287 Busti Ave · Buffalo, NY 14201

$189,900

4 bd · 2.0 ba · 1,340 sqft · MultiFamily public records · 60 Days on market

Built 1877 3,300 sqft lot $142/sqft · 37% below area Est $301k · 37% 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 +24.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Schools +3.3/10.0
• 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 MLS

Introducing an exceptional portfolio-quality asset at 287 Busti Ave in Buffalo, NY, offering strong fundamentals, attractive curb appeal, and long-term upside potential. This beautiful property stands out as a turnkey or near-turnkey opportunity for investors or owner-occupants seeking quality construction, functional layout, and strong rental or resale positioning. The property features a well-maintained interior with spacious living areas, generous natural light, and thoughtfully designed living spaces that appeal to today’s tenants and buyers alike. Strong mechanicals and overall condition help minimize immediate capital expenditure needs, making this an ideal addition to a growing real estate portfolio. Located in a desirable Buffalo location with proximity to major commuter routes, local amenities, employment hubs, and neighborhood conveniences, this asset benefits from consistent demand drivers that support both rental stability and long-term appreciation potential. Whether you are expanding a rental portfolio, securing a house-hack opportunity, or acquiring a quality long-term hold in one of New York’s most active investment markets, 287 Busti Ave has it all. Unit 1 is vacant.

Key facts

• Strong mechanicals
• Desirable location
• Local amenities

Tags

• WELL MAINTAINED INTERIOR
• SPACIOUS LIVING AREAS
• GENEROUS NATURAL LIGHT
• STRONG MECHANICALS
• DESIRABLE LOCATION
• LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (0.1% below list).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.

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 (+4.3%/yr); 56 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $1,898/mo this rent would consume 56% of the median local household income ($41k/yr) (locally 1213% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $190k implies a 1017% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1877 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1877 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.00% ✗
• Cap rate: 8.76%
• Cash-on-cash: 8.80%
• DSCR: 1.39
• GRM: 8.3

CMA / ARV

• ARV (median comp): $301,139
• List price: $189,900
• Delta: -36.94%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
145 Hudson St	0.18mi	4/2.0	1,492 (+11%)	5mo	$150,000	$101	68
11 Orton Pl	0.51mi	4/3.0	1,450 (+8%)	23mo	$350,000	$241	39

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 · 4.28% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-3,563
• Equity at exit: $28,315

10-year hold

• IRR: 9.1%
• Equity multiple: 1.73×
• Total profit: $38,906
• Equity at exit: $16,419

Cash invested: $53,172 (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 14201

• Home prices YoY: -19.1%
• Rents YoY: 4.3%
• Active inventory: 56
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,898 high
• Mortgage (P&I): −$996
• Tax from tax record: −$35 /mo · $415/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $390

Break-even live

Break-even rent $1,404

Max offer price $189,900

Occupancy floor 74%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
190 Whitney Pl Buffalo, NY	3.0	1.0	1180	$1,550	$1.31	43d	1	0.23mi
217 W Tupper St Unit 2 Buffalo, NY	3.0	1.0	1150	$1,350	$1.17	43d	1	0.44mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	43d	1	0.46mi
21 College St Buffalo, NY	3.0	1.0	1104	$1,850	$1.68	23d	1	0.53mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	23d	1	0.69mi
44 N Pearl St #5 Buffalo, NY	3.0	1.0	1200	$2,400	$2.00	43d	1	0.87mi
17 N Pearl St Unit 3 Buffalo, NY	3.0	2.0	1197	$3,100	$2.59	23d	1	0.87mi
31 Norwood Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,950	$1.95	11d	1	0.90mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	23d	1	1.01mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	14d	1	1.07mi
237 Main St Buffalo, NY	1.0–3.0	1.5–2.5	1608	$4,035	$2.51	1d	9	1.10mi
1152 Main St Apt 3 Buffalo, NY	3.0	1.0	1000	$2,400	$2.40	14d	1	1.26mi
310 Hampshire St Apt 3 Buffalo, NY	3.0	1.0	1200	$1,500	$1.25	43d	1	1.38mi
375 Hampshire St Buffalo, NY	3.0	1.0	1200	$1,100	$0.92	43d	1	1.42mi
67 Herkimer St Buffalo, NY	3.0	1.0	1000	$1,300	$1.30	14d	1	1.44mi

Listing history 16 events

1. 2026-05-19
   status Active 1226-char remark

   Show marketing remark (1226 chars)

   Introducing an exceptional portfolio-quality asset at 287 Busti Ave in Buffalo, NY, offering strong fundamentals, attractive curb appeal, and long-term upside potential. This beautiful property stands out as a turnkey or near-turnkey opportunity for investors or owner-occupants seeking quality construction, functional layout, and strong rental or resale positioning. The property features a well-maintained interior with spacious living areas, generous natural light, and thoughtfully designed living spaces that appeal to today’s tenants and buyers alike. Strong mechanicals and overall condition help minimize immediate capital expenditure needs, making this an ideal addition to a growing real estate portfolio. Located in a desirable Buffalo location with proximity to major commuter routes, local amenities, employment hubs, and neighborhood conveniences, this asset benefits from consistent demand drivers that support both rental stability and long-term appreciation potential. Whether you are expanding a rental portfolio, securing a house-hack opportunity, or acquiring a quality long-term hold in one of New York’s most active investment markets, 287 Busti Ave has it all. Unit 1 is vacant.

