242 Norwood Ave · Buffalo, NY 14222

$540,000

5 bd · 3.5 ba · 3,102 sqft · MultiFamily public records · 61 Days on market

Built 1894 4,320 sqft lot Est $459k · 18% over

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Why this score? — see what drove the D 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 +20.5/30.0
• DSCR +6.5/10.0
• 1% rule +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

* * Elmwood Village 3 unit * * 242 Norwood Ave. offers a large 3 bed / 1 bath lower unit and two great sized 1 bed / 1 bath second floor units. Landlord owned appliances with basement laundry. Tenant pays electric, Landlord pays heat. Updated electrical including service, heating units as well as kitchens and bathrooms. Perfect for owner occupy or incredible investment opportunity! Gross Rent: $4,050.00 per month / $48,600.00 annually. Corner lot with 2 car garage and additional parking.

Key facts

• Three unit
• Corner lot setting
• Fresh exterior paint

Tags

• THREE UNIT
• CORNER LOT SETTING
• GORGEOUS HARDWOOD FLOORS
• RICH DARK NATURAL WOODWORK
• TONS OF NATURAL LIGHT
• FRESH EXTERIOR PAINT

What this means for you Summary

Snapshot

• This is a 1×3bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $540k.

Deal economics

• At list price, monthly cash flow is $716 ($9k/yr) — positive. Per door: $239/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $496k (8.1% below list).
• Recommended offer: $496k (8.1% below list) — sets the bar for 1% rule.

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 (+4.7%/yr); 63 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,962/mo this rent would consume 73% of the median local household income ($82k/yr) (locally 978% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($508k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y 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 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $496,200 (8.1% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.92% ✗
• Cap rate: 7.88%
• Cash-on-cash: 5.68%
• DSCR: 1.25
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $459,096
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 Anderson Pl	0.34mi	6/2.0 (+1)	3,101 (-0%)	8mo	$475,000	$153	66
128 Lancaster Ave	0.67mi	6/2.0 (+1)	2,912 (-6%)	1mo	$510,000	$175	47
108 Plymouth Ave	0.75mi	5/2.0	3,240 (+4%)	10mo	$280,000	$86	43
448 14th St	0.59mi	6/2.0 (+1)	3,018 (-3%)	18mo	$160,000	$53	42
610 Ashland Ave	0.70mi	6/2.0 (+1)	3,050 (-2%)	16mo	$450,000	$148	40
404 Jersey St	0.55mi	4/2.5 (-1)	2,640 (-15%)	6mo	$392,500	$149	36
147 Parkdale Ave	0.66mi	6/4.0 (+1)	2,850 (-8%)	16mo	$330,000	$116	35
569 Auburn Ave	0.49mi	6/2.0 (+1)	2,656 (-14%)	11mo	$465,000	$175	33
450 14th St	0.60mi	6/2.0 (+1)	2,794 (-10%)	16mo	$108,000	$39	31
417 W Delavan Ave	0.74mi	6/3.0 (+1)	3,566 (+15%)	5mo	$451,000	$126	29
157 Park St	0.74mi	5/3.0	2,644 (-15%)	11mo	$661,000	$250	29
215 Baynes St	0.72mi	6/2.0 (+1)	2,660 (-14%)	8mo	$255,000	$96	25

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

Projected returns pro-forma

-3.0% appreciation · 4.69% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-33,598
• Equity at exit: $80,516

10-year hold

• IRR: 5.4%
• Equity multiple: 1.43×
• Total profit: $64,858
• Equity at exit: $46,689

Cash invested: $151,200 (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 14222

• Home prices YoY: -31.4%
• Rents YoY: 4.7%
• Active inventory: 63
• Price-to-rent: 24.2×

Monthly cashflow live

• Estimated rent: $4,962 high
• Mortgage (P&I): −$2,832
• Tax from tax record: −$148 /mo · $1,771/yr
• Insurance: −$225
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,042
• Net cashflow: $716

Break-even live

Break-even rent $4,056

Max offer price $540,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,858
▸ 2× units	1	1	$3,104
Total (3 units)			$4,962

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: $135,000
• Closing costs: $16,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	14d	1	0.44mi
664 Auburn Ave Unit 1 Buffalo, NY	4.0	2.5	3500	$5,000	$1.43	43d	1	0.60mi

Listing history 26 events

1. 2026-03-22
   status Pending
2. 2026-01-19
   listed $540,000 Active
3. 2025-07-16
   price $550,000
4. 2025-06-06
   listed $570,000 Active
5. 2023-04-12
   soldstatus $470,000
6. 2023-04-11
   soldstatus $470,000 Closed Sale or Rented 499-char remark

   Show marketing remark (499 chars)

   * * Elmwood Village 3 unit * * 242 Norwood Ave. offers a large 3 bed / 1 bath lower unit and two great sized 1 bed / 1 bath second floor units. Landlord owned appliances with basement laundry. Tenant pays electric, Landlord pays heat. Updated electrical including service, heating units as well as kitchens and bathrooms. Perfect for owner occupy or incredible investment opportunity! Gross Rent: $4,050.00 per month / $48,600.00 annually. Corner lot with 2 car garage and additional parking.

