208 Lisbon Ave · Buffalo, NY 14215

$244,999

6 bd · 2.0 ba · 2,908 sqft · MultiFamily public records · 20 Days on market

Built 1925 4,200 sqft lot $84/sqft · 43% below area Est $427k · 43% under

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Why this score? — see what drove the B 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
• DSCR +10.0/10.0
• 1% rule +7.2/10.0
• 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

Welcome to 208 Lisbon in sought after university heights near University of Buffalo. This 2 family homes is currently operated as a college rental by the room offering 8 bedrooms, but could also be a great owner occupied property living as 3 beds per apartment. See floor plans. This property has been well maintained and offers tremendous rental potential for investors and owner occupants alike. Very low buffalo taxes. Showing Begin Immediate.

Key facts

• Rental potential
• Low buffalo taxes
• 4,200 sq ft lot

Tags

• OWNER OCCUPIED PROPERTY
• RENTAL POTENTIAL
• LOW BUFFALO TAXES

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $922 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $241k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% 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 flat; 239 active listings in the ZIP; 8 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 $2,978/mo this rent would consume 79% 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.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $69k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $85k; list at $245k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $241,324 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — 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: 1.22% ✓
• Cap rate: 10.81%
• Cash-on-cash: 16.13%
• DSCR: 1.72
• GRM: 6.9

CMA / ARV

• ARV (median comp): $427,290
• List price: $244,999
• Delta: -42.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
240 Lisbon Ave	0.07mi	6/2.0	2,882 (-1%)	6mo	$200,000	$69	90
260 Lisbon Ave	0.11mi	7/4.0 (+1)	3,023 (+4%)	2mo	$256,000	$85	74
192 Lisbon Ave	0.02mi	6/2.0	2,526 (-13%)	4mo	$247,000	$98	74
196 Lasalle Ave	0.16mi	6/2.0	2,654 (-9%)	6mo	$200,000	$75	73
154 Minnesota Ave	0.15mi	5/2.0 (-1)	3,182 (+9%)	6mo	$200,000	$63	67
273 Lisbon Ave	0.14mi	6/2.0	2,792 (-4%)	24mo	$302,000	$108	67
411 Minnesota Ave	0.37mi	6/2.0	2,704 (-7%)	5mo	$221,000	$82	67
252 Dartmouth Ave	0.43mi	6/2.0	2,532 (-13%)	0mo	$265,000	$105	58
1949 Hertel Ave	0.75mi	6/2.0	2,768 (-5%)	13mo	$320,000	$116	46
366 Beard Ave	0.66mi	6/2.0	2,482 (-15%)	17mo	$400,000	$161	31

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: 4.7%
• Equity multiple: 1.18×
• Total profit: $12,091
• Equity at exit: $36,530

10-year hold

• IRR: 12.1%
• Equity multiple: 1.86×
• Total profit: $58,961
• Equity at exit: $21,183

Cash invested: $68,600 (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: 6.9×

Monthly cashflow live

• Estimated rent: $2,978 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$43 /mo · $521/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $922

Break-even live

Break-even rent $1,811

Max offer price $244,999

Occupancy floor 64%

Sensitivity live

Price	-10% $1,061	-5% $991	+0% $922	+5% $853	+10% $490
Rent	-10% $687	-5% $804	+0% $922	+5% $1,040	+10% $1,157
Rate	-1.0pp $1,045	-0.5pp $984	base $922	+0.5pp $859	+1.0pp $794

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	15d	1	0.07mi
145 Minnesota Ave Buffalo, NY	7.0	2.0	2551	$4,900	$1.92	15d	1	0.19mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	15d	1	0.19mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	15d	1	0.39mi
133 Merrimac St Buffalo, NY	7.0	2.0	2327	$4,450	$1.91	15d	1	0.59mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	2d	1	0.71mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	2d	1	0.73mi
4098 Bailey Ave Buffalo, NY	5.0	2.5	2108	$2,200	$1.04	44d	1	1.34mi

Listing history 13 events

1. 2026-05-04
   status Pending 446-char remark

   Show marketing remark (446 chars)

   Welcome to 208 Lisbon in sought after university heights near University of Buffalo. This 2 family homes is currently operated as a college rental by the room offering 8 bedrooms, but could also be a great owner occupied property living as 3 beds per apartment. See floor plans. This property has been well maintained and offers tremendous rental potential for investors and owner occupants alike. Very low buffalo taxes. Showing Begin Immediate.

2. 2026-04-14
   listed $244,999 Active 446-char remark

   Show marketing remark (446 chars)

   Welcome to 208 Lisbon in sought after university heights near University of Buffalo. This 2 family homes is currently operated as a college rental by the room offering 8 bedrooms, but could also be a great owner occupied property living as 3 beds per apartment. See floor plans. This property has been well maintained and offers tremendous rental potential for investors and owner occupants alike. Very low buffalo taxes. Showing Begin Immediate.

