390 W Delavan Ave · Buffalo, NY 14213

$319,777

4 bd · 3.0 ba · 1,689 sqft · MultiFamily · 73 Days on market

Built 1900 Fair condition 2,417 sqft lot $189/sqft · 11% below area Est $360k · 11% under ↓ 8% 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 +30.0/30.0
• ARV discount +12.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.4/5.0
• Condition / age +2.2/5.0

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

Positioned in one of Buffalo’s most sought-after West Side locations, this well-maintained three-unit property offers a compelling blend of stability and upside. Set along a convenient bus line with effortless access to downtown, Elmwood Village, and the city’s vibrant dining and cultural scene, the location speaks for itself. The building features durable vinyl siding and a practical unit mix, including one spacious two-bedroom and two one-bedroom apartments—appealing to a wide range of tenants. All three units are currently tenant occupied, one is currently M2M, with the other two becoming M2M 6/1, providing immediate income with the flexibility for an investor or owner-occupant to optimize rents or tailor future use. A rare opportunity to secure a solid multifamily asset in a high-demand corridor where walkability, connectivity, and long-term growth continue to drive value.

Key facts

• 2,417 sq ft lot
• Built 1900
• Listed 73 days

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $320k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $320k).
• Recommended offer: $301k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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 soft (-0.5%/yr); 137 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $5,022/mo this rent would consume 112% of the median local household income ($54k/yr) (locally 1501% 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 $26k of equity ($2k loan paydown + $24k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $90k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($301k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $300,590 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.57% ✓
• Cap rate: 12.89%
• Cash-on-cash: 23.55%
• DSCR: 2.05
• GRM: 5.3

CMA / ARV

• ARV (median comp): $359,506
• List price: $319,777
• Delta: -11.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
276 Potomac Ave	0.24mi	4/2.0	1,674 (-1%)	4mo	$167,000	$100	79
73 Baynes St	0.33mi	4/2.0	1,698 (+0%)	6mo	$199,900	$118	75
228 Potomac Ave	0.33mi	3/2.0 (-1)	1,782 (+6%)	10mo	$325,000	$182	58
475 W Ferry St	0.49mi	3/2.0 (-1)	1,740 (+3%)	6mo	$236,900	$136	58
118 Auburn Ave	0.63mi	4/2.0	1,760 (+4%)	9mo	$260,000	$148	52
221 Lexington Ave	0.70mi	4/2.0	1,620 (-4%)	8mo	$425,000	$262	49
35 Livingston St	0.41mi	4/2.0	1,816 (+8%)	20mo	$250,000	$138	47
319 Breckenridge St	0.46mi	3/2.0 (-1)	1,632 (-3%)	22mo	$159,900	$98	45
92 Dewitt St	0.58mi	4/2.0	1,856 (+10%)	13mo	$60,000	$32	42
23 Sherwood St	0.71mi	3/2.0 (-1)	1,830 (+8%)	4mo	$150,000	$82	41
20 Auchinvole Ave	0.47mi	4/2.0	1,846 (+9%)	23mo	$160,000	$87	39

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

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 36.0%
• Equity multiple: 3.45×
• Total profit: $219,117
• Equity at exit: $232,405

10-year hold

• IRR: 31.1%
• Equity multiple: 6.87×
• Total profit: $525,695
• Equity at exit: $451,619

Cash invested: $89,538 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $5,022 medium
• Mortgage (P&I): −$1,677
• Tax est. 1.5%: −$400 /mo · $4,797/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,055
• Net cashflow: $1,757

Break-even live

Break-even rent $2,797

Max offer price $319,777

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$5,022
Total (3 units)			$5,022

