468 Lisbon Ave · Buffalo, NY 14215

$189,900

3 bd · 2.0 ba · 1,374 sqft · MultiFamily public records · 13 Days on market

Built 1925 3,049 sqft lot Est $133k · 42% over

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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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Spacious and well-maintained multifamily home in the heart of the sought-after University District! This solid investment opportunity features a lower two-bedroom unit showcasing hardwood floors throughout, stunning leaded glass windows, and an abundance of original charm. The upper unit offers a comfortable one-bedroom layout with open porch and is currently tenant-occupied, providing immediate income potential. Additional highlights include a an abundance of storage space, full basement, two-car garage, and a fully fenced yard—perfect for added convenience and outdoor enjoyment. Ideally located just minutes from shopping, dining, public transportation, and local universities. Whethe

Key facts

• Leaded glass windows
• Full basement
• Storage space

Tags

• HARDWOOD FLOORS
• LEADED GLASS WINDOWS
• OPEN PORCH
• STORAGE SPACE
• FULL BASEMENT
• FULLY FENCED YARD

Property features AI

Finance

• Financial info: Property configured as 2 total units; Owner pays trash collection and water; Operating expenses include maintenance, trash, and water; Unit rents: one unit at $650/month; the other is month-to-month

Exterior

• Parking: Attached garage with two spaces; Concrete driveway
• Utilities: Public water connected; Sewer connected; High-speed internet available; Circuit breaker electrical
• Home design: Two-story multifamily property; Corner lot; City street frontage; Resale condition
• Construction: Composite siding; Copper plumbing; Block foundation; Existing year built
• Exterior features: Fully fenced yard; Open porch

Interior

• Kitchen: Eat-in kitchens in both units
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Flooring: Carpet; Hardwood; Vinyl; Varies
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced air heating
• Interior features: Ceiling fans; Natural woodwork; Full basement
• Laundry & utility: Gas water heater; Separate gas and electric meters for each unit

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $569 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Cap rate 9.9% vs local median 8.0% in Buffalo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 237 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $2,382/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Risks & watch-outs

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

Recommended offer $189,900

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: 1.25% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.85%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $133,278
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
496 Lisbon Ave	0.05mi	4/2.0 (+1)	1,500 (+9%)	10mo	$155,000	$103	69
516 Dartmouth Ave	0.36mi	4/2.0 (+1)	1,485 (+8%)	1mo	$140,000	$94	64
188 Westminster Ave	0.40mi	4/2.0 (+1)	1,326 (-4%)	12mo	$129,000	$97	60
420 Berkshire Ave	0.39mi	4/2.0 (+1)	1,391 (+1%)	22mo	$160,000	$115	56
95 Westminster Ave	0.47mi	3/2.0	1,270 (-8%)	12mo	$109,500	$86	55
587 Lisbon Ave	0.23mi	4/2.0 (+1)	1,573 (+14%)	7mo	$210,000	$134	55
49 Thornton Ave	0.57mi	4/2.0 (+1)	1,529 (+11%)	6mo	$100,000	$65	45
108 Hastings Ave	0.70mi	4/2.0 (+1)	1,463 (+6%)	18mo	$1,125	$1	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: 0.0%
• Equity multiple: 1.00×
• Total profit: $73
• Equity at exit: $28,315

10-year hold

• IRR: 7.1%
• Equity multiple: 1.48×
• Total profit: $25,537
• Equity at exit: $16,419

Cash invested: $53,172 (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: 237
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,382 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $569

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,257
1× unit	1	1	$1,125
Total (2 units)			$2,382

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 Dartmouth Ave Buffalo, NY	2.0	1.0	1000	$1,100	$1.10	23d	1	0.34mi
265 Lisbon Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,400	$1.17	43d	1	0.40mi
189 Westminster Ave Buffalo, NY	4.0	1.5	1065	$1,595	$1.50	10d	1	0.44mi
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	14d	1	0.45mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	43d	1	0.48mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	23d	1	0.48mi
97 Davidson Ave Buffalo, NY	3.0	1.0	925	$1,495	$1.62	1d	1	0.68mi
140 Parkridge Ave Buffalo, NY	3.0	1.0	990	$1,500	$1.52	43d	1	0.79mi
92 Lasalle Ave Unit 1 Buffalo, NY	2.0	1.0	1000	$1,150	$1.15	43d	1	0.80mi
40 Lisbon Ave Unit Upper Buffalo, NY	2.0	1.0	1057	$1,500	$1.42	11d	1	0.82mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,291	$2.24	1d	10	0.86mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	1d	1	0.89mi
26 Custer St Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	43d	1	0.90mi
91 Springville Ave Buffalo, NY	4.0	2.0	1660	$2,350	$1.42	23d	1	1.01mi
44 Aurora Dr Buffalo, NY	3.0	1.0	1272	$3,300	$2.59	1d	1	1.30mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	3d	1	1.39mi
348 Capen Blvd Buffalo, NY	3.0	1.5	1424	$2,200	$1.54	1d	1	1.40mi
17 Proctor Ave Unit 1 Buffalo, NY	2.0	1.0	900	$1,100	$1.22	43d	1	1.42mi
74 Dorris Ave Buffalo, NY	3.0	1.0	1200	$1,450	$1.21	43d	1	1.44mi

Listing history 7 events

1. 2026-05-01
   status Pending
2. 2026-04-18
   listed $189,900 Active
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 $189,900 Active

ⓘ 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: $28,584
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$2,287
• − Management: −$2,287
• − Depreciation: −$5,524
• Taxable income: $4,051
• Est. tax owed @ 24.0%: −$972
• After-tax cash flow: $5,861/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

+0.0% since first listed

7 events — show timeline

• 2026-05-01 Pending — WNYREIS
• 2026-04-18 Listed $189,900 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 $189,900 WNYREIS

Property tax history

+3.2%/yr

Latest (2025): $325 · +0.0% YoY. Source: county tax records.