23 Humason Ave · Buffalo, NY 14211

$169,900

5 bd · 2.0 ba · 2,007 sqft · MultiFamily public records · 26 Days on market

Built 1919 3,000 sqft lot $85/sqft · 39% below area Est $278k · 39% under

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Why this score? — see what drove the A- 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
• 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: 2 units. confirmed

Listing remarks MLS

Welcome to 23 Humason ave , a multifamily house conveniently located to all amenities. The house has two units with separate utilities and is freshly painted through out. The roof and mechanics are in great condition. The lower unit has 3 bedrooms, living, dining, kitchen and 1 full bath, the upper unit has two bedrooms, dining, living separate and a kitchen along with the porch. The house has full basement , own driveway and decent size backyard. The electric is circuit breakers

Key facts

• Separate utilities
• Freshly painted
• Full basement

Tags

• MULTIFAMILY HOUSE
• SEPARATE UTILITIES
• FRESHLY PAINTED
• GREAT CONDITION ROOF
• FULL BASEMENT
• OWN DRIVEWAY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $884 ($11k/yr) — positive. Per door: $442/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.5% 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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Market conditions: 173 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 $2,605/mo this rent would consume 86% 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 $5k of equity ($1k loan paydown + $3k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,351 (1.5% below list)

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 1919 — 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: 1.53% ✓
• Cap rate: 12.54%
• Cash-on-cash: 22.29%
• DSCR: 1.99
• GRM: 5.4

CMA / ARV

• ARV (median comp): $277,672
• List price: $169,900
• Delta: -38.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32 Courtland Ave	0.56mi	4/2.0 (-1)	2,011 (+0%)	4mo	$220,000	$109	65
173 Briscoe Ave	0.27mi	4/2.0 (-1)	1,832 (-9%)	6mo	$270,000	$147	63
35 Loxley Rd	0.66mi	5/2.0	1,943 (-3%)	1mo	$175,000	$90	63
229 Sprenger Ave	0.23mi	6/2.0 (+1)	2,236 (+11%)	3mo	$142,000	$64	63
51 Randolph Ave	0.42mi	6/2.0 (+1)	2,198 (+10%)	4mo	$235,101	$107	56
30 Woodell Ave	0.57mi	4/3.0 (-1)	1,960 (-2%)	6mo	$159,900	$82	56
62 Pine Ridge Rd	0.41mi	4/2.0 (-1)	2,216 (+10%)	4mo	$159,800	$72	54
62 Wanda Ave	0.70mi	5/3.0	1,868 (-7%)	1mo	$200,000	$107	50
116 Fisher St	0.46mi	6/2.0 (+1)	2,268 (+13%)	2mo	$45,000	$20	50
73 Randolph Ave	0.38mi	6/2.0 (+1)	1,723 (-14%)	6mo	$211,000	$122	49
63 Wright Ave	0.70mi	4/2.0 (-1)	1,842 (-8%)	2mo	$120,000	$65	47
274 Newburgh Ave	0.73mi	5/2.0	1,754 (-13%)	4mo	$185,000	$105	42

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: 26.6%
• Equity multiple: 2.44×
• Total profit: $68,403
• Equity at exit: $67,465

10-year hold

• IRR: 28.2%
• Equity multiple: 4.69×
• Total profit: $175,561
• Equity at exit: $97,500

Cash invested: $47,572 (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: 173
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,605 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$547
• Net cashflow: $884

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 61%

Sensitivity live

Price	-10% $1,001	-5% $943	+0% $884	+5% $825	+10% $766
Rent	-10% $678	-5% $781	+0% $884	+5% $987	+10% $1,090
Rate	-1.0pp $969	-0.5pp $927	base $884	+0.5pp $840	+1.0pp $795

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,606
Total (2 units)			$2,605

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	3d	1	0.51mi
14 Rutland Ave Buffalo, NY	4.0	1.0	1430	$2,200	$1.54	12d	1	1.47mi

Listing history 10 events

1. 2026-05-04
   status Pending 484-char remark

   Show marketing remark (484 chars)

   Welcome to 23 Humason ave , a multifamily house conveniently located to all amenities. The house has two units with separate utilities and is freshly painted through out. The roof and mechanics are in great condition. The lower unit has 3 bedrooms, living, dining, kitchen and 1 full bath, the upper unit has two bedrooms, dining, living separate and a kitchen along with the porch. The house has full basement , own driveway and decent size backyard. The electric is circuit breakers

2. 2026-04-09
   status Active 484-char remark

   Show marketing remark (484 chars)

   Welcome to 23 Humason ave , a multifamily house conveniently located to all amenities. The house has two units with separate utilities and is freshly painted through out. The roof and mechanics are in great condition. The lower unit has 3 bedrooms, living, dining, kitchen and 1 full bath, the upper unit has two bedrooms, dining, living separate and a kitchen along with the porch. The house has full basement , own driveway and decent size backyard. The electric is circuit breakers

3. 2026-04-08
   listed $169,900 Active 484-char remark

   Show marketing remark (484 chars)

   Welcome to 23 Humason ave , a multifamily house conveniently located to all amenities. The house has two units with separate utilities and is freshly painted through out. The roof and mechanics are in great condition. The lower unit has 3 bedrooms, living, dining, kitchen and 1 full bath, the upper unit has two bedrooms, dining, living separate and a kitchen along with the porch. The house has full basement , own driveway and decent size backyard. The electric is circuit breakers

4. 2025-11-15
   listed $174,900 Active
5. 2025-10-23
   soldstatus $150,000
6. 2016-10-26
   soldstatus $40,000 Closed Sale or Rented
7. 2016-10-26
   soldstatus $40,000
8. 2016-09-26
   status Pending Sale
9. 2016-06-28
   listed $49,900 Active
10. 1996-06-06
    soldstatus $47,500

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 60% 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: $31,260
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$2,501
• − Management: −$2,501
• − Depreciation: −$4,943
• Taxable income: $8,401
• Est. tax owed @ 24.0%: −$2,016
• After-tax cash flow: $8,590/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

+257.7% since first listed

10 events — show timeline

• 2026-05-04 Pending — WNYREIS
• 2026-04-09 Relisted — WNYREIS
• 2026-04-08 Listed $169,900 WNYREIS
• 2025-11-15 Listed $174,900 WNYREIS
• 2025-10-23 Sold (Public Records) $150,000 Public Records
• 2016-10-26 Sold (Public Records) $40,000 Public Records
• 2016-10-26 Sold (MLS) $40,000 WNYREIS
• 2016-09-26 Pending — WNYREIS
• 2016-06-28 Listed $49,900 WNYREIS
• 1996-06-06 Sold (Public Records) $47,500 Public Records

Property tax history

-0.0%/yr

Latest (2025): $230 · +0.0% YoY. Source: county tax records.