112 Masten Ave · Buffalo, NY 14209

$159,900

4 bd · 1.0 ba · 1,248 sqft · SingleFamily public records · 28 Days on market

Built 1890 3,125 sqft lot $128/sqft · at area comps Est $188k · 15% under

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Why this score? — see what drove the A- 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
• ARV discount +14.2/15.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• Appreciation +5.9/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Excellent opportunity for a first home or investment property in Masten Park District, just a stone's throw away from the medical corridor. Cozy and private side porch great for entertaining. You must see this completely renovated space. Rear addition, bonus room and second floor 1/2 bath not included on tax record. Very spacious. New metal roof, new windows throughout, new flooring, new furnace, and new hot water tank all installed in 2020. This is one of Buffalo's hottest and up and coming neighborhoods. You will be glad that you got your hands on this home. You can't go wrong!

Key facts

• 3,125 sq ft lot
• Built 1890
• Listed 28 days

Property features AI

Finance

• Other: Lot roughly 25 x 125 feet; Rectangular lot near public transit

Exterior

• Parking: No garage; No driveway
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property
• Construction: Vinyl siding; Metal roof; Pillar/post/pier foundation; PEX plumbing; Existing (previously built)
• Exterior features: Partial fencing; Covered porch

Interior

• Kitchen: Gas oven; Gas range; Refrigerator; Appliances negotiable
• Bedrooms: Two main-level bedrooms; Additional bedrooms located on first and second floors (total 5 labeled bedrooms)
• Flooring: Luxury vinyl; Tile; Varies
• Bathrooms: One full bathroom; One half bathroom; At least one main-level bathroom
• Heating & cooling: Gas heating; Forced air
• Interior features: Den; Separate/formal dining room; Eat-in kitchen; Separate/formal living room; Pantry; Crawl space basement
• Laundry & utility: Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $631 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 (+8.5%/yr); 56 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $1,983/mo this rent would consume 48% of the median local household income ($50k/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 $4k of equity ($1k loan paydown + $3k appreciation (1.9% local appreciation)).
• At projected returns (1.9% appreciation + 8.0% rent growth), your $45k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, 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 28 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $102k; list at $160k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $157,501 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.24% ✓
• Cap rate: 11.03%
• Cash-on-cash: 16.90%
• DSCR: 1.75
• GRM: 6.7

CMA / ARV

• ARV (median comp): $187,807
• List price: $159,900
• Delta: -14.86%
• 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
198 Mulberry St	0.46mi	4/1.0	1,222 (-2%)	6mo	$79,500	$65	71
200 Locust St	0.42mi	3/1.0 (-1)	1,217 (-2%)	12mo	$95,000	$78	61
162 Rose St	0.41mi	4/1.5	1,336 (+7%)	11mo	$201,000	$150	58
513 High St	0.64mi	3/1.0 (-1)	1,270 (+2%)	7mo	$95,000	$75	56
71 Chester St	0.64mi	3/1.5 (-1)	1,300 (+4%)	2mo	$250,000	$192	54
1319 Michigan Ave	0.29mi	3/1.5 (-1)	1,301 (+4%)	22mo	$155,000	$119	54
119 Purdy St	0.59mi	4/2.0	1,269 (+2%)	18mo	$150,000	$118	51
86 Verplanck St	0.60mi	4/1.5	1,258 (+1%)	22mo	$115,000	$91	50
218 Locust St St	0.38mi	4/1.0	1,100 (-12%)	18mo	$53,000	$48	47
164 Locust St	0.48mi	3/1.5 (-1)	1,320 (+6%)	21mo	$238,000	$180	43
46 Mulberry St	0.75mi	4/2.0	1,100 (-12%)	1mo	$77,000	$70	40
59 Landon St	0.53mi	4/1.0	1,424 (+14%)	15mo	$76,500	$54	40

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

Projected returns pro-forma

1.86% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 24.3%
• Equity multiple: 2.35×
• Total profit: $60,422
• Equity at exit: $61,883

10-year hold

• IRR: 28.8%
• Equity multiple: 5.26×
• Total profit: $190,525
• Equity at exit: $88,211

Cash invested: $44,772 (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 14209

