221 Nassau Ave · Kenmore, NY 14217

$219,900

4 bd · 2.0 ba · 2,144 sqft · MultiFamily public records · 8 Days on market

Built 1926 3,829 sqft lot Est $317k · 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 +20.8/30.0
• ARV discount +15.0/15.0
• 1% rule +7.7/10.0
• DSCR +6.6/10.0
• Rent growth +4.9/5.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Conveniently located just minutes from the Village, this well-maintained two-unit property offers a blend of original character and practical functionality, w/ easy access to nearby amenities and surrounding areas. The front entry w/ foyer, featuring original tile flooring, and additional side entry provide access to both units, setting the tone for a layout that feels both connected and practical. Classic details including hardwood flooring, glass door knobs, arched openings and decorative fireplaces flanked by built-ins bring warmth and architectural charm throughout. Both units include living rooms, dining rooms and kitchens, along w/ two bedrooms and a full bath. The upper unit applianc

Key facts

• Front entry
• Hardwood flooring
• Two unit property

Tags

• TWO UNIT PROPERTY
• FRONT ENTRY
• SIDE ENTRY
• HARDWOOD FLOORING
• GLASS DOOR KNOBS
• ARCHED OPENINGS

Property features AI

Finance

• Financial info: Multi-unit building with 2 total units; Separate gas meters for each unit; Separate electric meters for each unit; Operating expenses include trash and water/sewer (see remarks for details); Owner pays trash collection and water (see remarks for other details)

Exterior

• Parking: Paved driveway/areas; Two or more parking spaces
• Utilities: Electricity available and connected (circuit breakers); Public water connected; Sewer connected
• Home design: 2 stories; Residential 2-unit property
• Construction: Composite siding; Copper plumbing; Architectural shingle roof; Block foundation; Existing (previously built)
• Exterior features: Awning(s); Balcony; Porch; Partial fencing; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Oven/range; Refrigerator
• Bedrooms: Two 2-bedroom units (each unit described separately below)
• Flooring: Hardwood; Tile; Varies
• Bathrooms: Two full bathrooms total (each unit has 1 full bathroom)
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Natural woodwork; Programmable thermostat
• Laundry & utility: Washer hookup; One unit lists washer and dryer included; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Cap rate 8.0% vs local median 3.0% in Kenmore — 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 80/100 on livability (#114 in NY, #1,843 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: crime D-, commute F.
• Kenmore-Tonawanda Union Free School District (suburban): math 44% / reading 47% proficiency, ranked #453 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+9.8%/yr); 99 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,803/mo this rent would consume 46% of the median local household income ($74k/yr) (locally 727% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $62k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $80k; list at $220k implies a 175% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $219,900

Questions for the listing agent

1. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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?
5. 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.
6. 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.
7. 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: 1.27% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.92%
• DSCR: 1.26
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $317,312
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
219 Nassau Ave	0.00mi	4/2.0	2,136 (-0%)	1mo	$230,000	$108	99
299 Nassau Ave	0.13mi	4/2.0	2,116 (-1%)	9mo	$205,000	$97	84
187 Nassau Ave	0.07mi	4/2.0	2,312 (+8%)	11mo	$315,000	$136	74
1110 Englewood Ave	0.49mi	4/2.0	2,188 (+2%)	11mo	$323,500	$148	64
27 Hobmoor Ave	0.74mi	5/2.0 (+1)	2,140 (-0%)	3mo	$321,600	$150	57
137 Delaware Rd	0.45mi	5/2.0 (+1)	2,288 (+7%)	11mo	$355,000	$155	54
248 Euclid Ave	0.42mi	5/2.0 (+1)	2,005 (-6%)	21mo	$297,000	$148	48
180 Euclid Ave	0.45mi	5/2.0 (+1)	1,836 (-14%)	7mo	$230,000	$125	44
49 Hobmoor Ave	0.70mi	4/2.0	1,894 (-12%)	10mo	$343,000	$181	39
76 Bering Ave	0.53mi	5/2.0 (+1)	2,313 (+8%)	22mo	$240,000	$104	39
42 Delaney Ave	0.73mi	4/2.0	1,915 (-11%)	24mo	$371,000	$194	28

