120 Johnson Park · Buffalo, NY 14201

$399,900

4 bd · 2.5 ba · 2,164 sqft · MultiFamily public records · 10 Days on market

Built 1866 1,457 sqft lot Est $329k · 22% 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 +14.8/30.0
• DSCR +4.5/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Schools +3.3/10.0
• 1% rule +2.8/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Welcome to this chic, completely rebuilt two-unit property in the heart of Downtown Buffalo, offering the perfect blend of historic charm and modern luxury. Both units have been thoughtfully renovated from top to bottom with exceptional attention to detail. The front residence features 2 spacious bedrooms, 1.5 baths, gleaming hardwood floors, soaring vaulted ceilings, abundant natural light from oversized windows, and a stunning decorative fireplace. The open-concept design flows seamlessly into a beautifully updated kitchen complete with granite countertops, stainless steel appliances, and ample cabinetry. Generous bedrooms, plentiful closet space, and a stylishly renovated bath complete t

Key facts

• Completely rebuilt
• Historic charm
• Modern luxury

Tags

• COMPLETELY REBUILT
• HISTORIC CHARM
• MODERN LUXURY
• THOUGHTFULLY RENOVATED
• GLEAMING HARDWOOD FLOORS
• SOARING VAULTED CEILINGS

Property features AI

Finance

• Financial info: Owner pays grounds care and water; Rent includes common area maintenance and water; Operating expense details: see remarks; Property zoned for two residential units; Two total units with separate gas and electric meters

Exterior

• Parking: On-street parking
• Utilities: High-speed internet available; Public water connected; Sewer connected
• Home design: 2 stories; Existing construction
• Construction: Brick construction; Shingle roof; Stone foundation
• Exterior features: Near public transit; Rectangular residential lot; City street frontage

Interior

• Flooring: Hardwood flooring; Tile flooring; Varied flooring
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Gas forced air heating; Central air conditioning; Has heating and cooling
• Interior features: Ceiling fan(s); Skylights; Skylight(s)
• Laundry & utility: Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $110 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $312k (21.9% below list).
• Recommended offer: $312k (21.9% 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 (+4.3%/yr); 56 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,125/mo this rent would consume 93% of the median local household income ($41k/yr) (locally 1213% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 7y 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 1866 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $312,500 (21.9% below list)

Questions for the listing agent

1. Built in 1866 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.78% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.18%
• DSCR: 1.05
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $328,928
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9 West Ave	0.07mi	4/2.0	1,980 (-8%)	6mo	$390,000	$197	75
125 Whitney Pl	0.12mi	4/3.0	1,976 (-9%)	6mo	$310,000	$157	73
147 Mariner St	0.56mi	4/3.0	2,098 (-3%)	4mo	$365,000	$174	64
403 Busti Ave	0.54mi	4/2.0	2,132 (-2%)	12mo	$99,000	$46	60
347 Prospect Ave	0.45mi	5/2.0 (+1)	2,152 (-1%)	15mo	$115,000	$53	59
114 Whitney Pl	0.10mi	5/2.0 (+1)	2,452 (+13%)	14mo	$320,000	$131	54
291 West Ave	0.58mi	5/2.0 (+1)	2,140 (-1%)	12mo	$325,500	$152	54
153 Allen St	0.51mi	4/3.0	2,374 (+10%)	9mo	$395,000	$166	50
402 Busti Ave	0.56mi	4/2.0	2,028 (-6%)	14mo	$80,000	$39	50
155 Allen St	0.51mi	4/3.0	2,488 (+15%)	9mo	$385,000	$155	42
35 Lakeview Ave	0.71mi	5/2.0 (+1)	2,270 (+5%)	16mo	$135,000	$59	38
389 Jersey St	0.71mi	4/2.0	2,371 (+10%)	13mo	$250,000	$105	38

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 · 4.28% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.52×
• Total profit: $-53,934
• Equity at exit: $59,626

10-year hold

• IRR: -2.7%
• Equity multiple: 0.81×
• Total profit: $-21,612
• Equity at exit: $34,576

Cash invested: $111,972 (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 14201

• Home prices YoY: -19.1%
• Rents YoY: 4.3%
• Active inventory: 56
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $3,125 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$95 /mo · $1,143/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $110

Break-even live

Break-even rent $2,986

Max offer price $399,900

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$1,563
1× unit	2	1	$1,563
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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	43d	1	0.78mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	23d	1	0.80mi
237 Main St Buffalo, NY	1.0–3.0	1.5–2.5	1608	$4,035	$2.51	1d	9	0.88mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	0.93mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	19d	1	0.99mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	14d	1	0.99mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	19d	1	1.09mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	23d	1	1.09mi

Listing history 7 events

1. 2026-06-13
   statusdays on market $399,900 Pending 10 DOM
2. 2026-06-10
   days on market $399,900 Active 8 DOM
3. 2026-06-09
   days on market $399,900 Active 7 DOM
4. 2026-06-08
   days on market $399,900 Active 6 DOM
5. 2026-06-07
   days on market $399,900 Active 5 DOM
6. 2026-06-02
   remarks 699-char remark
7. 2026-06-02
   listed $399,900 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: $1,143 · $95/mo
• Projected year-2 tax: $3,950 · $329/mo
• Expected delta: +$2,808/yr (+$234/mo · 245.7%)

ⓘ 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) · 71% 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: $37,500
• − Mortgage interest: −$22,401
• − Property taxes: −$1,143
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,000
• − Management: −$3,000
• − Depreciation: −$11,633
• Taxable loss: −$5,676
• Est. tax savings @ 24.0%: +$1,362
• After-tax cash flow: $2,680/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): 12,369
• Household income: $40,512
• Rent vs Own: 76.4% rent · 23.6% own
• Severe rent burden: 1213.0

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 0.66)
• Race & ethnicity: White 42% Hispanic / Latino 36% Black 16% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 30% Dominican 1%
• Common ancestry: Romanian 7% Subsaharan African 2% Slovak 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 69% English-only · Spanish 24% Arabic 2% 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: ▼ -68.73%
• Current HPI: 290.2643
• Rent YoY: ▲ 4.28%
• 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

+0.0% since first listed

17 events — show timeline

• 2026-06-02 Listed $399,900 WNYREIS
• 2025-07-04 Rental Removed $2,200 WNYREIS
• 2025-05-28 Price Changed $2,200 WNYREIS
• 2025-02-14 Listed for Rent $2,400 WNYREIS
• 2020-09-22 Listing Removed — WNYREIS
• 2020-09-22 Listing Removed — WNYREIS
• 2020-09-03 Price Changed $385,000 WNYREIS
• 2020-09-03 Price Changed $385,000 WNYREIS
• 2020-06-22 Listed $400,000 WNYREIS
• 2020-06-22 Listed $400,000 WNYREIS
• 2019-12-04 Sold (Public Records) $370,000 Public Records
• 2019-12-01 Sold (MLS) $370,000 WNYREIS
• 2019-10-05 Pending — WNYREIS
• 2019-08-27 Listing Removed — WNYREIS
• 2019-08-26 Listed $384,900 WNYREIS
• 2019-08-19 Price Changed $384,900 WNYREIS
• 2019-06-04 Listed $399,900 WNYREIS

Property tax history

+7.0%/yr

Latest (2025): $1,143 · -2.9% YoY. Source: county tax records.