122 Austin St · Buffalo, NY 14207

$199,999

24 bd · 16.0 ba · 4,003 sqft · MultiFamily public records · 41 Days on market

Built 1920 3,950 sqft lot $50/sqft · 50% below area Est $398k · 50% 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
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This four unit home has a tremendous amount of potential! Take this opportunity to live in one unit and rent the other! All this beauty needs is a bit of TLC to make it "home!"

Key facts

• Modern flooring
• Updated finishes
• Move in ready

Tags

• STRONG INCOME POTENTIAL
• FLEXIBLE LIVING OPTIONS
• RARE HOUSE HACKING OPPORTUNITY
• UPDATED FINISHES
• MODERN FLOORING
• MOVE IN READY

Property features AI

Finance

• Other: Four total units with separate gas and electric meters for each unit
• Financial info: Owner pays trash collection and water (rental arrangements indicate trash collection and water are included); Operating expense details: see remarks

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Existing construction
• Construction: Vinyl siding
• Exterior features: Corner lot; Near public transit; Rectangular lot

Interior

• Flooring: Carpet; Laminate; Vinyl; Varies
• Bathrooms: Four full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 35.9% 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 rising fast (+8.2%/yr); 197 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $7,729/mo this rent would consume 233% of the median local household income ($40k/yr) (locally 2177% 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 $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $103k; list at $200k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 3.86% ✓
• Cap rate: 35.90%
• Cash-on-cash: 105.74%
• DSCR: 5.70
• GRM: 2.2

CMA / ARV

• ARV (median comp): $397,918
• List price: $199,999
• Delta: -49.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.76×
• Total profit: $322,708
• Equity at exit: $29,821

10-year hold

• IRR: —
• Equity multiple: 16.56×
• Total profit: $871,554
• Equity at exit: $17,292

Cash invested: $56,000 (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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 197
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $7,729 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$39 /mo · $471/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,623
• Net cashflow: $4,935

Break-even live

Break-even rent $1,483

Max offer price $199,999

Occupancy floor 31%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$7,728
Total (4 units)			$7,729

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $199,999 Active 41 DOM
2. 2026-06-17
   days on market $199,999 Active 40 DOM
3. 2026-06-16
   days on market $199,999 Active 39 DOM
4. 2026-06-15
   days on market $199,999 Active 38 DOM
5. 2026-06-13
   days on market $199,999 Active 36 DOM
6. 2026-06-13
   days on market $199,999 Active 35 DOM
7. 2026-06-10
   days on market $199,999 Active 33 DOM
8. 2026-06-09
   days on market $199,999 Active 32 DOM
9. 2026-06-08
   days on market $199,999 Active 31 DOM
10. 2026-06-07
    pricedays on market $199,999 Active 30 DOM
11. 2026-06-03
    days on market $224,999 Active 26 DOM
12. 2026-06-02
    days on market $224,999 Active 25 DOM
13. 2026-06-01
    days on market $224,999 Active 24 DOM
14. 2026-05-31
    days on market $224,999 Active 23 DOM
15. 2026-05-08
    listed $224,999 Active 1800-char remark
16. 2025-01-19
    historical $900
17. 2025-01-08
    price $900
18. 2024-12-18
    price $950
19. 2024-10-30
    price $1,000
20. 2024-10-19
    listed $1,050
21. 2024-09-21
    historical $1,000
22. 2024-09-04
    listed $1,000
23. 2021-10-06
    soldstatus $103,000
24. 2021-09-16
    soldstatus $108,000 Closed Sale or Rented 186-char remark

    Show marketing remark (186 chars)

    This four unit home has a tremendous amount of potential! Take this opportunity to live in one unit and rent the other! All this beauty needs is a bit of TLC to make it "home!"

25. 2021-08-24
    historical Continue to Show- Under Contract 186-char remark

    Show marketing remark (186 chars)

    This four unit home has a tremendous amount of potential! Take this opportunity to live in one unit and rent the other! All this beauty needs is a bit of TLC to make it "home!"

26. 2021-07-02
    status Pending Sale 186-char remark

    Show marketing remark (186 chars)

    This four unit home has a tremendous amount of potential! Take this opportunity to live in one unit and rent the other! All this beauty needs is a bit of TLC to make it "home!"

27. 2021-06-28
    status Active 186-char remark

    Show marketing remark (186 chars)

    This four unit home has a tremendous amount of potential! Take this opportunity to live in one unit and rent the other! All this beauty needs is a bit of TLC to make it "home!"

28. 2021-06-11
    price $100,000 186-char remark

    Show marketing remark (186 chars)

    This four unit home has a tremendous amount of potential! Take this opportunity to live in one unit and rent the other! All this beauty needs is a bit of TLC to make it "home!"

29. 2021-06-07
    status Under Contract- Do Not Show 186-char remark

    Show marketing remark (186 chars)

    This four unit home has a tremendous amount of potential! Take this opportunity to live in one unit and rent the other! All this beauty needs is a bit of TLC to make it "home!"

30. 2021-05-31
    listed $139,000 Active 186-char remark

    Show marketing remark (186 chars)

    This four unit home has a tremendous amount of potential! Take this opportunity to live in one unit and rent the other! All this beauty needs is a bit of TLC to make it "home!"

31. 2003-08-05
    soldstatus $61,500

ⓘ 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: $471 · $39/mo
• Projected year-2 tax: $1,925 · $160/mo
• Expected delta: +$1,455/yr (+$121/mo · 309.1%)

ⓘ 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 ≥92°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: $92,748
• − Mortgage interest: −$11,203
• − Property taxes: −$471
• − Insurance: −$1,000
• − Repairs & maintenance: −$7,420
• − Management: −$7,420
• − Depreciation: −$5,818
• Taxable income: $59,417
• Est. tax owed @ 24.0%: −$14,260
• After-tax cash flow: $44,955/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

+225.2% since first listed

18 events — show timeline

• 2026-06-03 Price Changed $199,999 WNYREIS
• 2026-05-08 Listed $224,999 WNYREIS
• 2025-01-19 Rental Removed $900 SHOWMOJO
• 2025-01-08 Price Changed $900 SHOWMOJO
• 2024-12-18 Price Changed $950 SHOWMOJO
• 2024-10-30 Price Changed $1,000 SHOWMOJO
• 2024-10-19 Listed for Rent $1,050 SHOWMOJO
• 2024-09-21 Rental Removed $1,000 SHOWMOJO
• 2024-09-04 Listed for Rent $1,000 SHOWMOJO
• 2021-10-06 Sold (Public Records) $103,000 Public Records
• 2021-09-16 Sold (MLS) $108,000 WNYREIS
• 2021-08-24 Contingent — WNYREIS
• 2021-07-02 Pending — WNYREIS
• 2021-06-28 Relisted — WNYREIS
• 2021-06-11 Price Changed $100,000 WNYREIS
• 2021-06-07 Pending — WNYREIS
• 2021-05-31 Listed $139,000 WNYREIS
• 2003-08-05 Sold (Public Records) $61,500 Public Records

Property tax history

+3.1%/yr

Latest (2025): $471 · +3.7% YoY. Source: county tax records.