34 Alabama St · Buffalo, NY 14204

$269,900

6 bd · 2.0 ba · 2,671 sqft · MultiFamily public records · 41 Days on market

Built 1900 2,614 sqft lot $101/sqft · at area comps Est $267k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.0/15.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Appreciation +3.3/10.0
• Schools +3.3/10.0
• 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

Welcome to 34 Alabama Street in the heart of Buffalo’s historic Old First Ward, a rare opportunity to own a well-maintained 2-family property with an additional large buildable corner lot offering endless future potential! Ideally situated at the corner of South Street and Alabama Street, this property combines owner-occupant comfort, investment versatility, and an unbeatable location just minutes from Downtown Buffalo, the Buffalo River, and the rapidly developing waterfront district. The spacious first-floor unit features 3 bedrooms and 2 full bathrooms, some newer major mechanics, newer carpeting throughout all bedrooms, and the convenience of in-unit laundry. The upper unit also o

Key facts

• In-unit laundry
• 2,614 sq ft lot
• 2 garage spots

Tags

• LARGE BUILDABLE CORNER LOT
• FULLY FENCED BACKYARD
• IN-UNIT LAUNDRY
• TANKLESS HOT WATER SYSTEM
• SPACIOUS EAT-IN KITCHEN

Property features AI

Finance

• Financial info: Two separate electric meters; Two separate gas meters; Two total units (both month-to-month); Operating expenses include insurance, structure maintenance, general maintenance, and water; Owner pays water / rent includes water; Each unit currently showing $1,000 actual rent

Exterior

• Parking: Two-car garage; Concrete parking; One additional parking space
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property; Main thoroughfare frontage; Corner, rectangular lot (approximately 147 x 25)
• Construction: Shingle roof; Aluminum siding; Vinyl siding; Crawl space foundation; Existing (previously built)
• Exterior features: Fully fenced yard; Covered porch

Interior

• Kitchen: Eat-in kitchen(s); Dining area with kitchen
• Bedrooms: Two 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Carpet; Hardwood; Laminate; Varies
• Bathrooms: One full bathroom in Unit 1; Two full bathrooms in Unit 2; Three full bathrooms total
• Heating & cooling: Gas heating; Baseboard heating; Forced air heating; Hot water heating; Wall cooling units
• Interior features: Skylights
• Laundry & utility: Laundry in unit (both units); Washer and dryer included in Unit 2; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $270k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $876/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $270k).
• Recommended offer: $262k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.0% 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: Rents rising fast (+5.5%/yr); 33 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,757/mo this rent would consume 203% of the median local household income ($28k/yr) (locally 945% 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 $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $76k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $58k; list at $270k implies a 369% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $261,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.76% ✓
• Cap rate: 15.98%
• Cash-on-cash: 34.59%
• DSCR: 2.54
• GRM: 4.7

CMA / ARV

• ARV (median comp): $267,044
• List price: $269,900
• Delta: 1.07%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
155 O'connell Ave	0.21mi	6/3.0	2,688 (+1%)	6mo	$117,500	$44	80
264 Miami St	0.38mi	6/2.0	2,688 (+1%)	4mo	$285,000	$106	78
86 Hamburg St	0.17mi	6/2.0	2,760 (+3%)	15mo	$85,000	$31	74
81 Hamburg St	0.19mi	6/2.0	2,400 (-10%)	5mo	$125,000	$52	70
91 Oconnell Ave	0.18mi	6/2.0	2,480 (-7%)	16mo	$115,000	$46	66
47 Oconnell Ave	0.21mi	7/2.0 (+1)	2,552 (-4%)	17mo	$85,000	$33	63
134 Hamburg St	0.25mi	6/2.0	2,336 (-12%)	7mo	$85,000	$36	62
268 Miami St	0.38mi	6/2.0	2,920 (+9%)	9mo	$240,000	$82	59
145 Oconnell Ave	0.20mi	5/2.0 (-1)	2,398 (-10%)	19mo	$230,000	$96	53

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 · 5.48% rent growth · sell at horizon

5-year hold

• IRR: 24.9%
• Equity multiple: 2.06×
• Total profit: $80,167
• Equity at exit: $40,243

10-year hold

• IRR: 34.2%
• Equity multiple: 4.53×
• Total profit: $266,645
• Equity at exit: $23,336

Cash invested: $75,572 (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 14204

• Home prices YoY: -1.1%
• Rents YoY: 5.5%
• Active inventory: 33
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $4,757 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$52 /mo · $621/yr
• Insurance: −$112
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$999
• Net cashflow: $1,752

Break-even live

Break-even rent $2,539

Max offer price $269,900

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$4,756
Total (2 units)			$4,757

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $269,900 Active 41 DOM
2. 2026-06-17
   days on market $269,900 Active 40 DOM
3. 2026-06-16
   pricedays on market $269,900 Active 39 DOM
4. 2026-06-15
   days on market $274,900 Active 38 DOM
5. 2026-06-13
   days on market $274,900 Active 36 DOM
6. 2026-06-13
   days on market $274,900 Active 35 DOM
7. 2026-06-10
   days on market $274,900 Active 33 DOM
8. 2026-06-09
   days on market $274,900 Active 32 DOM
9. 2026-06-08
   days on market $274,900 Active 31 DOM
10. 2026-06-07
    days on market $274,900 Active 30 DOM
11. 2026-06-03
    days on market $274,900 Active 26 DOM
12. 2026-06-02
    days on market $274,900 Active 25 DOM
13. 2026-06-01
    days on market $274,900 Active 24 DOM
14. 2026-05-31
    days on market $274,900 Active 23 DOM
15. 2026-05-08
    listed $274,900 Active 1868-char remark
16. 2010-04-27
    soldstatus $57,500
17. 2010-04-27
    soldstatus $57,500

ⓘ 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: $621 · $52/mo
• Projected year-2 tax: $2,591 · $216/mo
• Expected delta: +$1,970/yr (+$164/mo · 317.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 95% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,084
• − Mortgage interest: −$15,119
• − Property taxes: −$621
• − Insurance: −$6,468
• − Repairs & maintenance: −$4,567
• − Management: −$4,567
• − Depreciation: −$7,852
• Taxable income: $17,891
• Est. tax owed @ 24.0%: −$4,294
• After-tax cash flow: $16,729/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): 7,932
• Household income: $28,182
• Rent vs Own: 73.5% rent · 26.5% own
• Severe rent burden: 945.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 58% White 19% Hispanic / Latino 18% Two or more races 4%
• Hispanic origin (detail): Puerto Rican 14% Dominican 1%
• Common ancestry: Romanian 2% Subsaharan African 1%
• Foreign-born: 6% · Canada
• Languages at home: 81% English-only · Spanish 14% French/Haitian/Cajun 2% 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: ▼ -3.36%
• Current HPI: 312.6232
• Rent YoY: ▲ 5.48%
• 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

+369.4% since first listed

4 events — show timeline

• 2026-06-15 Price Changed $269,900 WNYREIS
• 2026-05-08 Listed $274,900 WNYREIS
• 2010-04-27 Sold (Public Records) $57,500 Public Records
• 2010-04-27 Sold (Public Records) $57,500 Public Records

Property tax history

+10.8%/yr

Latest (2025): $621 · +135.7% YoY. Source: county tax records.