478 Lisbon Ave · Buffalo, NY 14215

$219,900

4 bd · 2.0 ba · 1,958 sqft · MultiFamily public records · 17 Days on market

Built 1902 3,484 sqft lot $112/sqft · 30% below area Est $315k · 30% under

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Why this score? — see what drove the C+ 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 +22.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +6.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Exceptional opportunity to own a well-maintained multifamily property in a highly desirable location! Each unit features 2 spacious bedrooms, offering strong rental appeal and excellent income potential. Enjoy added amenities including a 2-car garage, private balcony, and covered front entrance. The full, clean, dry basement provides ample storage and peace of mind. Ideally situated just minutes from UB, major thoroughfares, shopping, and popular restaurants, this property offers both convenience and consistent tenant demand. A standout feature: separate utilities and thoughtful layout make management easy and maximize profitability. Whether you're expanding your portfolio or looking to owner-occupy, this is a smart investment you won’t want to miss!

Key facts

• Separate utilities
• Private balcony
• Multifamily property

Tags

• MULTIFAMILY PROPERTY
• HIGHLY DESIRABLE LOCATION
• PRIVATE BALCONY
• COVERED FRONT ENTRANCE
• FULL CLEAN DRY BASEMENT
• SEPARATE UTILITIES

🏷️ Possibly a rental listed for sale. The $219,900 price doesn't fit this home's estimated sale value (~$315,017) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $384 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $217k (1.5% below list) — sets the bar for market timing.

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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Market conditions: Rents flat; 239 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,410/mo this rent would consume 64% of the median local household income ($45k/yr) (locally 2873% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $55k; list at $220k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $216,601 (1.5% below list)

Questions for the listing agent

1. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.10% ✓
• Cap rate: 8.39%
• Cash-on-cash: 7.49%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

• ARV (median comp): $315,017
• List price: $219,900
• Delta: -30.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
516 Winspear Ave	0.23mi	3/2.0 (-1)	2,017 (+3%)	2mo	$220,000	$109	77
638 Highgate Ave	0.35mi	4/2.0	1,900 (-3%)	6mo	$178,000	$94	74
622 Minnesota Ave	0.22mi	4/2.0	1,800 (-8%)	3mo	$175,000	$97	73
626 Lisbon Ave	0.28mi	5/2.0 (+1)	1,919 (-2%)	8mo	$250,000	$130	72
132 Hewitt Ave	0.53mi	4/2.0	1,946 (-1%)	5mo	$125,000	$64	70
192 Berkshire Ave	0.56mi	4/2.0	1,955 (-0%)	10mo	$129,000	$66	65
314 Lasalle Ave	0.42mi	4/2.0	1,675 (-14%)	8mo	$170,000	$101	50
171 Davidson Ave	0.70mi	4/2.5	1,857 (-5%)	10mo	$200,000	$108	48
591 Eggert Rd	0.42mi	5/2.0 (+1)	1,725 (-12%)	12mo	$250,000	$145	46
486 Hewitt Ave	0.34mi	3/2.0 (-1)	2,233 (+14%)	13mo	$176,000	$79	45
19 Dunlop Ave	0.70mi	5/2.0 (+1)	2,160 (+10%)	6mo	$160,000	$74	40
208 Davidson Ave	0.69mi	5/2.0 (+1)	2,199 (+12%)	8mo	$170,000	$77	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.67% rent growth · sell at horizon

5-year hold

• IRR: -7.5%
• Equity multiple: 0.73×
• Total profit: $-16,647
• Equity at exit: $32,788

10-year hold

• IRR: -1.2%
• Equity multiple: 0.93×
• Total profit: $-4,462
• Equity at exit: $19,013

Cash invested: $61,572 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 239
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $2,410 high
• Mortgage (P&I): −$1,153
• Tax est. 1.5%: −$275 /mo · $3,298/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $384

Break-even live

Break-even rent $1,924

Max offer price $219,900

Occupancy floor 79%

Sensitivity live

Price	-10% $536	-5% $460	+0% $384	+5% $308	+10% $232
Rent	-10% $194	-5% $289	+0% $384	+5% $479	+10% $575
Rate	-1.0pp $495	-0.5pp $440	base $384	+0.5pp $327	+1.0pp $269

