2514 Delaware Ave · Buffalo, NY 14216

$359,900

6 bd · 1.6 ba · 3,203 sqft · MultiFamily · 48 Days on market

Built 1926 Good condition 3,809 sqft lot $112/sqft · 32% below area Est $530k · 32% under

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Why this score? — see what drove the C- 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 +16.0/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Schools +3.3/10.0
• 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

Welcome to 2514 Delaware Ave, an exceptional investment opportunity or perfect owner-occupied residence in the heart of Buffalo! This beautifully renovated two-family property offers both comfort and convenience with modern updates throughout. Each spacious unit features three bright bedrooms and one contemporary bathroom, providing ample living space for occupants. Every detail has been meticulously updated, from fresh flooring and stylish fixtures to modern kitchens and baths—ensuring a truly turnkey experience for new owners. Enjoy the convenience of off-street parking, a major plus in this vibrant neighborhood. Each unit also boasts separate laundry facilities for added privacy an

Key facts

• Income potential
• Modern updates
• Move-in ready duplex

Tags

• RENOVATED TWO-FAMILY PROPERTY
• MODERN UPDATES
• OFF-STREET PARKING
• SEPARATE LAUNDRY FACILITIES
• INCOME POTENTIAL
• MOVE-IN READY DUPLEX

Property features AI

Finance

• Other: Operating expense information notes water/sewer (see remarks)
• Financial info: Property contains two units with separate gas and electric meters; Owner pays water; water included in rent

Exterior

• Parking: Garage parking (approximately 1.5 spaces); Concrete parking; On-street parking; Two or more spaces available
• Security: Owned security system
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available; Circuit breaker electrical system
• Home design: Two-story multi-family building; Commercial zoning; Resale property
• Construction: Vinyl siding; Copper plumbing; Asphalt shingle roof; Poured foundation; Existing (previously built) structure
• Exterior features: Balcony; Near public transit; Rectangular lot

Interior

• Kitchen: Each unit includes a dishwasher, oven/range and refrigerator; Eat-in kitchen and formal dining room in each unit
• Bedrooms: Two 3-bedroom units
• Flooring: Carpet; Ceramic tile; Hardwood; Vinyl; Varies
• Bathrooms: Each unit has 1 full bathroom; one unit also has a half bathroom
• Heating & cooling: Gas forced air heating; Central air conditioning
• Interior features: Thermal windows; Ceiling fan(s); Natural woodwork; Programmable thermostat
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/0.8-bath units multifamily listed at $360k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive. Per door: $90/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $338k (6.2% below list).
• Recommended offer: $338k (6.2% below list) — sets the bar for 1% rule.

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 (+3.6%/yr); 88 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,376/mo this rent would consume 58% 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 $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $200k; list at $360k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $337,600 (6.2% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 6% 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 1926 — 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: 0.94% ✗
• Cap rate: 6.89%
• Cash-on-cash: 2.14%
• DSCR: 1.10
• GRM: 8.9

CMA / ARV

• ARV (median comp): $530,023
• List price: $359,900
• Delta: -32.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
131 Tacoma Ave	0.11mi	6/2.0	2,808 (-12%)	3mo	$330,000	$118	70
260 Hartwell Rd	0.14mi	6/2.0	2,754 (-14%)	12mo	$350,000	$127	59
12 Lovering Ave	0.42mi	6/2.0	2,876 (-10%)	5mo	$294,000	$102	58
310 Colvin Ave	0.55mi	6/2.0	2,829 (-12%)	0mo	$367,000	$130	53
84 W Hazeltine Ave	0.50mi	6/2.0	2,736 (-15%)	6mo	$245,522	$90	46
88 Rugby Rd	0.63mi	6/2.0	2,876 (-10%)	9mo	$380,000	$132	44
415 Colvin Ave	0.54mi	6/2.0	2,738 (-14%)	8mo	$360,000	$131	43
333 Colvin Ave	0.57mi	6/2.0	2,788 (-13%)	9mo	$370,000	$133	42
162 N Park Ave	0.71mi	6/2.0	2,876 (-10%)	8mo	$407,500	$142	42
431 Colvin Ave	0.54mi	6/2.0	2,728 (-15%)	9mo	$431,000	$158	41
497 Colvin Ave	0.56mi	6/3.0	2,790 (-13%)	11mo	$425,000	$152	38
88 Mang Ave	0.66mi	6/2.5	2,744 (-14%)	11mo	$300,000	$109	32

