54 Dart St · Buffalo, NY 14213

$139,000

5 bd · 2.0 ba · 2,520 sqft · MultiFamily public records · 6 Days on market

Built 1890 Est $242k · 43% 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 +15.0/15.0
• 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
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

?? 54 Dart Street & acirc; & euro; & ldquo; Buffalo, NY 14213 Two-Unit Multifamily | 7 Bedrooms | Fully Occupied | Off-Street Parking ?? Investor Opportunity in Buffalo & acirc; & euro; & trade; s West Side! ?? Welcome to 54 Dart Street, a fully occupied two-family home generating immediate rental income in one of Buffalo & acirc; & euro; & trade; s consistently strong rental corridors. ?? Property Breakdown: Lower Unit: 4 Bedrooms & acirc; & euro; & ldquo; Currently Rented at $1,000/month Upper Unit: 3 Bedrooms & acirc; & euro; & ldquo; Currently Rented at $1,150/month Total Monthly Rent: $2,150 Annual Gross Income: $25,

Key facts

• Two-unit multifamily
• Large backyard
• Fully occupied

Tags

• TWO-UNIT MULTIFAMILY
• FULLY OCCUPIED
• OFF-STREET PARKING
• LARGE BACKYARD
• SEPARATE LIVING SPACES
• STRONG RENTAL DEMAND AREA

Property features AI

Exterior

• Home design: Built in 1890
• Construction: Original construction from 1890
• Exterior features: Located in the Forest subdivision

🏷️ Possibly a rental listed for sale. The $139,000 price doesn't fit this home's estimated sale value (~$241,920) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×4bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $139k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $991/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $139k).
• Cap rate 23.4% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,553/mo this rent would consume 79% 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 $11k of equity ($961 loan paydown + $10k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.56% ✓
• Cap rate: 23.41%
• Cash-on-cash: 61.14%
• DSCR: 3.72
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $241,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
414 Hoyt St	0.33mi	5/2.0	2,640 (+5%)	6mo	$209,900	$80	71
81 East St	0.51mi	5/2.0	2,469 (-2%)	5mo	$170,000	$69	69
88 Pooley Pl	0.17mi	6/2.0 (+1)	2,288 (-9%)	7mo	$270,000	$118	66
343 Baynes St	0.48mi	6/2.0 (+1)	2,464 (-2%)	10mo	$400,000	$162	61
315 Herkimer St	0.54mi	6/2.0 (+1)	2,303 (-9%)	2mo	$148,000	$64	54
433 Parkdale Ave	0.29mi	6/2.0 (+1)	2,200 (-13%)	9mo	$280,000	$127	53
448 W Delavan Ave	0.66mi	4/4.5 (-1)	2,477 (-2%)	3mo	$488,750	$197	49
215 Baynes St	0.65mi	6/2.0 (+1)	2,660 (+6%)	8mo	$255,000	$96	48
289 Hoyt St	0.50mi	6/2.0 (+1)	2,232 (-11%)	8mo	$270,000	$121	46
1130 West Ave	0.62mi	6/3.0 (+1)	2,715 (+8%)	8mo	$235,000	$87	43
238 Barton St	0.71mi	6/2.0 (+1)	2,246 (-11%)	2mo	$195,000	$87	42
330 Potomac Ave	0.42mi	6/4.0 (+1)	2,896 (+15%)	6mo	$263,000	$91	38

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: 68.1%
• Equity multiple: 5.34×
• Total profit: $168,802
• Equity at exit: $101,021

10-year hold

• IRR: 62.8%
• Equity multiple: 10.68×
• Total profit: $376,753
• Equity at exit: $196,309

Cash invested: $38,920 (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: 6.1×

Monthly cashflow live

• Estimated rent: $3,553 high
• Mortgage (P&I): −$729
• Tax from tax record: −$37 /mo · $446/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$746
• Net cashflow: $1,983

Break-even live

Break-even rent $1,043

Max offer price $139,000

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
1× unit	4	1	$1,906
1× unit	3	1	$1,648
Total (2 units)			$3,553

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	43d	1	0.58mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	14d	1	0.95mi
664 Auburn Ave Unit 1 Buffalo, NY	4.0	2.5	3500	$5,000	$1.43	43d	1	1.07mi

Listing history 5 events

1. 2026-06-15
   days on market $139,000 Active 6 DOM
2. 2026-06-13
   days on market $139,000 Active 4 DOM
3. 2026-06-13
   days on market $139,000 Active 3 DOM
4. 2026-06-10
   remarks 639-char remark
5. 2026-06-10
   listed $139,000 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: $446 · $37/mo
• Projected year-2 tax: $1,397 · $116/mo
• Expected delta: +$952/yr (+$79/mo · 213.5%)

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

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 ≥92°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: $42,636
• − Mortgage interest: −$7,786
• − Property taxes: −$446
• − Insurance: −$695
• − Repairs & maintenance: −$3,411
• − Management: −$3,411
• − Depreciation: −$4,044
• Taxable income: $22,844
• Est. tax owed @ 24.0%: −$5,482
• After-tax cash flow: $18,312/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): 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

1 event — show timeline

• 2026-06-10 Listed $139,000 FSBO.com

Property tax history

+14.8%/yr

Latest (2025): $446 · +165.2% YoY. Source: county tax records.