32 Horton Pl · Buffalo, NY 14209

$449,500

3 bd · 3.0 ba · 2,022 sqft · MultiFamily public records · 58 Days on market

Built 2020 2,206 sqft lot $222/sqft · at area comps Est $450k · at est.

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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 +18.4/30.0
• ARV discount +7.6/15.0
• Appreciation +5.9/10.0
• DSCR +5.8/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• 1% rule +3.7/10.0
• Schools +3.3/10.0
• 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

Welcome home to 32 Horton Place! Rare 2020 built home located in the Delaware District! The 1st and 2nd floor boast 10 foot ceilings with 2 beds and 1.5 baths. The main floor features a wide open concept with vinyl plank flooring. The kitchen features slow close cabinets, all appliances included, and granite counters with 10 feet of counter space for an eat in kitchen. Upstairs you will find 2 spacious bedrooms and a large bathroom with ample storage. The 17x13 primary bedroom has 2 large closets! 2nd floor laundry! The basement with 2 large egress windows has 8.5 ft ceilings and is its own separate unit that can be used as great rental income. It is a 1 bed 1 bath unit with granite counters and includes all appliances as well! Both units have Lennox AC, Lennox Furnaces, and tankless hot water. Off street parking in the back of the unit. Large 17x6 covered front porch & 12X9 covered rear porch. Vinyl siding-vinyl windows. Whole house security system. This home simply needs a new owner and nothing more. Seller reserves the right to set offer deadline date.

Key facts

• 2020 built home
• Slow close cabinets
• 10 foot ceilings

Tags

• 2020 BUILT HOME
• 10 FOOT CEILINGS
• WIDE OPEN CONCEPT
• VINYL PLANK FLOORING
• SLOW CLOSE CABINETS
• GRANITE COUNTERS

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $417 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $390k (13.1% below list).
• Recommended offer: $390k (13.1% below list) — sets the bar for 1% rule.

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: Rents rising fast (+8.5%/yr); 56 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,904/mo this rent would consume 94% of the median local household income ($50k/yr) (locally 959% 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 $11k of equity ($3k loan paydown + $8k appreciation (1.9% local appreciation)).
• At projected returns (1.9% appreciation + 8.0% rent growth), your $126k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.

Recommended offer $390,400 (13.1% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
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: 0.87% ✗
• Cap rate: 7.41%
• Cash-on-cash: 3.98%
• DSCR: 1.18
• GRM: 9.6

CMA / ARV

• ARV (median comp): $450,447
• List price: $449,500
• Delta: -0.21%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1034 Lafayette Ave	0.18mi	4/2.0 (+1)	1,910 (-6%)	12mo	$281,034	$147	63
244 Purdy St	0.46mi	4/2.0 (+1)	2,026 (+0%)	12mo	$145,000	$72	59
65 Waverly St	0.59mi	4/2.0 (+1)	2,005 (-1%)	17mo	$90,000	$45	48

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

Projected returns pro-forma

1.86% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.8%
• Equity multiple: 1.59×
• Total profit: $74,668
• Equity at exit: $173,962

10-year hold

• IRR: 16.4%
• Equity multiple: 3.39×
• Total profit: $301,295
• Equity at exit: $247,973

Cash invested: $125,860 (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 14209

• Home prices YoY: 0.4%
• Rents YoY: 8.5%
• Active inventory: 56
• Price-to-rent: 28.1×

Monthly cashflow live

• Estimated rent: $3,904 high
• Mortgage (P&I): −$2,357
• Tax from tax record: −$123 /mo · $1,471/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$820
• Net cashflow: $417

Break-even live

Break-even rent $3,376

Max offer price $449,500

Occupancy floor 84%

Sensitivity live

Price	-10% $671	-5% $544	+0% $417	+5% $290	+10% $163
Rent	-10% $109	-5% $263	+0% $417	+5% $571	+10% $725
Rate	-1.0pp $643	-0.5pp $531	base $417	+0.5pp $301	+1.0pp $182

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,662
1× unit	1	1	$1,242
Total (3 units)			$3,904

