5 Fennimore Ave · Buffalo, NY 14215

$100,000

3 bd · 1.0 ba · 924 sqft · SingleFamily public records · 155 Days on market

Built 1923 3,360 sqft lot Est $144k · 31% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Fannie Mae HomePath offering is conveniently located to major roadways, schools, shopping and bus lines. This property features off street parking with room for several vehicles, an attractive front porch and back yard perfect for those beautiful Buffalo summers. On the first floor of interior you will find a spacious living room, formal dining room and dine-in kitchen. The full bath and three bedrooms are on the second floor. The unfinished basement has a laundry area and lots of room for storage. Seller does not provide a survey. All information is approximate.

Key facts

• Fenced yard
• Front porch
• Large backyard

Tags

• FENCED YARD
• OFF-STREET PARKING
• FRONT PORCH
• FORMAL DINING AREA
• EAT-IN KITCHEN
• LARGE BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $526 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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 flat; 237 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 38% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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 $80k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.41% ✓
• Cap rate: 12.61%
• Cash-on-cash: 22.55%
• DSCR: 2.00
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $144,144
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
53 Bickford Ave	0.02mi	3/1.0	962 (+4%)	1mo	$148,000	$154	91
99 Davidson Ave	0.08mi	3/1.0	924 (0%)	8mo	$110,000	$119	90
84 Fennimore Ave	0.15mi	3/1.0	961 (+4%)	1mo	$149,900	$156	85
165 Davidson Ave	0.19mi	3/1.0	1,056 (+14%)	4mo	$145,000	$137	64
165 Hewitt Ave	0.46mi	2/2.0 (-1)	894 (-3%)	1mo	$125,000	$140	63
340 Martha Ave	0.56mi	2/1.0 (-1)	936 (+1%)	9mo	$180,000	$192	60
169 Davidson Ave	0.20mi	3/2.0	1,033 (+12%)	9mo	$192,000	$186	59
133 Dunlop Ave	0.53mi	3/1.0	962 (+4%)	12mo	$115,000	$120	58
37 Gail Ave	0.61mi	3/1.0	962 (+4%)	11mo	$200,000	$208	56
116 Dunlop Ave	0.58mi	3/1.0	962 (+4%)	13mo	$180,000	$187	56
340 Shirley Ave	0.45mi	3/1.0	1,056 (+14%)	3mo	$140,000	$133	53
19 Allendale Rd	0.73mi	4/1.0 (+1)	990 (+7%)	1mo	$165,000	$167	48

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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: 12.9%
• Equity multiple: 1.50×
• Total profit: $14,039
• Equity at exit: $14,910

10-year hold

• IRR: 20.1%
• Equity multiple: 2.52×
• Total profit: $42,574
• Equity at exit: $8,646

Cash invested: $28,000 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 237
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,407 high
• Mortgage (P&I): −$524
• Tax from tax record: −$19 /mo · $230/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $526

Break-even live

Break-even rent $741

Max offer price $100,000

Occupancy floor 58%

Sensitivity live

Price	-10% $583	-5% $554	+0% $526	+5% $498	+10% $470
Rent	-10% $415	-5% $471	+0% $526	+5% $582	+10% $637
Rate	-1.0pp $576	-0.5pp $552	base $526	+0.5pp $500	+1.0pp $474

