376 Hertel Ave · Buffalo, NY 14207

$199,000

3 bd · 2.0 ba · 1,960 sqft · MultiFamily public records · 15 Days on market

Built 1850 4,575 sqft lot Est $178k · 12% 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
• 1% rule +8.8/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0
• 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

Welcome to 376 Hertel. This recently remodeled duplex offers a lower unit with two bedrooms and a bonus room that can function as an office or an additional bedroom. Meanwhile, the upper unit features two fully renovated bedrooms. Throughout both units, you'll find new vinyl flooring and updated cabinets with quartz countertops that contribute to a fresh and contemporary aesthetic. Newer tile surround showers makes maintenance a breeze. Updates in the property include brand new electric service panels (2023), upper wall furnace (2023), new HWT (2023). Showings begin immediately & offers are due Thursday December 7th at 12pm.

Key facts

• Large windows
• Spacious layouts
• Separate utilities

Tags

• MODERN FINISHES
• SPACIOUS LAYOUTS
• SEPARATE UTILITIES
• BONUS ROOM
• UPDATED FLOORING
• LARGE WINDOWS

Property features AI

Finance

• Other: Two separate gas meters; Two separate electric meters; Two total rental units
• Financial info: Owner pays grounds care and water; Some operating expense details referenced in remarks

Exterior

• Parking: Attached or detached garage with 1 garage space; Additional parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-family residence (2 units); Residential 2-unit zoning; Wood siding exterior; Asphalt roof; Resale property
• Construction: Wood siding construction; Asphalt roof
• Exterior features: Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchens; Kitchen with dining area in one unit; Formal dining room in one unit
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Vinyl flooring; Varied flooring types
• Bathrooms: Each unit has 1 full bathroom (total 2 full bathrooms in building)
• Heating & cooling: Gas heating; Baseboard heating; Forced air heating
• Interior features: Enclosed porch; Porch; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $991 ($12k/yr) — positive. Per door: $496/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 (+8.2%/yr); 197 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,744/mo this rent would consume 83% of the median local household income ($40k/yr) (locally 2177% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $156k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $196,015 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.38% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.35%
• DSCR: 1.95
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $178,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
145 Peter St	0.38mi	4/2.0 (+1)	1,892 (-4%)	5mo	$238,696	$126	67
227 Crowley Ave	0.67mi	3/2.0	1,909 (-3%)	6mo	$155,000	$81	60
159 Howell St	0.39mi	4/2.0 (+1)	1,978 (+1%)	22mo	$198,000	$100	57
181 Gorton St	0.47mi	4/2.0 (+1)	1,864 (-5%)	11mo	$109,000	$58	56
52 Reservation St	0.51mi	4/2.0 (+1)	1,917 (-2%)	15mo	$98,000	$51	55
198 Grote St	0.53mi	4/2.0 (+1)	2,024 (+3%)	12mo	$234,500	$116	55
37 Peoria St	0.46mi	4/2.0 (+1)	2,148 (+10%)	6mo	$138,000	$64	52
38 Saint Florian St	0.40mi	4/2.0 (+1)	1,816 (-7%)	14mo	$235,000	$129	52
29 Hunt Ave	0.46mi	4/2.0 (+1)	2,026 (+3%)	20mo	$185,000	$91	51
23 Sunnyside Pl	0.36mi	4/2.0 (+1)	2,160 (+10%)	13mo	$175,000	$81	50
561-63 Military Rd	0.50mi	4/2.0 (+1)	1,812 (-8%)	14mo	$350,000	$193	47
14 Collaton St	0.71mi	4/2.0 (+1)	1,708 (-13%)	9mo	$105,000	$61	33

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 19.0%
• Equity multiple: 1.81×
• Total profit: $45,320
• Equity at exit: $29,672

10-year hold

• IRR: 30.3%
• Equity multiple: 4.35×
• Total profit: $186,449
• Equity at exit: $17,206

Cash invested: $55,720 (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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 197
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $2,744 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$50 /mo · $598/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $991

Break-even live

Break-even rent $1,489

Max offer price $199,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,744
Total (2 units)			$2,744

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	14d	1	0.51mi
62 Germain St Buffalo, NY	3.0	1.0	1320	$1,250	$0.95	24d	1	0.54mi
52 Greeley St Unit Upper Buffalo, NY	2.0	1.0	1804	$1,000	$0.55	24d	1	0.62mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	24d	1	0.96mi
61 Baxter St Buffalo, NY	3.0	1.0	2014	$1,400	$0.70	2d	1	1.07mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$1,600	$1.23	2d	14	1.19mi
62 Seabrook St Buffalo, NY	4.0	1.0	1300	$2,000	$1.54	2d	1	1.24mi
2514 Delaware Ave Unit 1 Buffalo, NY	3.0	1.0	1620	$1,650	$1.02	2d	1	1.34mi
340 Bird Ave #202 Buffalo, NY	2.0	2.5	1505	$2,950	$1.96	10d	1	1.43mi
244 Hartwell Rd Buffalo, NY	3.0	1.0	1250	$1,500	$1.20	3d	1	1.44mi

Listing history 11 events

1. 2026-06-18
   days on market $199,000 Active 15 DOM
2. 2026-06-17
   days on market $199,000 Active 14 DOM
3. 2026-06-16
   days on market $199,000 Active 13 DOM
4. 2026-06-15
   days on market $199,000 Active 12 DOM
5. 2026-06-13
   days on market $199,000 Active 10 DOM
6. 2026-06-13
   days on market $199,000 Active 9 DOM
7. 2026-06-10
   days on market $199,000 Active 7 DOM
8. 2026-06-09
   days on market $199,000 Active 6 DOM
9. 2026-06-08
   days on market $199,000 Active 5 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $199,000 Active 4 DOM

ⓘ 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: $598 · $50/mo
• Projected year-2 tax: $1,980 · $165/mo
• Expected delta: +$1,383/yr (+$115/mo · 231.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 51% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°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: $32,928
• − Mortgage interest: −$11,147
• − Property taxes: −$598
• − Insurance: −$995
• − Repairs & maintenance: −$2,634
• − Management: −$2,634
• − Depreciation: −$5,789
• Taxable income: $9,131
• Est. tax owed @ 24.0%: −$2,191
• After-tax cash flow: $9,706/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

+437.8% since first listed

9 events — show timeline

• 2026-06-03 Listed $199,000 WNYREIS
• 2024-02-13 Sold (MLS) $156,000 WNYREIS
• 2023-12-27 Pending — WNYREIS
• 2023-12-12 Pending — WNYREIS
• 2023-12-07 Contingent — WNYREIS
• 2023-11-29 Listed $129,999 WNYREIS
• 2023-07-31 Sold (Public Records) $55,000 Public Records
• 2023-01-12 Sold (Public Records) $65,000 Public Records
• 2004-06-11 Sold (Public Records) $37,000 Public Records

Property tax history

+9.9%/yr

Latest (2025): $598 · +101.2% YoY. Source: county tax records.