102 Rutland St · Buffalo, NY 14220

$280,000

6 bd · 2.0 ba · 2,640 sqft · MultiFamily public records · 8 Days on market

Built 1928 4,608 sqft lot Est $224k · 25% over

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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 +25.2/30.0
• DSCR +8.3/10.0
• 1% rule +5.3/10.0
• Rent growth +4.4/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

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

AMAZING investment opportunity!! Tenant occupied with great tenants both month to month paying on time, and expecting rent to increase. Lower unit will be vacant Spring 2022. Beautiful hardwood flooring and woodwork throughout. Lots of natural lighting. Large living/ dining area. Huge walk in master closet, jetted tub, and balcony in upper. Sunroom / bonus room in lower. All appliances included. Freshly painted throughout, newer windows, hot water tank, and well maintained overall. * * Open House Saturday 11/13 and Sunday 11/14 11AM - 1PM * *

Key facts

• Sunroom bonus room
• Jetted tub
• Full walk-up attic

Tags

• SUNROOM BONUS ROOM
• VINTAGE FOLDING FRENCH DOORS
• WALK-IN PRIMARY CLOSET
• JETTED TUB
• KITCHEN APPLIANCES INCLUDED
• FULL WALK-UP ATTIC

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $629 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).

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 (+7.6%/yr); 138 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,882/mo this rent would consume 49% of the median local household income ($71k/yr) (locally 602% 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 $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $78k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 14y 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 $242k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $280,000

Questions for the listing agent

1. Built in 1928 — 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: 1.03% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.62%
• DSCR: 1.43
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $224,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
85 Geary St	0.32mi	6/2.0	2,780 (+5%)	2mo	$267,500	$96	74
18 Sage Ave	0.45mi	6/2.0	2,578 (-2%)	4mo	$164,500	$64	72
75 Juniata Pl	0.57mi	6/2.0	2,544 (-4%)	2mo	$245,000	$96	66
26 Kamper Ave	0.37mi	6/2.0	2,394 (-9%)	3mo	$179,000	$75	65
97 Red Jacket Pkwy	0.68mi	6/2.0	2,588 (-2%)	1mo	$220,000	$85	64
276 Choate Ave	0.66mi	6/2.0	2,608 (-1%)	4mo	$195,000	$75	64
54 Remoleno St	0.48mi	5/2.0 (-1)	2,796 (+6%)	2mo	$300,000	$107	61
42 Mineral Spring Rd	0.35mi	6/2.0	2,278 (-14%)	0mo	$300,000	$132	60
110 Armin Pl	0.52mi	5/2.0 (-1)	2,366 (-10%)	1mo	$235,000	$99	53
74 Houston St	0.70mi	5/3.0 (-1)	2,712 (+3%)	3mo	$148,000	$55	52
50 Duerstein St	0.74mi	6/2.0	2,956 (+12%)	3mo	$160,000	$54	43
110 Trowbridge St	0.68mi	6/2.0	2,264 (-14%)	4mo	$180,000	$80	41

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 · 7.62% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.11×
• Total profit: $8,559
• Equity at exit: $41,749

10-year hold

• IRR: 15.9%
• Equity multiple: 2.55×
• Total profit: $121,778
• Equity at exit: $24,209

Cash invested: $78,400 (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 14220

• Home prices YoY: -26.7%
• Rents YoY: 7.6%
• Active inventory: 138
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $2,882 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$63 /mo · $757/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $629

Break-even live

Break-even rent $2,086

Max offer price $280,000

Occupancy floor 73%

Sensitivity live

Price	-10% $787	-5% $708	+0% $629	+5% $549	+10% $470
Rent	-10% $401	-5% $515	+0% $629	+5% $743	+10% $856
Rate	-1.0pp $770	-0.5pp $700	base $629	+0.5pp $556	+1.0pp $482

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,395
1× unit	3	1	$1,487
Total (2 units)			$2,882

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-25
   status Pending
2. 2026-04-17
   listed $280,000 Active
3. 2022-02-02
   soldstatus $241,500
4. 2022-01-21
   soldstatus $235,500 Closed Sale or Rented 552-char remark

   Show marketing remark (552 chars)

   AMAZING investment opportunity!! Tenant occupied with great tenants both month to month paying on time, and expecting rent to increase. Lower unit will be vacant Spring 2022. Beautiful hardwood flooring and woodwork throughout. Lots of natural lighting. Large living/ dining area. Huge walk in master closet, jetted tub, and balcony in upper. Sunroom / bonus room in lower. All appliances included. Freshly painted throughout, newer windows, hot water tank, and well maintained overall. * * Open House Saturday 11/13 and Sunday 11/14 11AM - 1PM * *

5. 2021-11-18
   status Under Contract- Do Not Show 552-char remark

   Show marketing remark (552 chars)

