1416 Main St

Buffalo, NY 14209

$1,250,000A-

90 bd · None ba · 15,832 sqft · Built 1884 · MultiFamily · Active · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $20,070/mo
• Mortgage (P&I): −$6,555
• Tax + insurance: −$871
• HOA: −$0
• Vac / Maint / Mgmt: −$4,215
• Net cashflow: $8,429/mo
• Annual: $101,149/yr
• Cap rate: 14.38%
• Cash-on-cash: 28.90%
• DSCR: 2.29
• 1% rule: 1.61%
• Cash to close: $350,000

Investor read

• This is a 10 × 9-bed/?-bath units multifamily listed at $1.25M. Condition is rated good.
• At list price, monthly cash flow is $8k ($101k/yr) — positive. Per door: $843/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $1.25M).
• It's been on market 145 days — a 12% lower offer ($1.10M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.10M (12.0% below list) — sets the bar for market timing.
• In year one you build about $32k of equity ($9k loan paydown + $23k appreciation (1.9% local appreciation)).
• 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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Watch-outs: built in 1884 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.5%/yr); 64 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 73d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 2 sale attempts 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 $740k; list at $1.25M implies a 69% gain — meaningful room to come down on a strong offer.
• At projected returns (1.9% appreciation + 8.0% rent growth), your $350k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$81k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 14.4% vs local median 7.0% 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.
• At $2,007/mo per unit this rent would consume 48% of the median local household income ($50k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1884 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Minor: landscaping — The landscaping appears to be well-maintained, with no visible overgrowth or damage.
• Minor: fencing — The fencing appears to be in good condition, with no visible damage or wear.