40 Wakefield Ave · Buffalo, NY 14214

$250,000

6 bd · 2.0 ba · 2,344 sqft · MultiFamily public records · 62 Days on market

Built 1925 3,450 sqft lot $107/sqft · 26% below area Est $340k · 26% under

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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 +29.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Rent growth +4.0/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Great location! This well-maintained multifamily property offers a spacious layout, making it ideal for investors, first-time homebuyers, etc. The double features separate utilities and includes two units, each with three generously sized bedrooms, a comfortable living and dining area, a well-sized kitchen, and a full bathroom with high ceilings. Some newer windows and beautiful natural woodwork add to the home’s charm. The property has a newer roof (approximately 7–10 years old) and updated electrical circuit breakers. A full attic provides the opportunity for additional usable space if finished. Additional highlights include a two-car garage, forced-air heating. Please give 24 - 48 hours notice for showings.

Key facts

• Newer roof
• Newer windows
• Full attic

Tags

• NEWER WINDOWS
• NEWER ROOF
• FULL ATTIC

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $911 ($11k/yr) — positive. Per door: $455/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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 (+5.8%/yr); 90 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,340/mo this rent would consume 69% of the median local household income ($58k/yr) (locally 1820% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $70k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.34% ✓
• Cap rate: 10.67%
• Cash-on-cash: 15.62%
• DSCR: 1.69
• GRM: 6.2

CMA / ARV

• ARV (median comp): $339,898
• List price: $250,000
• Delta: -26.45%
• 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
172 Rodney Ave	0.14mi	6/2.5	2,430 (+4%)	7mo	$222,499	$92	79
258 Leroy Ave	0.14mi	6/2.0	2,200 (-6%)	6mo	$220,000	$100	78
168 Rodney Ave	0.14mi	6/2.0	2,199 (-6%)	7mo	$175,000	$80	77
2002 Fillmore Ave	0.45mi	6/2.0	2,390 (+2%)	4mo	$206,500	$86	72
2006 Fillmore Ave	0.45mi	5/2.0 (-1)	2,390 (+2%)	3mo	$84,800	$35	69
92 Wakefield Ave	0.09mi	6/2.0	2,046 (-13%)	8mo	$190,000	$93	68
2032 Fillmore Ave	0.40mi	6/2.0	2,226 (-5%)	10mo	$150,000	$67	65
73 Monticello Pl	0.69mi	6/2.0	2,424 (+3%)	3mo	$160,000	$66	59
84 Monticello Pl	0.66mi	6/2.0	2,591 (+10%)	0mo	$145,000	$56	52
356 Woodward Ave	0.65mi	6/2.0	2,544 (+8%)	9mo	$390,000	$153	48
1 Palos Pl	0.66mi	6/2.0	2,541 (+8%)	12mo	$230,000	$91	45
114 Manhattan Ave	0.47mi	5/2.0 (-1)	2,052 (-12%)	16mo	$158,000	$77	39

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 · 5.81% rent growth · sell at horizon

5-year hold

• IRR: 9.6%
• Equity multiple: 1.39×
• Total profit: $27,264
• Equity at exit: $37,276

10-year hold

• IRR: 20.9%
• Equity multiple: 3.01×
• Total profit: $140,855
• Equity at exit: $21,615

Cash invested: $70,000 (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 14214

• Rents YoY: 5.8%
• Active inventory: 90
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $3,340 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$701
• Net cashflow: $911

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,340
Total (2 units)			$3,340

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 Minnesota Ave Buffalo, NY	7.0	2.0	2551	$4,900	$1.92	14d	1	1.07mi
15 Hughes Ave Buffalo, NY	7.0	2.0	1650	$3,000	$1.82	43d	1	1.07mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	14d	1	1.15mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	14d	1	1.17mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	14d	1	1.18mi
133 Merrimac St Buffalo, NY	7.0	2.0	2327	$4,450	$1.91	14d	1	1.38mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	1d	1	1.49mi

Listing history 22 events

1. 2026-06-18
   days on market $250,000 Active 62 DOM
2. 2026-06-17
   days on market $250,000 Active 61 DOM
3. 2026-06-16
   days on market $250,000 Active 60 DOM
4. 2026-06-15
   days on market $250,000 Active 59 DOM
5. 2026-06-13
   days on market $250,000 Active 57 DOM
6. 2026-06-13
   days on market $250,000 Active 56 DOM
7. 2026-06-10
   days on market $250,000 Active 54 DOM
8. 2026-06-09
   days on market $250,000 Active 53 DOM
9. 2026-06-08
   days on market $250,000 Active 52 DOM
10. 2026-06-07
    days on market $250,000 Active 51 DOM
11. 2026-06-03
    days on market $250,000 Active 47 DOM
12. 2026-06-02
    days on market $250,000 Active 46 DOM
13. 2026-06-01
    days on market $250,000 Active 45 DOM
14. 2026-05-31
    days on market $250,000 Active 44 DOM
15. 2026-04-17
    listed $250,000 Active 731-char remark

    Show marketing remark (731 chars)

    Great location! This well-maintained multifamily property offers a spacious layout, making it ideal for investors, first-time homebuyers, etc. The double features separate utilities and includes two units, each with three generously sized bedrooms, a comfortable living and dining area, a well-sized kitchen, and a full bathroom with high ceilings. Some newer windows and beautiful natural woodwork add to the home’s charm. The property has a newer roof (approximately 7–10 years old) and updated electrical circuit breakers. A full attic provides the opportunity for additional usable space if finished. Additional highlights include a two-car garage, forced-air heating. Please give 24 - 48 hours notice for showings.

16. 2025-09-30
    historical
17. 2025-08-18
    listed $240,000 Active
18. 2025-03-28
    soldstatus $240,000 Closed
19. 2025-03-27
    soldstatus $240,000
20. 2025-01-07
    status Pending
21. 2024-11-26
    listed $249,900 Active
22. 2022-05-12
    soldstatus $92,500

ⓘ 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 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 · 14 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: $40,080
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,206
• − Management: −$3,206
• − Depreciation: −$7,273
• Taxable income: $7,391
• Est. tax owed @ 24.0%: −$1,774
• After-tax cash flow: $9,157/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): 21,314
• Household income: $58,228
• Rent vs Own: 57.7% rent · 42.3% own
• Severe rent burden: 1820.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 47% Black 31% Asian 11% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 2% Scotch-Irish 1%
• Foreign-born: 14% · Canada, China
• Languages at home: 81% English-only · Other Indo-European 7% Spanish 4% Other Asian/Pacific 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: ▼ -282.52%
• Current HPI: 373.377
• Rent YoY: ▲ 5.81%
• 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

+170.3% since first listed

8 events — show timeline

• 2026-04-17 Listed $250,000 WNYREIS
• 2025-09-30 Listing Removed — WNYREIS
• 2025-08-18 Listed $240,000 WNYREIS
• 2025-03-28 Sold (MLS) $240,000 WNYREIS
• 2025-03-27 Sold (Public Records) $240,000 Public Records
• 2025-01-07 Pending — WNYREIS
• 2024-11-26 Listed $249,900 WNYREIS
• 2022-05-12 Sold (Public Records) $92,500 Public Records

Property tax history

+9.0%/yr

Latest (2025): $319 · +0.0% YoY. Source: county tax records.