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
97 Davidson Ave Buffalo, NY	3.0	1.0	925	$1,495	$1.62	2d	1	0.08mi
189 Westminster Ave Buffalo, NY	4.0	1.5	1065	$1,595	$1.50	11d	1	0.30mi
220 Dartmouth Ave Buffalo, NY	2.0	1.0	1000	$1,100	$1.10	24d	1	0.47mi
140 Parkridge Ave Buffalo, NY	3.0	1.0	990	$1,500	$1.52	44d	1	0.55mi
507 Lisbon Ave Unit 2 Buffalo, NY	2.0	1.0	850	$1,050	$1.24	44d	1	0.59mi
17 Proctor Ave Unit 1 Buffalo, NY	2.0	1.0	900	$1,100	$1.22	44d	1	0.80mi
190 Manhattan Ave Buffalo, NY	2.0	1.0	724	$1,200	$1.66	44d	1	0.92mi
160 Courtland Ave Buffalo, NY	2.0	1.0	810	$1,025	$1.27	15d	1	0.96mi
92 Lasalle Ave Unit 1 Buffalo, NY	2.0	1.0	1000	$1,150	$1.15	44d	1	1.00mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,291	$2.24	2d	10	1.00mi
90 Sussex St Unit 2 Buffalo, NY	2.0	1.0	1000	$1,000	$1.00	44d	1	1.05mi
2939 Main St Buffalo, NY	1.0–2.0	1.0–2.0	562	$1,999	$3.55	3d	1	1.09mi
40 Lisbon Ave Unit Upper Buffalo, NY	2.0	1.0	1057	$1,500	$1.42	11d	1	1.09mi
249 Newburgh Ave Unit 2 Buffalo, NY	2.0	1.0	930	$1,300	$1.40	44d	1	1.14mi
103 Preston Rd Unit Lower Cheektowaga, NY	2.0	1.0	882	$1,300	$1.47	3d	1	1.15mi
61 Courtland Ave Unit Lower Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	44d	1	1.18mi
26 Custer St Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	44d	1	1.21mi
56 Hagen St #2 Buffalo, NY	2.0	1.0	850	$950	$1.12	44d	1	1.48mi

Listing history 9 events

1. 2026-04-10
   status Pending
2. 2025-11-06
   listed $100,000 Active
3. 2022-10-20
   soldstatus $80,000
4. 2022-09-01
   historical
5. 2022-07-14
   price $99,900
6. 2022-06-20
   listed $109,900 Active
7. 2015-02-27
   soldstatus $15,500 574-char remark

   Show marketing remark (574 chars)

   This Fannie Mae HomePath offering is conveniently located to major roadways, schools, shopping and bus lines. This property features off street parking with room for several vehicles, an attractive front porch and back yard perfect for those beautiful Buffalo summers. On the first floor of interior you will find a spacious living room, formal dining room and dine-in kitchen. The full bath and three bedrooms are on the second floor. The unfinished basement has a laundry area and lots of room for storage. Seller does not provide a survey. All information is approximate.

8. 2014-11-17
   listed $16,000 574-char remark

   Show marketing remark (574 chars)

   This Fannie Mae HomePath offering is conveniently located to major roadways, schools, shopping and bus lines. This property features off street parking with room for several vehicles, an attractive front porch and back yard perfect for those beautiful Buffalo summers. On the first floor of interior you will find a spacious living room, formal dining room and dine-in kitchen. The full bath and three bedrooms are on the second floor. The unfinished basement has a laundry area and lots of room for storage. Seller does not provide a survey. All information is approximate.

9. 2014-01-23
   listed $14,900

ⓘ 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: $230 · $19/mo
• Projected year-2 tax: $960 · $80/mo
• Expected delta: +$730/yr (+$61/mo · 317.7%)

ⓘ 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 ≥93°F today · 15 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: $16,881
• − Mortgage interest: −$5,602
• − Property taxes: −$230
• − Insurance: −$500
• − Repairs & maintenance: −$1,351
• − Management: −$1,351
• − Depreciation: −$2,909
• Taxable income: $4,940
• Est. tax owed @ 24.0%: −$1,186
• After-tax cash flow: $5,128/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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: Predominantly Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 4% Chinese 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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

+571.1% since first listed

9 events — show timeline

• 2026-04-10 Pending — WNYREIS
• 2025-11-06 Listed $100,000 WNYREIS
• 2022-10-20 Sold (Public Records) $80,000 Public Records
• 2022-09-01 Listing Removed — WNYREIS
• 2022-07-14 Price Changed $99,900 WNYREIS
• 2022-06-20 Listed $109,900 WNYREIS
• 2015-02-27 Sold (MLS) $15,500 WNYREIS
• 2014-11-17 Listed $16,000 WNYREIS
• 2014-01-23 Listed $14,900 WNYREIS

Property tax history

+4.9%/yr

Latest (2025): $230 · +0.0% YoY. Source: county tax records.