The Buffalo double, an upper flat stacked on a lower flat with side-by-side front doors, is the most common rental building in the city. Thousands were built in the early 1900s, and they still produce some of the best rent-to-price ratios in the Northeast.
In short: LendingStreet finances Buffalo doubles, triples and fourplexes with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed. Loans start at $150,000 with no stated maximum, purchases go up to 80% LTV and the standard minimum DSCR is 1.0x. Many Buffalo doubles clear that minimum even after New York's high property taxes.
A typical double has two flats of similar size, each with two or three bedrooms, its own entrance and often its own furnace and meters. Triples add a third-floor unit, and side-by-side doubles and brick fourplexes appear in some neighborhoods. Many have front porches on both levels and long, narrow lots with a detached garage at the back.
The age of the stock is both the appeal and the risk. Original woodwork and high ceilings attract tenants, but hundred-year-old buildings need attention to roofs, foundations, electrical service and heating systems.
Layouts matter to tenants. Upper flats with access to the attic or a second-floor porch rent well, while lowers with basement laundry and the backyard appeal to tenants with pets or children. Some owners have converted doubles into single-family homes over the years, and others have split large houses into three units, so check what you are buying against city records.
Rents vary a lot across the city. Doubles in the Elmwood Village, North Buffalo and Parkside rent well and cost more. Black Rock, Riverside, Kaisertown and parts of the East Side cost less, with lower rents and often more renovation. The table is a general guide; confirm with current leases and listings.
The Buffalo Niagara Medical Campus and the University at Buffalo's medical school downtown have added demand from staff and students on the city's near East Side, the Fruit Belt and Allentown. Lease timing near UB's South Campus follows the academic year, with many leases starting in June or August.
| Area | Typical building | Tenant base |
|---|---|---|
| Elmwood Village, Allentown | Doubles, some triples | Young professionals, medical campus staff |
| North Buffalo, Parkside | Doubles | Long-term tenants, families |
| University Heights | Doubles | UB students and staff |
| Black Rock, Riverside | Doubles and triples | Workforce tenants, lower prices |
| Kenmore, Tonawanda | Suburban doubles | Long-term tenants, suburban schools |
Buffalo replaced its old zoning in 2017 with the Green Code, a form-based code that focuses on building type and placement and removed minimum parking requirements. Most existing doubles sit in residential zones where two-unit buildings are expected. Triples and fourplexes depend on the zone, and older buildings may be legally nonconforming.
For financing, only legal units count. Check the certificate of occupancy or city records for the unit count. An attic or basement unit added without approval will not be counted toward rent.
This example is illustrative and not a quote. An investor buys a North Buffalo double for $285,000. The lower flat leases for $1,450 and the upper for $1,350, a combined $2,800 a month. Taxes are budgeted at $550 a month and insurance at $160.
At 75% LTV the loan is $213,750, above the $150,000 minimum. Estimated principal and interest on a 30-year term is about $1,473, the total payment is about $2,183 and DSCR is about 1.28x. At 80% LTV the loan is $228,000, estimated principal and interest is about $1,571, the payment is about $2,281 and DSCR is about 1.23x.
| Item | 75% LTV | 80% LTV |
|---|---|---|
| Loan amount | $213,750 | $228,000 |
| Estimated principal and interest | $1,473 | $1,571 |
| Taxes and insurance | $710 | $710 |
| Total monthly payment | $2,183 | $2,281 |
| Combined rent | $2,800 | $2,800 |
| DSCR | About 1.28x | About 1.23x |
New York charges a mortgage recording tax on the loan amount when the mortgage is recorded, and the rate varies by county. The seller usually pays the state transfer tax. Buyers also pay title insurance and attorney fees, since New York closings are usually handled by attorneys. Ask your attorney for an estimate early, because the recording tax adds to your cash needed at closing. On a refinance, the tax generally applies only to new money above the existing recorded balance when the old mortgage is assigned, so ask whether an assignment is possible.
Property taxes in Buffalo combine city and school levies, and the city has completed reassessments in recent years. In the suburbs, school taxes are often billed separately from town and county taxes, so add both bills. Use current figures, not the seller's old bill.
Buffalo requires rental properties to be registered and subject to inspection. Confirm the registration is current, and expect to fix any open violations. Before you buy, check these items:
New York's 2019 tenant protection law limits security deposits to one month's rent and sets statewide rules on application fees and notice of rent increases. If you buy a double with tenants in place, review the leases and payment history. Lenders can use a market rent estimate for a vacant flat, but signed leases are stronger support.
Section 8 and other voucher tenants are common in parts of Buffalo. Voucher rent can count as lease income, as long as the unit passes the housing authority's inspection and the lease is in place.
Five to eight unit buildings are still residential, though max LTV can be lower and varies by program; see our 5-8 unit Buffalo page. If you own several lower-priced doubles, a blanket loan can combine them, and if a double needs a full renovation before it can be leased, a short-term bridge or fix and flip loan can carry it first. To get a quote, send the address, price, rents and tax bills through the form below or call (877) 298-1001.
Yes. The loan qualifies on the combined rent of both flats, with no W-2s or tax returns.
DSCR loans start at $150,000. For lower-priced doubles, combine several properties in a blanket loan.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
Yes. A mortgage recording tax is due on the loan amount when the mortgage is recorded, at a rate that varies by county.
Only if it is a legal unit on the city's records.
Yes. Buffalo requires rental properties to be registered and inspected.
The minimum credit score is 620.
Yes. Cash-out goes up to 75% LTV, with seasoning that varies by program.
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