2. 2026-04-04
   price $204,900 1226-char remark

   Show marketing remark (1226 chars)

   Introducing an exceptional portfolio-quality asset at 287 Busti Ave in Buffalo, NY, offering strong fundamentals, attractive curb appeal, and long-term upside potential. This beautiful property stands out as a turnkey or near-turnkey opportunity for investors or owner-occupants seeking quality construction, functional layout, and strong rental or resale positioning. The property features a well-maintained interior with spacious living areas, generous natural light, and thoughtfully designed living spaces that appeal to today’s tenants and buyers alike. Strong mechanicals and overall condition help minimize immediate capital expenditure needs, making this an ideal addition to a growing real estate portfolio. Located in a desirable Buffalo location with proximity to major commuter routes, local amenities, employment hubs, and neighborhood conveniences, this asset benefits from consistent demand drivers that support both rental stability and long-term appreciation potential. Whether you are expanding a rental portfolio, securing a house-hack opportunity, or acquiring a quality long-term hold in one of New York’s most active investment markets, 287 Busti Ave has it all. Unit 1 is vacant.

3. 2026-03-28
   listed $209,900 Active 1226-char remark

   Show marketing remark (1226 chars)

   Introducing an exceptional portfolio-quality asset at 287 Busti Ave in Buffalo, NY, offering strong fundamentals, attractive curb appeal, and long-term upside potential. This beautiful property stands out as a turnkey or near-turnkey opportunity for investors or owner-occupants seeking quality construction, functional layout, and strong rental or resale positioning. The property features a well-maintained interior with spacious living areas, generous natural light, and thoughtfully designed living spaces that appeal to today’s tenants and buyers alike. Strong mechanicals and overall condition help minimize immediate capital expenditure needs, making this an ideal addition to a growing real estate portfolio. Located in a desirable Buffalo location with proximity to major commuter routes, local amenities, employment hubs, and neighborhood conveniences, this asset benefits from consistent demand drivers that support both rental stability and long-term appreciation potential. Whether you are expanding a rental portfolio, securing a house-hack opportunity, or acquiring a quality long-term hold in one of New York’s most active investment markets, 287 Busti Ave has it all. Unit 1 is vacant.

4. 2026-03-27
   historical
5. 2026-03-03
   price $209,900
6. 2026-02-16
   listed $220,000 Active
7. 2023-11-10
   historical
8. 2023-07-31
   status Active
9. 2023-07-24
   status Under Contract- Do Not Show
10. 2023-07-20
    price $265,000
11. 2023-06-05
    status Active
12. 2023-05-13
    historical
13. 2023-05-10
    listed $275,000 Active
14. 2022-11-07
    historical
15. 2022-10-06
    listed $275,000 Active
16. 2008-11-18
    soldstatus $17,000

ⓘ 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: $415 · $35/mo
• Projected year-2 tax: $1,812 · $151/mo
• Expected delta: +$1,397/yr (+$116/mo · 336.9%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% 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: $22,776
• − Mortgage interest: −$10,637
• − Property taxes: −$415
• − Insurance: −$950
• − Repairs & maintenance: −$1,822
• − Management: −$1,822
• − Depreciation: −$5,524
• Taxable income: $1,605
• Est. tax owed @ 24.0%: −$385
• After-tax cash flow: $4,293/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): 12,369
• Household income: $40,512
• Rent vs Own: 76.4% rent · 23.6% own
• Severe rent burden: 1213.0

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 0.66)
• Race & ethnicity: White 42% Hispanic / Latino 36% Black 16% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 30% Dominican 1%
• Common ancestry: Romanian 7% Subsaharan African 2% Slovak 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 69% English-only · Spanish 24% Arabic 2% Other Indo-European 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: ▼ -68.73%
• Current HPI: 290.2643
• Rent YoY: ▲ 4.28%
• 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

+1105.3% since first listed

16 events — show timeline

• 2026-05-19 Relisted — WNYREIS
• 2026-04-04 Price Changed $204,900 WNYREIS
• 2026-03-28 Listed $209,900 WNYREIS
• 2026-03-27 Listing Removed — WNYREIS
• 2026-03-03 Price Changed $209,900 WNYREIS
• 2026-02-16 Listed $220,000 WNYREIS
• 2023-11-10 Listing Removed — WNYREIS
• 2023-07-31 Relisted — WNYREIS
• 2023-07-24 Pending — WNYREIS
• 2023-07-20 Price Changed $265,000 WNYREIS
• 2023-06-05 Relisted — WNYREIS
• 2023-05-13 Listing Removed — WNYREIS
• 2023-05-10 Listed $275,000 WNYREIS
• 2022-11-07 Listing Removed — WNYREIS
• 2022-10-06 Listed $275,000 WNYREIS
• 2008-11-18 Sold (Public Records) $17,000 Public Records

Property tax history

+14.0%/yr

Latest (2025): $415 · +0.0% YoY. Source: county tax records.