1593 Broadway · Buffalo, NY 14212

$190,000

56 bd · None ba · 11,200 sqft · MultiFamily · 129 Days on market

Built 1900 8,276 sqft lot ↓ 52% since listing

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Why this score? — see what drove the C- 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

8 Unit apartment building. 7 one bedroom apartments and storefront. Long term tenants on month-to-month agreements include 3 occupied apartments. 4 vacant apartments and one vacant storefront. First and second floor apartments. Third floor attic space used for storage only. Updated electrical service and equipment.

Key facts

• 8,276 sq ft lot
• 3 parking spots
• Built 1900

Tags

• ONE BEDROOM APARTMENTS
• UPDATED ELECTRICAL SERVICE

Property features AI

Finance

• Financial info: 8 total units with 8 separate gas meters and 8 separate electric meters; Owner pays water; rent includes water; Operating expenses may include insurance, maintenance, supplies, utilities and items noted in remarks

Exterior

• Parking: Three or more off-street parking spaces; no garage
• Utilities: Public water connected; Sewer connected
• Home design: 3-story multi-unit building; Resale fixer condition; Flat roof; Frame construction with vinyl siding
• Construction: Frame construction; Vinyl siding; Flat roof; Existing / year built unknown
• Exterior features: Corner, rectangular lot (70 x 124); See remarks for additional exterior details

Interior

• Flooring: Hardwood; Varies
• Heating & cooling: Gas heating; Space heaters
• Interior features: Hardwood and varied flooring throughout; Full dirt-floored basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 8 × 7-bed/?-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $10k ($116k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 67.3% 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: 83 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

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

Recommended offer $167,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 7.31% ✓
• Cap rate: 67.26%
• Cash-on-cash: 217.74%
• DSCR: 10.69
• GRM: 1.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 14.51×
• Total profit: $718,490
• Equity at exit: $171,167

10-year hold

• IRR: —
• Equity multiple: 31.69×
• Total profit: $1,632,774
• Equity at exit: $369,128

Cash invested: $53,200 (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 14212

• Home prices YoY: 20.4%
• Active inventory: 83
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $13,881 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$238 /mo · $2,850/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,915
• Net cashflow: $9,653

Break-even live

Break-even rent $1,662

Max offer price $190,000

Occupancy floor 25%

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

Units	Beds	Baths	Est. rent
▸ 8× units	7	—	$13,880
Total (8 units)			$13,881

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-28
   status Pending
2. 2025-12-20
   listed $190,000 Active
3. 2025-06-13
   historical
4. 2024-08-12
   price $300,000
5. 2024-06-13
   listed $399,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $166,572
• − Mortgage interest: −$10,643
• − Property taxes: −$2,850
• − Insurance: −$950
• − Repairs & maintenance: −$13,326
• − Management: −$13,326
• − Depreciation: −$5,527
• Taxable income: $119,950
• Est. tax owed @ 24.0%: −$28,788
• After-tax cash flow: $87,047/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
• City population: 440,021
• Population (ZIP): 13,603

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 0.75)
• Race & ethnicity: White 32% Black 27% Asian 25% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 12% Serbian 1% Lithuanian 1%
• Foreign-born: 20% · Philippines, Canada, China
• Languages at home: 68% English-only · Other Indo-European 18% Spanish 4% Other Asian/Pacific 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: ▲ 79.80%
• Current HPI: 471.6399
• Rent YoY: —
• Metro: —
• 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

-52.4% since first listed

5 events — show timeline

• 2026-04-28 Pending — WNYREIS
• 2025-12-20 Listed $190,000 WNYREIS
• 2025-06-13 Listing Removed — WNYREIS
• 2024-08-12 Price Changed $300,000 WNYREIS
• 2024-06-13 Listed $399,000 WNYREIS