3. 2016-03-14
   soldstatus $85,100 Closed Sale or Rented 444-char remark

   Show marketing remark (444 chars)

   Welcome to 208 Lisbon Ave. This 3/3 double is in the University District. Each unit has extra 8x8 room-can be used as sunroom or office. French doors between dining & living rooms. Hardwood floors throughout. Loads of natural woodwork. Artificial fireplace with bookcases on each side. Full clean attic. Full basement with separate laundry hookups, 1 furnace is 2005. Roof 2013. Garage needs new roof Sewer $119/year User fee $222/year

4. 2016-03-14
   soldstatus $85,000

   Show marketing remark (444 chars)

   Welcome to 208 Lisbon Ave. This 3/3 double is in the University District. Each unit has extra 8x8 room-can be used as sunroom or office. French doors between dining & living rooms. Hardwood floors throughout. Loads of natural woodwork. Artificial fireplace with bookcases on each side. Full clean attic. Full basement with separate laundry hookups, 1 furnace is 2005. Roof 2013. Garage needs new roof Sewer $119/year User fee $222/year

5. 2015-12-08
   status Pending Sale 444-char remark

   Show marketing remark (444 chars)

   Welcome to 208 Lisbon Ave. This 3/3 double is in the University District. Each unit has extra 8x8 room-can be used as sunroom or office. French doors between dining & living rooms. Hardwood floors throughout. Loads of natural woodwork. Artificial fireplace with bookcases on each side. Full clean attic. Full basement with separate laundry hookups, 1 furnace is 2005. Roof 2013. Garage needs new roof Sewer $119/year User fee $222/year

6. 2015-11-10
   soldstatus $85,100 Closed Sale or Rented 444-char remark

   Show marketing remark (444 chars)

   Welcome to 208 Lisbon Ave. This 3/3 double is in the University District. Each unit has extra 8x8 room-can be used as sunroom or office. French doors between dining & living rooms. Hardwood floors throughout. Loads of natural woodwork. Artificial fireplace with bookcases on each side. Full clean attic. Full basement with separate laundry hookups, 1 furnace is 2005. Roof 2013. Garage needs new roof Sewer $119/year User fee $222/year

7. 2015-10-05
   historical Under Contract- Do Not Show 444-char remark

   Show marketing remark (444 chars)

   Welcome to 208 Lisbon Ave. This 3/3 double is in the University District. Each unit has extra 8x8 room-can be used as sunroom or office. French doors between dining & living rooms. Hardwood floors throughout. Loads of natural woodwork. Artificial fireplace with bookcases on each side. Full clean attic. Full basement with separate laundry hookups, 1 furnace is 2005. Roof 2013. Garage needs new roof Sewer $119/year User fee $222/year

8. 2015-09-19
   listed $79,900 Active 444-char remark

   Show marketing remark (444 chars)

   Welcome to 208 Lisbon Ave. This 3/3 double is in the University District. Each unit has extra 8x8 room-can be used as sunroom or office. French doors between dining & living rooms. Hardwood floors throughout. Loads of natural woodwork. Artificial fireplace with bookcases on each side. Full clean attic. Full basement with separate laundry hookups, 1 furnace is 2005. Roof 2013. Garage needs new roof Sewer $119/year User fee $222/year

9. 2013-07-19
   soldstatus $64,000
10. 2013-07-01
    soldstatus $64,000
11. 2013-05-12
    listed $69,900
12. 2005-10-26
    soldstatus $79,000
13. 2003-01-02
    soldstatus $59,740

ⓘ 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: $521 · $43/mo
• Projected year-2 tax: $2,331 · $194/mo
• Expected delta: +$1,810/yr (+$151/mo · 347.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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: $35,733
• − Mortgage interest: −$13,724
• − Property taxes: −$521
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,859
• − Management: −$2,859
• − Depreciation: −$7,127
• Taxable income: $7,419
• Est. tax owed @ 24.0%: −$1,780
• After-tax cash flow: $9,285/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

+310.1% since first listed

13 events — show timeline

• 2026-05-04 Pending — WNYREIS
• 2026-04-14 Listed $244,999 WNYREIS
• 2016-03-14 Sold (Public Records) $85,000 Public Records
• 2016-03-14 Sold (MLS) $85,100 WNYREIS
• 2015-12-08 Pending — WNYREIS
• 2015-11-10 Sold (MLS) $85,100 WNYREIS
• 2015-10-05 Contingent — WNYREIS
• 2015-09-19 Listed $79,900 WNYREIS
• 2013-07-19 Sold (Public Records) $64,000 Public Records
• 2013-07-01 Sold (MLS) $64,000 WNYREIS
• 2013-05-12 Listed $69,900 WNYREIS
• 2005-10-26 Sold (Public Records) $79,000 Public Records
• 2003-01-02 Sold (Public Records) $59,740 Public Records

Property tax history

+3.0%/yr

Latest (2025): $521 · +0.0% YoY. Source: county tax records.