103 Unger Ave · Buffalo, NY 14210

$259,999

6 bd · 2.0 ba · 2,484 sqft · MultiFamily public records · 11 Days on market

Built 1905 6,120 sqft lot Est $251k · at est.

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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 +21.1/30.0
• Appreciation +10.0/10.0
• DSCR +6.7/10.0
• ARV discount +5.9/15.0
• 1% rule +5.5/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

The South Buffalo double you’ve been waiting for is finally here! Meticulously updated over the past few years, this stunning property offers the perfect opportunity for both owner-occupants and investors alike. The lower unit features a beautifully updated kitchen complete with abundant cabinetry, a massive pantry, updated lighting, and gorgeous original hardwood floors that truly shine. The updated bathroom adds even more appeal to this bright and inviting space. Upstairs, you’ll find another spacious unit featuring luxury vinyl flooring, original hardwoods, a newer butcher block countertop, oversized rooms, and an impressive pantry that tenants or owners will love. The large

Key facts

• Updated kitchen
• Massive pantry
• Updated bathroom

Tags

• UPDATED KITCHEN
• MASSIVE PANTRY
• ORIGINAL HARDWOOD FLOORS
• UPDATED BATHROOM
• BUTCHER BLOCK COUNTERTOP
• IMPRESSIVE PANTRY

Property features AI

Finance

• Other: Two-unit building with separate gas and electric meters (2 each)
• Financial info: Owner pays water (for rental arrangements); Rent includes water; Operating expenses: see remarks; Property used as resale

Exterior

• Parking: Concrete parking surface
• Utilities: Public water connected; Sewer connected; High-speed internet available
• Home design: 2-story property; Existing construction; Vinyl siding; Poured foundation
• Construction: Vinyl siding exterior; Poured foundation
• Exterior features: Partial fencing; Patio; Open porch; Near public transit; Rectangular residential lot; City street frontage

Interior

• Flooring: Hardwood; Luxury vinyl; Varies by area
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Two fireplaces; Hardwood and luxury vinyl flooring (varies)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).

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 (+12.7%/yr); 94 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,742/mo this rent would consume 61% of the median local household income ($54k/yr) (locally 959% 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 $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $73k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $220k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $259,999

Questions for the listing agent

1. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.05% ✓
• Cap rate: 8.00%
• Cash-on-cash: 6.09%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $250,884
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18 Sage Ave	0.12mi	6/2.0	2,578 (+4%)	4mo	$164,500	$64	84
75 Juniata Pl	0.26mi	6/2.0	2,544 (+2%)	2mo	$245,000	$96	82
96 Stevenson St	0.29mi	6/2.0	2,496 (+0%)	6mo	$272,096	$109	81
110 Armin Pl	0.33mi	5/2.0 (-1)	2,366 (-5%)	1mo	$235,000	$99	71
42 Mineral Spring Rd	0.33mi	6/2.0	2,278 (-8%)	0mo	$300,000	$132	70
26 Kamper Ave	0.56mi	6/2.0	2,394 (-4%)	3mo	$179,000	$75	65
35 Kimmel Ave	0.42mi	6/2.0	2,218 (-11%)	2mo	$225,000	$101	61
30 Macamley St	0.73mi	6/2.0	2,392 (-4%)	5mo	$284,000	$119	56
85 Geary St	0.49mi	6/2.0	2,780 (+12%)	2mo	$267,500	$96	55
54 Remoleno St	0.51mi	5/2.0 (-1)	2,796 (+13%)	2mo	$300,000	$107	49
389 Cumberland Ave	0.71mi	5/2.0 (-1)	2,328 (-6%)	5mo	$280,000	$120	47
1726 S Park Ave	0.67mi	6/2.0	2,232 (-10%)	6mo	$77,500	$35	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 30.1%
• Equity multiple: 3.42×
• Total profit: $176,158
• Equity at exit: $234,228

10-year hold

• IRR: 27.7%
• Equity multiple: 8.41×
• Total profit: $539,085
• Equity at exit: $505,121

Cash invested: $72,800 (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 14210

• Home prices YoY: 13.8%
• Rents YoY: 12.7%
• Active inventory: 94
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $2,742 high
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,900/yr
• Insurance: −$108
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $314

Break-even live

Break-even rent $2,345

Max offer price $259,999

Occupancy floor 84%

Sensitivity live

Price	-10% $494	-5% $404	+0% $314	+5% $224	+10% $134
Rent	-10% $97	-5% $206	+0% $314	+5% $422	+10% $530
Rate	-1.0pp $445	-0.5pp $380	base $314	+0.5pp $246	+1.0pp $178

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,742
Total (2 units)			$2,742

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-18
   listed $259,999 Active
2. 2025-02-28
   soldstatus $220,000
3. 1994-10-28
   soldstatus $65,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 98% 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: $32,904
• − Mortgage interest: −$14,564
• − Property taxes: −$3,900
• − Insurance: −$1,966
• − Repairs & maintenance: −$2,632
• − Management: −$2,632
• − Depreciation: −$7,564
• Taxable loss: −$355
• Est. tax savings @ 24.0%: +$85
• After-tax cash flow: $3,851/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): 15,563
• Household income: $54,197
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 959.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 8% Black 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 21% Lithuanian 2% Serbian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Arabic 1% Other Indo-European 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: ▲ 52.34%
• Current HPI: 431.7951
• Rent YoY: ▲ 12.67%
• 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

+300.0% since first listed

3 events — show timeline

• 2026-05-18 Listed $259,999 WNYREIS
• 2025-02-28 Sold (Public Records) $220,000 Public Records
• 1994-10-28 Sold (Public Records) $65,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $493 · +0.0% YoY. Source: county tax records.