128 Northland Ave · Buffalo, NY 14208

$225,000

7 bd · 3.0 ba · 3,150 sqft · MultiFamily public records · 5 Days on market

Built 1910 4,427 sqft lot Est $249k · 10% 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 +11.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

SOLD BEFORE PRINT

Key facts

• Golden brick triplex
• Versatile layout
• High-yield

Tags

• GOLDEN BRICK TRIPLEX
• HIGH-YIELD
• TURN KEY
• VERSATILE LAYOUT
• LOW-MAINTENANCE MIX
• OFF-STREET PARKING

Property features AI

Finance

• Financial info: Owner pays water and trash collection; Rent includes water and trash collection; Operating expenses may include professional management and trash (see remarks)

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Multi-family property with 3 units; 2 stories; Resale condition
• Construction: Brick, frame and vinyl siding exterior; Existing construction
• Exterior features: Rectangular residential lot (approx. 31 x 140); City street frontage

Interior

• Kitchen: Each unit includes a dining area with kitchen or eat-in kitchen; Formal dining room in one unit
• Bedrooms: One 2-bedroom unit; Two 3-bedroom units
• Flooring: Hardwood; Carpet; Vinyl; Varied flooring
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Attic; Full basement
• Laundry & utility: Gas water heater; Separate gas meters for each unit (3 total); Separate electric meters (4 total)

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $947/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $225k).
• Cap rate 21.4% 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: 54 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $5,268/mo this rent would consume 130% of the median local household income ($48k/yr) (locally 723% 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 $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 16y 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 $25k; list at $225k implies a 800% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,000

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 1910 — 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: 2.34% ✓
• Cap rate: 21.44%
• Cash-on-cash: 54.11%
• DSCR: 3.41
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $248,850
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 Butler Ave	0.29mi	8/3.0 (+1)	3,243 (+3%)	2mo	$278,000	$86	75
21 Butler Ave	0.32mi	6/2.0 (-1)	2,998 (-5%)	1mo	$215,000	$72	67
56 Lonsdale Rd	0.27mi	8/2.0 (+1)	3,263 (+4%)	8mo	$180,000	$55	66
515 Linwood Ave	0.58mi	6/2.0 (-1)	3,274 (+4%)	4mo	$424,015	$130	54
210 Laurel St	0.65mi	8/2.0 (+1)	3,251 (+3%)	12mo	$285,000	$88	46
125 Butler Ave	0.46mi	6/2.0 (-1)	2,762 (-12%)	4mo	$145,000	$52	45
509 E Utica St	0.74mi	6/2.0 (-1)	2,976 (-6%)	3mo	$135,800	$46	44
362 Northland Ave	0.44mi	6/2.0 (-1)	2,723 (-14%)	8mo	$216,000	$79	41
267 Humboldt Pkwy	0.56mi	6/2.0 (-1)	2,833 (-10%)	10mo	$260,000	$92	40
287 Riley St	0.72mi	6/2.0 (-1)	3,424 (+9%)	4mo	$95,000	$28	40
495 Linwood Ave	0.61mi	6/2.0 (-1)	2,868 (-9%)	10mo	$440,000	$153	39
118 Butler Ave	0.44mi	6/2.0 (-1)	2,677 (-15%)	12mo	$189,000	$71	36

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

Projected returns pro-forma

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

5-year hold

• IRR: 52.2%
• Equity multiple: 3.29×
• Total profit: $144,403
• Equity at exit: $33,548

10-year hold

• IRR: 57.5%
• Equity multiple: 6.69×
• Total profit: $358,454
• Equity at exit: $19,454

Cash invested: $63,000 (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 14208

• Home prices YoY: -3.4%
• Active inventory: 54
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $5,268 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$47 /mo · $568/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,106
• Net cashflow: $2,841

Break-even live

Break-even rent $1,672

Max offer price $225,000

Occupancy floor 41%

Sensitivity live

Price	-10% $2,968	-5% $2,904	+0% $2,841	+5% $2,777	+10% $2,713
Rent	-10% $2,425	-5% $2,633	+0% $2,841	+5% $3,049	+10% $3,257
Rate	-1.0pp $2,954	-0.5pp $2,898	base $2,841	+0.5pp $2,782	+1.0pp $2,723

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,268
Total (3 units)			$5,268

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-21
   days on market $225,000 Active 5 DOM
2. 2026-06-18
   days on market $225,000 Active 2 DOM
3. 2026-06-16
   remarks 679-char remark
4. 2026-06-16
   listed $225,000 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: $568 · $47/mo
• Projected year-2 tax: $2,185 · $182/mo
• Expected delta: +$1,617/yr (+$135/mo · 284.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% 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: $63,216
• − Mortgage interest: −$12,603
• − Property taxes: −$568
• − Insurance: −$1,125
• − Repairs & maintenance: −$5,057
• − Management: −$5,057
• − Depreciation: −$6,545
• Taxable income: $32,259
• Est. tax owed @ 24.0%: −$7,742
• After-tax cash flow: $26,346/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): 12,572
• Household income: $48,476
• Rent vs Own: 46.2% rent · 53.8% own
• Severe rent burden: 723.0

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 Black (72%)
• Race & ethnicity: Black 72% White 15% Asian 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 2% Italian 1% Hispanic 0%
• Foreign-born: 7% · Canada, South Korea, Philippines
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 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: ▼ -16.37%
• Current HPI: 459.2084
• 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

+581.8% since first listed

16 events — show timeline

• 2026-06-16 Listed $225,000 WNYREIS
• 2024-12-23 Rental Removed $1,425 RENTSPREE
• 2024-11-13 Listed for Rent $1,425 RENTSPREE
• 2024-11-06 Rental Removed $1,425 RENTSPREE
• 2024-09-24 Listed for Rent $1,425 RENTSPREE
• 2021-03-22 Listing Removed — WNYREIS
• 2021-01-11 Price Changed $170,000 WNYREIS
• 2020-10-15 Price Changed $180,000 WNYREIS
• 2020-09-21 Listed $199,900 WNYREIS
• 2014-01-01 Sold (MLS) $25,000 WNYREIS
• 2013-09-06 Sold (Public Records) $25,000 Public Records
• 2013-07-08 Listed $29,900 WNYREIS
• 2010-11-30 Sold (MLS) $27,000 WNYREIS
• 2010-11-12 Sold (Public Records) $27,000 Public Records
• 2010-11-12 Sold (Public Records) $27,000 Public Records
• 2010-03-29 Listed $33,000 WNYREIS

Property tax history

+10.5%/yr

Latest (2025): $568 · +77.8% YoY. Source: county tax records.