491 Hinman Ave · Buffalo, NY 14216

$159,900

4 bd · 2.0 ba · 1,600 sqft · MultiFamily public records · 13 Days on market

Built 1900 Est $218k · 27% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Investment Opportunity in the Heart of North Buffalo & acirc; & euro; & ldquo; 491 Hinman Ave | $159,900 Don& apos; t miss this solid 2-unit duplex on one of North Buffalo& apos; s most sought-after streets! This well-built 1900s double offers the bones investors love & acirc; & euro; & rdquo; long-term tenants already in place providing immediate cash flow, newer furnaces, and updated plumbing. Just add your personal touch with some cosmetic updates and fresh paint to unlock serious equity in this high-demand rental market. Each unit features spacious layouts with 2 bedrooms, generous living areas, and classic Buffalo character. Situated close to Hertel Av

Key facts

• Solid duplex
• Newer furnaces
• Long term tenants

Tags

• INVESTMENT OPPORTUNITY
• SOLID DUPLEX
• LONG TERM TENANTS
• NEWER FURNACES
• UPDATED PLUMBING
• PRIME NORTH BUFFALO LOCATION

Property features AI

Finance

• Other: No additional financial or community information provided
• Financial info: Financial details not provided
• HOA & community: HOA/community details not provided

Exterior

• Parking: Parking details not provided
• Security: Security details not provided
• Utilities: Utility details not provided
• Home design: Built in 1900; Single-family property (living area reported as 1600)
• Construction: Year built: 1900
• Exterior features: Located in the Military subdivision

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Number of bedrooms not specified
• Flooring: Flooring details not provided
• Bathrooms: Number of bathrooms not specified
• Heating & cooling: Heating and cooling details not provided
• Interior features: No interior feature details available
• Laundry & utility: Laundry and utility details not provided

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $586/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Cap rate 15.1% vs local median 8.1% 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: Rents rising (+3.6%/yr); 92 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,685/mo this rent would consume 46% of the median local household income ($70k/yr) (locally 1831% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $45k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $27k; list at $160k implies a 500% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,900

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 1900 — 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: 1.68% ✓
• Cap rate: 15.09%
• Cash-on-cash: 31.41%
• DSCR: 2.40
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $217,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 Blum Ave	0.05mi	4/2.0	1,600 (0%)	1mo	$212,000	$133	97
140 Hoover Ave	0.32mi	4/2.0	1,656 (+4%)	10mo	$315,000	$190	71
302 Hinman Ave	0.36mi	3/2.0 (-1)	1,482 (-7%)	1mo	$220,000	$148	65
345 Westgate Rd	0.58mi	3/2.0 (-1)	1,538 (-4%)	9mo	$217,000	$141	54
379 Victoria Blvd	0.51mi	4/2.0	1,764 (+10%)	6mo	$285,606	$162	54
23 Wyandotte Ave	0.68mi	4/2.0	1,496 (-6%)	6mo	$150,000	$100	52
365 Washington Ave	0.71mi	4/2.0	1,536 (-4%)	10mo	$249,000	$162	52
92 Greeley St	0.52mi	5/2.0 (+1)	1,766 (+10%)	6mo	$220,000	$125	48
374 Victoria Blvd	0.49mi	4/2.0	1,832 (+14%)	8mo	$235,522	$129	46
87 Laird Ave	0.63mi	4/2.0	1,419 (-11%)	7mo	$150,000	$106	46
315 Roesch Ave	0.72mi	3/2.0 (-1)	1,498 (-6%)	6mo	$167,000	$111	46
130 W Hazeltine Ave	0.70mi	4/2.0	1,806 (+13%)	4mo	$246,000	$136	42

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 · 3.65% rent growth · sell at horizon

5-year hold

• IRR: 26.9%
• Equity multiple: 2.13×
• Total profit: $50,444
• Equity at exit: $23,842

10-year hold

• IRR: 34.9%
• Equity multiple: 4.29×
• Total profit: $147,165
• Equity at exit: $13,825

Cash invested: $44,772 (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 14216

• Rents YoY: 3.6%
• Active inventory: 92
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,685 high
• Mortgage (P&I): −$839
• Tax from tax record: −$44 /mo · $528/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$564
• Net cashflow: $1,172