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: $79,944
• Closing costs: $9,593
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
374 Baynes St Buffalo, NY	3.0	1.0	1126	$1,550	$1.38	43d	1	0.26mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	23d	1	0.27mi
309 Bird Ave Unit 1 Buffalo, NY	3.0	1.0	1100	$2,200	$2.00	43d	1	0.29mi
305 Bird Ave Unit 3 Buffalo, NY	3.0	1.5	1128	$2,300	$2.04	43d	1	0.29mi
478 Breckenridge St Buffalo, NY	3.0	1.0	1100	$1,575	$1.43	43d	1	0.34mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	43d	1	0.34mi
37 Abbottsford Pl Buffalo, NY	3.0	1.0	1130	$1,650	$1.46	43d	1	0.36mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	14d	1	0.38mi
891 Richmond Ave Buffalo, NY	3.0	1.0	1176	$1,800	$1.53	43d	1	0.45mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	14d	1	0.51mi
232 Dewitt St Buffalo, NY	3.0	1.0	1200	$1,300	$1.08	23d	1	0.52mi
375 Hampshire St Buffalo, NY	3.0	1.0	1200	$1,100	$0.92	43d	1	0.54mi
685 Auburn Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,750	$1.46	14d	1	0.55mi
310 Hampshire St Apt 3 Buffalo, NY	3.0	1.0	1200	$1,500	$1.25	43d	1	0.63mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	1d	14	0.66mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	23d	1	0.93mi
825 Forest Ave Unit 1 Buffalo, NY	3.0	1.0	1200	$1,700	$1.42	3d	1	0.94mi
825 Forest Ave Buffalo, NY	3.0	1.0	1200	$2,000	$1.67	23d	1	0.94mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	19d	1	0.96mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	14d	1	1.01mi
238 Oxford Ave Unit Upper Buffalo, NY	3.0	1.0	1100	$1,600	$1.45	23d	1	1.06mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	1.12mi
62 Germain St Buffalo, NY	3.0	1.0	1320	$1,250	$0.95	23d	1	1.20mi
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	14d	1	1.22mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	23d	1	1.23mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	23d	1	1.25mi
76 Chester St Unit 1 Buffalo, NY	3.0	1.0	1100	$1,000	$0.91	14d	1	1.43mi

Listing history 20 events

1. 2026-06-18
   days on market $319,777 Active 73 DOM
2. 2026-06-17
   days on market $319,777 Active 72 DOM
3. 2026-06-16
   days on market $319,777 Active 71 DOM
4. 2026-06-15
   days on market $319,777 Active 70 DOM
5. 2026-06-13
   days on market $319,777 Active 68 DOM
6. 2026-06-13
   days on market $319,777 Active 67 DOM
7. 2026-06-10
   days on market $319,777 Active 65 DOM
8. 2026-06-09
   days on market $319,777 Active 64 DOM
9. 2026-06-08
   days on market $319,777 Active 63 DOM
10. 2026-06-07
    days on market $319,777 Active 62 DOM
11. 2026-06-03
    remarks 699-char remark
12. 2026-06-03
    pricedays on market $319,777 Active 58 DOM
13. 2026-06-02
    days on market $329,777 Active 57 DOM
14. 2026-06-01
    days on market $329,777 Active 56 DOM
15. 2026-05-31
    days on market $329,777 Active 55 DOM
16. 2026-04-06
    listed $329,777 Active 907-char remark

    Show marketing remark (907 chars)

    Positioned in one of Buffalo’s most sought-after West Side locations, this well-maintained three-unit property offers a compelling blend of stability and upside. Set along a convenient bus line with effortless access to downtown, Elmwood Village, and the city’s vibrant dining and cultural scene, the location speaks for itself. The building features durable vinyl siding and a practical unit mix, including one spacious two-bedroom and two one-bedroom apartments—appealing to a wide range of tenants. All three units are currently tenant occupied, one is currently M2M, with the other two becoming M2M 6/1, providing immediate income with the flexibility for an investor or owner-occupant to optimize rents or tailor future use. A rare opportunity to secure a solid multifamily asset in a high-demand corridor where walkability, connectivity, and long-term growth continue to drive value.

17. 2025-08-21
    historical
18. 2025-06-02
    price $349,777
19. 2025-05-16
    status Active
20. 2025-04-07
    listed $359,777 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 1/10 Low FEMA zone X (unshaded) · 0% 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: $60,264
• − Mortgage interest: −$17,912
• − Property taxes: −$4,797
• − Insurance: −$1,599
• − Repairs & maintenance: −$4,821
• − Management: −$4,821
• − Depreciation: −$9,303
• Taxable income: $17,011
• Est. tax owed @ 24.0%: −$4,083
• After-tax cash flow: $17,007/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 · 2 photos

Fair 45/100 Moderate rehab

This three-unit property requires moderate repairs and maintenance, including painting and landscaping, to improve its curb appeal and value.

Repairs flagged

• Moderate Vinyl siding — Weathered appearance
• Moderate Exterior paint — Faded appearance

Value-add opportunities

• Both Painting and repainting the exterior — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value
• Both Window treatments — Improves aesthetics and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
Vinyl siding · Weathered appearance	Moderate	$3,000–15,000
Exterior paint · Faded appearance	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Painting and repainting the exterior — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Both Window treatments — Improves aesthetics and energy efficiency ↑

ⓘ 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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

-8.3% since first listed

5 events — show timeline

• 2026-04-06 Listed $329,777 WNYREIS
• 2025-08-21 Listing Removed — WNYREIS
• 2025-06-02 Price Changed $349,777 WNYREIS
• 2025-05-16 Relisted — WNYREIS
• 2025-04-07 Listed $359,777 WNYREIS