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: -0.5%
• Equity multiple: 0.98×
• Total profit: $-1,194
• Equity at exit: $32,788

10-year hold

• IRR: 14.6%
• Equity multiple: 2.50×
• Total profit: $92,437
• Equity at exit: $19,013

Cash invested: $61,572 (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 14217

• Home prices YoY: -34.3%
• Rents YoY: 9.8%
• Active inventory: 99
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,803 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$666 /mo · $7,990/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$589
• Net cashflow: $304

Break-even live

Break-even rent $2,419

Max offer price $219,900

Occupancy floor 84%

Sensitivity live

Price	-10% $428	-5% $366	+0% $304	+5% $241	+10% $179
Rent	-10% $82	-5% $193	+0% $304	+5% $414	+10% $525
Rate	-1.0pp $414	-0.5pp $360	base $304	+0.5pp $247	+1.0pp $189

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,802
Total (2 units)			$2,803

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
351 Stillwell Ave Buffalo, NY	3.0	1.0	2586	$1,800	$0.70	24d	1	0.22mi
172 Tremont Ave Kenmore, NY	3.0	1.5	1569	$2,500	$1.59	11d	1	0.91mi
309 N Park Ave Buffalo, NY	3.0	1.0	2560	$1,750	$0.68	15d	1	0.97mi
307 Sterling Ave Buffalo, NY	3.0	1.0	1632	$1,800	$1.10	4d	1	1.00mi
2514 Delaware Ave Unit 1 Buffalo, NY	3.0	1.0	1620	$1,650	$1.02	2d	1	1.12mi
359 Colvin Ave Buffalo, NY	3.0	1.0	2010	$2,100	$1.04	24d	1	1.12mi
77 Lovering Ave #2 Buffalo, NY	3.0	1.0	1450	$1,895	$1.31	44d	1	1.18mi
88 Commonwealth Ave Buffalo, NY	3.0	1.0	2710	$1,695	$0.63	12d	1	1.38mi
79 Commonwealth Ave Buffalo, NY	3.0	1.0	1450	$1,600	$1.10	24d	1	1.39mi
146 Wallace Ave Buffalo, NY	3.0	1.0	2706	$1,700	$0.63	44d	1	1.49mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	3d	1	1.50mi

Listing history 3 events

1. 2026-05-13
   status Pending
2. 2026-05-05
   listed $219,900 Active
3. 1998-05-26
   soldstatus $80,000

ⓘ 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: $7,990 · $666/mo
• Projected year-2 tax: $7,990 · $666/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,636
• − Mortgage interest: −$12,318
• − Property taxes: −$7,990
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,691
• − Management: −$2,691
• − Depreciation: −$6,397
• Taxable income: $450
• Est. tax owed @ 24.0%: −$108
• After-tax cash flow: $3,537/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: Kenmore-Tonawanda Union Free School District
• NCES district ID: 3616230
• Math proficiency: 44% ▼ -12.00%
• Reading proficiency: 47% ▼ -1.00%
• Median HH income: $51,433
• Composite: 39.18/100
• National rank: #4024
• State rank: #453 of 590 in NY

Livability — Kenmore

• Score: 80/100
• State rank: #114
• US rank: #1843

Category grades

Amenities A+ Commute F Cost of living B+ Crime D- Employment A Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kenmore, NY
• County: Erie County · 714,559 people
• City population: 22,566
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 22,471
• Household income: $73,800
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 727.0

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 White (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 6% Black 5%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 13% Italian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% Arabic 1% Russian/Polish/Slavic 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: ▼ -172.52%
• Current HPI: 330.7596
• Rent YoY: ▲ 9.76%
• 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

+174.9% since first listed

3 events — show timeline

• 2026-05-13 Pending — WNYREIS
• 2026-05-05 Listed $219,900 WNYREIS
• 1998-05-26 Sold (Public Records) $80,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $7,990 · +1.3% YoY. Source: county tax records.