151 Northampton St · Buffalo, NY 14209

$169,000

5 bd · 2.0 ba · 2,000 sqft · MultiFamily public records · 9 Days on market

Built 1900 0.27 ac lot $84/sqft · 14% below area Est $197k · 14% 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 +13.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

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

Large frontage is a plus with this city property. Lower unit is tenant occupied. Property needs a handy persons touch. Property is sold AS IS. Seller will not complete any repairs needed to the subject.

Key facts

• 0.27 acre lot
• 2 parking spots
• Built 1900

Property features AI

Finance

• Other: Two separate gas meters; Two separate electric meters; Property contains 2 total units
• Financial info: Owner pays water for rented units; Operating expenses include water

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water connected; Sewer connected; Circuit breaker electric
• Home design: 2-story building; Resale property
• Construction: Aluminum siding; Metal roof
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 90 x 130

Interior

• Flooring: Laminate flooring; Varied flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Laminate and varied flooring
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $169k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $169k).
• Cap rate 20.7% 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 (+8.5%/yr); 56 active listings in the ZIP; 5 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 $3,825/mo this rent would consume 92% 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 $47k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 15y 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 $120k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $169,000

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: 2.26% ✓
• Cap rate: 20.69%
• Cash-on-cash: 51.41%
• DSCR: 3.29
• GRM: 3.7

CMA / ARV

• ARV (median comp): $196,849
• List price: $169,000
• Delta: -14.15%
• 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
161 Dodge St	0.12mi	6/2.0 (+1)	2,007 (+0%)	9mo	$104,000	$52	81
48 Glenwood Ave	0.39mi	5/2.0	1,879 (-6%)	2mo	$192,000	$102	70
24 Winslow Ave	0.62mi	5/2.0	2,024 (+1%)	7mo	$220,000	$109	63
316 Dodge St	0.30mi	4/2.0 (-1)	1,760 (-12%)	4mo	$107,000	$61	58
65 Kingsley St	0.51mi	5/2.0	1,884 (-6%)	11mo	$230,000	$122	58
159 Purdy St	0.56mi	6/2.0 (+1)	2,080 (+4%)	6mo	$212,500	$102	58
324 Carlton St	0.65mi	4/2.0 (-1)	1,947 (-3%)	4mo	$66,100	$34	57
65 Waverly St	0.52mi	4/2.0 (-1)	2,005 (+0%)	17mo	$90,000	$45	56
227 Timon St	0.58mi	6/2.0 (+1)	2,084 (+4%)	10mo	$190,000	$91	52
244 Purdy St	0.69mi	4/2.0 (-1)	2,026 (+1%)	12mo	$145,000	$72	50
494 Riley St	0.70mi	4/2.0 (-1)	2,145 (+7%)	2mo	$175,000	$82	49
41 Pershing Ave	0.66mi	4/2.0 (-1)	1,938 (-3%)	17mo	$145,000	$75	45

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: 59.7%
• Equity multiple: 4.37×
• Total profit: $159,682
• Equity at exit: $65,405

10-year hold

• IRR: 62.2%
• Equity multiple: 10.26×
• Total profit: $438,091
• Equity at exit: $93,231

Cash invested: $47,320 (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: 6.9×

Monthly cashflow live

• Estimated rent: $3,825 high
• Mortgage (P&I): −$886
• Tax from tax record: −$38 /mo · $456/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$803
• Net cashflow: $2,027

Break-even live

Break-even rent $1,259

Max offer price $169,000

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$2,033
1× unit	2	1	$1,792
Total (2 units)			$3,825

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	14d	1	1.03mi
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	23d	1	1.18mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	1.30mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	23d	1	1.42mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	14d	1	1.44mi

Listing history 7 events

1. 2026-05-08
   status Pending 907-char remark
2. 2026-04-29
   listed $169,000 Active 907-char remark
3. 2022-05-10
   soldstatus $120,000
4. 2016-12-28
   soldstatus $40,000
5. 2011-07-29
   soldstatus $15,000 202-char remark

   Show marketing remark (202 chars)

   Large frontage is a plus with this city property. Lower unit is tenant occupied. Property needs a handy persons touch. Property is sold AS IS. Seller will not complete any repairs needed to the subject.

6. 2011-07-22
   soldstatus $15,000
7. 2011-04-22
   listed $18,500 202-char remark

   Show marketing remark (202 chars)

   Large frontage is a plus with this city property. Lower unit is tenant occupied. Property needs a handy persons touch. Property is sold AS IS. Seller will not complete any repairs needed to the subject.

ⓘ 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: $456 · $38/mo
• Projected year-2 tax: $1,656 · $138/mo
• Expected delta: +$1,200/yr (+$100/mo · 263.4%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $45,900
• − Mortgage interest: −$9,467
• − Property taxes: −$456
• − Insurance: −$845
• − Repairs & maintenance: −$3,672
• − Management: −$3,672
• − Depreciation: −$4,916
• Taxable income: $22,872
• Est. tax owed @ 24.0%: −$5,489
• After-tax cash flow: $18,836/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

+813.5% since first listed

7 events — show timeline

• 2026-05-08 Pending — WNYREIS
• 2026-04-29 Listed $169,000 WNYREIS
• 2022-05-10 Sold (Public Records) $120,000 Public Records
• 2016-12-28 Sold (Public Records) $40,000 Public Records
• 2011-07-29 Sold (MLS) $15,000 WNYREIS
• 2011-07-22 Sold (Public Records) $15,000 Public Records
• 2011-04-22 Listed $18,500 WNYREIS

Property tax history

+12.5%/yr

Latest (2025): $456 · +12.9% YoY. Source: county tax records.