   AMAZING investment opportunity!! Tenant occupied with great tenants both month to month paying on time, and expecting rent to increase. Lower unit will be vacant Spring 2022. Beautiful hardwood flooring and woodwork throughout. Lots of natural lighting. Large living/ dining area. Huge walk in master closet, jetted tub, and balcony in upper. Sunroom / bonus room in lower. All appliances included. Freshly painted throughout, newer windows, hot water tank, and well maintained overall. * * Open House Saturday 11/13 and Sunday 11/14 11AM - 1PM * *

6. 2021-11-08
   listed $200,000 Active 552-char remark

   Show marketing remark (552 chars)

   AMAZING investment opportunity!! Tenant occupied with great tenants both month to month paying on time, and expecting rent to increase. Lower unit will be vacant Spring 2022. Beautiful hardwood flooring and woodwork throughout. Lots of natural lighting. Large living/ dining area. Huge walk in master closet, jetted tub, and balcony in upper. Sunroom / bonus room in lower. All appliances included. Freshly painted throughout, newer windows, hot water tank, and well maintained overall. * * Open House Saturday 11/13 and Sunday 11/14 11AM - 1PM * *

7. 2012-05-25
   soldstatus $114,000 576-char remark

   Show marketing remark (576 chars)

   Motivated Seller has fully renovated this 3/2 Double. 1st Flr Apt 3 BR new w/ w carpeting, Formal LR fireplace with bookcase, Sunporch off LR, Formal DR w/ lead glass windows, refinished hdwd floors and wdwork, remodeled kitchen, remodeled Bath w/ new fixtures. 2nd Fl Apt has a MBR w/ walk in closet, Remodel Bath w/ shower and separate jacuzzi tub, remodeled kitchen, LR w/ fireplace and bookcase, DR w/ leaded glass window, walkout porch. Bonus 3rd floor walkup w/ new windows. New tareoff Roof, Driveway, Hot Water Tanks, + 2nd Fl furnace. Upates to Electrical + Plumbing.

8. 2012-05-25
   soldstatus $114,000

   Show marketing remark (576 chars)

   Motivated Seller has fully renovated this 3/2 Double. 1st Flr Apt 3 BR new w/ w carpeting, Formal LR fireplace with bookcase, Sunporch off LR, Formal DR w/ lead glass windows, refinished hdwd floors and wdwork, remodeled kitchen, remodeled Bath w/ new fixtures. 2nd Fl Apt has a MBR w/ walk in closet, Remodel Bath w/ shower and separate jacuzzi tub, remodeled kitchen, LR w/ fireplace and bookcase, DR w/ leaded glass window, walkout porch. Bonus 3rd floor walkup w/ new windows. New tareoff Roof, Driveway, Hot Water Tanks, + 2nd Fl furnace. Upates to Electrical + Plumbing.

9. 2012-03-07
   listed $118,900 576-char remark

   Show marketing remark (576 chars)

   Motivated Seller has fully renovated this 3/2 Double. 1st Flr Apt 3 BR new w/ w carpeting, Formal LR fireplace with bookcase, Sunporch off LR, Formal DR w/ lead glass windows, refinished hdwd floors and wdwork, remodeled kitchen, remodeled Bath w/ new fixtures. 2nd Fl Apt has a MBR w/ walk in closet, Remodel Bath w/ shower and separate jacuzzi tub, remodeled kitchen, LR w/ fireplace and bookcase, DR w/ leaded glass window, walkout porch. Bonus 3rd floor walkup w/ new windows. New tareoff Roof, Driveway, Hot Water Tanks, + 2nd Fl furnace. Upates to Electrical + Plumbing.

ⓘ 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: $757 · $63/mo
• Projected year-2 tax: $2,744 · $229/mo
• Expected delta: +$1,988/yr (+$166/mo · 262.7%)

ⓘ 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 (shaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $34,584
• − Mortgage interest: −$15,684
• − Property taxes: −$757
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,767
• − Management: −$2,767
• − Depreciation: −$8,145
• Taxable income: $3,064
• Est. tax owed @ 24.0%: −$735
• After-tax cash flow: $6,809/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): 24,428
• Household income: $70,963
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 602.0

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 White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 13% Two or more races 6% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 10% Cuban 1%
• Common ancestry: Romanian 16% Lithuanian 1% Subsaharan African 1%
• Foreign-born: 4% · Canada, Jamaica, China
• Languages at home: 90% English-only · 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: ▼ -146.29%
• Current HPI: 402.5053
• Rent YoY: ▲ 7.62%
• 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

+135.5% since first listed

9 events — show timeline

• 2026-04-25 Pending — WNYREIS
• 2026-04-17 Listed $280,000 WNYREIS
• 2022-02-02 Sold (Public Records) $241,500 Public Records
• 2022-01-21 Sold (MLS) $235,500 WNYREIS
• 2021-11-18 Pending — WNYREIS
• 2021-11-08 Listed $200,000 WNYREIS
• 2012-05-25 Sold (Public Records) $114,000 Public Records
• 2012-05-25 Sold (MLS) $114,000 WNYREIS
• 2012-03-07 Listed $118,900 WNYREIS

Property tax history

+4.9%/yr

Latest (2025): $757 · +0.0% YoY. Source: county tax records.