240 14th St · Buffalo, NY 14213

$184,888

4 bd · 2.0 ba · 1,824 sqft · MultiFamily public records · 6 Days on market

Built 1900 7,450 sqft lot Est $250k · 26% under

---

Why this score? — see what drove the A- 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
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Appreciation +8.8/10.0
• 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

OUTSTANDING CONDITION!! ON A DOUBLE LOT PLENTY OF OFF-STREET PARKING * HAS LRG GARAGE (NEEDS REPAIR) THIS DBLE HAS BEEN COMPLETELY RENOVATED FROM TOP TO BOTTOM * MOVE-IN READY WITH UPDATES COMPLETED * S/DRYWALL * FLOORING * WINDOWS * KITCHENS * BATHROOMS * BOTH UNITS HAVE OPEN FL PLAN & IN-UNIT LAUNDRY SET-UP * LOWER UNIT HAS COVERED FRONT PORCH * LRG LIV RM W/ LVP FLRING * EAT-IN KITCH W/ WHITE CABS * SUBWAY TILE BACKSPLASH * W/ GLEAMING VINYL FLRS * 2 BEDRMS * BATHRM/LAUNDRY ROOM * TUB/SHOWER W/ SUBWAY TILE SURROUND * VANITY * MED CAB * HOOK-UPS FOR LAUNDRY * BATH RM HAS ACCESS TO BSMT * 2ND FLOOR UNIT * WIDE OPEN FLR PLAN * 1 BEDRM W/

Key facts

• Move-in ready
• Covered front porch
• Double lot

Tags

• DOUBLE LOT
• OFF-STREET PARKING
• COMPLETELY RENOVATED
• MOVE-IN READY
• IN-UNIT LAUNDRY SET-UP
• COVERED FRONT PORCH

Property features AI

Finance

• Financial info: Owner pays water; Rent includes water; Operating expenses include insurance and structure maintenance; Two-unit multi-family with separate utilities and meters

Exterior

• Parking: Detached or attached garage with concrete surface; Two garage spaces; Two or more parking spaces
• Utilities: Public water connected; Sewer connected; Cable available; Circuit breaker electric
• Home design: Two-story multi-family (2 units); Residential 2-unit zoning; Existing condition
• Construction: Wood siding; Copper plumbing; Stone foundation; Asphalt/membrane/rubber/shingle roof; Built (existing)
• Exterior features: Partial fencing; Fence; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Oven/range; Refrigerator; Microwave; Dishwasher; Eat-in kitchens
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Flooring: Carpet; Linoleum; Luxury vinyl; Tile; Vinyl; Varies
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Ceiling fans; Natural woodwork; Gas water heater; One fireplace
• Laundry & utility: Separate gas meters (2); Separate electric meters (2)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $914 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Cap rate 12.2% 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); 138 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,545/mo this rent would consume 57% of the median local household income ($54k/yr) (locally 1501% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $52k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k 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.

Risks & watch-outs

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

Recommended offer $184,888

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: 1.38% ✓
• Cap rate: 12.22%
• Cash-on-cash: 21.18%
• DSCR: 1.94
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $249,888
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
192 York St	0.25mi	3/2.5 (-1)	1,884 (+3%)	1mo	$285,000	$151	75
23 Sherwood St	0.49mi	3/2.0 (-1)	1,830 (+0%)	4mo	$150,000	$82	68
145 14th St	0.18mi	3/2.0 (-1)	1,710 (-6%)	9mo	$281,500	$165	68
193 14th St	0.09mi	3/2.0 (-1)	2,040 (+12%)	6mo	$156,000	$76	66
428 Normal Ave	0.38mi	4/2.0	1,680 (-8%)	9mo	$180,000	$107	62
475 W Ferry St	0.59mi	3/2.0 (-1)	1,740 (-5%)	6mo	$236,900	$136	54
651 Prospect Ave	0.33mi	5/2.0 (+1)	2,026 (+11%)	9mo	$278,500	$137	54
132 Ashland Ave	0.46mi	4/2.0	2,002 (+10%)	12mo	$293,200	$146	52
73 Baynes St	0.73mi	4/2.0	1,698 (-7%)	6mo	$199,900	$118	50
875 West Ave	0.68mi	3/2.0 (-1)	1,696 (-7%)	8mo	$165,000	$97	45
221 Lexington Ave	0.65mi	4/2.0	1,620 (-11%)	8mo	$425,000	$262	44
729 Prospect Ave	0.37mi	5/3.0 (+1)	2,049 (+12%)	12mo	$330,000	$161	44

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: 34.2%
• Equity multiple: 3.34×
• Total profit: $121,109
• Equity at exit: $134,372

10-year hold

• IRR: 29.6%
• Equity multiple: 6.68×
• Total profit: $294,286
• Equity at exit: $261,116

Cash invested: $51,769 (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: 138
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,545 high
• Mortgage (P&I): −$970
• Tax from tax record: −$50 /mo · $601/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $914

Break-even live

Break-even rent $1,388

Max offer price $184,888

Occupancy floor 59%

Sensitivity live

Price	-10% $1,019	-5% $966	+0% $914	+5% $862	+10% $809
Rent	-10% $713	-5% $813	+0% $914	+5% $1,014	+10% $1,115
Rate	-1.0pp $1,007	-0.5pp $961	base $914	+0.5pp $866	+1.0pp $817

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,313
1× unit	1	1	$1,232
Total (2 units)			$2,545

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: $46,222
• Closing costs: $5,547
• 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	24d	1	0.11mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	21d	1	0.17mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	15d	1	0.17mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	24d	1	0.18mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	24d	1	0.23mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	15d	1	0.46mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	21d	1	0.46mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	44d	1	0.57mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	44d	1	0.62mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	15d	1	0.76mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	24d	1	0.78mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	15d	1	0.89mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	15d	1	1.01mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	1.37mi

Listing history 5 events

1. 2026-06-21
   days on market $184,888 Active 6 DOM
2. 2026-06-18
   days on market $184,888 Active 3 DOM
3. 2026-06-17
   days on market $184,888 Active 2 DOM
4. 2026-06-15
   remarks 695-char remark
5. 2026-06-15
   listed $184,888 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: $601 · $50/mo
• Projected year-2 tax: $1,863 · $155/mo
• Expected delta: +$1,262/yr (+$105/mo · 209.9%)

ⓘ 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: $30,540
• − Mortgage interest: −$10,357
• − Property taxes: −$601
• − Insurance: −$924
• − Repairs & maintenance: −$2,443
• − Management: −$2,443
• − Depreciation: −$5,379
• Taxable income: $8,393
• Est. tax owed @ 24.0%: −$2,014
• After-tax cash flow: $8,952/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

1 event — show timeline

• 2026-06-15 Listed $184,888 WNYREIS

Property tax history

+12.6%/yr

Latest (2025): $601 · -14.9% YoY. Source: county tax records.