520 Lisbon Ave · Buffalo, NY 14215

$134,900

2 bd · 2.0 ba · 1,338 sqft · SingleFamily public records · 162 Days on market

Built 1910 3,090 sqft lot $101/sqft · 33% below area Est $200k · 33% 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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +5.2/10.0
• 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

Listing remarks MLS

Welcome to 520 Lisbon Avenue, a spacious single-family home located in the highly desirable University District of the City of Buffalo. This property offers 5 bedrooms and 2 full bathrooms, providing ample space and flexibility for a variety of living arrangements. The home features a full basement and solid mechanics, making it a strong foundation for both immediate use and future improvements. The property is currently rented for $1,240 per month, offering income potential for investors, while also presenting a great opportunity for owner-occupants. With the right vision, this property can be transformed into an excellent long-term investment or a comfortable primary residence. Conveniently located near universities, public transportation, shopping, dining, and neighborhood amenities, this is a versatile opportunity in one of Buffalo’s most sought-after areas.

Key facts

• Income potential
• Full basement
• Near universities

Tags

• FULL BASEMENT
• INCOME POTENTIAL
• NEAR UNIVERSITIES
• PUBLIC TRANSPORTATION
• SHOPPING
• DINING

🏷️ Possibly a rental listed for sale. The $134,900 price doesn't fit this home's estimated sale value (~$199,852) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $305 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $119k (12.0% 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.
• Market conditions: Rents flat; 237 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 37% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 162 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $23k; list at $135k implies a 487% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 162 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.67%
• DSCR: 1.43
• GRM: 8.1

CMA / ARV

• ARV (median comp): $199,852
• List price: $134,900
• Delta: -32.50%
• 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
461 Stockbridge Ave	0.37mi	3/1.0 (+1)	1,336 (-0%)	4mo	$96,500	$72	70
496 Berkshire Ave	0.38mi	3/1.0 (+1)	1,266 (-5%)	1mo	$125,000	$99	64
29 Allendale Rd	0.68mi	3/1.5 (+1)	1,364 (+2%)	0mo	$155,000	$114	58
965 Eggert Rd	0.61mi	3/1.5 (+1)	1,296 (-3%)	4mo	$304,500	$235	56
234 Treehaven Rd	0.74mi	2/1.0	1,296 (-3%)	4mo	$275,000	$212	52
121 Dunlop Ave	0.59mi	3/1.5 (+1)	1,226 (-8%)	7mo	$173,500	$142	46
153 Stockbridge Ave	0.68mi	3/1.0 (+1)	1,248 (-7%)	3mo	$150,000	$120	45
190 Davidson Ave	0.65mi	2/2.0	1,492 (+12%)	6mo	$78,000	$52	45
55 Cornell Ave	0.75mi	3/2.5 (+1)	1,218 (-9%)	3mo	$244,000	$200	40
296 Parkridge Ave	0.70mi	3/1.0 (+1)	1,155 (-14%)	7mo	$175,000	$152	30
123 Elmer Ave	0.73mi	3/1.0 (+1)	1,518 (+14%)	6mo	$140,000	$92	30
154 Cleveland Dr	0.75mi	3/1.0 (+1)	1,156 (-14%)	5mo	$215,900	$187	29

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: -4.1%
• Equity multiple: 0.85×
• Total profit: $-5,700
• Equity at exit: $20,114

10-year hold

• IRR: 3.0%
• Equity multiple: 1.19×
• Total profit: $7,332
• Equity at exit: $11,664

Cash invested: $37,772 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,382 high
• Mortgage (P&I): −$707
• Tax from tax record: −$24 /mo · $286/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $305

Break-even live

Break-even rent $997

Max offer price $134,900

Occupancy floor 73%

Sensitivity live

Price	-10% $381	-5% $343	+0% $305	+5% $266	+10% $66
Rent	-10% $195	-5% $250	+0% $305	+5% $359	+10% $414
Rate	-1.0pp $372	-0.5pp $339	base $305	+0.5pp $270	+1.0pp $234

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
733 Lasalle Ave Buffalo, NY	1.0	1.0	1617	$1,000	$0.62	24d	1	0.26mi
220 Dartmouth Ave Buffalo, NY	2.0	1.0	1000	$1,100	$1.10	24d	1	0.42mi
265 Lisbon Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,400	$1.17	44d	1	0.50mi
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	15d	1	0.55mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	44d	1	0.58mi
97 Davidson Ave Buffalo, NY	3.0	1.0	925	$1,495	$1.62	2d	1	0.68mi
140 Parkridge Ave Buffalo, NY	3.0	1.0	990	$1,500	$1.52	44d	1	0.87mi
92 Lasalle Ave Unit 1 Buffalo, NY	2.0	1.0	1000	$1,150	$1.15	44d	1	0.90mi
40 Lisbon Ave Unit Upper Buffalo, NY	2.0	1.0	1057	$1,500	$1.42	12d	1	0.92mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$1,585	$1.55	2d	10	0.96mi
26 Custer St Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	44d	1	1.00mi
44 Aurora Dr Buffalo, NY	3.0	1.0	1272	$3,300	$2.59	2d	1	1.20mi
17 Proctor Ave Unit 1 Buffalo, NY	2.0	1.0	900	$1,100	$1.22	44d	1	1.43mi
348 Capen Blvd Buffalo, NY	3.0	1.5	1424	$2,200	$1.54	2d	1	1.44mi
74 Dorris Ave Buffalo, NY	3.0	1.0	1200	$1,450	$1.21	44d	1	1.46mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	3d	1	1.49mi

