213 Vermont St

Buffalo, NY 14213

$269,900B+

None bd · None ba · 8,811 sqft · Built 1885 · MultiFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,933/mo
• Mortgage (P&I): −$1,415
• Tax + insurance: −$450
• HOA: −$0
• Vac / Maint / Mgmt: −$2,296
• Net cashflow: $6,772/mo
• Annual: $81,262/yr
• Cap rate: 36.40%
• Cash-on-cash: 107.53%
• DSCR: 5.78
• 1% rule: 4.05%
• Cash to close: $75,572

Investor read

• This is a 7 × 1-bed/1-bath units multifamily listed at $270k. Condition is rated poor.
• 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).
• It's been on market 20 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $266k (1.5% below list) — sets the bar for market timing.
• In year one you build about $22k of equity ($2k loan paydown + $20k appreciation (7.5% local appreciation)).
• 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.
• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.5%/yr); 138 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 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.
• 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.
• 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• 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.