89 Jones St · Buffalo, NY 14206

$136,000

6 bd · 2.0 ba · 1,643 sqft · MultiFamily public records · 87 Days on market

Built 1920 3,180 sqft lot $83/sqft · 22% below area Est $174k · 22% under ↓ 24% since listing

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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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• Appreciation +9.0/10.0
• 1% rule +7.5/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to 89 Jones Street — a recently remodeled 5-bedroom, 2-bath home offering over 1,600 square feet of living space in Buffalo’s East Side. This spacious property blends updated features with functional room to spread out, making it a great fit for an owner-occupant or investor alike. Recent improvements help give the home a fresh feel, while the new gas furnace and newer mechanicals add peace of mind. Inside, you’ll find a flexible layout with generous living space and plenty of room for everyday living, working from home, or accommodating a larger household. Conveniently located close to downtown Buffalo, this home offers easy access to shopping, dining, entertainment, and major routes. Whether you are looking for your next home or your next opportunity, 89 Jones Street is worth a look.

Key facts

• Recently remodeled
• Flexible layout
• New gas furnace

Tags

• RECENTLY REMODELED
• NEW GAS FURNACE
• FLEXIBLE LAYOUT
• EASY ACCESS TO SHOPPING
• CLOSE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $136k.

Deal economics

• At list price, monthly cash flow is $402 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $136k).
• Recommended offer: $128k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 8.0% in Buffalo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 169 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 40% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $12k of equity ($940 loan paydown + $11k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 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 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,840 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.25% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.67%
• DSCR: 1.56
• GRM: 6.7

CMA / ARV

• ARV (median comp): $173,730
• List price: $136,000
• Delta: -21.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
137 Milton St	0.67mi	6/2.0	1,680 (+2%)	9mo	$179,900	$107	57
578 Howard St	0.22mi	5/3.0 (-1)	1,722 (+5%)	21mo	$65,000	$38	55
80 Fillmore Ave	0.53mi	5/2.0 (-1)	1,813 (+10%)	17mo	$132,000	$73	39
88 Coit St #2	0.60mi	5/2.0 (-1)	1,407 (-14%)	6mo	$135,000	$96	38

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: 30.0%
• Equity multiple: 3.16×
• Total profit: $82,160
• Equity at exit: $103,863

10-year hold

• IRR: 26.7%
• Equity multiple: 6.76×
• Total profit: $219,427
• Equity at exit: $206,685

Cash invested: $38,080 (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: 169
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,699 medium
• Mortgage (P&I): −$713
• Tax est. 1.5%: −$170 /mo · $2,040/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $402

Break-even live

Break-even rent $1,190

Max offer price $136,000

Occupancy floor 71%

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: $34,000
• Closing costs: $4,080
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	23d	1	1.37mi

Listing history 19 events

1. 2026-06-18
   days on market $136,000 Active 87 DOM
2. 2026-06-17
   days on market $136,000 Active 86 DOM
3. 2026-06-16
   days on market $136,000 Active 85 DOM
4. 2026-06-15
   days on market $136,000 Active 84 DOM
5. 2026-06-13
   days on market $136,000 Active 82 DOM
6. 2026-06-13
   days on market $136,000 Active 81 DOM
7. 2026-06-10
   days on market $136,000 Active 79 DOM
8. 2026-06-09
   days on market $136,000 Active 78 DOM
9. 2026-06-08
   days on market $136,000 Active 77 DOM
10. 2026-06-07
    days on market $136,000 Active 76 DOM
11. 2026-06-03
    days on market $136,000 Active 72 DOM
12. 2026-06-02
    days on market $136,000 Active 71 DOM
13. 2026-06-01
    days on market $136,000 Active 70 DOM
14. 2026-05-31
    days on market $136,000 Active 69 DOM
15. 2026-03-23
    listed $136,000 Active 822-char remark

    Show marketing remark (822 chars)

    Welcome to 89 Jones Street — a recently remodeled 5-bedroom, 2-bath home offering over 1,600 square feet of living space in Buffalo’s East Side. This spacious property blends updated features with functional room to spread out, making it a great fit for an owner-occupant or investor alike. Recent improvements help give the home a fresh feel, while the new gas furnace and newer mechanicals add peace of mind. Inside, you’ll find a flexible layout with generous living space and plenty of room for everyday living, working from home, or accommodating a larger household. Conveniently located close to downtown Buffalo, this home offers easy access to shopping, dining, entertainment, and major routes. Whether you are looking for your next home or your next opportunity, 89 Jones Street is worth a look.

16. 2025-11-05
    historical
17. 2025-09-02
    price $168,000
18. 2025-07-08
    listed $172,000 Active
19. 2024-11-10
    listed $179,900 Active

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $20,382
• − Mortgage interest: −$7,618
• − Property taxes: −$2,040
• − Insurance: −$680
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − Depreciation: −$3,956
• Taxable income: $2,827
• Est. tax owed @ 24.0%: −$678
• After-tax cash flow: $4,145/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

-24.4% since first listed

5 events — show timeline

• 2026-03-23 Listed $136,000 WNYREIS
• 2025-11-05 Listing Removed — WNYREIS
• 2025-09-02 Price Changed $168,000 WNYREIS
• 2025-07-08 Listed $172,000 WNYREIS
• 2024-11-10 Listed $179,900 WNYREIS

Property tax history

+2.9%/yr

Latest (2025): $202 · +0.0% YoY. Source: county tax records.