368 Phyllis Ave · Buffalo, NY 14215

$129,811

3 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 124 Days on market

Built 1945 5,250 sqft lot $113/sqft · 40% below area Est $217k · 40% 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 +25.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +5.5/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

368 Phyllis Ave presents an opportunity for investors or owner-occupants seeking a renovation project. This 3-bedroom, 1-1/2-bath home offers a traditional layout and strong renovation potential. The property is located on a residential street in Buffalo’s East Side area. The house has great potential and will require updates. The property is being sold as-is.

Key facts

• Residential street
• East side area
• 5,250 sq ft lot

Tags

• STRONG RENOVATION POTENTIAL
• RESIDENTIAL STREET
• EAST SIDE AREA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $317 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.

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 flat; 237 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 36% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $897 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $47k; list at $130k implies a 176% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,233 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.46%
• DSCR: 1.47
• GRM: 7.9

CMA / ARV

• ARV (median comp): $217,237
• List price: $129,811
• Delta: -40.24%
• 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
358 Hastings Ave	0.06mi	3/1.0	1,152 (0%)	2mo	$128,500	$112	96
322 Phyllis Ave	0.08mi	2/1.0 (-1)	1,098 (-5%)	0mo	$175,000	$159	83
223 Phyllis Ave	0.27mi	3/1.0	1,082 (-6%)	0mo	$68,500	$63	77
367 Phyllis Ave	0.03mi	3/2.0	1,281 (+11%)	5mo	$200,500	$157	72
99 Fennimore Ave	0.41mi	3/1.0	1,100 (-4%)	3mo	$115,000	$105	71
165 Davidson Ave	0.39mi	3/1.0	1,056 (-8%)	4mo	$145,000	$137	65
154 Cleveland Dr	0.67mi	3/1.0	1,156 (+0%)	5mo	$215,900	$187	64
492 Hewitt Ave	0.58mi	3/1.0	1,065 (-8%)	2mo	$241,000	$226	59
496 Berkshire Ave	0.63mi	3/1.0	1,266 (+10%)	1mo	$125,000	$99	53
59 Martha Ave	0.60mi	3/1.0	1,282 (+11%)	1mo	$149,000	$116	53
19 Allendale Rd	0.41mi	4/1.0 (+1)	990 (-14%)	1mo	$165,000	$167	52
212 Easton Ave	0.65mi	4/1.0 (+1)	1,248 (+8%)	3mo	$220,000	$176	48

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 · 0.67% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-4,052
• Equity at exit: $19,355

10-year hold

• IRR: 4.1%
• Equity multiple: 1.27×
• Total profit: $9,936
• Equity at exit: $11,224

Cash invested: $36,347 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 237
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,367 high
• Mortgage (P&I): −$681
• Tax from tax record: −$28 /mo · $342/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $317

Break-even live

Break-even rent $966

Max offer price $129,811

Occupancy floor 72%

Sensitivity live

Price	-10% $390	-5% $354	+0% $317	+5% $280	+10% $243
Rent	-10% $209	-5% $263	+0% $317	+5% $371	+10% $425
Rate	-1.0pp $382	-0.5pp $350	base $317	+0.5pp $283	+1.0pp $249