7. 2023-03-06
   status Pending Sale 499-char remark

   Show marketing remark (499 chars)

   * * Elmwood Village 3 unit * * 242 Norwood Ave. offers a large 3 bed / 1 bath lower unit and two great sized 1 bed / 1 bath second floor units. Landlord owned appliances with basement laundry. Tenant pays electric, Landlord pays heat. Updated electrical including service, heating units as well as kitchens and bathrooms. Perfect for owner occupy or incredible investment opportunity! Gross Rent: $4,050.00 per month / $48,600.00 annually. Corner lot with 2 car garage and additional parking.

8. 2023-02-10
   status Under Contract- Do Not Show 499-char remark

   Show marketing remark (499 chars)

   * * Elmwood Village 3 unit * * 242 Norwood Ave. offers a large 3 bed / 1 bath lower unit and two great sized 1 bed / 1 bath second floor units. Landlord owned appliances with basement laundry. Tenant pays electric, Landlord pays heat. Updated electrical including service, heating units as well as kitchens and bathrooms. Perfect for owner occupy or incredible investment opportunity! Gross Rent: $4,050.00 per month / $48,600.00 annually. Corner lot with 2 car garage and additional parking.

9. 2023-01-28
   listed $459,900 Active 499-char remark

   Show marketing remark (499 chars)

   * * Elmwood Village 3 unit * * 242 Norwood Ave. offers a large 3 bed / 1 bath lower unit and two great sized 1 bed / 1 bath second floor units. Landlord owned appliances with basement laundry. Tenant pays electric, Landlord pays heat. Updated electrical including service, heating units as well as kitchens and bathrooms. Perfect for owner occupy or incredible investment opportunity! Gross Rent: $4,050.00 per month / $48,600.00 annually. Corner lot with 2 car garage and additional parking.

10. 2018-08-07
    soldstatus $235,500 Closed Sale or Rented
11. 2018-08-07
    soldstatus $235,500
12. 2018-05-14
    status Pending Sale
13. 2018-05-01
    status Under Contract- Do Not Show
14. 2018-04-20
    price $239,000
15. 2018-04-16
    price $240,000
16. 2018-04-16
    status Active
17. 2018-04-04
    historical Continue to Show- Under Contract
18. 2018-03-28
    listed $250,000 Active
19. 2017-12-12
    historical
20. 2017-12-11
    price $325,000
21. 2017-12-11
    status Active
22. 2017-12-05
    status Under Contract- Do Not Show
23. 2017-12-01
    price $335,000
24. 2017-11-16
    listed $389,000 Active
25. 2007-08-20
    soldstatus $195,000
26. 1996-08-30
    soldstatus $98,000

ⓘ 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: $1,771 · $148/mo
• Projected year-2 tax: $5,449 · $454/mo
• Expected delta: +$3,677/yr (+$306/mo · 207.6%)

ⓘ 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 ≥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: $59,544
• − Mortgage interest: −$30,248
• − Property taxes: −$1,771
• − Insurance: −$2,700
• − Repairs & maintenance: −$4,764
• − Management: −$4,764
• − Depreciation: −$15,709
• Taxable loss: −$412
• Est. tax savings @ 24.0%: +$99
• After-tax cash flow: $8,686/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): 15,311
• Household income: $81,652
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 978.0

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: Predominantly White (74%)
• Race & ethnicity: White 74% Black 11% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 13% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 89% English-only · Spanish 3% German/W. Germanic 2% French/Haitian/Cajun 1%

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: ▼ -205.10%
• Current HPI: 448.3711
• Rent YoY: ▲ 4.69%
• 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

+451.0% since first listed

26 events — show timeline

• 2026-03-22 Pending — WNYREIS
• 2026-01-19 Listed $540,000 WNYREIS
• 2025-07-16 Price Changed $550,000 WNYREIS
• 2025-06-06 Listed $570,000 WNYREIS
• 2023-04-12 Sold (Public Records) $470,000 Public Records
• 2023-04-11 Sold (MLS) $470,000 WNYREIS
• 2023-03-06 Pending — WNYREIS
• 2023-02-10 Pending — WNYREIS
• 2023-01-28 Listed $459,900 WNYREIS
• 2018-08-07 Sold (Public Records) $235,500 Public Records
• 2018-08-07 Sold (MLS) $235,500 WNYREIS
• 2018-05-14 Pending — WNYREIS
• 2018-05-01 Pending — WNYREIS
• 2018-04-20 Price Changed $239,000 WNYREIS
• 2018-04-16 Price Changed $240,000 WNYREIS
• 2018-04-16 Relisted — WNYREIS
• 2018-04-04 Contingent — WNYREIS
• 2018-03-28 Listed $250,000 WNYREIS
• 2017-12-12 Listing Removed — WNYREIS
• 2017-12-11 Price Changed $325,000 WNYREIS
• 2017-12-11 Relisted — WNYREIS
• 2017-12-05 Pending — WNYREIS
• 2017-12-01 Price Changed $335,000 WNYREIS
• 2017-11-16 Listed $389,000 WNYREIS
• 2007-08-20 Sold (Public Records) $195,000 Public Records
• 1996-08-30 Sold (Public Records) $98,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $1,771 · +0.0% YoY. Source: county tax records.