31 Herkimer St · Buffalo, NY 14213

$260,000

6 bd · 2.0 ba · 2,200 sqft · MultiFamily public records · 14 Days on market

Built 1870 3,025 sqft lot Est $189k · 37% over

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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 +29.7/30.0
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• 1% rule +7.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

31 Herkimer is located just minutes to downtown Buffalo and the Canadian border makes this investment property worth its value! Owner occupy one unit and have tenant pay the mortgage! Well cared for with many updates. Roof 2019, furnaces 2018. How water tank 2020. New glass block windows in basement. Newer concrete driveway. Maintenance free siding. Double lot! 31 Herkimer SBL #140200-099-430-0001-029-000 will be conveyed with 29 Herkimer SBL #140200-099-430-0001-028-000. Empty lot City & School taxes $131.17. Erie County taxes $60.02. Lower unit vacant. Upper unit tenant occupied.

Key facts

• Ample parking
• Full basement
• Nice backyard

Tags

• VINYL SIDING
• FULL ATTIC
• FULL BASEMENT
• LONG DRIVEWAY
• AMPLE PARKING
• NICE BACKYARD

Property features AI

Finance

• Financial info: Owner pays water; rent includes water; Operating expense details referenced in remarks

Exterior

• Parking: Two or more parking spaces
• Utilities: Sewer connected; Water service included in rent (owner pays water)
• Home design: Two-story building; Resale property; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Near public transit; Rectangular lot (25 x 121)

Interior

• Kitchen: Gas water heater (appliance)
• Bedrooms: 2-unit property (unit counts listed under Multi Unit Information)
• Flooring: Vinyl flooring and varied flooring throughout
• Bathrooms: Two full bathrooms (total for the property)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Separate gas and electric meters for each unit

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $944 ($11k/yr) — positive. Per door: $472/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Cap rate 10.6% 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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Market conditions: Rents soft (-0.5%/yr); 138 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,125/mo this rent would consume 70% 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 $21k of equity ($2k loan paydown + $20k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $73k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y 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.
• Current owner paid $155k; list at $260k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $260,000

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 1870 — 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: 1.20% ✓
• Cap rate: 10.65%
• Cash-on-cash: 15.55%
• DSCR: 1.69
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $189,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
298 Massachusetts Ave	0.19mi	5/2.0 (-1)	2,221 (+1%)	1mo	$220,000	$99	84
67 Barton St	0.10mi	6/2.0	2,420 (+10%)	0mo	$170,000	$70	78
238 Barton St	0.39mi	6/2.0	2,246 (+2%)	2mo	$195,000	$87	77
214 W Ferry St Unit N	0.13mi	5/2.0 (-1)	2,296 (+4%)	7mo	$185,000	$81	76
325 Breckenridge St	0.28mi	6/2.0	2,044 (-7%)	2mo	$175,500	$86	74
315 Herkimer St	0.54mi	6/2.0	2,303 (+5%)	2mo	$148,000	$64	66
395 Hampshire St	0.29mi	5/2.0 (-1)	2,438 (+11%)	3mo	$165,500	$68	61
207 Rhode Island St	0.40mi	5/2.0 (-1)	2,436 (+11%)	2mo	$295,500	$121	57
385 Auburn Ave	0.47mi	6/2.0	1,920 (-13%)	0mo	$218,000	$114	56
234 Dewitt St	0.68mi	5/3.0 (-1)	2,120 (-4%)	2mo	$59,000	$28	52
38 Ardmore Pl	0.72mi	5/2.0 (-1)	2,121 (-4%)	6mo	$230,000	$108	51
26 York St	0.74mi	6/2.0	2,519 (+14%)	1mo	$199,900	$79	40

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: 29.8%
• Equity multiple: 3.06×
• Total profit: $149,869
• Equity at exit: $188,961

10-year hold

• IRR: 25.8%
• Equity multiple: 6.13×
• Total profit: $373,102
• Equity at exit: $367,197

Cash invested: $72,800 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 138
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $3,125 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$53 /mo · $641/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $944

Break-even live

Break-even rent $1,931

Max offer price $260,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,091	-5% $1,017	+0% $944	+5% $870	+10% $796
Rent	-10% $697	-5% $820	+0% $944	+5% $1,067	+10% $1,190
Rate	-1.0pp $1,074	-0.5pp $1,010	base $944	+0.5pp $876	+1.0pp $808

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,124
Total (2 units)			$3,125

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $260,000 Active 14 DOM
2. 2026-06-18
   days on market $260,000 Active 11 DOM
3. 2026-06-17
   days on market $260,000 Active 10 DOM
4. 2026-06-16
   days on market $260,000 Active 9 DOM
5. 2026-06-15
   days on market $260,000 Active 8 DOM
6. 2026-06-13
   days on market $260,000 Active 6 DOM
7. 2026-06-13
   days on market $260,000 Active 5 DOM
8. 2026-06-10
   days on market $260,000 Active 3 DOM
9. 2026-06-09
   days on market $260,000 Active 2 DOM
10. 2026-06-08
    remarks 693-char remark
11. 2026-06-08
    listed $260,000 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: $641 · $53/mo
• Projected year-2 tax: $2,517 · $210/mo
• Expected delta: +$1,877/yr (+$156/mo · 292.9%)

ⓘ 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: $37,500
• − Mortgage interest: −$14,564
• − Property taxes: −$641
• − Insurance: −$1,300
• − Repairs & maintenance: −$3,000
• − Management: −$3,000
• − Depreciation: −$7,564
• Taxable income: $7,432
• Est. tax owed @ 24.0%: −$1,784
• After-tax cash flow: $9,539/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

+67.7% since first listed

7 events — show timeline

• 2026-06-08 Listed $260,000 WNYREIS
• 2024-01-05 Listed $300,000 WNYREIS
• 2021-08-02 Sold (MLS) $155,000 WNYREIS
• 2021-07-30 Sold (Public Records) $155,000 Public Records
• 2021-06-11 Pending — WNYREIS
• 2021-05-28 Contingent — WNYREIS
• 2021-05-13 Listed $155,000 WNYREIS

Property tax history

+11.6%/yr

Latest (2025): $641 · -18.4% YoY. Source: county tax records.