213 Vermont St · Buffalo, NY 14213

$269,900

None bd · None ba · 8,811 sqft · MultiFamily · 17 Days on market

Built 1885 Poor condition 3,448 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
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.4/5.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

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

Buffalo, NY mixed-use/redevelopment opportunity for sale. Approved 7-unit apartment redevelopment. Sale includes approved A/E plans. N-2R zoning allows for a variety of redevelopment opportunities. Building features beautiful masonry features. Located in the heart of the West Side of Buffalo, NY an area seeing a resurgence in recent years with new local restaurants, retail, entertainment, and more. Walking distance to D'Youville University. Located on NFTA bus route allowing for easy access via public transportation. Five-minute drive to NYS I-190 entrance, providing quick access to all of Western New York. Ideal for: Mixed-use development, non-profit, retail, professional office.

Key facts

• Nfta bus route
• Approved a e plans
• N-2r zoning

Tags

• APPROVED A E PLANS
• N-2R ZONING
• BEAUTIFUL MASONRY FEATURES
• NFTA BUS ROUTE

Property features AI

Finance

• Financial info: 7 total units; Operating expense inclusions referenced in remarks; Owner pays and rent inclusions referenced in remarks

Exterior

• Parking: Three or more parking spaces; no garage
• Utilities: Public water connected; Sewer connected
• Home design: 3-story building; Brick construction; Flat roof; Existing (resale/fixer) condition
• Construction: Brick construction; Flat roof
• Exterior features: Corner, rectangular lot (34 x 99)

Interior

• Kitchen: Gas water heater
• Bedrooms: 7-unit property (number of individual bedrooms per unit not provided)
• Heating & cooling: Gas heating; Heating details further described in remarks
• Interior features: Full basement; Operating expense details available in remarks

What this means for you Summary

Snapshot

• This is a 7 × 1-bed/1-bath units multifamily listed at $270k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $7k ($81k/yr) — positive. Per door: $967/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $270k).
• Recommended offer: $266k (1.5% below list) — sets the bar for market timing.
• Cap rate 36.4% 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); 137 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $10,933/mo this rent would consume 244% 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 $22k of equity ($2k loan paydown + $20k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $76k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $265,851 (1.5% below list)

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1885 — 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: 4.05% ✓
• Cap rate: 36.40%
• Cash-on-cash: 107.53%
• DSCR: 5.78
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $669,636
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
439 W Ferry #6	0.65mi	6/—	8,832 (+0%)	14mo	$675,000	$76	58
540-544 Niagara St	0.56mi	3/—	7,731 (-12%)	16mo	$270,000	$35	40

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: —
• Equity multiple: 7.65×
• Total profit: $502,250
• Equity at exit: $196,156

10-year hold

• IRR: —
• Equity multiple: 15.27×
• Total profit: $1,078,320
• Equity at exit: $381,178

Cash invested: $75,572 (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: 137
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $10,933 high
• Mortgage (P&I): −$1,415
• Tax est. 1.5%: −$337 /mo · $4,048/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,296
• Net cashflow: $6,772

Break-even live

Break-even rent $2,361

Max offer price $269,900

Occupancy floor 33%

Sensitivity live

Price	-10% $6,958	-5% $6,865	+0% $6,772	+5% $6,679	+10% $6,585
Rent	-10% $5,908	-5% $6,340	+0% $6,772	+5% $7,204	+10% $7,636
Rate	-1.0pp $6,908	-0.5pp $6,840	base $6,772	+0.5pp $6,702	+1.0pp $6,631

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

Units	Beds	Baths	Est. rent
▸ 7× units	1	1	$10,934
Total (7 units)			$10,933

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
160 W Ferry St Buffalo, NY	2.0	1.0	8192	$1,100	$0.13	15d	1	0.62mi

Listing history 13 events

1. 2026-06-18
   days on market $269,900 Active 17 DOM
2. 2026-06-17
   days on market $269,900 Active 16 DOM
3. 2026-06-16
   days on market $269,900 Active 15 DOM
4. 2026-06-15
   days on market $269,900 Active 14 DOM
5. 2026-06-13
   days on market $269,900 Active 12 DOM
6. 2026-06-13
   days on market $269,900 Active 11 DOM
7. 2026-06-10
   days on market $269,900 Active 9 DOM
8. 2026-06-09
   days on market $269,900 Active 8 DOM
9. 2026-06-08
   days on market $269,900 Active 7 DOM
10. 2026-06-07
    days on market $269,900 Active 6 DOM
11. 2026-06-03
    days on market $269,900 Active 2 DOM
12. 2026-06-02
    remarks 689-char remark
13. 2026-06-02
    listed $269,900 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $131,196
• − Mortgage interest: −$15,119
• − Property taxes: −$4,048
• − Insurance: −$1,350
• − Repairs & maintenance: −$10,496
• − Management: −$10,496
• − Depreciation: −$7,852
• Taxable income: $81,836
• Est. tax owed @ 24.0%: −$19,641
• After-tax cash flow: $61,621/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 · 1 photo

Poor 20/100 Extensive rehab

This multi-family property is in poor condition and requires extensive repairs and improvements to increase its resale and rental value.

Repairs flagged

• Major roof — Significant damage and potential leaks are visible.
• Major exterior siding — The exterior siding appears to be in poor condition and may need replacement.
• Major interior walls and flooring — The overall condition of the interior suggests significant repairs are needed.
• Major HVAC/mechanicals — No systems are visible, but the overall condition suggests they may be in poor shape and need replacement.
• Major landscaping — The landscaping is overgrown and in poor condition, detracting from the curb appeal and value of the property.

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the property's condition and curb appeal.
• Both exterior siding repair/replacement — A new exterior siding would improve the property's appearance and increase its value.
• Both interior wall and flooring repairs — Repairing or replacing the interior walls and flooring would improve the property's condition and increase its value.
• Both HVAC/mechanical upgrades — Upgrading the HVAC and mechanical systems would improve the property's functionality and increase its value.
• Both landscaping and curb appeal improvements — Improving the landscaping and curb appeal would enhance the property's overall appearance and increase its value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant damage and potential leaks are visible.	Major	$15,000–50,000
exterior siding · The exterior siding appears to be in poor condition and may need replacement.	Major	$15,000–50,000
interior walls and flooring · The overall condition of the interior suggests significant repairs are needed.	Major	$15,000–50,000
HVAC/mechanicals · No systems are visible, but the overall condition suggests they may be in poor shape and need replacement.	Major	$15,000–50,000
landscaping · The landscaping is overgrown and in poor condition, detracting from the curb appeal and value of the property.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both roof replacement — A new roof would significantly improve the property's condition and curb appeal. ↑
• Both exterior siding repair/replacement — A new exterior siding would improve the property's appearance and increase its value. ↑
• Both interior wall and flooring repairs — Repairing or replacing the interior walls and flooring would improve the property's condition and increase its value. ↑
• Both HVAC/mechanical upgrades — Upgrading the HVAC and mechanical systems would improve the property's functionality and increase its value. ↑
• Both landscaping and curb appeal improvements — Improving the landscaping and curb appeal would enhance the property's overall appearance and increase its value. ↑

ⓘ 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): 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

• 2026-06-01 Listed $269,900 WNYREIS