905 Tonawanda St · Buffalo, NY 14207

$150,000

4 bd · 2.0 ba · 2,184 sqft · MultiFamily public records · 32 Days on market

Built 1900 3,450 sqft lot Est $210k · 28% under

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 2 units. confirmed

Listing remarks MLS

48 Hours Required for all showings

Key facts

• Full attic
• Dry basement
• 3,450 sq ft lot

Tags

• FULL ATTIC
• DRY BASEMENT

Property features AI

Finance

• Financial info: Two total units with separate gas and electric meters; Owner pays trash collection and water; Operating expenses include maintenance, trash, and water/sewer; One unit currently rented for $800

Exterior

• Parking: No driveway
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected
• Home design: Two-story multi-family building; Resale property
• Construction: Frame construction with copper and PEX plumbing; Shingle roof; Stone foundation; Built (existing structure)
• Exterior features: Rectangular lot near public transit; Lot dimensions approximately 30 x 115

Interior

• Kitchen: Gas water heater
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Carpet; Hardwood; Vinyl; Varies
• Bathrooms: Two full bathrooms total (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Carpet, hardwood, vinyl and varied flooring throughout; Full basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $509/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.4% 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.
• 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 rising fast (+8.2%/yr); 199 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,399/mo this rent would consume 72% 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 $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $110k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.60% ✓
• Cap rate: 14.43%
• Cash-on-cash: 29.06%
• DSCR: 2.29
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $209,664
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Briggs Ave	0.25mi	4/2.0	2,192 (+0%)	13mo	$211,000	$96	77
37 Philadelphia St	0.47mi	4/2.0	2,118 (-3%)	1mo	$260,000	$123	72
24 Argus St	0.43mi	4/2.0	2,256 (+3%)	7mo	$210,000	$93	69
102 Ullman St	0.47mi	5/2.0 (+1)	2,098 (-4%)	3mo	$165,000	$79	64
138 Ross Ave	0.18mi	4/2.0	1,896 (-13%)	8mo	$170,000	$90	63
37 Peoria St	0.64mi	4/2.0	2,148 (-2%)	6mo	$138,000	$64	62
27 Baxter St	0.29mi	5/2.0 (+1)	2,028 (-7%)	11mo	$215,000	$106	61
227 Crowley Ave	0.20mi	3/2.0 (-1)	1,909 (-13%)	6mo	$155,000	$81	60
395 Ontario St	0.34mi	5/2.0 (+1)	1,908 (-13%)	8mo	$270,000	$142	52
50 Argus St	0.45mi	5/2.0 (+1)	2,009 (-8%)	12mo	$230,000	$114	51
297 Roesch Ave	0.66mi	4/2.0	2,009 (-8%)	14mo	$250,000	$124	44
69 Hunt Ave	0.37mi	5/2.0 (+1)	2,484 (+14%)	15mo	$234,999	$95	42

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: 28.6%
• Equity multiple: 2.26×
• Total profit: $53,092
• Equity at exit: $22,365

10-year hold

• IRR: 38.6%
• Equity multiple: 5.45×
• Total profit: $187,104
• 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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 199
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,399 high
• Mortgage (P&I): −$787
• Tax from tax record: −$29 /mo · $347/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $1,017

Break-even live

Break-even rent $1,111

Max offer price $150,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,102	-5% $1,060	+0% $1,017	+5% $975	+10% $932
Rent	-10% $828	-5% $922	+0% $1,017	+5% $1,112	+10% $1,207
Rate	-1.0pp $1,093	-0.5pp $1,055	base $1,017	+0.5pp $978	+1.0pp $939

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,400
Total (2 units)			$2,399

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: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
61 Baxter St Buffalo, NY	3.0	1.0	2014	$1,400	$0.70	3d	1	0.38mi
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	16d	1	1.23mi

Listing history 26 events

1. 2026-06-21
   days on market $150,000 Active 32 DOM
2. 2026-06-18
   days on market $150,000 Active 29 DOM
3. 2026-06-17
   days on market $150,000 Active 28 DOM
4. 2026-06-16
   days on market $150,000 Active 27 DOM
5. 2026-06-15
   days on market $150,000 Active 26 DOM
6. 2026-06-13
   days on market $150,000 Active 24 DOM
7. 2026-06-13
   days on market $150,000 Active 23 DOM
8. 2026-06-10
   days on market $150,000 Active 21 DOM
9. 2026-06-09
   days on market $150,000 Active 20 DOM
10. 2026-06-08
    days on market $150,000 Active 19 DOM
11. 2026-06-07
    days on market $150,000 Active 18 DOM
12. 2026-06-03
    days on market $150,000 Active 14 DOM
13. 2026-06-02
    days on market $150,000 Active 13 DOM
14. 2026-06-01
    days on market $150,000 Active 12 DOM
15. 2026-05-31
    days on market $150,000 Active 11 DOM
16. 2026-05-20
    listed $150,000 Active
17. 2022-03-29
    soldstatus $110,000 Closed Sale or Rented 34-char remark

    Show marketing remark (34 chars)

    48 Hours Required for all showings

18. 2022-03-24
    soldstatus $110,000
19. 2021-06-25
    status Pending Sale 34-char remark

    Show marketing remark (34 chars)

    48 Hours Required for all showings

20. 2021-06-17
    status Under Contract- Do Not Show 34-char remark

    Show marketing remark (34 chars)

    48 Hours Required for all showings

21. 2021-01-19
    listed $115,000 Active 34-char remark

    Show marketing remark (34 chars)

    48 Hours Required for all showings

22. 2019-06-05
    soldstatus $87,000
23. 2019-06-04
    soldstatus $87,000 Closed Sale or Rented
24. 2018-11-03
    listed $87,000
25. 2018-11-03
    historical
26. 1999-06-11
    soldstatus $49,900

ⓘ 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: $347 · $29/mo
• Projected year-2 tax: $1,441 · $120/mo
• Expected delta: +$1,094/yr (+$91/mo · 314.8%)

ⓘ 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) · 68% 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: $28,788
• − Mortgage interest: −$8,402
• − Property taxes: −$347
• − Insurance: −$750
• − Repairs & maintenance: −$2,303
• − Management: −$2,303
• − Depreciation: −$4,364
• Taxable income: $10,318
• Est. tax owed @ 24.0%: −$2,476
• After-tax cash flow: $9,729/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

+200.6% since first listed

11 events — show timeline

• 2026-05-20 Listed $150,000 WNYREIS
• 2022-03-29 Sold (MLS) $110,000 WNYREIS
• 2022-03-24 Sold (Public Records) $110,000 Public Records
• 2021-06-25 Pending — WNYREIS
• 2021-06-17 Pending — WNYREIS
• 2021-01-19 Listed $115,000 WNYREIS
• 2019-06-05 Sold (Public Records) $87,000 Public Records
• 2019-06-04 Sold (MLS) $87,000 WNYREIS
• 2018-11-03 Listing Removed — WNYREIS
• 2018-11-03 Listed $87,000 WNYREIS
• 1999-06-11 Sold (Public Records) $49,900 Public Records

Property tax history

+7.1%/yr

Latest (2025): $347 · +0.0% YoY. Source: county tax records.