89 Jones Street

Description

Rare 5 bedroom, 2 full bath single family home in Buffalo, updated, move-in ready, and priced to move fast. Built in 1920, this 1,643 SF vinyl-sided two-story sits on a 30x106 lot with 3 bedrooms and both full baths on the first floor, plus first-floor laundry, a layout combination that's extremely rare in this price range. Two additional bedrooms are located upstairs. The kitchen has been updated, and the home has seen extensive recent upgrades including new flooring and plumbing work. Infrastructure is in great shape: a 1-year-old forced air furnace, 4-year-old hot water tank, and circuit breaker electrical. The home also includes a crawl space and partial basement, with gas, electric, and water service all on and fully functioning. Turnkey for owner-occupants or investors. Current month-to-month rent supports a Net Operating Income of $14,824.50/year, valuing the property between $98,830 and $123,537.50 via the income approach (15%–12% cap rate), well above list price. Comparable investor-grade sales in the area over the past 12 months ranged from $100K to $119K for 956–2,000 SF homes, none of which offered 5 bedrooms and 2 full baths.