134 Zelmer St · Buffalo, NY 14211

$209,900

5 bd · 2.0 ba · 1,478 sqft · MultiFamily public records · 13 Days on market

Built 1920 4,750 sqft lot

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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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• Appreciation +6.0/10.0
• 1% rule +5.6/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

MUST SEE INVESTORS!!! Come see this SPACIOUS, 2-unit property in the Schiller Park neighborhood of Buffalo steps from the Schiller Park Senior Center. This investment has FANTASTIC rental potential with happy tenants who want to stay. Upper unit is MOVE-IN READY, to be owner occupied or rented, and has just been remodeled with new paint, carpeting & flooring, etc. Other updates include the architectural roof done in 2014 & some newer windows. Deep driveway w/ plenty of parking, separate utilities with newer HWTs! This upper/lower property is conveniently located close to Downtown Buffalo, major roadways, suburban centers, schools, shopping & entertainment. TURNKEY investment property or perfect for owner occupied buyers who find value in collecting rent to help with or cover a mortgage!

Key facts

• Built 1920
• Listed 13 days

Property features AI

Finance

• Other: Two separate gas meters; Two separate electric meters; Two total units
• Financial info: Owner pays water (water included in rent); Operating expenses include water/sewer

Exterior

• Parking: Concrete parking
• Utilities: Public water connected; Sewer connected; Circuit breaker electrical service
• Home design: Two-story multifamily building (2 units); Resale property
• Construction: Vinyl siding; Block foundation; Asphalt roof; PEX plumbing; Existing (pre-owned) construction
• Exterior features: Fully fenced yard; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchen (in one unit); Formal dining room (in both units)
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Carpet; Tile; Vinyl; Varies
• Bathrooms: Two full bathrooms total (one full bathroom per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Accessible doors; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $256 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).

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: 172 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 $2,230/mo this rent would consume 74% of the median local household income ($36k/yr) (locally 1804% 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 $6k of equity ($1k loan paydown + $4k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $145k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $209,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.06% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.35%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $116,762
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
99 Sattler Ave	0.10mi	4/2.0 (-1)	1,390 (-6%)	8mo	$82,500	$59	74
121 Domedion Ave	0.39mi	5/2.0	1,419 (-4%)	11mo	$80,000	$56	66
78 Freund St	0.48mi	4/2.0 (-1)	1,426 (-4%)	3mo	$130,000	$91	64
112 Hazelwood Ave	0.60mi	4/2.0 (-1)	1,498 (+1%)	1mo	$87,000	$58	64
213 Hagen St	0.51mi	4/2.0 (-1)	1,509 (+2%)	9mo	$150,000	$99	60
49 Countess Ave	0.18mi	5/2.0	1,650 (+12%)	17mo	$90,000	$55	58
20 Ericson Ave	0.48mi	4/2.0 (-1)	1,563 (+6%)	15mo	$123,000	$79	50
262 Sumner Pl	0.40mi	4/2.0 (-1)	1,660 (+12%)	11mo	$72,000	$43	47
20 Littlefield Ave	0.57mi	4/2.0 (-1)	1,568 (+6%)	14mo	$95,000	$61	46
587 Goodyear Ave	0.75mi	4/2.0 (-1)	1,362 (-8%)	9mo	$135,000	$99	40
615 Goodyear Ave	0.74mi	5/2.0	1,320 (-11%)	10mo	$165,000	$125	39
26 Andrews Ave	0.72mi	4/2.0 (-1)	1,586 (+7%)	16mo	$195,000	$123	36

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

Projected returns pro-forma

2.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.8%
• Equity multiple: 1.53×
• Total profit: $31,262
• Equity at exit: $83,349

10-year hold

• IRR: 12.8%
• Equity multiple: 2.74×
• Total profit: $102,020
• Equity at exit: $120,454

Cash invested: $58,772 (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 14211

• Home prices YoY: 0.6%
• Active inventory: 172
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $2,230 medium
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,148/yr
• Insurance: −$87
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $256

Break-even live

Break-even rent $1,906

Max offer price $209,900

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,230
Total (2 units)			$2,230

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
85 Blake St Unit 1 Buffalo, NY	4.0	2.0	1022	$1,000	$0.98	43d	1	0.24mi
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	1d	1	0.63mi

