147 Longnecker St · Buffalo, NY 14206

$144,900

4 bd · 2.0 ba · 1,968 sqft · MultiFamily public records · 3 Days on market

Built 1910 3,450 sqft lot Est $167k · 13% under

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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 +13.5/15.0
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• 1% rule +8.7/10.0
• 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

Welcome to 147 Longnecker St. , Buffalo, NY! This well-maintained 2/2 double is a fantastic opportunity for both owner-occupants and investors alike. Featuring a vinyl exterior, solid mechanics, a one-car garage, and off-street parking, this property offers both convenience and value. The upper unit is currently rented for $950 per month, providing immediate rental income, while the lower unit offers the potential for owner occupancy or additional investment income. Conveniently located near shopping, public transportation, bus lines, and many other local amenities. Don’t miss this excellent opportunity to add to your investment portfolio or make this property your next home!

Key facts

• Solid mechanics
• Local amenities
• Off-street parking

Tags

• VINYL EXTERIOR
• SOLID MECHANICS
• OFF-STREET PARKING
• RENTAL INCOME
• LOCAL AMENITIES

Property features AI

Finance

• Other: Two total units; Two units in the community
• Financial info: Owner pays water for rental arrangements; Water included in rent; Operating expenses include water (multi-unit)

Exterior

• Parking: One parking space
• Utilities: Electricity connected; High-speed internet available; Cable available; Public water connected; Sewer connected
• Home design: Two-story building; Existing condition
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Gas water heater (appliance/service noted)
• Bedrooms: Two-unit property (unit-level bedroom counts not provided)
• Flooring: Carpet; Vinyl; Varies by area
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Gas heating; Baseboard heating; Forced air heating
• Interior features: Carpet and vinyl flooring; Varied flooring types throughout; Crawl space basement
• Laundry & utility: Separate gas and electric meters for each unit (two of each)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $718 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Cap rate 12.2% 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: 169 active listings in the ZIP; 4 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 $1,986/mo this rent would consume 47% of the median local household income ($50k/yr) (locally 841% 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 $13k of equity ($1k loan paydown + $12k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $18k; list at $145k implies a 683% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,900

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.37% ✓
• Cap rate: 12.24%
• Cash-on-cash: 21.22%
• DSCR: 1.94
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $167,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 Greene St	0.07mi	5/3.0 (+1)	1,968 (0%)	6mo	$165,000	$84	83
108 Moreland St	0.16mi	4/2.0	1,856 (-6%)	12mo	$205,000	$110	73
33 Schiller St	0.42mi	4/2.0	1,922 (-2%)	5mo	$60,000	$31	73
1362 Bailey Ave	0.36mi	4/2.0	1,892 (-4%)	5mo	$197,081	$104	72
238 Schiller St	0.40mi	4/2.0	1,894 (-4%)	12mo	$145,000	$77	65
187 Goethe St	0.45mi	4/2.0	1,890 (-4%)	12mo	$77,000	$41	62
427 Benzinger St	0.55mi	4/2.0	2,018 (+2%)	14mo	$172,000	$85	59
30 N Ogden St	0.36mi	4/4.0	1,775 (-10%)	3mo	$157,000	$88	56
8 Wagner Ave	0.47mi	5/3.0 (+1)	2,149 (+9%)	2mo	$205,000	$95	52
293 Ludington St	0.29mi	3/2.0 (-1)	1,688 (-14%)	10mo	$205,000	$121	50
227 Ashley St	0.71mi	5/2.0 (+1)	1,776 (-10%)	5mo	$145,000	$82	41
24 Gatchell St	0.71mi	5/2.0 (+1)	2,200 (+12%)	12mo	$67,000	$30	32

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: 36.8%
• Equity multiple: 3.61×
• Total profit: $105,874
• Equity at exit: $110,660

10-year hold

• IRR: 32.7%
• Equity multiple: 7.73×
• Total profit: $273,119
• Equity at exit: $220,211

Cash invested: $40,572 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 169
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $1,986 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$31 /mo · $373/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $718

Break-even live

Break-even rent $1,078

Max offer price $144,900

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,986
Total (2 units)			$1,986

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1777 Broadway Unit 2 Buffalo, NY	3.0	1.0	1300	$1,200	$0.92	43d	1	0.58mi
14 Rutland Ave Buffalo, NY	4.0	1.0	1430	$2,200	$1.54	10d	1	1.21mi
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	1d	1	1.29mi
96 Academy Rd Buffalo, NY	3.0	1.0	2247	$1,400	$0.62	23d	1	1.36mi

Listing history 4 events

1. 2026-06-18
   days on market $144,900 Active 3 DOM
2. 2026-06-17
   days on market $144,900 Active 2 DOM
3. 2026-06-15
   remarks 684-char remark
4. 2026-06-15
   listed $144,900 Active 1 DOM

ⓘ 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: $373 · $31/mo
• Projected year-2 tax: $1,411 · $118/mo
• Expected delta: +$1,038/yr (+$86/mo · 278.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $23,832
• − Mortgage interest: −$8,117
• − Property taxes: −$373
• − Insurance: −$724
• − Repairs & maintenance: −$1,907
• − Management: −$1,907
• − Depreciation: −$4,215
• Taxable income: $6,589
• Est. tax owed @ 24.0%: −$1,581
• After-tax cash flow: $7,030/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

+683.2% since first listed

2 events — show timeline

• 2026-06-15 Listed $144,900 WNYREIS
• 2019-06-24 Sold (Public Records) $18,500 Public Records

Property tax history

+3.4%/yr

Latest (2025): $373 · +16.8% YoY. Source: county tax records.