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: -12.2%
• Equity multiple: 0.56×
• Total profit: $-44,591
• Equity at exit: $53,662

10-year hold

• IRR: -2.1%
• Equity multiple: 0.85×
• Total profit: $-14,633
• Equity at exit: $31,118

Cash invested: $100,772 (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: 88
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $3,376 high
• Mortgage (P&I): −$1,887
• Tax est. 1.5%: −$450 /mo · $5,398/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$709
• Net cashflow: $180

Break-even live

Break-even rent $3,148

Max offer price $359,900

Occupancy floor 90%

Sensitivity live

Price	-10% $429	-5% $304	+0% $180	+5% $55	+10% $-69
Rent	-10% $-87	-5% $46	+0% $180	+5% $313	+10% $447
Rate	-1.0pp $361	-0.5pp $271	base $180	+0.5pp $87	+1.0pp $-8

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	0.8	$3,376
Total (2 units)			$3,376

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $359,900 Active 48 DOM
2. 2026-06-17
   days on market $359,900 Active 47 DOM
3. 2026-06-16
   days on market $359,900 Active 46 DOM
4. 2026-06-15
   days on market $359,900 Active 45 DOM
5. 2026-06-13
   days on market $359,900 Active 43 DOM
6. 2026-06-13
   days on market $359,900 Active 42 DOM
7. 2026-06-10
   days on market $359,900 Active 40 DOM
8. 2026-06-09
   days on market $359,900 Active 39 DOM
9. 2026-06-08
   days on market $359,900 Active 38 DOM
10. 2026-06-07
    days on market $359,900 Active 37 DOM
11. 2026-06-03
    days on market $359,900 Active 33 DOM
12. 2026-06-02
    days on market $359,900 Active 32 DOM
13. 2026-06-01
    days on market $359,900 Active 31 DOM
14. 2026-05-31
    days on market $359,900 Active 30 DOM
15. 2026-05-01
    listed $369,900 Active 1120-char remark
16. 2025-11-21
    listed $369,900 Active
17. 2025-05-06
    price $359,999
18. 2025-04-26
    listed $399,999 Active
19. 2024-01-03
    soldstatus $200,000 Closed
20. 2023-12-27
    status Pending
21. 2023-12-04
    status Pending Sale
22. 2023-11-08
    listed $249,900 Active
23. 2023-10-31
    historical
24. 2023-08-21
    price $269,900
25. 2023-07-13
    price $299,900
26. 2023-07-13
    status Active
27. 2023-05-23
    status Under Contract- Do Not Show
28. 2023-03-09
    listed $325,000 Active

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

Taxation est. · year 1

• Rental income: $40,512
• − Mortgage interest: −$20,160
• − Property taxes: −$5,398
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,241
• − Management: −$3,241
• − Depreciation: −$10,470
• Taxable loss: −$3,798
• Est. tax savings @ 24.0%: +$911
• After-tax cash flow: $3,070/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.

Condition & rehab AI · 2 photos

Good 80/100 Cosmetic rehab

This two-family property is in good condition with cosmetic updates. It offers a turnkey experience with modern updates and ample living space. Improvements to landscaping and curb appeal can further enhance its value.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more tenants
• Both Painting exterior and interior — Fresh paint can improve the home's appearance and value
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more tenants

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more tenants ↑
• Both Painting exterior and interior — Fresh paint can improve the home's appearance and value ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+10.7% since first listed

15 events — show timeline

• 2026-05-27 Price Changed $359,900 WNYREIS
• 2026-05-01 Listed $369,900 WNYREIS
• 2025-11-21 Listed $369,900 WNYREIS
• 2025-05-06 Price Changed $359,999 UNYREIS
• 2025-04-26 Listed $399,999 UNYREIS
• 2024-01-03 Sold (MLS) $200,000 WNYREIS
• 2023-12-27 Pending — WNYREIS
• 2023-12-04 Pending — WNYREIS
• 2023-11-08 Listed $249,900 WNYREIS
• 2023-10-31 Listing Removed — WNYREIS
• 2023-08-21 Price Changed $269,900 WNYREIS
• 2023-07-13 Price Changed $299,900 WNYREIS
• 2023-07-13 Relisted — WNYREIS
• 2023-05-23 Pending — WNYREIS
• 2023-03-09 Listed $325,000 WNYREIS