162 Normal Ave · Buffalo, NY 14213

$99,900

4 bd · 2.0 ba · 1,818 sqft · MultiFamily public records · 6 Days on market

Built 1900 4,470 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Circa-1900 Victorian two-unit on Buffalo's West Side, offering 2 bedrooms and 1 full bath in each unit, plus a full basement and walk-up attic. Original details remain throughout, including hardwood floors, two decorative mantels, tall ceilings and windows, clawfoot tubs, and period millwork with rosette corner blocks. A blank canvas ready for restoration to its former glory, with the layout and character to suit a variety of configurations, including potential conversion to a spacious single-family home. Set in a highly walkable neighborhood near D'Youville University, the Connecticut Street corridor, Porter Avenue, and Kleinhans Music Hall, with Elmwood Village and downtown Buffalo just m

Key facts

• Decorative mantels
• Tall ceilings
• Victorian two-unit

Tags

• VICTORIAN TWO-UNIT
• FULL BASEMENT
• WALK-UP ATTIC
• HARDWOOD FLOORS
• DECORATIVE MANTELS
• TALL CEILINGS

Property features AI

Finance

• Financial info: Gross annual income: $31,200; Operating expenses: $3,500 (includes maintenance structure, maintenance, water/sewer); Each unit currently rents for $1,300

Exterior

• Parking: On-street parking
• Utilities: Electricity connected; Public water connected; Sewer connected; Cable available; High-speed internet available
• Home design: Two-story multifamily property; Resale condition; Wood siding
• Construction: Wood siding construction
• Exterior features: Rectangular residential lot (approximately 30 x 149); City street frontage

Interior

• Kitchen: Each unit features a dining area with kitchen and an eat-in kitchen
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Ceramic tile; Hardwood; Varied flooring
• Bathrooms: Each unit has 1 full bathroom (total 2 full bathrooms)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $897 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 17.1% 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: Rents soft (-0.5%/yr); 137 active listings in the ZIP; 14 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).
• This rent runs 43% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $8k of equity ($691 loan paydown + $8k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $14k; list at $100k implies a 640% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1900 — 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: 1.92% ✓
• Cap rate: 17.06%
• Cash-on-cash: 38.46%
• DSCR: 2.71
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $247,248
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
192 York St	0.24mi	3/2.5 (-1)	1,884 (+4%)	1mo	$285,000	$151	75
145 14th St	0.10mi	3/2.0 (-1)	1,710 (-6%)	9mo	$281,500	$165	73
193 14th St	0.12mi	3/2.0 (-1)	2,040 (+12%)	6mo	$156,000	$76	64
23 Sherwood St	0.65mi	3/2.0 (-1)	1,830 (+1%)	4mo	$150,000	$82	60
413 14th St	0.51mi	4/2.0	1,896 (+4%)	13mo	$225,000	$119	58
428 Normal Ave	0.53mi	4/2.0	1,680 (-8%)	9mo	$180,000	$107	55
651 Prospect Ave	0.31mi	5/2.0 (+1)	2,026 (+11%)	9mo	$278,500	$137	54
533 Busti Ave	0.48mi	5/2.0 (+1)	1,727 (-5%)	12mo	$162,007	$94	54
116 West Ave	0.63mi	3/2.0 (-1)	1,692 (-7%)	4mo	$131,000	$77	51
132 Ashland Ave	0.50mi	4/2.0	2,002 (+10%)	12mo	$293,200	$146	50
475 W Ferry St	0.75mi	3/2.0 (-1)	1,740 (-4%)	6mo	$236,900	$136	48
729 Prospect Ave	0.41mi	5/3.0 (+1)	2,049 (+13%)	12mo	$330,000	$161	41

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

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 48.4%
• Equity multiple: 4.20×
• Total profit: $89,529
• Equity at exit: $72,605

10-year hold

• IRR: 42.8%
• Equity multiple: 8.40×
• Total profit: $206,978
• Equity at exit: $141,088

Cash invested: $27,972 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,918 high
• Mortgage (P&I): −$524
• Tax from tax record: −$53 /mo · $634/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $897

Break-even live

Break-even rent $783

Max offer price $99,900

Occupancy floor 48%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	0.06mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	23d	1	0.09mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	19d	1	0.19mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	14d	1	0.19mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	23d	1	0.26mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	14d	1	0.46mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	19d	1	0.47mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	43d	1	0.54mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	43d	1	0.70mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	14d	1	0.89mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	23d	1	0.91mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	14d	1	0.98mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	14d	1	1.16mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	43d	1	1.49mi

Listing history 6 events

1. 2026-06-18
   days on market $99,900 Active 6 DOM
2. 2026-06-17
   days on market $99,900 Active 5 DOM
3. 2026-06-16
   days on market $99,900 Active 4 DOM
4. 2026-06-15
   days on market $99,900 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $99,900 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: $634 · $53/mo
• Projected year-2 tax: $1,161 · $97/mo
• Expected delta: +$527/yr (+$44/mo · 83.1%)

ⓘ 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: $23,012
• − Mortgage interest: −$5,596
• − Property taxes: −$634
• − Insurance: −$500
• − Repairs & maintenance: −$1,841
• − Management: −$1,841
• − Depreciation: −$2,906
• Taxable income: $9,694
• Est. tax owed @ 24.0%: −$2,327
• After-tax cash flow: $8,433/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

+640.0% since first listed

2 events — show timeline

• 2026-06-12 Listed $99,900 WNYREIS
• 2011-03-04 Sold (Public Records) $13,500 Public Records

Property tax history

+10.4%/yr

Latest (2025): $634 · +2.8% YoY. Source: county tax records.