290 Massachusetts Ave · Buffalo, NY 14213

$239,900

5 bd · 3.0 ba · 2,852 sqft · MultiFamily public records · 14 Days on market

Built 1875 3,300 sqft lot Est $319k · 25% under

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

* * * Turn Key investement oportunity. * * * * This fully rented with quality tenants building was fully renovated 4 years ago. New roof, new windows, new siding, new front porch, new hot water tanks, new space heaters in upper units, new hot water baseboard heat lower units, new bathrooms, new kitchens new flooring, updated elctrical, and much more. Don't miss out on this money maker opportunity or live in one unit and have the others pay your mortgage.

Key facts

• Fully renovated
• New siding
• New front porch

Tags

• FULLY RENOVATED
• NEW ROOF
• NEW WINDOWS
• NEW SIDING
• NEW FRONT PORCH
• NEW HOT WATER TANKS

Property features AI

Finance

• Financial info: Owner pays grounds care, trash collection, and water; Operating expenses include maintenance, trash, and water/sewer; Rents: two 1-bed units at $750 each (one month-to-month, one leased through 3/31/2025), one 3-bed unit at $1,350 (leased through 12/31/2024)

Exterior

• Parking: No driveway
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Rectangular residential lot; City street frontage

Interior

• Kitchen: Dining area with kitchen in two of the units; Kitchens included in all units
• Bedrooms: Two 1-bedroom units; one 3-bedroom unit
• Flooring: Luxury vinyl
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas heating; Baseboard heating; Radiant heating; Space heaters
• Interior features: Crawl space and partial basement; Luxury vinyl flooring; Gas water heater
• Laundry & utility: Separate gas meters for each unit; Separate electric meters for each unit

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Cap rate 14.4% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,849/mo this rent would consume 86% 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 $20k of equity ($2k loan paydown + $18k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $67k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 11y 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 $35k; list at $240k implies a 585% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $239,900

Questions for the listing agent

1. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.60% ✓
• Cap rate: 14.38%
• Cash-on-cash: 28.87%
• DSCR: 2.28
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $319,424
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
715 Prospect Ave	0.42mi	6/2.0 (+1)	2,867 (+0%)	6mo	$232,500	$81	65
288 14th St	0.25mi	5/2.0	2,616 (-8%)	6mo	$260,000	$99	65
215 Normal Ave	0.39mi	5/2.0	2,626 (-8%)	7mo	$294,000	$112	59
207 Rhode Island St	0.26mi	5/2.0	2,436 (-15%)	2mo	$295,500	$121	58
492 Normal Ave	0.20mi	4/2.0 (-1)	2,530 (-11%)	8mo	$120,000	$47	57
395 Hampshire St	0.29mi	5/2.0	2,438 (-14%)	3mo	$165,500	$68	56
187 Auburn Ave	0.49mi	5/2.0	2,588 (-9%)	7mo	$289,000	$112	52
1130 West Ave	0.73mi	6/3.0 (+1)	2,715 (-5%)	8mo	$235,000	$87	47
404 Jersey St	0.66mi	4/2.5 (-1)	2,640 (-7%)	6mo	$392,500	$149	45
26 York St	0.56mi	6/2.0 (+1)	2,519 (-12%)	1mo	$199,900	$79	44
324 West Ave	0.74mi	6/2.0 (+1)	2,652 (-7%)	5mo	$312,500	$118	41
383 Summer St	0.61mi	5/2.0	2,468 (-14%)	6mo	$492,000	$199	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: 39.6%
• Equity multiple: 3.67×
• Total profit: $179,438
• Equity at exit: $174,353

10-year hold

• IRR: 34.4%
• Equity multiple: 7.34×
• Total profit: $425,961
• Equity at exit: $338,809

Cash invested: $67,172 (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: 15.6×

Monthly cashflow live

• Estimated rent: $3,849 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$67 /mo · $802/yr
• Insurance: −$100
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$808
• Net cashflow: $1,560

Break-even live

Break-even rent $1,874

Max offer price $239,900

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,849
Total (3 units)			$3,849

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	14d	1	0.40mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	0.42mi
664 Auburn Ave Unit 1 Buffalo, NY	4.0	2.5	3500	$5,000	$1.43	43d	1	0.94mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	43d	1	1.16mi

Listing history 11 events

1. 2026-06-18
   days on market $239,900 Active 14 DOM
2. 2026-06-17
   days on market $239,900 Active 13 DOM
3. 2026-06-16
   days on market $239,900 Active 12 DOM
4. 2026-06-15
   days on market $239,900 Active 11 DOM
5. 2026-06-13
   days on market $239,900 Active 9 DOM
6. 2026-06-13
   days on market $239,900 Active 8 DOM
7. 2026-06-10
   days on market $239,900 Active 6 DOM
8. 2026-06-09
   days on market $239,900 Active 5 DOM
9. 2026-06-08
   days on market $239,900 Active 4 DOM
10. 2026-06-07
    remarks 464-char remark
11. 2026-06-07
    listed $239,900 Active 3 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: $802 · $67/mo
• Projected year-2 tax: $2,428 · $202/mo
• Expected delta: +$1,626/yr (+$135/mo · 202.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% 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: $46,188
• − Mortgage interest: −$13,438
• − Property taxes: −$802
• − Insurance: −$1,866
• − Repairs & maintenance: −$3,695
• − Management: −$3,695
• − Depreciation: −$6,979
• Taxable income: $15,712
• Est. tax owed @ 24.0%: −$3,771
• After-tax cash flow: $14,952/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

+434.3% since first listed

10 events — show timeline

• 2026-06-04 Listed $239,900 WNYREIS
• 2025-11-12 Listing Removed — WNYREIS
• 2025-09-19 Listed $239,900 WNYREIS
• 2025-06-17 Listing Removed — WNYREIS
• 2025-04-03 Listed $279,900 WNYREIS
• 2024-11-21 Listing Removed — WNYREIS
• 2024-06-24 Listed $299,900 WNYREIS
• 2015-06-05 Sold (Public Records) $35,000 Public Records
• 2015-06-05 Sold (MLS) $35,000 WNYREIS
• 2015-01-22 Listed $44,900 WNYREIS

Property tax history

+12.0%/yr

Latest (2025): $802 · +10.1% YoY. Source: county tax records.