246 Mills St · Buffalo, NY 14211

$110,000

2 bd · 2.0 ba · 1,268 sqft · MultiFamily public records · 22 Days on market

Built 1915 2,772 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
• ARV discount +7.5/15.0
• Appreciation +6.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Opportunity knocks at 246 Mills Street! This multi-family property is ready for its next chapter and awaits a visionary investor or own occupant. Built in 1915, this fully updated property offers with 3 rooms and a bathroom in the rear, and 1 bedroom and 1 bathrooms in the front unit. More features are the PVC and PEX lines, hot water tanks, furnace and space heater, LED lighting, new kitchen fixtures, new flooring and carpet and occasional fresh drywall. Whether you're looking to live-in or simply add to your rental portfolio, this creates affordable housing in Buffalo's resurging East Side market, and it presents an affordable entry point with significant upside potential. Conveniently lo

Key facts

• Pvc and pex lines
• Led lighting
• New kitchen fixtures

Tags

• MULTI-FAMILY PROPERTY
• FULLY UPDATED PROPERTY
• PVC AND PEX LINES
• HOT WATER TANKS
• LED LIGHTING
• NEW KITCHEN FIXTURES

Property features AI

Finance

• Other: Two-unit property with separate gas and electric meters for each unit
• Financial info: Tenants pay all utilities; Operating expense details: see remarks

Exterior

• Parking: One unpaved parking space; Attached garage not specified — property has a 1-car garage
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected
• Home design: Single-story property; Resale condition
• Construction: Vinyl siding; Asphalt roof; Existing structure
• Exterior features: Rectangular lot near public transit; Lot dimensions approximately 42 x 66

Interior

• Flooring: Ceramic tile; Varies by area
• Bathrooms: Two full bathrooms
• Heating & cooling: Gas heating; Forced air; Space heater
• Interior features: Ceramic tile and varied flooring throughout; Water softener (rented)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $956 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.7% 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: 173 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,173/mo this rent would consume 72% of the median local household income ($36k/yr) (locally 1804% 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 $3k of equity ($761 loan paydown + $2k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $42k; list at $110k implies a 162% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Built in 1915 — 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: 1.98% ✓
• Cap rate: 16.73%
• Cash-on-cash: 37.27%
• DSCR: 2.66
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.4%
• Equity multiple: 3.23×
• Total profit: $68,769
• Equity at exit: $43,680

10-year hold

• IRR: 42.3%
• Equity multiple: 6.41×
• Total profit: $166,528
• Equity at exit: $63,125

Cash invested: $30,800 (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 14211

• Home prices YoY: 0.6%
• Active inventory: 173
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,173 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $956

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 51%

Sensitivity live

Price	-10% $1,033	-5% $994	+0% $956	+5% $918	+10% $880
Rent	-10% $785	-5% $871	+0% $956	+5% $1,042	+10% $1,128
Rate	-1.0pp $1,012	-0.5pp $984	base $956	+0.5pp $928	+1.0pp $899

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,074
1× unit	2	1	$1,099
Total (2 units)			$2,173

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
408 Winslow Ave Unit 2 Buffalo, NY	3.0	1.0	1000	$1,050	$1.05	15d	1	0.92mi
517 Goodyear Ave Buffalo, NY	3.0	1.0	1559	$1,800	$1.15	20d	1	1.04mi
104 Butler Ave Buffalo, NY	3.0	1.0	1000	$1,400	$1.40	45d	1	1.27mi
983 Michigan Ave Buffalo, NY	2.0	1.0–2.0	804	$3,202	$3.98	3d	58	1.32mi
179 Donaldson Rd Buffalo, NY	3.0	1.0	1152	$1,350	$1.17	4d	1	1.37mi
1777 Broadway Unit 2 Buffalo, NY	3.0	1.0	1300	$1,200	$0.92	45d	1	1.43mi
76 Chester St Unit 1 Buffalo, NY	3.0	1.0	1100	$1,000	$0.91	15d	1	1.49mi
67 Moeller St Unit UPPER Buffalo, NY	3.0	1.0	960	$1,000	$1.04	4d	1	1.49mi
67 Moeller St Unit LOWER Buffalo, NY	3.0	1.0	960	$1,200	$1.25	24d	1	1.49mi

Listing history 16 events

1. 2026-06-21
   days on market $110,000 Active 22 DOM
2. 2026-06-18
   days on market $110,000 Active 19 DOM
3. 2026-06-17
   days on market $110,000 Active 18 DOM
4. 2026-06-16
   days on market $110,000 Active 17 DOM
5. 2026-06-15
   days on market $110,000 Active 16 DOM
6. 2026-06-13
   days on market $110,000 Active 14 DOM
7. 2026-06-13
   days on market $110,000 Active 13 DOM
8. 2026-06-10
   days on market $110,000 Active 11 DOM
9. 2026-06-09
   days on market $110,000 Active 10 DOM
10. 2026-06-08
    days on market $110,000 Active 9 DOM
11. 2026-06-07
    days on market $110,000 Active 8 DOM
12. 2026-06-03
    days on market $110,000 Active 4 DOM
13. 2026-06-02
    days on market $110,000 Active 3 DOM
14. 2026-06-01
    days on market $110,000 Active 2 DOM
15. 2026-05-31
    remarks 699-char remark
16. 2026-05-31
    listed $110,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°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: $26,076
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$2,086
• − Management: −$2,086
• − Depreciation: −$3,200
• Taxable income: $10,342
• Est. tax owed @ 24.0%: −$2,482
• After-tax cash flow: $8,996/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): 24,663
• Household income: $36,300
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1804.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 59% Asian 20% Hispanic / Latino 9% White 9% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4%
• Foreign-born: 17% · Canada, Philippines, Vietnam
• Languages at home: 74% English-only · Other Indo-European 14% Spanish 6% Other Asian/Pacific 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: ▲ 2.05%
• Current HPI: 357.6438
• Rent YoY: —
• 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

+182.1% since first listed

3 events — show timeline

• 2026-05-30 Listed $110,000 WNYREIS
• 2026-02-10 Sold (Public Records) $42,000 Public Records
• 2017-11-17 Sold (Public Records) $39,000 Public Records

Property tax history

+11.8%/yr

Latest (2025): $192 · +101.0% YoY. Source: county tax records.