894 Prospect Ave · Buffalo, NY 14213

$150,000

6 bd · 3.0 ba · 2,600 sqft · MultiFamily public records · 56 Days on market

Built 1869 2,500 sqft lot $58/sqft · 63% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Great investment opportunity with this spacious West Side two-family home, conveniently located near Niagara Street, downtown, and the I-190. Upper unit is currently rented at $1100/month plus utilities; lower unit is vacant, offering flexibility for owner occupant or additional rental income. Both units feature large living rooms, dining areas, kitchens, and 3 bedrooms. The upper unit includes 2 full bathrooms, a rare bonus. Updates include interior painting (2021), a newer furnace, and a tear-off roof (2015). Gas lines have been updated in the lower unit and repaired in the upper unit by T-Mark.

Key facts

• 2 full bathrooms
• Kitchens
• 3 bedrooms

Tags

• WEST SIDE TWO-FAMILY HOME
• LARGE LIVING ROOMS
• DINING AREAS
• KITCHENS
• 3 BEDROOMS
• 2 FULL BATHROOMS

🏷️ Possibly a rental listed for sale. The $150,000 price doesn't fit this home's estimated sale value (~$404,126) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $913/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.9% 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: Rents soft (-0.5%/yr); 137 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,452/mo this rent would consume 77% 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 $12k of equity ($1k loan paydown + $11k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $150k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1869 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% 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 1869 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.30% ✓
• Cap rate: 20.90%
• Cash-on-cash: 52.17%
• DSCR: 3.32
• GRM: 3.6

CMA / ARV

• ARV (median comp): $404,126
• List price: $150,000
• Delta: -62.88%
• 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
711 West Ave	0.20mi	6/2.0	2,592 (-0%)	9mo	$150,000	$58	78
67 Barton St	0.40mi	6/2.0	2,420 (-7%)	0mo	$170,000	$70	65
207 Rhode Island St	0.36mi	5/2.0 (-1)	2,436 (-6%)	2mo	$295,500	$121	62
288 14th St	0.53mi	5/2.0 (-1)	2,616 (+1%)	6mo	$260,000	$99	60
715 Prospect Ave	0.33mi	6/2.0	2,867 (+10%)	6mo	$232,500	$81	58
26 York St	0.69mi	6/2.0	2,519 (-3%)	1mo	$199,900	$79	57
215 Normal Ave	0.60mi	5/2.0 (-1)	2,626 (+1%)	7mo	$294,000	$112	55
187 Auburn Ave	0.64mi	5/2.0 (-1)	2,588 (-0%)	7mo	$289,000	$112	55
395 Hampshire St	0.66mi	5/2.0 (-1)	2,438 (-6%)	3mo	$165,500	$68	47
298 Massachusetts Ave	0.43mi	5/2.0 (-1)	2,221 (-15%)	1mo	$220,000	$99	46
214 W Ferry St Unit N	0.47mi	5/2.0 (-1)	2,296 (-12%)	7mo	$185,000	$81	44
238 Barton St	0.68mi	6/2.0	2,246 (-14%)	2mo	$195,000	$87	40

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: 60.2%
• Equity multiple: 4.89×
• Total profit: $163,304
• Equity at exit: $109,016

10-year hold

• IRR: 54.6%
• Equity multiple: 9.78×
• Total profit: $368,758
• Equity at exit: $211,844

Cash invested: $42,000 (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: 7.2×

Monthly cashflow live

• Estimated rent: $3,452 high
• Mortgage (P&I): −$787
• Tax from tax record: −$52 /mo · $622/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$725
• Net cashflow: $1,826

Break-even live

Break-even rent $1,140

Max offer price $150,000

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,452
Total (2 units)			$3,452

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-05-18
   status Pending 604-char remark

   Show marketing remark (604 chars)

   Great investment opportunity with this spacious West Side two-family home, conveniently located near Niagara Street, downtown, and the I-190. Upper unit is currently rented at $1100/month plus utilities; lower unit is vacant, offering flexibility for owner occupant or additional rental income. Both units feature large living rooms, dining areas, kitchens, and 3 bedrooms. The upper unit includes 2 full bathrooms, a rare bonus. Updates include interior painting (2021), a newer furnace, and a tear-off roof (2015). Gas lines have been updated in the lower unit and repaired in the upper unit by T-Mark.

