175 Congress St · Buffalo, NY 14213

$189,900

4 bd · 2.0 ba · 2,512 sqft · MultiFamily public records · 10 Days on market

Built 1870 4,020 sqft lot Est $281k · 33% under

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Why this score? — see what drove the A 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
• Appreciation +8.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

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

Listing remarks

Welcome to 175 Congress! This spacious 2,512-square-foot duplex is filled with original character and offers ample off-street parking, including a three-car garage. The lower unit welcomes you with a generous double living room featuring a stone gas fireplace (NRTC), flowing into a large formal dining room that opens to the kitchen and walk-in pantry. The first floor also includes three bedrooms, each with closet lighting, a spacious full bathroom, and a rear mudroom with access to the backyard and full basement. The upper unit features an updated kitchen with a large walk-in pantry, a spacious full bathroom, and a bright dining room showcasing beautiful original woodwork. Both bedrooms adj

Key facts

• Double living room
• Rear mudroom
• Updated kitchen

Tags

• OFF-STREET PARKING
• DOUBLE LIVING ROOM
• LARGE FORMAL DINING ROOM
• WALK-IN PANTRY
• REAR MUDROOM
• UPDATED KITCHEN

Property features AI

Finance

• Other: Two total units with separate gas and electric meters (2 each)
• Financial info: Owner pays water and trash collection; Rent includes water and trash collection; Operating expense details: see remarks

Exterior

• Parking: 3-car garage; Paved parking; Multiple parking spaces
• Utilities: Public water connected; Sewer connected; Circuit breaker electrical
• Home design: 2-story building; Residential 2-unit zoning; Existing/Resale condition
• Construction: Aluminum and vinyl siding; Copper and PEX plumbing; Asphalt, flat, and shingle roof options; Stone foundation; Built (existing)
• Exterior features: Partial fencing; Near public transit; Rectangular lot; Residential lot; City street frontage

Interior

• Flooring: Carpet; Hardwood; Mixed/Varies
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas heating; Hot water/steam heating
• Interior features: Ceiling fans; Natural woodwork; Thermal windows
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $650/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Cap rate 14.5% 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 soft (-0.5%/yr); 138 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,079/mo this rent would consume 69% of the median local household income ($54k/yr) (locally 1501% 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 $16k of equity ($1k loan paydown + $14k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.62% ✓
• Cap rate: 14.51%
• Cash-on-cash: 29.35%
• DSCR: 2.31
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $281,344
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
187 Auburn Ave	0.33mi	5/2.0 (+1)	2,588 (+3%)	7mo	$289,000	$112	69
448 W Delavan Ave	0.41mi	4/4.5	2,477 (-1%)	3mo	$488,750	$197	66
414 Hoyt St	0.39mi	5/2.0 (+1)	2,640 (+5%)	6mo	$209,900	$80	63
395 Hampshire St	0.55mi	5/2.0 (+1)	2,438 (-3%)	3mo	$165,500	$68	62
492 Normal Ave	0.73mi	4/2.0	2,530 (+1%)	8mo	$120,000	$47	58
10 Abbottsford Pl	0.45mi	5/2.0 (+1)	2,400 (-4%)	11mo	$306,750	$128	57
233 Auburn Ave	0.30mi	5/2.0 (+1)	2,264 (-10%)	10mo	$310,000	$137	56
670 Richmond Ave	0.47mi	4/2.0	2,288 (-9%)	14mo	$325,000	$142	51
214 W Ferry St Unit N	0.51mi	5/2.0 (+1)	2,296 (-9%)	7mo	$185,000	$81	51
116 19th St	0.57mi	4/2.0	2,258 (-10%)	18mo	$189,900	$84	42
851 Richmond Ave	0.60mi	4/2.0	2,188 (-13%)	13mo	$387,500	$177	40
107 Brayton St	0.72mi	5/2.0 (+1)	2,344 (-7%)	14mo	$150,000	$64	38

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

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 40.8%
• Equity multiple: 3.75×
• Total profit: $146,085
• Equity at exit: $138,014

10-year hold

• IRR: 35.6%
• Equity multiple: 7.50×
• Total profit: $345,604
• Equity at exit: $268,195

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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 138
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $3,079 high
• Mortgage (P&I): −$996
• Tax from tax record: −$57 /mo · $684/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$647
• Net cashflow: $1,300

Break-even live

Break-even rent $1,433

Max offer price $189,900

Occupancy floor 53%

Sensitivity live

Price	-10% $1,408	-5% $1,354	+0% $1,300	+5% $1,247	+10% $1,193
Rent	-10% $1,057	-5% $1,179	+0% $1,300	+5% $1,422	+10% $1,544
Rate	-1.0pp $1,396	-0.5pp $1,349	base $1,300	+0.5pp $1,251	+1.0pp $1,201

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,078
Total (2 units)			$3,079

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 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	15d	1	0.46mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	0.54mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	15d	1	0.54mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	44d	1	0.58mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	15d	1	0.80mi
664 Auburn Ave Unit 1 Buffalo, NY	4.0	2.5	3500	$5,000	$1.43	44d	1	0.81mi
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	15d	1	1.14mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	21d	1	1.15mi
7 Berkley Pl Buffalo, NY	3.0	1.0	2879	$1,250	$0.43	4d	1	1.15mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	24d	1	1.21mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	15d	1	1.21mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	21d	1	1.21mi
138 Austin St Buffalo, NY	3.0	1.0	3008	$1,500	$0.50	20d	1	1.22mi

Listing history 10 events

1. 2026-06-18
   status $189,900 Pending 10 DOM
2. 2026-06-18
   days on market $189,900 Active 10 DOM
3. 2026-06-17
   days on market $189,900 Active 9 DOM
4. 2026-06-16
   days on market $189,900 Active 8 DOM
5. 2026-06-15
   days on market $189,900 Active 7 DOM
6. 2026-06-13
   days on market $189,900 Active 5 DOM
7. 2026-06-13
   days on market $189,900 Active 4 DOM
8. 2026-06-10
   days on market $189,900 Active 2 DOM
9. 2026-06-08
   remarks 699-char remark
10. 2026-06-08
    listed $189,900 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: $684 · $57/mo
• Projected year-2 tax: $1,946 · $162/mo
• Expected delta: +$1,263/yr (+$105/mo · 184.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $36,948
• − Mortgage interest: −$10,637
• − Property taxes: −$684
• − Insurance: −$950
• − Repairs & maintenance: −$2,956
• − Management: −$2,956
• − Depreciation: −$5,524
• Taxable income: $13,242
• Est. tax owed @ 24.0%: −$3,178
• After-tax cash flow: $12,428/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

• 2026-06-08 Listed $189,900 WNYREIS

Property tax history

+9.6%/yr

Latest (2025): $684 · +19.6% YoY. Source: county tax records.