839 Perry St · Buffalo, NY 14210

$75,000

6 bd · 2.0 ba · 2,564 sqft · MultiFamily public records · 174 Days on market

Built 1870 4,375 sqft lot Est $133k · 44% under ↓ 32% since listing

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

Multi-family units

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

Listing remarks

Welcome to 839 Perry, a solid and spacious 2-unit property offering a total of 6 bedrooms, 2 full bathrooms, and approximately 2,500 sq. ft. of living space. This classic double is ideal for investors or owner-occupants looking to build equity and generate rental income. Each unit features a traditional layout with generous living and dining areas, and plenty of natural light. The property offers great bones and endless potential. Conveniently located near downtown Buffalo, major highways, and local amenities, this property provides easy access to shopping, employment centers, and entertainment. Whether you’re adding to your portfolio or looking for your first multifamily investment,

Key facts

• employment centers
• Traditional layout
• Solid and spacious

Tags

• SOLID AND SPACIOUS
• TRADITIONAL LAYOUT
• PLENTY OF NATURAL LIGHT
• CONVENIENTLY LOCATED
• EASY ACCESS TO SHOPPING
• EMPLOYMENT CENTERS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 44.1% 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 (+12.7%/yr); 94 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,545/mo this rent would consume 78% of the median local household income ($54k/yr) (locally 959% 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 $8k of equity ($519 loan paydown + $8k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $21k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% 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 1870 — 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. 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.
9. 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.
10. 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: 4.73% ✓
• Cap rate: 44.07%
• Cash-on-cash: 134.92%
• DSCR: 7.00
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $133,328
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
839 Perry St	0.00mi	6/2.0	2,564 (0%)	1mo	$67,000	$26	100
43 Fillmore Ave	0.37mi	6/2.0	2,492 (-3%)	8mo	$185,500	$74	72
264 Miami St	0.70mi	6/2.0	2,688 (+5%)	4mo	$285,000	$106	56
209 Babcock St	0.62mi	6/2.0	2,612 (+2%)	18mo	$125,000	$48	53
81 Hamburg St	0.72mi	6/2.0	2,400 (-6%)	5mo	$125,000	$52	51
31 Lord St	0.47mi	6/2.0	2,282 (-11%)	10mo	$172,500	$76	51
155 O'connell Ave	0.72mi	6/3.0	2,688 (+5%)	6mo	$117,500	$44	49
134 Hamburg St	0.69mi	6/2.0	2,336 (-9%)	7mo	$85,000	$36	47
878 Clinton St	0.70mi	6/2.0	2,400 (-6%)	14mo	$130,000	$54	45
86 Hamburg St	0.74mi	6/2.0	2,760 (+8%)	15mo	$85,000	$31	40
268 Miami St	0.69mi	6/2.0	2,920 (+14%)	9mo	$240,000	$82	37
910 Clinton St	0.71mi	6/2.0	2,208 (-14%)	13mo	$70,000	$32	32

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

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.00×
• Total profit: $209,963
• Equity at exit: $67,566

10-year hold

• IRR: —
• Equity multiple: 27.02×
• Total profit: $546,473
• Equity at exit: $145,709

Cash invested: $21,000 (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 14210

• Home prices YoY: 13.8%
• Rents YoY: 12.7%
• Active inventory: 94
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $3,545 high
• Mortgage (P&I): −$393
• Tax from tax record: −$15 /mo · $179/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$744
• Net cashflow: $2,361

Break-even live

Break-even rent $556

Max offer price $75,000

Occupancy floor 28%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,544
Total (2 units)			$3,545

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-06
   status Pending
2. 2026-03-13
   price $75,000
3. 2026-02-17
   price $80,000
4. 2025-12-15
   price $90,000
5. 2025-11-14
   price $100,000
6. 2025-10-14
   listed $110,000 Active

ⓘ 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: $179 · $15/mo
• Projected year-2 tax: $723 · $60/mo
• Expected delta: +$544/yr (+$45/mo · 303.4%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% 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: $42,540
• − Mortgage interest: −$4,201
• − Property taxes: −$179
• − Insurance: −$375
• − Repairs & maintenance: −$3,403
• − Management: −$3,403
• − Depreciation: −$2,182
• Taxable income: $28,796
• Est. tax owed @ 24.0%: −$6,911
• After-tax cash flow: $21,421/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): 15,563
• Household income: $54,197
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 959.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 8% Black 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 21% Lithuanian 2% Serbian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Arabic 1% Other Indo-European 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: ▲ 52.34%
• Current HPI: 431.7951
• Rent YoY: ▲ 12.67%
• 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

-31.8% since first listed

6 events — show timeline

• 2026-04-06 Pending — WNYREIS
• 2026-03-13 Price Changed $75,000 WNYREIS
• 2026-02-17 Price Changed $80,000 WNYREIS
• 2025-12-15 Price Changed $90,000 WNYREIS
• 2025-11-14 Price Changed $100,000 WNYREIS
• 2025-10-14 Listed $110,000 WNYREIS

Property tax history

+4.6%/yr

Latest (2025): $179 · +0.0% YoY. Source: county tax records.