1831 S Park Ave · Buffalo, NY 14220

$250,000

16 bd · 16.0 ba · 5,392 sqft · MultiFamily · 77 Days on market

Built 1900 Fair condition 6,650 sqft lot $46/sqft · 41% below area Est $426k · 41% 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 +4.4/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Endless opportunity with this 4-unit property in the heart of South Buffalo! This value-add asset is primed for stabilization and offers strong upside potential for the right investor. The vacant three residential units consist of two spacious 2-bedroom units with market rents projected at $1,200/month each. One studio unit with a walk-out porch, which has an estimated rent of $950/month. A storefront with an existing tenant currently on a month-to-month lease who is open to signing a longer-term agreement. This brings the total stabilized rent to $4350 per month and $52,200 per year. Recent updates include newer windows, updated electrical service, a new furnace for the commercial space, and hardwood floors throughout much of the property. This is a great Brrrr opportunity for an investor looking for cash flow on the appreciating rents in South Buffalo. The carriage house next door is also available for a package deal.

Key facts

• 6,650 sq ft lot
• Built 1900
• Listed 77 days

🏷️ Possibly a rental listed for sale. The $250,000 price doesn't fit this home's estimated sale value (~$426,340) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 1×1bd/1.0ba + 1×4bd/1.0ba units multifamily listed at $250k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $612/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $250k).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.0% 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 (+7.6%/yr); 136 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $5,285/mo this rent would consume 89% of the median local household income ($71k/yr) (locally 602% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.11% ✓
• Cap rate: 18.04%
• Cash-on-cash: 41.96%
• DSCR: 2.87
• GRM: 3.9

CMA / ARV

• ARV (median comp): $426,340
• List price: $250,000
• Delta: -41.36%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.62% rent growth · sell at horizon

5-year hold

• IRR: 43.8%
• Equity multiple: 3.02×
• Total profit: $141,160
• Equity at exit: $37,276

10-year hold

• IRR: 51.9%
• Equity multiple: 7.29×
• Total profit: $440,050
• Equity at exit: $21,615

Cash invested: $70,000 (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 14220

• Home prices YoY: -26.7%
• Rents YoY: 7.6%
• Active inventory: 136
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $5,285 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,110
• Net cashflow: $2,447

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,616
1× unit	1	1	$1,173
1× unit	4	1	$1,497
Total (4 units)			$5,285

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $250,000 Active 77 DOM
2. 2026-06-17
   days on market $250,000 Active 76 DOM
3. 2026-06-16
   days on market $250,000 Active 75 DOM
4. 2026-06-15
   days on market $250,000 Active 74 DOM
5. 2026-06-13
   days on market $250,000 Active 72 DOM
6. 2026-06-13
   days on market $250,000 Active 71 DOM
7. 2026-06-10
   days on market $250,000 Active 69 DOM
8. 2026-06-09
   days on market $250,000 Active 68 DOM
9. 2026-06-08
   days on market $250,000 Active 67 DOM
10. 2026-06-07
    days on market $250,000 Active 66 DOM
11. 2026-06-03
    days on market $250,000 Active 62 DOM
12. 2026-06-02
    days on market $250,000 Active 61 DOM
13. 2026-06-01
    days on market $250,000 Active 60 DOM
14. 2026-05-31
    days on market $250,000 Active 59 DOM
15. 2026-04-02
    listed $250,000 Active 933-char remark

    Show marketing remark (933 chars)

    Endless opportunity with this 4-unit property in the heart of South Buffalo! This value-add asset is primed for stabilization and offers strong upside potential for the right investor. The vacant three residential units consist of two spacious 2-bedroom units with market rents projected at $1,200/month each. One studio unit with a walk-out porch, which has an estimated rent of $950/month. A storefront with an existing tenant currently on a month-to-month lease who is open to signing a longer-term agreement. This brings the total stabilized rent to $4350 per month and $52,200 per year. Recent updates include newer windows, updated electrical service, a new furnace for the commercial space, and hardwood floors throughout much of the property. This is a great Brrrr opportunity for an investor looking for cash flow on the appreciating rents in South Buffalo. The carriage house next door is also available for a package deal.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $63,420
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$5,074
• − Management: −$5,074
• − Depreciation: −$7,273
• Taxable income: $26,996
• Est. tax owed @ 24.0%: −$6,479
• After-tax cash flow: $22,890/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.

Condition & rehab AI · 1 photo

Fair 40/100 Moderate rehab

This 4-unit property in South Buffalo requires significant repairs and updates to improve its condition and value. Immediate focus should be on exterior and interior repairs to enhance its curb appeal and rental potential.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof — No visible damage, but age is implied
• Major flooring — No visible flooring, but age is implied
• Major interior walls/paint — No visible interior, but age is implied
• Major kitchen — No visible kitchen, but age is implied
• Major bathrooms — No visible bathrooms, but age is implied
• Major HVAC/mechanicals — No visible HVAC/mechanicals, but age is implied
• Major landscaping — No visible landscaping, but age is implied

Value-add opportunities

• Both exterior siding and roof repair — Improves curb appeal and structural integrity
• Both interior paint and flooring — Enhances living space and rental appeal
• Both HVAC and electrical updates — Ensures comfort and energy efficiency
• Both landscaping and curb appeal — Enhances property's visual appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof · No visible damage, but age is implied	Major	$15,000–50,000
flooring · No visible flooring, but age is implied	Major	$15,000–50,000
interior walls/paint · No visible interior, but age is implied	Major	$15,000–50,000
kitchen · No visible kitchen, but age is implied	Major	$15,000–50,000
bathrooms · No visible bathrooms, but age is implied	Major	$15,000–50,000
HVAC/mechanicals · No visible HVAC/mechanicals, but age is implied	Major	$15,000–50,000
landscaping · No visible landscaping, but age is implied	Major	$15,000–50,000
Total estimated repair cost · 8 items		$120,000–400,000

Value-add ROI direction

• Both exterior siding and roof repair — Improves curb appeal and structural integrity ↑
• Both interior paint and flooring — Enhances living space and rental appeal ↑
• Both HVAC and electrical updates — Ensures comfort and energy efficiency ↑
• Both landscaping and curb appeal — Enhances property's visual appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 24,428
• Household income: $70,963
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 602.0

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 White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 13% Two or more races 6% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 10% Cuban 1%
• Common ancestry: Romanian 16% Lithuanian 1% Subsaharan African 1%
• Foreign-born: 4% · Canada, Jamaica, China
• Languages at home: 90% English-only · 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: ▼ -146.29%
• Current HPI: 402.5053
• Rent YoY: ▲ 7.62%
• 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

• 2026-04-02 Listed $250,000 WNYREIS