basement. Third floor has water and electric, a new window, and is ready to be finished. Both units include stove and refrigerators and there are 2 washers and dryers in the basement that stay. You will not be dissapointed.

Key facts

• Historic homes
• Vibrant neighborhood
• Owner occupied home

Tags

• OWNER OCCUPIED HOME
• VIBRANT NEIGHBORHOOD
• HISTORIC HOMES
• TRENDY NEARBY RESTAURANTS

Property features AI

Exterior

• Home design: Built in 1900
• Construction: Living area approximately 2240
• Exterior features: Located in the Front Park subdivision

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $410k.

Deal economics

• At list price, monthly cash flow is $901 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $410k).
• Recommended offer: $398k (3.0% below list) — sets the bar for market timing.

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; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,196/mo this rent would consume 93% 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 $34k of equity ($3k loan paydown + $31k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $115k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$54k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($398k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $335k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $397,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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 1900 — 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: 1.02% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.42%
• DSCR: 1.42
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $306,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
375 Plymouth Ave	0.36mi	4/2.0	2,121 (-5%)	4mo	$265,000	$125	70
193 14th St	0.11mi	3/2.0 (-1)	2,040 (-9%)	6mo	$156,000	$76	70
298 Massachusetts Ave	0.52mi	5/2.0 (+1)	2,221 (-1%)	1mo	$220,000	$99	69
383 Summer St	0.09mi	5/2.0 (+1)	2,468 (+10%)	6mo	$492,000	$199	69
440 W Utica St Unit S	0.39mi	4/3.0	2,371 (+6%)	0mo	$380,000	$160	68
147 Mariner St	0.46mi	4/3.0	2,098 (-6%)	4mo	$365,000	$174	61
207 Rhode Island St	0.44mi	5/2.0 (+1)	2,436 (+9%)	2mo	$295,500	$121	58
153 Allen St	0.60mi	4/3.0	2,374 (+6%)	9mo	$395,000	$166	50
651 Prospect Ave	0.46mi	5/2.0 (+1)	2,026 (-10%)	9mo	$278,500	$137	50
395 Hampshire St	0.66mi	5/2.0 (+1)	2,438 (+9%)	3mo	$165,500	$68	47
155 Allen St	0.60mi	4/3.0	2,488 (+11%)	9mo	$385,000	$155	42
492 Normal Ave	0.70mi	4/2.0	2,530 (+13%)	8mo	$120,000	$47	39

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: 25.0%
• Equity multiple: 2.75×
• Total profit: $201,102
• Equity at exit: $297,977

10-year hold

• IRR: 21.9%
• Equity multiple: 5.51×
• Total profit: $517,820
• Equity at exit: $579,041

Cash invested: $114,800 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 24.4×

Monthly cashflow live

• Estimated rent: $4,196 high
• Mortgage (P&I): −$2,150
• Tax from tax record: −$93 /mo · $1,113/yr
• Insurance: −$171
• HOA: −$0
• Vacancy / Maint / Mgmt: −$881
• Net cashflow: $901

Break-even live

Break-even rent $3,055

Max offer price $410,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,133	-5% $1,017	+0% $901	+5% $785	+10% $669
Rent	-10% $570	-5% $735	+0% $901	+5% $1,067	+10% $1,233
Rate	-1.0pp $1,108	-0.5pp $1,005	base $901	+0.5pp $795	+1.0pp $687

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,197
Total (3 units)			$4,196

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: $102,500
• Closing costs: $12,300
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	24d	1	0.13mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	24d	1	0.19mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	24d	1	0.19mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	20d	1	0.31mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	20d	1	0.34mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	15d	1	0.34mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	44d	1	0.65mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	44d	1	0.69mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	15d	1	0.69mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	15d	1	0.82mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	24d	1	0.83mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	15d	1	0.85mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	1.40mi