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: $32,453
• Closing costs: $3,894
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
97 Davidson Ave Buffalo, NY	3.0	1.0	925	$1,495	$1.62	2d	1	0.51mi
189 Westminster Ave Buffalo, NY	4.0	1.5	1065	$1,595	$1.50	11d	1	0.52mi
103 Preston Rd Unit Lower Cheektowaga, NY	2.0	1.0	882	$1,300	$1.47	4d	1	0.74mi
507 Lisbon Ave Unit 2 Buffalo, NY	2.0	1.0	850	$1,050	$1.24	44d	1	0.87mi
160 Courtland Ave Buffalo, NY	2.0	1.0	810	$1,025	$1.27	15d	1	0.87mi
44 Aurora Dr Buffalo, NY	3.0	1.0	1272	$3,300	$2.59	2d	1	0.89mi
17 Proctor Ave Unit 1 Buffalo, NY	2.0	1.0	900	$1,100	$1.22	44d	1	0.93mi
220 Dartmouth Ave Buffalo, NY	2.0	1.0	1000	$1,100	$1.10	24d	1	0.97mi
74 Dorris Ave Buffalo, NY	3.0	1.0	1200	$1,450	$1.21	44d	1	1.03mi
61 Courtland Ave Unit Lower Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	44d	1	1.07mi
249 Newburgh Ave Unit 2 Buffalo, NY	2.0	1.0	930	$1,300	$1.40	44d	1	1.09mi
140 Parkridge Ave Buffalo, NY	3.0	1.0	990	$1,500	$1.52	44d	1	1.12mi
265 Lisbon Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,400	$1.17	44d	1	1.23mi
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	15d	1	1.23mi
50 Pine Ridge Ter Unit 3 Cheektowaga, NY	2.0	1.0	900	$1,400	$1.56	18d	1	1.27mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	24d	1	1.32mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	44d	1	1.32mi
11 Kaufman Dr Buffalo, NY	2.0	1.0	900	$1,500	$1.67	44d	1	1.35mi
56 Hagen St #2 Buffalo, NY	2.0	1.0	850	$950	$1.12	44d	1	1.40mi
90 Sussex St Unit 2 Buffalo, NY	2.0	1.0	1000	$1,000	$1.00	44d	1	1.43mi
2935 Genesee St Unit Up Buffalo, NY	2.0	1.0	1400	$1,400	$1.00	11d	1	1.47mi
85 Blake St Unit 1 Buffalo, NY	4.0	2.0	1022	$1,000	$0.98	44d	1	1.47mi
190 Manhattan Ave Buffalo, NY	2.0	1.0	724	$1,200	$1.66	44d	1	1.48mi
4035-4055 Harlem Rd Unit 4081B Buffalo, NY	2.0	1.0	815	$1,649	$2.02	2d	1	1.49mi

Listing history 9 events

1. 2026-06-08
   statusdays on market $129,811 Pending 124 DOM
2. 2026-06-07
   days on market $129,811 Active 123 DOM
3. 2026-06-03
   days on market $129,811 Active 119 DOM
4. 2026-06-02
   days on market $129,811 Active 118 DOM
5. 2026-06-01
   days on market $129,811 Active 117 DOM
6. 2026-05-31
   days on market $129,811 Active 116 DOM
7. 2026-02-05
   price $129,811 368-char remark

   Show marketing remark (368 chars)

   368 Phyllis Ave presents an opportunity for investors or owner-occupants seeking a renovation project. This 3-bedroom, 1-1/2-bath home offers a traditional layout and strong renovation potential. The property is located on a residential street in Buffalo’s East Side area. The house has great potential and will require updates. The property is being sold as-is.

8. 2026-02-04
   listed $129,000 Active 368-char remark

   Show marketing remark (368 chars)

   368 Phyllis Ave presents an opportunity for investors or owner-occupants seeking a renovation project. This 3-bedroom, 1-1/2-bath home offers a traditional layout and strong renovation potential. The property is located on a residential street in Buffalo’s East Side area. The house has great potential and will require updates. The property is being sold as-is.

9. 1994-07-29
   soldstatus $47,000

ⓘ 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: $342 · $28/mo
• Projected year-2 tax: $1,268 · $106/mo
• Expected delta: +$926/yr (+$77/mo · 270.8%)

ⓘ 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 ≥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: $16,407
• − Mortgage interest: −$7,271
• − Property taxes: −$342
• − Insurance: −$649
• − Repairs & maintenance: −$1,313
• − Management: −$1,313
• − Depreciation: −$3,776
• Taxable income: $1,743
• Est. tax owed @ 24.0%: −$418
• After-tax cash flow: $3,383/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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 (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 4% Chinese 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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

+176.2% since first listed

3 events — show timeline

• 2026-02-05 Price Changed $129,811 WNYREIS
• 2026-02-04 Listed $129,000 WNYREIS
• 1994-07-29 Sold (Public Records) $47,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $342 · +0.0% YoY. Source: county tax records.