Break-even live

Break-even rent $1,202

Max offer price $159,900

Occupancy floor 51%

Sensitivity live

Price	-10% $1,262	-5% $1,217	+0% $1,172	+5% $1,127	+10% $1,081
Rent	-10% $960	-5% $1,066	+0% $1,172	+5% $1,278	+10% $1,384
Rate	-1.0pp $1,252	-0.5pp $1,213	base $1,172	+0.5pp $1,131	+1.0pp $1,088

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,686
Total (2 units)			$2,685

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 Hinman Ave Unit Upper Buffalo, NY	3.0	1.0	1600	$1,325	$0.83	0d	1	0.04mi
62 Seabrook St Buffalo, NY	4.0	1.0	1300	$2,000	$1.54	4d	1	0.67mi
118 Rano St Buffalo, NY	3.0	1.0	1050	$1,200	$1.14	23d	1	0.80mi
158 Chadduck Ave Buffalo, NY	4.0	1.0	1200	$1,250	$1.04	26d	1	0.81mi
172 Tremont Ave Kenmore, NY	3.0	1.5	1569	$2,500	$1.59	12d	1	0.83mi
61 Baxter St Buffalo, NY	3.0	1.0	2014	$1,400	$0.70	0d	1	0.96mi
2522 Delaware Ave Buffalo, NY	3.0	1.0	1150	$1,625	$1.41	4d	1	0.99mi
2514 Delaware Ave Unit 1 Buffalo, NY	3.0	1.0	1620	$1,650	$1.02	0d	1	1.00mi
237 W Girard Blvd Buffalo, NY	4.0	1.5	1329	$4,000	$3.01	26d	1	1.04mi
244 Hartwell Rd Buffalo, NY	3.0	1.0	1250	$1,500	$1.20	5d	1	1.08mi
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	16d	1	1.21mi
62 Germain St Buffalo, NY	3.0	1.0	1320	$1,250	$0.95	26d	1	1.24mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	26d	1	1.35mi
77 Lovering Ave #2 Buffalo, NY	3.0	1.0	1450	$1,895	$1.31	46d	1	1.36mi
140 Commonwealth Ave Unit 1 Buffalo, NY	3.0	1.0	1250	$3,500	$2.80	46d	1	1.42mi
88 Commonwealth Ave Buffalo, NY	3.0	1.0	1355	$1,695	$1.25	22d	1	1.48mi

Listing history 10 events

1. 2026-06-22
   days on market $159,900 Active 13 DOM
2. 2026-06-21
   days on market $159,900 Active 12 DOM
3. 2026-06-18
   days on market $159,900 Active 9 DOM
4. 2026-06-17
   days on market $159,900 Active 8 DOM
5. 2026-06-16
   days on market $159,900 Active 7 DOM
6. 2026-06-15
   days on market $159,900 Active 6 DOM
7. 2026-06-13
   days on market $159,900 Active 4 DOM
8. 2026-06-13
   days on market $159,900 Active 3 DOM
9. 2026-06-10
   remarks 667-char remark
10. 2026-06-10
    listed $159,900 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: $528 · $44/mo
• Projected year-2 tax: $1,615 · $135/mo
• Expected delta: +$1,087/yr (+$91/mo · 205.7%)

ⓘ 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 (unshaded) · 70% 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,220
• − Mortgage interest: −$8,957
• − Property taxes: −$528
• − Insurance: −$800
• − Repairs & maintenance: −$2,578
• − Management: −$2,578
• − Depreciation: −$4,652
• Taxable income: $12,128
• Est. tax owed @ 24.0%: −$2,911
• After-tax cash flow: $11,153/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): 22,849
• Household income: $69,629
• Rent vs Own: 54.4% rent · 45.6% own
• Severe rent burden: 1831.0

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 (72%)
• Race & ethnicity: White 72% Black 16% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 10% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -264.53%
• Current HPI: 421.1138
• Rent YoY: ▲ 3.65%
• 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

+1260.9% since first listed

3 events — show timeline

• 2026-06-10 Listed $159,900 FSBO.com
• 2011-09-30 Sold (Public Records) $26,663 Public Records
• 2008-08-22 Sold (Public Records) $11,750 Public Records

Property tax history

+6.0%/yr

Latest (2025): $528 · +68.3% YoY. Source: county tax records.