632 Fillmore Ave · Buffalo, NY 14212

$299,999

12 bd · 6.0 ba · 3,016 sqft · MultiFamily · 57 Days on market

Built 1915 Fair condition 4,391 sqft lot $99/sqft · 76% above area

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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 +29.9/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

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

Listing remarks MLS

Great investment opportunity in Buffalo! Thit 4-unit property offers immediate income with 2 units currently occupied, plus additional upside potential to boost cash flow. The building features a solid layout and is conveniently located near shopping, public transportation and local amenities. Ideal for investors looking to expand their portfolio. Showings require 24 hour notice.

Key facts

• Near shopping
• 4 unit property
• Solid layout

Tags

• 4 UNIT PROPERTY
• IMMEDIATE INCOME
• SOLID LAYOUT
• CONVENIENTLY LOCATED
• NEAR SHOPPING
• PUBLIC TRANSPORTATION

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.5-bath units multifamily listed at $300k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $277/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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: 84 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $290,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.34% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.84%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

• ARV (median comp): $170,882
• List price: $299,999
• Delta: 75.56%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.0%
• Equity multiple: 3.79×
• Total profit: $234,074
• Equity at exit: $270,263

10-year hold

• IRR: 31.0%
• Equity multiple: 8.55×
• Total profit: $633,891
• Equity at exit: $582,832

Cash invested: $84,000 (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 14212

• Home prices YoY: 20.4%
• Active inventory: 84
• Price-to-rent: 24.8×

Monthly cashflow live

• Estimated rent: $4,028 high
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,500/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$846
• Net cashflow: $1,109

Break-even live

Break-even rent $2,624

Max offer price $299,999

Occupancy floor 67%

Sensitivity live

Price	-10% $1,316	-5% $1,213	+0% $1,109	+5% $1,005	+10% $902
Rent	-10% $791	-5% $950	+0% $1,109	+5% $1,268	+10% $1,427
Rate	-1.0pp $1,260	-0.5pp $1,185	base $1,109	+0.5pp $1,031	+1.0pp $952

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.5	$4,028
Total (4 units)			$4,028

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-03
   days on market $299,999 Active 57 DOM
2. 2026-06-02
   days on market $299,999 Active 56 DOM
3. 2026-06-01
   days on market $299,999 Active 55 DOM
4. 2026-05-31
   days on market $299,999 Active 54 DOM
5. 2026-05-15
   status Active 382-char remark

   Show marketing remark (382 chars)

   Great investment opportunity in Buffalo! Thit 4-unit property offers immediate income with 2 units currently occupied, plus additional upside potential to boost cash flow. The building features a solid layout and is conveniently located near shopping, public transportation and local amenities. Ideal for investors looking to expand their portfolio. Showings require 24 hour notice.

6. 2026-04-06
   listed $299,999 Active 382-char remark

   Show marketing remark (382 chars)

   Great investment opportunity in Buffalo! Thit 4-unit property offers immediate income with 2 units currently occupied, plus additional upside potential to boost cash flow. The building features a solid layout and is conveniently located near shopping, public transportation and local amenities. Ideal for investors looking to expand their portfolio. Showings require 24 hour notice.

ⓘ 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: $48,336
• − Mortgage interest: −$16,805
• − Property taxes: −$4,500
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,867
• − Management: −$3,867
• − Depreciation: −$8,727
• Taxable income: $9,070
• Est. tax owed @ 24.0%: −$2,177
• After-tax cash flow: $11,130/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 · 0 photos

Fair 45/100 Moderate rehab

This 4-unit multi-family property requires moderate repairs and maintenance to improve its condition and increase its resale and rental value.

Repairs flagged

• Moderate Kitchen cabinets — Worn appearance and need for replacement or refinishing.
• Moderate Bathroom fixtures — Worn appearance and need for replacement or refinishing.
• Moderate Exterior siding — Signs of wear and potential damage, requiring repair or replacement.
• Moderate Flooring — Worn appearance and need for replacement or refinishing.
• Moderate Interior walls — Signs of discoloration and minor cracks, requiring repair or repainting.
• Moderate Windows — Signs of aging and potential drafts, requiring replacement or caulking.
• Moderate HVAC units — Signs of age and potential inefficiency, requiring maintenance or replacement.

Value-add opportunities

• Both Paint interior walls — Fresh paint can improve the home's appearance and increase its value for both resale and rental.
• Both Replace worn flooring — New flooring can significantly improve the home's appearance and increase its value for both resale and rental.
• Both Replace worn kitchen cabinets — New cabinets can improve the home's appearance and functionality, increasing its value for both resale and rental.
• Both Replace worn bathroom fixtures — New fixtures can improve the home's appearance and functionality, increasing its value for both resale and rental.
• Both Replace worn windows — New windows can improve the home's energy efficiency and appearance, increasing its value for both resale and rental.
• Both Service HVAC units — Servicing HVAC units can improve their efficiency and lifespan, increasing the home's value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn appearance and need for replacement or refinishing.	Moderate	$3,000–15,000
Bathroom fixtures · Worn appearance and need for replacement or refinishing.	Moderate	$3,000–15,000
Exterior siding · Signs of wear and potential damage, requiring repair or replacement.	Moderate	$3,000–15,000
Flooring · Worn appearance and need for replacement or refinishing.	Moderate	$3,000–15,000
Interior walls · Signs of discoloration and minor cracks, requiring repair or repainting.	Moderate	$3,000–15,000
Windows · Signs of aging and potential drafts, requiring replacement or caulking.	Moderate	$3,000–15,000
HVAC units · Signs of age and potential inefficiency, requiring maintenance or replacement.	Moderate	$3,000–15,000
Total estimated repair cost · 7 items		$21,000–105,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can improve the home's appearance and increase its value for both resale and rental. ↑
• Both Replace worn flooring — New flooring can significantly improve the home's appearance and increase its value for both resale and rental. ↑
• Both Replace worn kitchen cabinets — New cabinets can improve the home's appearance and functionality, increasing its value for both resale and rental. ↑
• Both Replace worn bathroom fixtures — New fixtures can improve the home's appearance and functionality, increasing its value for both resale and rental. ↑
• Both Replace worn windows — New windows can improve the home's energy efficiency and appearance, increasing its value for both resale and rental. ↑
• Both Service HVAC units — Servicing HVAC units can improve their efficiency and lifespan, increasing the home's value for both resale and rental. ↑

ⓘ 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
• City population: 440,021
• Population (ZIP): 13,603

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 0.75)
• Race & ethnicity: White 32% Black 27% Asian 25% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 12% Serbian 1% Lithuanian 1%
• Foreign-born: 20% · Philippines, Canada, China
• Languages at home: 68% English-only · Other Indo-European 18% Spanish 4% Other Asian/Pacific 2%

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: ▲ 79.80%
• Current HPI: 471.6399
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-05-15 Relisted — WNYREIS
• 2026-04-06 Listed $299,999 WNYREIS