56 Albert Ave · Buffalo, NY 14207

$185,000

6 bd · 2.0 ba · 2,135 sqft · MultiFamily public records · 211 Days on market

Built 1927 3,000 sqft lot $87/sqft · 35% below area Est $283k · 35% under ↓ 8% since listing

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Why this score? — see what drove the B+ 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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

Great location for this spacious 3/3 double featuring upper and lower porches and a full walk-up attic with a 24' by 14' finished room. Each unit has its own front entrance. First floor has a foyer with hardwood flooring and large walk-in closet. Both units feature hardwood flooring in the living room, formal dining room and bedrooms. Baths have ceramic flooring. Updated kitchens with ceramic flooring and oak cabinetry. Natural woodwork. Updated windows. Yard has storage shed. Separate gas and electric. Central air in lower unit. Full basement has glass block windows. Shows nicely. Move-in condition!

Key facts

• Hardwood flooring
• Front entrance
• Finished room

Tags

• UPPER AND LOWER PORCHES
• FULL WALK-UP ATTIC
• FINISHED ROOM
• FRONT ENTRANCE
• HARDWOOD FLOORING
• LARGE WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $786 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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 rising fast (+8.2%/yr); 197 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,613/mo this rent would consume 79% of the median local household income ($40k/yr) (locally 2177% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $52k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 211 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 211 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.41% ✓
• Cap rate: 11.39%
• Cash-on-cash: 18.20%
• DSCR: 1.81
• GRM: 5.9

CMA / ARV

• ARV (median comp): $282,728
• List price: $185,000
• Delta: -34.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5 Humphrey Rd	0.40mi	6/2.0	2,112 (-1%)	5mo	$230,648	$109	76
74 Philadelphia St	0.48mi	6/2.0	2,160 (+1%)	5mo	$170,000	$79	72
908 Tonawanda St	0.34mi	6/2.0	2,332 (+9%)	2mo	$145,000	$62	67
20 Garfield St	0.64mi	6/2.0	2,120 (-1%)	6mo	$130,000	$61	64
11 Sandrock Rd	0.35mi	6/2.0	2,312 (+8%)	11mo	$240,000	$104	61
395 Ontario St	0.23mi	5/2.0 (-1)	1,908 (-11%)	8mo	$270,000	$142	60
129 Philadelphia St	0.42mi	6/2.0	2,292 (+7%)	9mo	$250,000	$109	60
102 Ullman St	0.67mi	5/2.0 (-1)	2,098 (-2%)	3mo	$165,000	$79	58
55 Briggs Ave	0.36mi	6/2.0	2,402 (+12%)	9mo	$115,000	$48	55
101 Baxter St	0.68mi	6/2.0	2,000 (-6%)	5mo	$140,000	$70	54
27 Baxter St	0.54mi	5/2.0 (-1)	2,028 (-5%)	11mo	$215,000	$106	52
68 Baxter St	0.62mi	6/2.0	2,430 (+14%)	5mo	$165,000	$68	44

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 1.65×
• Total profit: $33,917
• Equity at exit: $27,584

10-year hold

• IRR: 27.5%
• Equity multiple: 4.03×
• Total profit: $156,988
• Equity at exit: $15,995

Cash invested: $51,800 (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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 197
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,613 high
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$549
• Net cashflow: $786

Break-even live

Break-even rent $1,618

Max offer price $185,000

Occupancy floor 65%

Sensitivity live

Price	-10% $914	-5% $850	+0% $786	+5% $722	+10% $658
Rent	-10% $579	-5% $683	+0% $786	+5% $889	+10% $992
Rate	-1.0pp $879	-0.5pp $833	base $786	+0.5pp $738	+1.0pp $689

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,614
Total (2 units)			$2,613

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-16
   status Pending 607-char remark

   Show marketing remark (607 chars)

   Great location for this spacious 3/3 double featuring upper and lower porches and a full walk-up attic with a 24' by 14' finished room. Each unit has its own front entrance. First floor has a foyer with hardwood flooring and large walk-in closet. Both units feature hardwood flooring in the living room, formal dining room and bedrooms. Baths have ceramic flooring. Updated kitchens with ceramic flooring and oak cabinetry. Natural woodwork. Updated windows. Yard has storage shed. Separate gas and electric. Central air in lower unit. Full basement has glass block windows. Shows nicely. Move-in condition!

2. 2026-03-31
   price $185,000 607-char remark

   Show marketing remark (607 chars)

   Great location for this spacious 3/3 double featuring upper and lower porches and a full walk-up attic with a 24' by 14' finished room. Each unit has its own front entrance. First floor has a foyer with hardwood flooring and large walk-in closet. Both units feature hardwood flooring in the living room, formal dining room and bedrooms. Baths have ceramic flooring. Updated kitchens with ceramic flooring and oak cabinetry. Natural woodwork. Updated windows. Yard has storage shed. Separate gas and electric. Central air in lower unit. Full basement has glass block windows. Shows nicely. Move-in condition!

3. 2025-10-17
   listed $200,000 Active 607-char remark

   Show marketing remark (607 chars)

   Great location for this spacious 3/3 double featuring upper and lower porches and a full walk-up attic with a 24' by 14' finished room. Each unit has its own front entrance. First floor has a foyer with hardwood flooring and large walk-in closet. Both units feature hardwood flooring in the living room, formal dining room and bedrooms. Baths have ceramic flooring. Updated kitchens with ceramic flooring and oak cabinetry. Natural woodwork. Updated windows. Yard has storage shed. Separate gas and electric. Central air in lower unit. Full basement has glass block windows. Shows nicely. Move-in condition!

ⓘ 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 ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,356
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$2,508
• − Management: −$2,508
• − Depreciation: −$5,382
• Taxable income: $6,894
• Est. tax owed @ 24.0%: −$1,655
• After-tax cash flow: $7,775/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

-7.5% since first listed

3 events — show timeline

• 2026-05-16 Pending — WNYREIS
• 2026-03-31 Price Changed $185,000 WNYREIS
• 2025-10-17 Listed $200,000 WNYREIS

Property tax history

+3.9%/yr

Latest (2025): $331 · +0.0% YoY. Source: county tax records.