Listing history 27 events

1. 2026-06-18
   days on market $410,000 Active 37 DOM
2. 2026-06-17
   days on market $410,000 Active 36 DOM
3. 2026-06-16
   days on market $410,000 Active 35 DOM
4. 2026-06-15
   days on market $410,000 Active 34 DOM
5. 2026-06-13
   days on market $410,000 Active 32 DOM
6. 2026-06-13
   days on market $410,000 Active 31 DOM
7. 2026-06-10
   days on market $410,000 Active 29 DOM
8. 2026-06-09
   days on market $410,000 Active 28 DOM
9. 2026-06-08
   days on market $410,000 Active 27 DOM
10. 2026-06-07
    days on market $410,000 Active 26 DOM
11. 2026-06-03
    days on market $410,000 Active 22 DOM
12. 2026-06-02
    days on market $410,000 Active 21 DOM
13. 2026-06-01
    days on market $410,000 Active 20 DOM
14. 2026-05-31
    days on market $410,000 Active 19 DOM
15. 2026-05-12
    listed $410,000 Active 283-char remark
16. 2021-10-28
    soldstatus $335,000 Closed Sale or Rented 638-char remark

    Show marketing remark (638 chars)

    This 2/2 double in Buffalo’s West Side is in great condition, 15th Street at York. It is perfect for owner occupied plus income or an investment property. Many updates inside and out include updated bathrooms and kitchens, furnaces (2017), hot water tank (2017), and roof (2011). Both units have beautiful hardwood floors and exposed brick. There is an open concept in both apartments. Glass block windows in basement. Third floor has water and electric, a new window, and is ready to be finished. Both units include stove and refrigerators and there are 2 washers and dryers in the basement that stay. You will not be dissapointed.

17. 2021-10-28
    soldstatus $335,000

    Show marketing remark (638 chars)

    This 2/2 double in Buffalo’s West Side is in great condition, 15th Street at York. It is perfect for owner occupied plus income or an investment property. Many updates inside and out include updated bathrooms and kitchens, furnaces (2017), hot water tank (2017), and roof (2011). Both units have beautiful hardwood floors and exposed brick. There is an open concept in both apartments. Glass block windows in basement. Third floor has water and electric, a new window, and is ready to be finished. Both units include stove and refrigerators and there are 2 washers and dryers in the basement that stay. You will not be dissapointed.

18. 2021-09-03
    status Pending Sale 638-char remark

    Show marketing remark (638 chars)

    This 2/2 double in Buffalo’s West Side is in great condition, 15th Street at York. It is perfect for owner occupied plus income or an investment property. Many updates inside and out include updated bathrooms and kitchens, furnaces (2017), hot water tank (2017), and roof (2011). Both units have beautiful hardwood floors and exposed brick. There is an open concept in both apartments. Glass block windows in basement. Third floor has water and electric, a new window, and is ready to be finished. Both units include stove and refrigerators and there are 2 washers and dryers in the basement that stay. You will not be dissapointed.

19. 2021-08-23
    status Under Contract- Do Not Show 638-char remark

    Show marketing remark (638 chars)

    This 2/2 double in Buffalo’s West Side is in great condition, 15th Street at York. It is perfect for owner occupied plus income or an investment property. Many updates inside and out include updated bathrooms and kitchens, furnaces (2017), hot water tank (2017), and roof (2011). Both units have beautiful hardwood floors and exposed brick. There is an open concept in both apartments. Glass block windows in basement. Third floor has water and electric, a new window, and is ready to be finished. Both units include stove and refrigerators and there are 2 washers and dryers in the basement that stay. You will not be dissapointed.

20. 2021-08-07
    listed $329,000 Active 638-char remark

    Show marketing remark (638 chars)

    This 2/2 double in Buffalo’s West Side is in great condition, 15th Street at York. It is perfect for owner occupied plus income or an investment property. Many updates inside and out include updated bathrooms and kitchens, furnaces (2017), hot water tank (2017), and roof (2011). Both units have beautiful hardwood floors and exposed brick. There is an open concept in both apartments. Glass block windows in basement. Third floor has water and electric, a new window, and is ready to be finished. Both units include stove and refrigerators and there are 2 washers and dryers in the basement that stay. You will not be dissapointed.

21. 2018-06-15
    soldstatus $310,000 Closed Sale or Rented

    Show marketing remark (676 chars)

    Looking for move in ready? Here is the one for you. This quality renovation with nice attention to detail really stands out. Great apartments with open concept kitchen living room combination. Granite countertops and mosaic backsplashes really make these kitchens. Beautiful light throughout. This renovation was to the studs. Updated furnaces, electric, plumbing, insulation, drywall and windows. New kitchens and baths. These apartments have refinished hardwood floors and exposed brick that add to the character of this property. Too much to list. Convenient location to all that Elmwood and Allentown have to offer. Showings start at the open house on Saturday 4/14 1-3pm.

