297 Hamburg · Buffalo, NY 14204

$150,000

6 bd · 2.0 ba · 2,772 sqft · MultiFamily public records · 29 Days on market

Built 1880 Est $128k · 18% over

---

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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Investor opportunity at 297 Hamburg St in Buffalo! Two-unit property offering 2,772 sq ft with 6 bedrooms and 2 bathrooms. Upstairs unit is vacant and ready for potential owner-occupant or rental income, while the lower unit is currently rented at $800/month. Located near ongoing redevelopment and new construction in the surrounding area, this property offers strong upside potential for investors looking to add value and increase cash flow over time. Convenient location close to downtown, the waterfront, and major thruways.

Key facts

• Two unit property
• Upstairs unit vacant
• Convenient location

Tags

• TWO UNIT PROPERTY
• UPSTAIRS UNIT VACANT
• LOWER UNIT RENTED
• CONVENIENT LOCATION
• NEAR ONGOING REDEVELOPMENT
• NEAR NEW CONSTRUCTION

Property features AI

Finance

• Financial info: Two-unit multi-family property; Separate utilities and meters for each unit; One unit currently listed with $800 rent; operating expense details available in remarks

Exterior

• Parking: 1-car garage; Concrete parking surface
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Existing construction
• Construction: Vinyl siding; Slab foundation
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 34 x 100

Interior

• Kitchen: Dining area with living room in each unit
• Bedrooms: Two separate 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Hardwood; Vinyl; Varies
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Partial basement; Gas water heater
• Laundry & utility: Separate gas and electric meters for each unit

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.7% 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 (+5.5%/yr); 33 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 $4,549/mo this rent would consume 194% of the median local household income ($28k/yr) (locally 945% 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 $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,750 (1.5% below list)

Questions for the listing agent

1. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 3.03% ✓
• Cap rate: 26.75%
• Cash-on-cash: 73.06%
• DSCR: 4.25
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $127,512
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
264 Miami St	0.20mi	6/2.0	2,688 (-3%)	4mo	$285,000	$106	83
268 Miami St	0.19mi	6/2.0	2,920 (+5%)	9mo	$240,000	$82	74
155 O'connell Ave	0.36mi	6/3.0	2,688 (-3%)	6mo	$117,500	$44	69
86 Hamburg St	0.42mi	6/2.0	2,760 (-0%)	15mo	$85,000	$31	67
839 Perry St	0.57mi	6/2.0	2,564 (-8%)	1mo	$67,000	$26	60
81 Hamburg St	0.42mi	6/2.0	2,400 (-13%)	5mo	$125,000	$52	53
157 Mackinaw St	0.38mi	6/2.0	3,074 (+11%)	14mo	$115,000	$37	52
91 Oconnell Ave	0.40mi	6/2.0	2,480 (-10%)	16mo	$115,000	$46	50
47 Oconnell Ave	0.44mi	7/2.0 (+1)	2,552 (-8%)	17mo	$85,000	$33	47
145 Oconnell Ave	0.37mi	5/2.0 (-1)	2,398 (-14%)	19mo	$230,000	$96	40

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 · 5.48% rent growth · sell at horizon

5-year hold

• IRR: 74.0%
• Equity multiple: 4.49×
• Total profit: $146,753
• Equity at exit: $22,365

10-year hold

• IRR: 78.5%
• Equity multiple: 10.13×
• Total profit: $383,585
• Equity at exit: $12,969

Cash invested: $42,000 (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 14204

• Home prices YoY: -1.1%
• Rents YoY: 5.5%
• Active inventory: 33
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $4,549 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$955
• Net cashflow: $2,502

Break-even live

Break-even rent $1,382

Max offer price $150,000

Occupancy floor 40%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,550
Total (2 units)			$4,549

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $150,000 Active 29 DOM
2. 2026-06-17
   days on market $150,000 Active 28 DOM
3. 2026-06-16
   days on market $150,000 Active 27 DOM
4. 2026-06-15
   days on market $150,000 Active 26 DOM
5. 2026-06-13
   days on market $150,000 Active 24 DOM
6. 2026-06-13
   days on market $150,000 Active 23 DOM
7. 2026-06-10
   days on market $150,000 Active 21 DOM
8. 2026-06-09
   days on market $150,000 Active 20 DOM
9. 2026-06-08
   pricedays on market $150,000 Active 19 DOM
10. 2026-06-07
    days on market $199,000 Active 18 DOM
11. 2026-06-03
    days on market $199,000 Active 14 DOM
12. 2026-06-02
    days on market $199,000 Active 13 DOM
13. 2026-06-01
    days on market $199,000 Active 12 DOM
14. 2026-05-31
    days on market $199,000 Active 11 DOM
15. 2026-05-20
    listed $199,000 Active

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 77% 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: $54,588
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$1,416
• − Repairs & maintenance: −$4,367
• − Management: −$4,367
• − Depreciation: −$4,364
• Taxable income: $29,421
• Est. tax owed @ 24.0%: −$7,061
• After-tax cash flow: $22,957/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): 7,932
• Household income: $28,182
• Rent vs Own: 73.5% rent · 26.5% own
• Severe rent burden: 945.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 58% White 19% Hispanic / Latino 18% Two or more races 4%
• Hispanic origin (detail): Puerto Rican 14% Dominican 1%
• Common ancestry: Romanian 2% Subsaharan African 1%
• Foreign-born: 6% · Canada
• Languages at home: 81% English-only · Spanish 14% French/Haitian/Cajun 2% Russian/Polish/Slavic 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: ▼ -3.36%
• Current HPI: 312.6232
• Rent YoY: ▲ 5.48%
• 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

• 2026-05-20 Listed $199,000 WNYREIS

Property tax history

+10.9%/yr

Latest (2025): $252 · +0.0% YoY. Source: county tax records.