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,410
Total (2 units)			$2,410

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	16d	1	0.45mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	25d	1	0.48mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	45d	1	0.48mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	16d	1	0.57mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	16d	1	0.69mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	16d	1	0.70mi
59 Lisbon Ave Buffalo, NY	3.0	1.0	2521	$1,250	$0.50	25d	1	0.79mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	3d	10	0.86mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	3d	1	0.89mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	16d	1	0.90mi
25 Parkridge Ave Buffalo, NY	3.0	1.0	1914	$1,350	$0.71	16d	1	0.95mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	3d	1	0.95mi
91 Englewood Ave Buffalo, NY	4.0	1.0	2500	$2,000	$0.80	3d	1	0.95mi
102 Englewood Ave Buffalo, NY	4.0	1.0	2426	$2,750	$1.13	3d	1	0.97mi
91 Springville Ave Buffalo, NY	4.0	2.0	1660	$2,350	$1.42	25d	1	1.01mi
63 Montrose Ave Buffalo, NY	4.0	1.0	2240	$2,000	$0.89	3d	1	1.02mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	3d	1	1.14mi
44 Aurora Dr Buffalo, NY	3.0	1.0	1272	$3,300	$2.59	3d	1	1.30mi
4098 Bailey Ave Buffalo, NY	5.0	2.5	2108	$2,200	$1.04	45d	1	1.37mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	4d	1	1.39mi
69 Berryman Dr Buffalo, NY	4.0	1.5	2056	$2,950	$1.43	3d	1	1.40mi
348 Capen Blvd Buffalo, NY	3.0	1.5	1424	$2,200	$1.54	3d	1	1.40mi

Listing history 8 events

1. 2026-05-06
   status Pending 766-char remark

   Show marketing remark (766 chars)

   Exceptional opportunity to own a well-maintained multifamily property in a highly desirable location! Each unit features 2 spacious bedrooms, offering strong rental appeal and excellent income potential. Enjoy added amenities including a 2-car garage, private balcony, and covered front entrance. The full, clean, dry basement provides ample storage and peace of mind. Ideally situated just minutes from UB, major thoroughfares, shopping, and popular restaurants, this property offers both convenience and consistent tenant demand. A standout feature: separate utilities and thoughtful layout make management easy and maximize profitability. Whether you're expanding your portfolio or looking to owner-occupy, this is a smart investment you won’t want to miss!

2. 2026-04-18
   listed $219,900 Active 766-char remark

   Show marketing remark (766 chars)

   Exceptional opportunity to own a well-maintained multifamily property in a highly desirable location! Each unit features 2 spacious bedrooms, offering strong rental appeal and excellent income potential. Enjoy added amenities including a 2-car garage, private balcony, and covered front entrance. The full, clean, dry basement provides ample storage and peace of mind. Ideally situated just minutes from UB, major thoroughfares, shopping, and popular restaurants, this property offers both convenience and consistent tenant demand. A standout feature: separate utilities and thoughtful layout make management easy and maximize profitability. Whether you're expanding your portfolio or looking to owner-occupy, this is a smart investment you won’t want to miss!

3. 2025-12-20
   historical
4. 2025-12-14
   historical
5. 2025-12-14
   historical
6. 2025-12-13
   historical
7. 2025-11-01
   listed $219,900 Active
8. 2003-09-29
   soldstatus $55,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,920
• − Mortgage interest: −$12,318
• − Property taxes: −$3,298
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,314
• − Management: −$2,314
• − Depreciation: −$6,397
• Taxable income: $1,180
• Est. tax owed @ 24.0%: −$283
• After-tax cash flow: $4,327/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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: Predominantly Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 4% Chinese 1%

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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

+299.8% since first listed

8 events — show timeline

• 2026-05-06 Pending — WNYREIS
• 2026-04-18 Listed $219,900 WNYREIS
• 2025-12-20 Listing Removed — WNYREIS
• 2025-12-14 Listing Removed — WNYREIS
• 2025-12-14 Listing Removed — WNYREIS
• 2025-12-13 Listing Removed — WNYREIS
• 2025-11-01 Listed $219,900 WNYREIS
• 2003-09-29 Sold (Public Records) $55,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $370 · +0.0% YoY. Source: county tax records.