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: $112,375
• Closing costs: $13,485
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7 Berkley Pl Buffalo, NY	3.0	1.0	2879	$1,250	$0.43	4d	1	0.41mi
28 Lonsdale Rd Buffalo, NY	3.0	1.0	2735	$1,725	$0.63	44d	1	0.69mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	15d	1	0.80mi
82 Butler Ave Unit 2 Buffalo, NY	3.0	1.0	2752	$1,300	$0.47	44d	1	0.81mi
552 Potomac Ave Buffalo, NY	2.0	1.0	2500	$2,200	$0.88	44d	1	0.82mi
569 Elmwood Ave Buffalo, NY	2.0	1.0	1500	$1,750	$1.17	12d	1	0.96mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	0.97mi
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	15d	1	0.98mi
563 Humboldt Pkwy Buffalo, NY	3.0	1.0	2004	$1,200	$0.60	24d	1	0.98mi
451 Elmwood Ave Buffalo, NY	2.0	1.0	1633	$3,305	$2.02	44d	1	1.11mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	24d	1	1.13mi
217 Norwood Ave Apt 1 Buffalo, NY	2.0	1.0	1500	$2,700	$1.80	44d	1	1.16mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	15d	1	1.18mi
340 Bird Ave #202 Buffalo, NY	2.0	2.5	1505	$2,950	$1.96	11d	1	1.21mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	20d	1	1.23mi
73 Inter Park Ave Buffalo, NY	3.0	1.0	2080	$1,300	$0.62	15d	1	1.24mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	15d	1	1.27mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	44d	1	1.28mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	24d	1	1.39mi
19 North St Buffalo, NY	2.0	1.0–2.0	1306	$2,910	$2.23	11d	7	1.39mi
202 Summit Ave Unit 1 Buffalo, NY	3.0	1.0	2000	$2,400	$1.20	24d	1	1.40mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	24d	1	1.46mi

Listing history 15 events

1. 2026-06-18
   days on market $449,500 Active 58 DOM
2. 2026-06-17
   days on market $449,500 Active 57 DOM
3. 2026-06-16
   days on market $449,500 Active 56 DOM
4. 2026-06-15
   days on market $449,500 Active 55 DOM
5. 2026-06-13
   days on market $449,500 Active 53 DOM
6. 2026-06-13
   days on market $449,500 Active 52 DOM
7. 2026-06-10
   days on market $449,500 Active 50 DOM
8. 2026-06-09
   days on market $449,500 Active 49 DOM
9. 2026-06-08
   days on market $449,500 Active 48 DOM
10. 2026-06-07
    days on market $449,500 Active 47 DOM
11. 2026-06-03
    days on market $449,500 Active 43 DOM
12. 2026-06-02
    days on market $449,500 Active 42 DOM
13. 2026-06-01
    days on market $449,500 Active 41 DOM
14. 2026-05-31
    days on market $449,500 Active 40 DOM
15. 2026-04-21
    listed $449,500 Active 1082-char remark

    Show marketing remark (1082 chars)

    Welcome home to 32 Horton Place! Rare 2020 built home located in the Delaware District! The 1st and 2nd floor boast 10 foot ceilings with 2 beds and 1.5 baths. The main floor features a wide open concept with vinyl plank flooring. The kitchen features slow close cabinets, all appliances included, and granite counters with 10 feet of counter space for an eat in kitchen. Upstairs you will find 2 spacious bedrooms and a large bathroom with ample storage. The 17x13 primary bedroom has 2 large closets! 2nd floor laundry! The basement with 2 large egress windows has 8.5 ft ceilings and is its own separate unit that can be used as great rental income. It is a 1 bed 1 bath unit with granite counters and includes all appliances as well! Both units have Lennox AC, Lennox Furnaces, and tankless hot water. Off street parking in the back of the unit. Large 17x6 covered front porch & 12X9 covered rear porch. Vinyl siding-vinyl windows. Whole house security system. This home simply needs a new owner and nothing more. Seller reserves the right to set offer deadline date.

ⓘ 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: $1,471 · $123/mo
• Projected year-2 tax: $4,534 · $378/mo
• Expected delta: +$3,063/yr (+$255/mo · 208.2%)

ⓘ 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 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: $46,848
• − Mortgage interest: −$25,179
• − Property taxes: −$1,471
• − Insurance: −$2,248
• − Repairs & maintenance: −$3,748
• − Management: −$3,748
• − Depreciation: −$13,076
• Taxable loss: −$2,622
• Est. tax savings @ 24.0%: +$629
• After-tax cash flow: $5,634/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): 8,313
• Household income: $50,046
• Rent vs Own: 66.3% rent · 33.7% own
• Severe rent burden: 959.0

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 0.62)
• Race & ethnicity: White 53% Black 30% Hispanic / Latino 11% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 6% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 9% · Canada, Dominican Republic, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 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: ▲ 1.86%
• Current HPI: 443.9414
• Rent YoY: ▲ 8.53%
• 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

1 event — show timeline

• 2026-04-21 Listed $449,500 WNYREIS

Property tax history

+78.5%/yr

Latest (2025): $1,471 · +0.0% YoY. Source: county tax records.