655 Lisbon Ave · Buffalo, NY 14215

$285,000

4 bd · 2.0 ba · 2,203 sqft · MultiFamily public records · 9 Days on market

Built 1920 3,605 sqft lot Est $231k · 23% over

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Why this score? — see what drove the D+ 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 +22.7/30.0
• DSCR +7.3/10.0
• 1% rule +4.6/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

FANTASTIC 1st home with a long term tenant in the upper to pay the mortgage. .. . GREAT AREA right on the Cheektowaga/Buffalo border. Low taxes, Beautiful hardwood flooring and woodwork. This home needs nothing but YOU in it. .. . We are ready to sell * * * *

Key facts

• Updated kitchens
• New vinyl siding
• Vinyl fence

Tags

• UPDATED KITCHENS
• CUSTOM CLOSET SHELVING
• NEW CONCRETE DRIVEWAY
• VINYL FENCE
• NEW VINYL SIDING
• NEW WINDOWS

Property features AI

Finance

• Other: Two-unit building with separate gas and electric meters for each unit
• Financial info: Owner pays garage, hot water, trash collection, and water; Operating expenses include trash and water/sewer; Rent includes hot water, parking, trash collection, and water
• HOA & community:

Exterior

• Parking: 2-car garage; Garage parking
• Security:
• Utilities: Cable available; Electricity connected (circuit breakers); High-speed internet available; Sewer connected; Public water connected
• Home design: 2-story property; Residential 2-unit zoning
• Construction: Vinyl siding; Copper plumbing; Asphalt architectural shingle roof; Block foundation; Existing (previously built)
• Exterior features: Deck; Fully fenced yard; Full fence

Interior

• Kitchen:
• Bedrooms:
• Flooring: Hardwood; Varies
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric forced air heating; Central air conditioning
• Interior features: Furnished; Storage
• Laundry & utility: Common area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $492 ($6k/yr) — positive. Per door: $246/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (4.1% below list).
• Recommended offer: $273k (4.1% below list) — sets the bar for 1% rule.

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; 16 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 $2,733/mo this rent would consume 73% 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 $9k of value loss. Plan a longer hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y 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 $74k; list at $285k implies a 283% 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 $273,300 (4.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.96% ✗
• Cap rate: 8.37%
• Cash-on-cash: 7.40%
• DSCR: 1.33
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $231,315
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
486 Hewitt Ave	0.28mi	3/2.0 (-1)	2,233 (+1%)	13mo	$176,000	$79	69
516 Winspear Ave	0.25mi	3/2.0 (-1)	2,017 (-8%)	2mo	$220,000	$109	67
638 Highgate Ave	0.13mi	4/2.0	1,900 (-14%)	6mo	$178,000	$94	66
626 Lisbon Ave	0.06mi	5/2.0 (+1)	1,919 (-13%)	8mo	$250,000	$130	64
627 Highgate Ave	0.10mi	4/2.0	1,944 (-12%)	16mo	$238,000	$122	62
208 Davidson Ave	0.62mi	5/2.0 (+1)	2,199 (-0%)	8mo	$170,000	$77	59
396 Highgate Ave	0.48mi	4/2.0	2,247 (+2%)	20mo	$302,000	$134	58
337 Davidson Ave	0.66mi	5/2.0 (+1)	2,199 (-0%)	9mo	$230,000	$105	56
347 Hewitt Ave	0.48mi	4/2.0	2,099 (-5%)	16mo	$155,000	$74	56
175 Kay St	0.49mi	5/2.0 (+1)	2,248 (+2%)	19mo	$195,000	$87	53
237 Davidson Ave	0.64mi	5/2.0 (+1)	2,199 (-0%)	18mo	$271,000	$123	50
347 Lasalle Ave	0.69mi	4/2.0	1,872 (-15%)	21mo	$190,000	$101	26

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: -7.4%
• Equity multiple: 0.73×
• Total profit: $-21,230
• Equity at exit: $42,494

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-3,218
• Equity at exit: $24,642

Cash invested: $79,800 (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: 17.4×

Monthly cashflow live

• Estimated rent: $2,733 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$53 /mo · $641/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $492

Break-even live

Break-even rent $2,110

Max offer price $285,000

Occupancy floor 77%

Sensitivity live

Price	-10% $654	-5% $573	+0% $492	+5% $412	+10% $331
Rent	-10% $276	-5% $384	+0% $492	+5% $600	+10% $708
Rate	-1.0pp $636	-0.5pp $565	base $492	+0.5pp $419	+1.0pp $343

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,732
Total (2 units)			$2,733

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	46d	1	0.84mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	16d	1	0.93mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	16d	1	1.05mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	16d	1	1.06mi
25 Parkridge Ave Buffalo, NY	3.0	1.0	1914	$1,350	$0.71	16d	1	1.14mi
59 Lisbon Ave Buffalo, NY	3.0	1.0	2521	$1,250	$0.50	26d	1	1.15mi
91 Springville Ave Buffalo, NY	4.0	2.0	1660	$2,350	$1.42	26d	1	1.21mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	4d	10	1.21mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	0d	1	1.23mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	0d	1	1.24mi
69 Berryman Dr Buffalo, NY	4.0	1.5	2056	$2,950	$1.43	0d	1	1.24mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	16d	1	1.26mi
91 Englewood Ave Buffalo, NY	4.0	1.0	2500	$2,000	$0.80	0d	1	1.29mi
102 Englewood Ave Buffalo, NY	4.0	1.0	2426	$2,750	$1.13	0d	1	1.32mi
63 Montrose Ave Buffalo, NY	4.0	1.0	2240	$2,000	$0.89	0d	1	1.35mi
196 Englewood Ave Unit Lower Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	0d	1	1.49mi

Listing history 8 events

1. 2026-06-13
   status $285,000 Pending 9 DOM
2. 2026-06-10
   days on market $285,000 Active 9 DOM
3. 2026-06-09
   days on market $285,000 Active 8 DOM
4. 2026-06-08
   days on market $285,000 Active 7 DOM
5. 2026-06-07
   days on market $285,000 Active 6 DOM
6. 2026-06-03
   days on market $285,000 Active 2 DOM
7. 2026-06-02
   remarks 699-char remark
8. 2026-06-02
   listed $285,000 Active 1 DOM

ⓘ 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: $641 · $53/mo
• Projected year-2 tax: $2,729 · $227/mo
• Expected delta: +$2,088/yr (+$174/mo · 325.9%)

ⓘ 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: $32,796
• − Mortgage interest: −$15,964
• − Property taxes: −$641
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,624
• − Management: −$2,624
• − Depreciation: −$8,291
• Taxable income: $1,228
• Est. tax owed @ 24.0%: −$295
• After-tax cash flow: $5,614/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

+383.9% since first listed

5 events — show timeline

• 2026-06-01 Listed $285,000 WNYREIS
• 2017-03-10 Sold (Public Records) $74,500 Public Records
• 2017-03-10 Sold (MLS) $74,500 WNYREIS
• 2016-12-21 Contingent — WNYREIS
• 2016-12-13 Listed $58,900 WNYREIS

Property tax history

+6.8%/yr

Latest (2025): $641 · +52.4% YoY. Source: county tax records.