• Home prices YoY: 0.4%
• Rents YoY: 8.5%
• Active inventory: 56
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,983 high
• Mortgage (P&I): −$839
• Tax from tax record: −$31 /mo · $373/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $631

Break-even live

Break-even rent $1,185

Max offer price $159,900

Occupancy floor 63%

Sensitivity live

Price	-10% $721	-5% $676	+0% $631	+5% $585	+10% $540
Rent	-10% $474	-5% $552	+0% $631	+5% $709	+10% $787
Rate	-1.0pp $711	-0.5pp $671	base $631	+0.5pp $589	+1.0pp $547

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1152 Main St Apt 3 Buffalo, NY	3.0	1.0	1000	$2,400	$2.40	15d	1	0.43mi
88 W Utica St Unit 1 Buffalo, NY	3.0	2.0	990	$2,150	$2.17	3d	1	0.64mi
88 W Utica St Unit 1 Buffalo, NY	3.0	2.0	990	$2,150	$2.17	15d	1	0.64mi
76 Chester St Unit 1 Buffalo, NY	3.0	1.0	1100	$1,000	$0.91	15d	1	0.66mi
44 N Pearl St #5 Buffalo, NY	3.0	1.0	1200	$2,400	$2.00	44d	1	0.77mi
17 N Pearl St Unit 3 Buffalo, NY	3.0	2.0	1197	$3,100	$2.59	24d	1	0.79mi
104 Butler Ave Buffalo, NY	3.0	1.0	1000	$1,400	$1.40	44d	1	0.99mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	15d	1	0.99mi
31 Norwood Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,950	$1.95	12d	1	1.01mi
21 College St Buffalo, NY	3.0	1.0	1104	$1,850	$1.68	24d	1	1.08mi
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	15d	1	1.08mi
102 Florida St Buffalo, NY	3.0	1.0	1296	$1,650	$1.27	44d	1	1.10mi
238 Oxford Ave Unit Upper Buffalo, NY	3.0	1.0	1100	$1,600	$1.45	24d	1	1.18mi
179 Donaldson Rd Buffalo, NY	3.0	1.0	1152	$1,350	$1.17	4d	1	1.19mi
217 W Tupper St Unit 2 Buffalo, NY	3.0	1.0	1150	$1,350	$1.17	44d	1	1.19mi
685 Auburn Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,750	$1.46	15d	1	1.21mi
408 Winslow Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,050	$1.05	15d	1	1.27mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	24d	1	1.30mi
190 Whitney Pl Buffalo, NY	3.0	1.0	1180	$1,550	$1.31	44d	1	1.39mi
478 Breckenridge St Buffalo, NY	3.0	1.0	1100	$1,575	$1.43	44d	1	1.47mi

Listing history 16 events

1. 2026-06-03
   statusdays on market $159,900 Pending 28 DOM
2. 2026-06-02
   days on market $159,900 Active 27 DOM
3. 2026-06-01
   days on market $159,900 Active 26 DOM
4. 2026-05-31
   days on market $159,900 Active 25 DOM
5. 2026-05-06
   listed $159,900 Active 1179-char remark
6. 2026-05-04
   historical
7. 2026-03-18
   price $179,900
8. 2026-02-16
   price $184,900
9. 2026-01-13
   price $189,900
10. 2025-12-04
    listed $200,000 Active
11. 2021-05-27
    soldstatus $102,000 Closed Sale or Rented

    Show marketing remark (592 chars)

    Excellent opportunity for a first home or investment property in Masten Park District, just a stone's throw away from the medical corridor. Cozy and private side porch great for entertaining. You must see this completely renovated space. Rear addition, bonus room and second floor 1/2 bath not included on tax record. Very spacious. New metal roof, new windows throughout, new flooring, new furnace, and new hot water tank all installed in 2020. This is one of Buffalo's hottest and up and coming neighborhoods. You will be glad that you got your hands on this home. You can't go wrong!

12. 2021-05-27
    soldstatus $102,000

    Show marketing remark (592 chars)

    Excellent opportunity for a first home or investment property in Masten Park District, just a stone's throw away from the medical corridor. Cozy and private side porch great for entertaining. You must see this completely renovated space. Rear addition, bonus room and second floor 1/2 bath not included on tax record. Very spacious. New metal roof, new windows throughout, new flooring, new furnace, and new hot water tank all installed in 2020. This is one of Buffalo's hottest and up and coming neighborhoods. You will be glad that you got your hands on this home. You can't go wrong!