Listing history 8 events

1. 2026-04-20
   status Pending
2. 2026-04-20
   historical Active Under Contract
3. 2026-04-07
   listed $209,900 Active
4. 2022-01-13
   soldstatus $145,000
5. 2018-11-21
   soldstatus $51,000
6. 2018-10-25
   soldstatus $51,000 Closed Sale or Rented 815-char remark

   Show marketing remark (815 chars)

   MUST SEE INVESTORS!!! Come see this SPACIOUS, 2-unit property in the Schiller Park neighborhood of Buffalo steps from the Schiller Park Senior Center. This investment has FANTASTIC rental potential with happy tenants who want to stay. Upper unit is MOVE-IN READY, to be owner occupied or rented, and has just been remodeled with new paint, carpeting & flooring, etc. Other updates include the architectural roof done in 2014 & some newer windows. Deep driveway w/ plenty of parking, separate utilities with newer HWTs! This upper/lower property is conveniently located close to Downtown Buffalo, major roadways, suburban centers, schools, shopping & entertainment. TURNKEY investment property or perfect for owner occupied buyers who find value in collecting rent to help with or cover a mortgage!

7. 2018-10-05
   status Pending Sale 815-char remark

   Show marketing remark (815 chars)

   MUST SEE INVESTORS!!! Come see this SPACIOUS, 2-unit property in the Schiller Park neighborhood of Buffalo steps from the Schiller Park Senior Center. This investment has FANTASTIC rental potential with happy tenants who want to stay. Upper unit is MOVE-IN READY, to be owner occupied or rented, and has just been remodeled with new paint, carpeting & flooring, etc. Other updates include the architectural roof done in 2014 & some newer windows. Deep driveway w/ plenty of parking, separate utilities with newer HWTs! This upper/lower property is conveniently located close to Downtown Buffalo, major roadways, suburban centers, schools, shopping & entertainment. TURNKEY investment property or perfect for owner occupied buyers who find value in collecting rent to help with or cover a mortgage!

8. 2018-09-17
   listed $49,900 Active 815-char remark

   Show marketing remark (815 chars)

   MUST SEE INVESTORS!!! Come see this SPACIOUS, 2-unit property in the Schiller Park neighborhood of Buffalo steps from the Schiller Park Senior Center. This investment has FANTASTIC rental potential with happy tenants who want to stay. Upper unit is MOVE-IN READY, to be owner occupied or rented, and has just been remodeled with new paint, carpeting & flooring, etc. Other updates include the architectural roof done in 2014 & some newer windows. Deep driveway w/ plenty of parking, separate utilities with newer HWTs! This upper/lower property is conveniently located close to Downtown Buffalo, major roadways, suburban centers, schools, shopping & entertainment. TURNKEY investment property or perfect for owner occupied buyers who find value in collecting rent to help with or cover a mortgage!

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 89% 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: $26,760
• − Mortgage interest: −$11,758
• − Property taxes: −$3,148
• − Insurance: −$1,716
• − Repairs & maintenance: −$2,141
• − Management: −$2,141
• − Depreciation: −$6,106
• Taxable loss: −$250
• Est. tax savings @ 24.0%: +$60
• After-tax cash flow: $3,127/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): 24,663
• Household income: $36,300
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1804.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 59% Asian 20% Hispanic / Latino 9% White 9% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4%
• Foreign-born: 17% · Canada, Philippines, Vietnam
• Languages at home: 74% English-only · Other Indo-European 14% Spanish 6% Other Asian/Pacific 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: ▲ 2.05%
• Current HPI: 357.6438
• Rent YoY: —
• 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

+320.6% since first listed

8 events — show timeline

• 2026-04-20 Pending — WNYREIS
• 2026-04-20 Contingent — WNYREIS
• 2026-04-07 Listed $209,900 WNYREIS
• 2022-01-13 Sold (Public Records) $145,000 Public Records
• 2018-11-21 Sold (Public Records) $51,000 Public Records
• 2018-10-25 Sold (MLS) $51,000 WNYREIS
• 2018-10-05 Pending — WNYREIS
• 2018-09-17 Listed $49,900 WNYREIS

Property tax history

+1.4%/yr

Latest (2025): $247 · +0.0% YoY. Source: county tax records.