193 Vermont St · Buffalo, NY 14213

$329,900

5 bd · 3.0 ba · 2,146 sqft · MultiFamily public records · 1 Days on market

Built 1900 3,515 sqft lot Est $260k · 27% over

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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
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• 1% rule +8.2/10.0
• 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

Expertly maintained and updated three-unit with attached 1-car garage perfect for investment. Large lower front 3 bedroom unit with updated kitchen and bathroom. Good sized upper 1 bedroom has large master bedroom. Quaint lower rear 1 bedroom unit with updates to the kitchen and bathroom. Property hi-lights include: 1.5 yr old tear off roof, newer boilers, attached 1 car garage, all new windows, circuit breakers, copper plumbing, new vinyl siding. Gas and electric are separate. Can be sold together with adjacent two-unit property: 191 Vermont St.

Key facts

• 3,515 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $330k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $330k).
• Cap rate 11.8% 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; 4 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 $4,351/mo this rent would consume 97% 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 $27k of equity ($2k loan paydown + $25k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $92k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $180k; list at $330k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $329,900

Questions for the listing agent

1. Built in 1900 — 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 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: 1.32% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.50%
• DSCR: 1.87
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $259,666
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
375 Plymouth Ave	0.10mi	4/2.0 (-1)	2,121 (-1%)	4mo	$265,000	$125	81
298 Massachusetts Ave	0.36mi	5/2.0	2,221 (+4%)	1mo	$220,000	$99	73
651 Prospect Ave	0.16mi	5/2.0	2,026 (-6%)	9mo	$278,500	$137	72
149 16th St	0.34mi	6/3.0 (+1)	2,169 (+1%)	10mo	$394,000	$182	69
207 Rhode Island St	0.13mi	5/2.0	2,436 (+14%)	2mo	$295,500	$121	66
250 West Ave	0.55mi	6/2.0 (+1)	2,230 (+4%)	4mo	$375,000	$168	55
440 W Utica St Unit S	0.55mi	4/3.0 (-1)	2,371 (+10%)	0mo	$380,000	$160	52
214 W Ferry St Unit N	0.65mi	5/2.0	2,296 (+7%)	7mo	$185,000	$81	48
325 Breckenridge St	0.72mi	6/2.0 (+1)	2,044 (-5%)	2mo	$175,500	$86	48
395 Hampshire St	0.62mi	5/2.0	2,438 (+14%)	3mo	$165,500	$68	42
67 Barton St	0.61mi	6/2.0 (+1)	2,420 (+13%)	0mo	$170,000	$70	41
33 Lakeview Ave	0.62mi	6/3.0 (+1)	2,409 (+12%)	11mo	$136,000	$56	36

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: 32.9%
• Equity multiple: 3.26×
• Total profit: $208,393
• Equity at exit: $239,763

10-year hold

• IRR: 28.4%
• Equity multiple: 6.52×
• Total profit: $509,865
• Equity at exit: $465,916

Cash invested: $92,372 (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: 14.6×

Monthly cashflow live

• Estimated rent: $4,351 high
• Mortgage (P&I): −$1,730
• Tax from tax record: −$69 /mo · $824/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$914
• Net cashflow: $1,501

Break-even live

Break-even rent $2,451

Max offer price $329,900

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,879
1× unit	1	1	$1,236
1× unit	1	0.5	$1,236
Total (3 units)			$4,351

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: $82,475
• Closing costs: $9,897
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	0.23mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	14d	1	0.71mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	23d	1	0.89mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	1.48mi

Listing history 7 events

1. 2026-04-16
   status Pending
2. 2026-04-16
   listed $329,900 Active
3. 2018-10-25
   soldstatus $180,000 Closed Sale or Rented 552-char remark

   Show marketing remark (552 chars)

   Expertly maintained and updated three-unit with attached 1-car garage perfect for investment. Large lower front 3 bedroom unit with updated kitchen and bathroom. Good sized upper 1 bedroom has large master bedroom. Quaint lower rear 1 bedroom unit with updates to the kitchen and bathroom. Property hi-lights include: 1.5 yr old tear off roof, newer boilers, attached 1 car garage, all new windows, circuit breakers, copper plumbing, new vinyl siding. Gas and electric are separate. Can be sold together with adjacent two-unit property: 191 Vermont St.

4. 2018-10-25
   soldstatus $320,000

   Show marketing remark (552 chars)

   Expertly maintained and updated three-unit with attached 1-car garage perfect for investment. Large lower front 3 bedroom unit with updated kitchen and bathroom. Good sized upper 1 bedroom has large master bedroom. Quaint lower rear 1 bedroom unit with updates to the kitchen and bathroom. Property hi-lights include: 1.5 yr old tear off roof, newer boilers, attached 1 car garage, all new windows, circuit breakers, copper plumbing, new vinyl siding. Gas and electric are separate. Can be sold together with adjacent two-unit property: 191 Vermont St.

5. 2018-08-29
   status Pending Sale 552-char remark

   Show marketing remark (552 chars)

   Expertly maintained and updated three-unit with attached 1-car garage perfect for investment. Large lower front 3 bedroom unit with updated kitchen and bathroom. Good sized upper 1 bedroom has large master bedroom. Quaint lower rear 1 bedroom unit with updates to the kitchen and bathroom. Property hi-lights include: 1.5 yr old tear off roof, newer boilers, attached 1 car garage, all new windows, circuit breakers, copper plumbing, new vinyl siding. Gas and electric are separate. Can be sold together with adjacent two-unit property: 191 Vermont St.

6. 2018-08-20
   listed $179,000 Active 552-char remark

   Show marketing remark (552 chars)

   Expertly maintained and updated three-unit with attached 1-car garage perfect for investment. Large lower front 3 bedroom unit with updated kitchen and bathroom. Good sized upper 1 bedroom has large master bedroom. Quaint lower rear 1 bedroom unit with updates to the kitchen and bathroom. Property hi-lights include: 1.5 yr old tear off roof, newer boilers, attached 1 car garage, all new windows, circuit breakers, copper plumbing, new vinyl siding. Gas and electric are separate. Can be sold together with adjacent two-unit property: 191 Vermont St.

7. 1993-09-03
   soldstatus $52,000

ⓘ 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: $824 · $69/mo
• Projected year-2 tax: $3,200 · $267/mo
• Expected delta: +$2,376/yr (+$198/mo · 288.4%)

ⓘ 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: $52,212
• − Mortgage interest: −$18,480
• − Property taxes: −$824
• − Insurance: −$1,650
• − Repairs & maintenance: −$4,177
• − Management: −$4,177
• − Depreciation: −$9,597
• Taxable income: $13,308
• Est. tax owed @ 24.0%: −$3,194
• After-tax cash flow: $14,820/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

+534.4% since first listed

7 events — show timeline

• 2026-04-16 Pending — WNYREIS
• 2026-04-16 Listed $329,900 WNYREIS
• 2018-10-25 Sold (Public Records) $320,000 Public Records
• 2018-10-25 Sold (MLS) $180,000 WNYREIS
• 2018-08-29 Pending — WNYREIS
• 2018-08-20 Listed $179,000 WNYREIS
• 1993-09-03 Sold (Public Records) $52,000 Public Records

Property tax history

+13.9%/yr

Latest (2025): $824 · +0.0% YoY. Source: county tax records.