13. 2021-03-05
    status Under Contract- Do Not Show

    Show marketing remark (592 chars)

    Excellent opportunity for a first home or investment property in Masten Park District, just a stone's throw away from the medical corridor. Cozy and private side porch great for entertaining. You must see this completely renovated space. Rear addition, bonus room and second floor 1/2 bath not included on tax record. Very spacious. New metal roof, new windows throughout, new flooring, new furnace, and new hot water tank all installed in 2020. This is one of Buffalo's hottest and up and coming neighborhoods. You will be glad that you got your hands on this home. You can't go wrong!

14. 2020-12-08
    status Active

    Show marketing remark (592 chars)

    Excellent opportunity for a first home or investment property in Masten Park District, just a stone's throw away from the medical corridor. Cozy and private side porch great for entertaining. You must see this completely renovated space. Rear addition, bonus room and second floor 1/2 bath not included on tax record. Very spacious. New metal roof, new windows throughout, new flooring, new furnace, and new hot water tank all installed in 2020. This is one of Buffalo's hottest and up and coming neighborhoods. You will be glad that you got your hands on this home. You can't go wrong!

15. 2020-11-17
    historical

    Show marketing remark (592 chars)

    Excellent opportunity for a first home or investment property in Masten Park District, just a stone's throw away from the medical corridor. Cozy and private side porch great for entertaining. You must see this completely renovated space. Rear addition, bonus room and second floor 1/2 bath not included on tax record. Very spacious. New metal roof, new windows throughout, new flooring, new furnace, and new hot water tank all installed in 2020. This is one of Buffalo's hottest and up and coming neighborhoods. You will be glad that you got your hands on this home. You can't go wrong!

16. 2020-11-02
    listed $109,900 Active

    Show marketing remark (592 chars)

    Excellent opportunity for a first home or investment property in Masten Park District, just a stone's throw away from the medical corridor. Cozy and private side porch great for entertaining. You must see this completely renovated space. Rear addition, bonus room and second floor 1/2 bath not included on tax record. Very spacious. New metal roof, new windows throughout, new flooring, new furnace, and new hot water tank all installed in 2020. This is one of Buffalo's hottest and up and coming neighborhoods. You will be glad that you got your hands on this home. You can't go wrong!

ⓘ 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: $373 · $31/mo
• Projected year-2 tax: $1,538 · $128/mo
• Expected delta: +$1,165/yr (+$97/mo · 312.1%)

ⓘ 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 2/10 Low 7 d/yr ≥91°F today · 14 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: $23,801
• − Mortgage interest: −$8,957
• − Property taxes: −$373
• − Insurance: −$800
• − Repairs & maintenance: −$1,904
• − Management: −$1,904
• − Depreciation: −$4,652
• Taxable income: $5,211
• Est. tax owed @ 24.0%: −$1,251
• After-tax cash flow: $6,317/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): 8,313
• Household income: $50,046
• Rent vs Own: 66.3% rent · 33.7% 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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 53% Black 30% Hispanic / Latino 11% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 6% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 9% · Canada, Dominican Republic, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▲ 1.86%
• Current HPI: 443.9414
• Rent YoY: ▲ 8.53%
• 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

+45.5% since first listed

13 events — show timeline

• 2026-06-03 Pending — WNYREIS
• 2026-05-06 Listed $159,900 WNYREIS
• 2026-05-04 Listing Removed — WNYREIS
• 2026-03-18 Price Changed $179,900 WNYREIS
• 2026-02-16 Price Changed $184,900 WNYREIS
• 2026-01-13 Price Changed $189,900 WNYREIS
• 2025-12-04 Listed $200,000 WNYREIS
• 2021-05-27 Sold (Public Records) $102,000 Public Records
• 2021-05-27 Sold (MLS) $102,000 WNYREIS
• 2021-03-05 Pending — WNYREIS
• 2020-12-08 Relisted — WNYREIS
• 2020-11-17 Listing Removed — WNYREIS
• 2020-11-02 Listed $109,900 WNYREIS

Property tax history

+15.4%/yr

Latest (2025): $373 · +108.1% YoY. Source: county tax records.