22. 2018-06-15
    soldstatus $310,000

    Show marketing remark (676 chars)

    Looking for move in ready? Here is the one for you. This quality renovation with nice attention to detail really stands out. Great apartments with open concept kitchen living room combination. Granite countertops and mosaic backsplashes really make these kitchens. Beautiful light throughout. This renovation was to the studs. Updated furnaces, electric, plumbing, insulation, drywall and windows. New kitchens and baths. These apartments have refinished hardwood floors and exposed brick that add to the character of this property. Too much to list. Convenient location to all that Elmwood and Allentown have to offer. Showings start at the open house on Saturday 4/14 1-3pm.

23. 2018-05-09
    status Pending Sale

    Show marketing remark (676 chars)

    Looking for move in ready? Here is the one for you. This quality renovation with nice attention to detail really stands out. Great apartments with open concept kitchen living room combination. Granite countertops and mosaic backsplashes really make these kitchens. Beautiful light throughout. This renovation was to the studs. Updated furnaces, electric, plumbing, insulation, drywall and windows. New kitchens and baths. These apartments have refinished hardwood floors and exposed brick that add to the character of this property. Too much to list. Convenient location to all that Elmwood and Allentown have to offer. Showings start at the open house on Saturday 4/14 1-3pm.

24. 2018-04-20
    status Under Contract- Do Not Show

    Show marketing remark (676 chars)

    Looking for move in ready? Here is the one for you. This quality renovation with nice attention to detail really stands out. Great apartments with open concept kitchen living room combination. Granite countertops and mosaic backsplashes really make these kitchens. Beautiful light throughout. This renovation was to the studs. Updated furnaces, electric, plumbing, insulation, drywall and windows. New kitchens and baths. These apartments have refinished hardwood floors and exposed brick that add to the character of this property. Too much to list. Convenient location to all that Elmwood and Allentown have to offer. Showings start at the open house on Saturday 4/14 1-3pm.

25. 2018-04-11
    listed $299,900 Active

    Show marketing remark (676 chars)

    Looking for move in ready? Here is the one for you. This quality renovation with nice attention to detail really stands out. Great apartments with open concept kitchen living room combination. Granite countertops and mosaic backsplashes really make these kitchens. Beautiful light throughout. This renovation was to the studs. Updated furnaces, electric, plumbing, insulation, drywall and windows. New kitchens and baths. These apartments have refinished hardwood floors and exposed brick that add to the character of this property. Too much to list. Convenient location to all that Elmwood and Allentown have to offer. Showings start at the open house on Saturday 4/14 1-3pm.

26. 2017-02-23
    soldstatus $100,000
27. 1994-05-16
    soldstatus $26,272

ⓘ 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: $1,113 · $93/mo
• Projected year-2 tax: $4,021 · $335/mo
• Expected delta: +$2,908/yr (+$242/mo · 261.3%)

ⓘ 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 ≥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: $50,352
• − Mortgage interest: −$22,966
• − Property taxes: −$1,113
• − Insurance: −$2,050
• − Repairs & maintenance: −$4,028
• − Management: −$4,028
• − Depreciation: −$11,927
• Taxable income: $4,239
• Est. tax owed @ 24.0%: −$1,017
• After-tax cash flow: $9,797/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

+1460.6% since first listed

13 events — show timeline

• 2026-05-12 Listed $410,000 FSBO.com
• 2021-10-28 Sold (Public Records) $335,000 Public Records
• 2021-10-28 Sold (MLS) $335,000 WNYREIS
• 2021-09-03 Pending — WNYREIS
• 2021-08-23 Pending — WNYREIS
• 2021-08-07 Listed $329,000 WNYREIS
• 2018-06-15 Sold (Public Records) $310,000 Public Records
• 2018-06-15 Sold (MLS) $310,000 WNYREIS
• 2018-05-09 Pending — WNYREIS
• 2018-04-20 Pending — WNYREIS
• 2018-04-11 Listed $299,900 WNYREIS
• 2017-02-23 Sold (Public Records) $100,000 Public Records
• 1994-05-16 Sold (Public Records) $26,272 Public Records

Property tax history

+15.0%/yr

Latest (2025): $1,113 · -32.0% YoY. Source: county tax records.