221 Masten Ave · Buffalo, NY 14209

$225,000

5 bd · 3.5 ba · 4,785 sqft · MultiFamily · 310 Days on market

Built 1900 Poor condition 4,389 sqft lot $47/sqft · 75% below area ↓ 10% since listing

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Why this score? — see what drove the C+ 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 +21.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• Appreciation +5.9/10.0
• 1% rule +5.7/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +1.0/5.0

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

Mixed-Use Income Property – Prime Buffalo Location! 3 units + storefront with 10-year $1,200/month lease. One unit rented at $850/month, two units in progress = big upside! Large lot with expansion potential. Steady income + future growth opportunity!

Key facts

• Expansion potential
• Large lot
• 3 units

Tags

• MIXED-USE INCOME PROPERTY
• PRIME BUFFALO LOCATION
• 3 UNITS
• STOREFRONT
• LARGE LOT
• EXPANSION POTENTIAL

🏷️ Possibly a rental listed for sale. The $225,000 price doesn't fit this home's estimated sale value (~$907,956) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/3.5-bath multifamily listed at $225k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $198k (12.0% 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 (+8.5%/yr); 56 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).
• At $2,399/mo this rent would consume 58% of the median local household income ($50k/yr) (locally 959% 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 $6k of equity ($2k loan paydown + $4k appreciation (1.9% local appreciation)).
• At projected returns (1.9% appreciation + 8.0% rent growth), your $63k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 310 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 310 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.07% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.48%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

• ARV (median comp): $907,956
• List price: $225,000
• Delta: -75.22%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38 Linwood Ave	0.69mi	6/5.0 (+1)	4,110 (-14%)	16mo	$465,000	$113	20

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

Projected returns pro-forma

1.86% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 13.8%
• Equity multiple: 1.77×
• Total profit: $48,241
• Equity at exit: $87,078

10-year hold

• IRR: 19.5%
• Equity multiple: 3.89×
• Total profit: $182,333
• Equity at exit: $124,124

Cash invested: $63,000 (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 14209

• Home prices YoY: 0.4%
• Rents YoY: 8.5%
• Active inventory: 56
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,399 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $340

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 81%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
664 Auburn Ave Unit 1 Buffalo, NY	4.0	2.5	3500	$5,000	$1.43	44d	1	1.14mi

Listing history 20 events

1. 2026-06-18
   days on market $225,000 Active 310 DOM
2. 2026-06-17
   days on market $225,000 Active 309 DOM
3. 2026-06-16
   days on market $225,000 Active 308 DOM
4. 2026-06-15
   days on market $225,000 Active 307 DOM
5. 2026-06-13
   days on market $225,000 Active 305 DOM
6. 2026-06-13
   days on market $225,000 Active 304 DOM
7. 2026-06-10
   days on market $225,000 Active 302 DOM
8. 2026-06-09
   days on market $225,000 Active 301 DOM
9. 2026-06-08
   days on market $225,000 Active 300 DOM
10. 2026-06-07
    days on market $225,000 Active 299 DOM
11. 2026-06-03
    days on market $225,000 Active 295 DOM
12. 2026-06-02
    days on market $225,000 Active 294 DOM
13. 2026-06-01
    days on market $225,000 Active 293 DOM
14. 2026-05-31
    days on market $225,000 Active 292 DOM
15. 2025-08-11
    listed $225,000 Active 258-char remark

    Show marketing remark (258 chars)

    Mixed-Use Income Property – Prime Buffalo Location! 3 units + storefront with 10-year $1,200/month lease. One unit rented at $850/month, two units in progress = big upside! Large lot with expansion potential. Steady income + future growth opportunity!

16. 2022-11-04
    historical
17. 2022-10-24
    price $149,900
18. 2022-08-10
    price $99,900
19. 2022-05-24
    price $159,900
20. 2022-05-23
    listed $249,900 Active

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

Taxation est. · year 1

• Rental income: $28,787
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,303
• − Management: −$2,303
• − Depreciation: −$6,545
• Taxable income: $532
• Est. tax owed @ 24.0%: −$128
• After-tax cash flow: $3,955/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance to bring it up to a livable condition. Immediate focus should be on the roof, exterior siding, foundation, and landscaping to improve its resale and rental value.

Repairs flagged

• Major roof — Exposed roof structure
• Major exterior siding — Weathered and damaged
• Major foundation — Cracked concrete
• Major landscaping — Overgrown vegetation

Value-add opportunities

• Both landscaping and exterior maintenance — Enhances curb appeal and property value
• Both roof repair — Critical for structural integrity and water resistance
• Both exterior siding repair — Improves property appearance and reduces maintenance costs
• Both foundation repair — Stabilizes the structure and prevents further damage

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Exposed roof structure	Major	$15,000–50,000
exterior siding · Weathered and damaged	Major	$15,000–50,000
foundation · Cracked concrete	Major	$15,000–50,000
landscaping · Overgrown vegetation	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both landscaping and exterior maintenance — Enhances curb appeal and property value ↑
• Both roof repair — Critical for structural integrity and water resistance ↑
• Both exterior siding repair — Improves property appearance and reduces maintenance costs ↑
• Both foundation repair — Stabilizes the structure and prevents further damage ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 8,313
• Household income: $50,046
• Rent vs Own: 66.3% rent · 33.7% own
• Severe rent burden: 959.0

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 0.62)
• Race & ethnicity: White 53% Black 30% Hispanic / Latino 11% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 6% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 9% · Canada, Dominican Republic, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 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: ▲ 1.86%
• Current HPI: 443.9414
• Rent YoY: ▲ 8.53%
• 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

-10.0% since first listed

6 events — show timeline

• 2025-08-11 Listed $225,000 WNYREIS
• 2022-11-04 Listing Removed — WNYREIS
• 2022-10-24 Price Changed $149,900 WNYREIS
• 2022-08-10 Price Changed $99,900 WNYREIS
• 2022-05-24 Price Changed $159,900 WNYREIS
• 2022-05-23 Listed $249,900 WNYREIS