446 Moselle St · Buffalo, NY 14215

$189,900

6 bd · 2.0 ba · 2,232 sqft · MultiFamily public records · 41 Days on market

Built 1927 3,300 sqft lot $85/sqft · 12% below area Est $217k · 12% under

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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 +21.8/30.0
• ARV discount +13.1/15.0
• DSCR +7.0/10.0
• 1% rule +4.4/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• 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: 1 unit. estimate disagrees with records

Key facts

• 3,300 sq ft lot
• 2 garage spots
• Built 1927

Property features AI

Finance

• Financial info: Two total units with separate gas and electric meters for each unit; Operating expense details: see remarks; Owner pays: see remarks/other; Rent includes: see remarks

Exterior

• Parking: Attached garage with 2 spaces; Additional parking with two or more spaces
• Utilities: Electricity available; Public water connected; Sewer connected
• Home design: Two-story multi-family property; Resale condition
• Construction: Composite siding; Slate and tile roof
• Exterior features: Fully fenced yard; Porch; Enclosed porch; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchen in each unit; Formal dining room in each unit; Living room in each unit
• Bedrooms: Two units each with 3 bedrooms
• Flooring: Hardwood; Tile; Varies
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Hardwood and tile flooring; varies by room; Enclosed porch
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/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 $179k (5.9% below list).
• Recommended offer: $179k (5.9% 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 flat; 237 active listings in the ZIP; 1 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 $1,786/mo this rent would consume 48% of the median local household income ($45k/yr) (locally 2873% 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 $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,617 (5.9% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.94% ✗
• Cap rate: 8.15%
• Cash-on-cash: 6.64%
• DSCR: 1.30
• GRM: 8.9

CMA / ARV

• ARV (median comp): $216,635
• List price: $189,900
• Delta: -12.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
199 Schuele Ave	0.29mi	6/2.0	2,392 (+7%)	3mo	$178,500	$75	72
184 Wyoming Ave	0.27mi	7/3.0 (+1)	2,288 (+2%)	10mo	$189,900	$83	66
815 E Delavan Ave	0.45mi	6/2.0	2,096 (-6%)	4mo	$160,000	$76	65
210 Carl St	0.37mi	5/2.0 (-1)	2,112 (-5%)	7mo	$220,000	$104	63
246 Cambridge Ave	0.40mi	6/2.0	2,000 (-10%)	5mo	$117,000	$59	60
950 Northampton St	0.68mi	5/2.0 (-1)	2,190 (-2%)	2mo	$55,000	$25	59
266 Cambridge Ave	0.44mi	6/2.0	2,000 (-10%)	7mo	$75,000	$38	57
227 Burgard Pl	0.61mi	7/3.0 (+1)	2,288 (+2%)	5mo	$185,000	$81	54
373 Urban St	0.47mi	6/4.0	2,376 (+6%)	7mo	$280,000	$118	54
110 Saint Louis Ave	0.63mi	6/2.0	2,400 (+8%)	7mo	$145,000	$60	52
94 Ericson Ave	0.71mi	6/2.0	1,974 (-12%)	2mo	$85,000	$43	46
1135 E Delavan Ave	0.68mi	6/2.0	1,914 (-14%)	8mo	$207,000	$108	37

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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.70×
• Total profit: $-16,216
• Equity at exit: $28,315

10-year hold

• IRR: -2.0%
• Equity multiple: 0.88×
• Total profit: $-6,393
• Equity at exit: $16,419

Cash invested: $53,172 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 237
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,786 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$42 /mo · $502/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $294

Break-even live

Break-even rent $1,414

Max offer price $189,900

Occupancy floor 79%

Sensitivity live

Price	-10% $402	-5% $348	+0% $294	+5% $241	+10% $187
Rent	-10% $153	-5% $224	+0% $294	+5% $365	+10% $435
Rate	-1.0pp $390	-0.5pp $343	base $294	+0.5pp $245	+1.0pp $195

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	24d	1	1.39mi

Listing history 15 events

1. 2026-06-18
   days on market $189,900 Active 41 DOM
2. 2026-06-17
   days on market $189,900 Active 40 DOM
3. 2026-06-16
   days on market $189,900 Active 39 DOM
4. 2026-06-15
   days on market $189,900 Active 38 DOM
5. 2026-06-13
   days on market $189,900 Active 36 DOM
6. 2026-06-13
   days on market $189,900 Active 35 DOM
7. 2026-06-10
   days on market $189,900 Active 33 DOM
8. 2026-06-09
   days on market $189,900 Active 32 DOM
9. 2026-06-08
   days on market $189,900 Active 31 DOM
10. 2026-06-07
    days on market $189,900 Active 30 DOM
11. 2026-06-03
    days on market $189,900 Active 26 DOM
12. 2026-06-02
    days on market $189,900 Active 25 DOM
13. 2026-06-01
    days on market $189,900 Active 24 DOM
14. 2026-05-31
    days on market $189,900 Active 23 DOM
15. 2026-05-08
    listed $189,900 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: $502 · $42/mo
• Projected year-2 tax: $1,856 · $155/mo
• Expected delta: +$1,354/yr (+$113/mo · 269.7%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,434
• − Mortgage interest: −$10,637
• − Property taxes: −$502
• − Insurance: −$950
• − Repairs & maintenance: −$1,715
• − Management: −$1,715
• − Depreciation: −$5,524
• Taxable income: $391
• Est. tax owed @ 24.0%: −$94
• After-tax cash flow: $3,437/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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 Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 4% Chinese 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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

1 event — show timeline

• 2026-05-08 Listed $189,900 WNYREIS

Property tax history

+13.5%/yr

Latest (2025): $502 · +179.9% YoY. Source: county tax records.