186 Grey St · Buffalo, NY 14211

$54,900

4 bd · 2.0 ba · 1,337 sqft · MultiFamily public records · 15 Days on market

Built 1890 0.34 ac lot $41/sqft · 68% below area ↓ 8% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.0/10.0
• 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

Handyman Special with Double Lot! Amazing investment opportunity on a quiet Buffalo street. This property features a well-maintained exterior with a solid look, but requires a full interior renovation—perfect for contractors or ambitious DIYers looking to build immediate equity. Sale includes the adjacent vacant lot, offering rare extra space for a large yard, parking, or expansion. Being sold in as-is condition. Bring your vision and transform this diamond-in-the-rough into a standout home or rental. Priced to sell!

Key facts

• 0.34 acre lot
• Garage
• Built 1890

Property features AI

Finance

• Financial info: Owner pays water; water included in rent; Operating expenses include water

Exterior

• Parking: Garage (1-car)
• Utilities: Public water connected; Sewer connected
• Home design: Single-story building; Existing structure; Multi-unit property with 2 total units
• Construction: Vinyl siding
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 80 x 186

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Unit mix includes a 1-bedroom unit
• Bathrooms: Two full bathrooms total (property level); One full bathroom in the 1-bedroom unit
• Interior features: Crawl space basement; Resale condition
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $55k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 35.6% 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: 172 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,112/mo this rent would consume 70% 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 $2k of equity ($380 loan paydown + $1k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,076 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 3.85% ✓
• Cap rate: 35.65%
• Cash-on-cash: 104.84%
• DSCR: 5.66
• GRM: 2.2

CMA / ARV

• ARV (median comp): $172,897
• List price: $54,900
• Delta: -68.25%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
51 Locust St	0.59mi	4/2.0	1,397 (+4%)	13mo	$120,000	$86	54

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: —
• Equity multiple: 6.82×
• Total profit: $89,435
• Equity at exit: $21,800

10-year hold

• IRR: —
• Equity multiple: 14.14×
• Total profit: $202,022
• Equity at exit: $31,505

Cash invested: $15,372 (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: 2.2×

Monthly cashflow live

• Estimated rent: $2,112 high
• Mortgage (P&I): −$288
• Tax from tax record: −$15 /mo · $178/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $1,343

Break-even live

Break-even rent $412

Max offer price $54,900

Occupancy floor 31%

Sensitivity live

Price	-10% $1,374	-5% $1,359	+0% $1,343	+5% $1,327	+10% $1,312
Rent	-10% $1,176	-5% $1,260	+0% $1,343	+5% $1,426	+10% $1,510
Rate	-1.0pp $1,371	-0.5pp $1,357	base $1,343	+0.5pp $1,329	+1.0pp $1,314

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 12 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	0.54mi
17 N Pearl St Unit 3 Buffalo, NY	3.0	2.0	1197	$3,100	$2.59	24d	1	1.10mi
44 N Pearl St #5 Buffalo, NY	3.0	1.0	1200	$2,400	$2.00	44d	1	1.12mi
1152 Main St Apt 3 Buffalo, NY	3.0	1.0	1000	$2,400	$2.40	15d	1	1.13mi
408 Winslow Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,050	$1.05	15d	1	1.35mi
76 Chester St Unit 1 Buffalo, NY	3.0	1.0	1100	$1,000	$0.91	15d	1	1.36mi
104 Butler Ave Buffalo, NY	3.0	1.0	1000	$1,400	$1.40	44d	1	1.41mi
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	15d	1	1.43mi
88 W Utica St Unit 1 Buffalo, NY	3.0	2.0	990	$2,150	$2.17	15d	1	1.43mi
88 W Utica St Unit 1 Buffalo, NY	3.0	2.0	990	$2,150	$2.17	3d	1	1.43mi
21 College St Buffalo, NY	3.0	1.0	1104	$1,850	$1.68	24d	1	1.46mi
217 W Tupper St Unit 2 Buffalo, NY	3.0	1.0	1150	$1,350	$1.17	44d	1	1.50mi

Listing history 3 events

1. 2026-05-14
   status Pending 528-char remark
2. 2026-05-06
   price $54,900 528-char remark
3. 2026-04-29
   listed $59,900 Active 528-char remark

ⓘ 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: $178 · $15/mo
• Projected year-2 tax: $553 · $46/mo
• Expected delta: +$375/yr (+$31/mo · 210.2%)

ⓘ 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 2/10 Low 7 d/yr ≥92°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: $25,346
• − Mortgage interest: −$3,075
• − Property taxes: −$178
• − Insurance: −$274
• − Repairs & maintenance: −$2,028
• − Management: −$2,028
• − Depreciation: −$1,597
• Taxable income: $16,165
• Est. tax owed @ 24.0%: −$3,880
• After-tax cash flow: $12,236/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

-8.3% since first listed

3 events — show timeline

• 2026-05-14 Pending — WNYREIS
• 2026-05-06 Price Changed $54,900 WNYREIS
• 2026-04-29 Listed $59,900 WNYREIS

Property tax history

+13.3%/yr

Latest (2025): $178 · +127.3% YoY. Source: county tax records.