429 Lisbon Ave · Buffalo, NY 14215

$249,900

6 bd · 2.0 ba · 2,098 sqft · MultiFamily public records · 1 Days on market

Built 1920 3,420 sqft lot Est $264k · 5% 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 +21.6/30.0
• ARV discount +10.0/15.0
• DSCR +6.9/10.0
• 1% rule +5.7/10.0
• 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

Welcome to 429 Lisbon Ave, a well-maintained multifamily property located in Buffalo’s Kensington neighborhood, just minutes from UB South Campus, Main Street, public transportation, shopping, and dining. This spacious property features updated interiors with hardwood flooring, generous living areas, and off-street parking. Ideal for owner-occupants or investors alike, the home offers strong rental potential in a high-demand area near universities and commuter routes. Recent renovations and modern conveniences blend with classic Buffalo charm, making this an excellent opportunity for comfortable living or income generation. Conveniently located near Bailey Avenue, parks, schools, and

Key facts

• Hardwood flooring
• Multifamily property
• Updated interiors

Tags

• MULTIFAMILY PROPERTY
• UPDATED INTERIORS
• HARDWOOD FLOORING
• OFF-STREET PARKING
• STRONG RENTAL POTENTIAL
• HIGH-DEMAND AREA

Property features AI

Finance

• Other: Two-unit building with separate gas and electric meters for each unit
• Financial info: Owner pays water; rent includes water (when applicable); Professional management handles operating expenses

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story property; Resale condition
• Construction: Vinyl siding; Wood siding
• Exterior features: Rectangular lot; Main thoroughfare frontage

Interior

• Flooring: Ceramic tile; Hardwood; Vinyl; Varies
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Ceramic tile, hardwood, vinyl, and varied flooring throughout
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $378 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).

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; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $2,665/mo this rent would consume 71% 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $150k; list at $250k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $249,900

Questions for the listing agent

1. Built in 1920 — 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: 1.07% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.49%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $264,348
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
319 Lisbon Ave	0.22mi	6/2.0	2,263 (+8%)	6mo	$335,000	$148	72
563 Lasalle Ave	0.14mi	6/3.0	2,270 (+8%)	8mo	$195,000	$86	69
19 Dunlop Ave	0.61mi	5/2.0 (-1)	2,160 (+3%)	6mo	$160,000	$74	57
626 Lisbon Ave	0.37mi	5/2.0 (-1)	1,919 (-8%)	8mo	$250,000	$130	56
155 Orleans St	0.65mi	6/2.0	2,112 (+1%)	17mo	$270,000	$128	54
14 Phyllis Ave	0.73mi	6/2.0	1,987 (-5%)	4mo	$227,500	$114	54
332 Parkridge Ave	0.51mi	6/2.0	2,184 (+4%)	20mo	$276,000	$126	53
18 Phyllis Ave	0.73mi	5/2.0 (-1)	2,134 (+2%)	8mo	$138,000	$65	52
208 Davidson Ave	0.71mi	5/2.0 (-1)	2,199 (+5%)	8mo	$170,000	$77	48
5 Dunlop Ave	0.63mi	6/2.0	2,212 (+5%)	19mo	$330,000	$149	46
266 Lasalle Ave	0.40mi	6/3.5	2,395 (+14%)	8mo	$350,000	$146	45
175 Kay St	0.73mi	5/2.0 (-1)	2,248 (+7%)	19mo	$195,000	$87	33

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: -9.0%
• Equity multiple: 0.68×
• Total profit: $-22,463
• Equity at exit: $37,261

10-year hold

• IRR: -2.9%
• Equity multiple: 0.82×
• Total profit: $-12,280
• Equity at exit: $21,607

Cash invested: $69,972 (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: 15.6×

Monthly cashflow live

• Estimated rent: $2,665 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$560
• Net cashflow: $378

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 81%

Sensitivity live

Price	-10% $551	-5% $465	+0% $378	+5% $292	+10% $206
Rent	-10% $168	-5% $273	+0% $378	+5% $484	+10% $589
Rate	-1.0pp $504	-0.5pp $442	base $378	+0.5pp $314	+1.0pp $248

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,666
Total (2 units)			$2,665

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	16d	1	0.47mi
145 Minnesota Ave Buffalo, NY	7.0	2.0	2551	$4,900	$1.92	16d	1	0.56mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	16d	1	0.59mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	16d	1	0.60mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	16d	1	0.80mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	0d	1	0.90mi
64 Montrose Ave Buffalo, NY	7.0	1.5	1512	$2,500	$1.65	0d	1	0.94mi
64 Montrose Ave Buffalo, NY	7.0	1.5	1512	$2,700	$1.79	46d	1	0.94mi
133 Merrimac St Buffalo, NY	7.0	2.0	2327	$4,450	$1.91	16d	1	0.96mi
196 Englewood Ave Unit Lower Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	0d	1	1.06mi
4098 Bailey Ave Buffalo, NY	5.0	2.5	2108	$2,200	$1.04	46d	1	1.36mi

Listing history 3 events

1. 2026-05-14
   status Pending
2. 2026-05-12
   listed $249,900 Active
3. 2020-06-04
   soldstatus $150,000

ⓘ 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: $31,980
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,558
• − Management: −$2,558
• − Depreciation: −$7,270
• Taxable income: $597
• Est. tax owed @ 24.0%: −$143
• After-tax cash flow: $4,397/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

+66.6% since first listed

3 events — show timeline

• 2026-05-14 Pending — WNYREIS
• 2026-05-12 Listed $249,900 WNYREIS
• 2020-06-04 Sold (Public Records) $150,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $308 · +0.0% YoY. Source: county tax records.