447 Gold St · Buffalo, NY 14206

$145,000

6 bd · 2.0 ba · 1,628 sqft · MultiFamily public records · 24 Days on market

Built 1920 4,020 sqft lot $89/sqft · 44% below area Est $260k · 44% 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 +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• 1% rule +8.7/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Fully vacant 2-unit property featuring spacious layouts. A rare opportunity for owner occupants to live in one unit and choose their own tenant, or for investors to set market rents from day one. Each unit offers a functional floorplan and separate utilities. Conveniently located near shopping, dining, and major routes.

Key facts

• Spacious layouts
• Separate utilities
• 2 unit property

Tags

• 2 UNIT PROPERTY
• SPACIOUS LAYOUTS
• FUNCTIONAL FLOORPLAN
• SEPARATE UTILITIES
• CONVENIENTLY LOCATED

🏷️ Possibly a rental listed for sale. The $145,000 price doesn't fit this home's estimated sale value (~$260,101) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $564 ($7k/yr) — positive. Per door: $282/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $143k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.0% 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: 170 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $1,982/mo this rent would consume 47% of the median local household income ($50k/yr) (locally 841% 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 $13k of equity ($1k loan paydown + $12k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $63k; list at $145k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $142,825 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.37% ✓
• Cap rate: 10.96%
• Cash-on-cash: 16.66%
• DSCR: 1.74
• GRM: 6.1

CMA / ARV

• ARV (median comp): $260,101
• List price: $145,000
• Delta: -44.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
362 Davey St	0.16mi	5/2.0 (-1)	1,640 (+1%)	2mo	$92,000	$56	85
250 Gold St	0.37mi	5/2.0 (-1)	1,646 (+1%)	12mo	$190,000	$115	66
100 Davey St	0.65mi	6/2.0	1,680 (+3%)	12mo	$135,000	$80	55
304 Longnecker St	0.33mi	7/2.5 (+1)	1,803 (+11%)	14mo	$123,768	$69	48
235 Davey St	0.40mi	5/2.0 (-1)	1,476 (-9%)	23mo	$145,000	$98	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

8.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.2%
• Equity multiple: 3.37×
• Total profit: $96,207
• Equity at exit: $110,737

10-year hold

• IRR: 29.5%
• Equity multiple: 7.22×
• Total profit: $252,540
• Equity at exit: $220,363

Cash invested: $40,600 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 170
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $1,982 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $564

Break-even live

Break-even rent $1,268

Max offer price $145,000

Occupancy floor 67%

Sensitivity live

Price	-10% $664	-5% $614	+0% $564	+5% $514	+10% $464
Rent	-10% $407	-5% $485	+0% $564	+5% $642	+10% $720
Rate	-1.0pp $637	-0.5pp $601	base $564	+0.5pp $526	+1.0pp $488

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,982
Total (2 units)			$1,982

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-15
   status Pending 321-char remark

   Show marketing remark (321 chars)

   Fully vacant 2-unit property featuring spacious layouts. A rare opportunity for owner occupants to live in one unit and choose their own tenant, or for investors to set market rents from day one. Each unit offers a functional floorplan and separate utilities. Conveniently located near shopping, dining, and major routes.

2. 2026-05-06
   price $145,000 321-char remark

   Show marketing remark (321 chars)

   Fully vacant 2-unit property featuring spacious layouts. A rare opportunity for owner occupants to live in one unit and choose their own tenant, or for investors to set market rents from day one. Each unit offers a functional floorplan and separate utilities. Conveniently located near shopping, dining, and major routes.

3. 2026-04-21
   listed $159,999 Active 321-char remark

   Show marketing remark (321 chars)

   Fully vacant 2-unit property featuring spacious layouts. A rare opportunity for owner occupants to live in one unit and choose their own tenant, or for investors to set market rents from day one. Each unit offers a functional floorplan and separate utilities. Conveniently located near shopping, dining, and major routes.

4. 2018-08-23
   soldstatus $63,000 Closed Sale or Rented 132-char remark

   Show marketing remark (132 chars)

   new roof- new furnace - upgraded plumbing - clean apartments-- move in ready - low taxes - affordable! Upper apartment adorable!

5. 2018-08-17
   soldstatus $63,000
6. 2018-06-08
   status Under Contract- Do Not Show 132-char remark

   Show marketing remark (132 chars)

   new roof- new furnace - upgraded plumbing - clean apartments-- move in ready - low taxes - affordable! Upper apartment adorable!

7. 2018-04-30
   listed $74,900 Active 132-char remark

   Show marketing remark (132 chars)

   new roof- new furnace - upgraded plumbing - clean apartments-- move in ready - low taxes - affordable! Upper apartment adorable!

8. 2017-04-17
   soldstatus $30,000 Closed Sale or Rented
9. 2017-03-17
   status Pending Sale
10. 2017-03-13
    listed $17,000 Active
11. 1993-03-24
    soldstatus $63,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°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: $23,784
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,903
• − Management: −$1,903
• − Depreciation: −$4,218
• Taxable income: $4,738
• Est. tax owed @ 24.0%: −$1,137
• After-tax cash flow: $5,627/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): 21,631
• Household income: $50,450
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 841.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Romanian 25% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Arabic 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: ▲ 8.06%
• Current HPI: 457.3935
• Rent YoY: —
• 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

+130.2% since first listed

11 events — show timeline

• 2026-05-15 Pending — WNYREIS
• 2026-05-06 Price Changed $145,000 WNYREIS
• 2026-04-21 Listed $159,999 WNYREIS
• 2018-08-23 Sold (MLS) $63,000 WNYREIS
• 2018-08-17 Sold (Public Records) $63,000 Public Records
• 2018-06-08 Pending — WNYREIS
• 2018-04-30 Listed $74,900 WNYREIS
• 2017-04-17 Sold (MLS) $30,000 WNYREIS
• 2017-03-17 Pending — WNYREIS
• 2017-03-13 Listed $17,000 WNYREIS
• 1993-03-24 Sold (Public Records) $63,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $269 · +0.0% YoY. Source: county tax records.