2. 2026-05-13
   price $150,000 604-char remark

   Show marketing remark (604 chars)

   Great investment opportunity with this spacious West Side two-family home, conveniently located near Niagara Street, downtown, and the I-190. Upper unit is currently rented at $1100/month plus utilities; lower unit is vacant, offering flexibility for owner occupant or additional rental income. Both units feature large living rooms, dining areas, kitchens, and 3 bedrooms. The upper unit includes 2 full bathrooms, a rare bonus. Updates include interior painting (2021), a newer furnace, and a tear-off roof (2015). Gas lines have been updated in the lower unit and repaired in the upper unit by T-Mark.

3. 2026-03-23
   listed $165,000 Active 604-char remark

   Show marketing remark (604 chars)

   Great investment opportunity with this spacious West Side two-family home, conveniently located near Niagara Street, downtown, and the I-190. Upper unit is currently rented at $1100/month plus utilities; lower unit is vacant, offering flexibility for owner occupant or additional rental income. Both units feature large living rooms, dining areas, kitchens, and 3 bedrooms. The upper unit includes 2 full bathrooms, a rare bonus. Updates include interior painting (2021), a newer furnace, and a tear-off roof (2015). Gas lines have been updated in the lower unit and repaired in the upper unit by T-Mark.

4. 2026-01-20
   status Pending
5. 2025-10-20
   historical
6. 2025-10-20
   historical
7. 2025-06-26
   price $149,900
8. 2025-06-11
   status Active
9. 2025-04-28
   status Active
10. 2025-04-24
    status Pending
11. 2025-04-11
    listed $169,900 Active
12. 2021-08-10
    soldstatus $100,000
13. 2021-08-06
    soldstatus $100,000 Closed Sale or Rented
14. 2021-06-24
    status Under Contract- Do Not Show
15. 2021-06-07
    listed $109,000 Active
16. 2019-11-28
    historical
17. 2019-09-27
    price $95,000
18. 2019-07-29
    price $119,900
19. 2019-06-27
    price $135,000
20. 2019-05-28
    listed $150,000 Active

ⓘ 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: $622 · $52/mo
• Projected year-2 tax: $1,579 · $132/mo
• Expected delta: +$956/yr (+$80/mo · 153.7%)

ⓘ 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 ≥92°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: $41,424
• − Mortgage interest: −$8,402
• − Property taxes: −$622
• − Insurance: −$750
• − Repairs & maintenance: −$3,314
• − Management: −$3,314
• − Depreciation: −$4,364
• Taxable income: $20,658
• Est. tax owed @ 24.0%: −$4,958
• After-tax cash flow: $16,956/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

+0.0% since first listed

20 events — show timeline

• 2026-05-18 Pending — WNYREIS
• 2026-05-13 Price Changed $150,000 WNYREIS
• 2026-03-23 Listed $165,000 WNYREIS
• 2026-01-20 Pending — WNYREIS
• 2025-10-20 Listing Removed — WNYREIS
• 2025-10-20 Listing Removed — WNYREIS
• 2025-06-26 Price Changed $149,900 WNYREIS
• 2025-06-11 Relisted — WNYREIS
• 2025-04-28 Relisted — WNYREIS
• 2025-04-24 Pending — WNYREIS
• 2025-04-11 Listed $169,900 WNYREIS
• 2021-08-10 Sold (Public Records) $100,000 Public Records
• 2021-08-06 Sold (MLS) $100,000 WNYREIS
• 2021-06-24 Pending — WNYREIS
• 2021-06-07 Listed $109,000 WNYREIS
• 2019-11-28 Listing Removed — WNYREIS
• 2019-09-27 Price Changed $95,000 WNYREIS
• 2019-07-29 Price Changed $119,900 WNYREIS
• 2019-06-27 Price Changed $135,000 WNYREIS
• 2019-05-28 Listed $150,000 WNYREIS

Property tax history

+10.5%/yr

Latest (2025): $622 · +0.0% YoY. Source: county tax records.