Listing history 19 events

1. 2026-06-18
   days on market $134,900 Active 162 DOM
2. 2026-06-17
   days on market $134,900 Active 161 DOM
3. 2026-06-16
   days on market $134,900 Active 160 DOM
4. 2026-06-15
   days on market $134,900 Active 159 DOM
5. 2026-06-13
   days on market $134,900 Active 157 DOM
6. 2026-06-13
   days on market $134,900 Active 156 DOM
7. 2026-06-10
   days on market $134,900 Active 154 DOM
8. 2026-06-09
   days on market $134,900 Active 153 DOM
9. 2026-06-08
   days on market $134,900 Active 152 DOM
10. 2026-06-07
    pricedays on market $134,900 Active 151 DOM
11. 2026-06-03
    days on market $153,900 Active 147 DOM
12. 2026-06-02
    days on market $153,900 Active 146 DOM
13. 2026-06-01
    days on market $153,900 Active 145 DOM
14. 2026-05-31
    days on market $153,900 Active 144 DOM
15. 2026-04-16
    price $153,900 880-char remark

    Show marketing remark (880 chars)

    Welcome to 520 Lisbon Avenue, a spacious single-family home located in the highly desirable University District of the City of Buffalo. This property offers 5 bedrooms and 2 full bathrooms, providing ample space and flexibility for a variety of living arrangements. The home features a full basement and solid mechanics, making it a strong foundation for both immediate use and future improvements. The property is currently rented for $1,240 per month, offering income potential for investors, while also presenting a great opportunity for owner-occupants. With the right vision, this property can be transformed into an excellent long-term investment or a comfortable primary residence. Conveniently located near universities, public transportation, shopping, dining, and neighborhood amenities, this is a versatile opportunity in one of Buffalo’s most sought-after areas.

16. 2026-02-21
    price $154,400 880-char remark

    Show marketing remark (880 chars)

    Welcome to 520 Lisbon Avenue, a spacious single-family home located in the highly desirable University District of the City of Buffalo. This property offers 5 bedrooms and 2 full bathrooms, providing ample space and flexibility for a variety of living arrangements. The home features a full basement and solid mechanics, making it a strong foundation for both immediate use and future improvements. The property is currently rented for $1,240 per month, offering income potential for investors, while also presenting a great opportunity for owner-occupants. With the right vision, this property can be transformed into an excellent long-term investment or a comfortable primary residence. Conveniently located near universities, public transportation, shopping, dining, and neighborhood amenities, this is a versatile opportunity in one of Buffalo’s most sought-after areas.

17. 2026-01-07
    listed $154,900 Active 880-char remark

    Show marketing remark (880 chars)

    Welcome to 520 Lisbon Avenue, a spacious single-family home located in the highly desirable University District of the City of Buffalo. This property offers 5 bedrooms and 2 full bathrooms, providing ample space and flexibility for a variety of living arrangements. The home features a full basement and solid mechanics, making it a strong foundation for both immediate use and future improvements. The property is currently rented for $1,240 per month, offering income potential for investors, while also presenting a great opportunity for owner-occupants. With the right vision, this property can be transformed into an excellent long-term investment or a comfortable primary residence. Conveniently located near universities, public transportation, shopping, dining, and neighborhood amenities, this is a versatile opportunity in one of Buffalo’s most sought-after areas.

18. 2012-09-07
    soldstatus $23,000 120-char remark

    Show marketing remark (120 chars)

    Spacious five bedroom home with two full baths. Great for an investor or owner occupy. Newer furnace and hot water tank.

19. 2012-04-19
    listed $24,999 120-char remark

    Show marketing remark (120 chars)

    Spacious five bedroom home with two full baths. Great for an investor or owner occupy. Newer furnace and hot water tank.

ⓘ 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: $286 · $24/mo
• Projected year-2 tax: $1,283 · $107/mo
• Expected delta: +$997/yr (+$83/mo · 348.8%)

ⓘ 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 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: $16,587
• − Mortgage interest: −$7,556
• − Property taxes: −$286
• − Insurance: −$674
• − Repairs & maintenance: −$1,327
• − Management: −$1,327
• − Depreciation: −$3,924
• Taxable income: $1,492
• Est. tax owed @ 24.0%: −$358
• After-tax cash flow: $3,296/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

+515.6% since first listed

5 events — show timeline

• 2026-04-16 Price Changed $153,900 WNYREIS
• 2026-02-21 Price Changed $154,400 WNYREIS
• 2026-01-07 Listed $154,900 WNYREIS
• 2012-09-07 Sold (MLS) $23,000 WNYREIS
• 2012-04-19 Listed $24,999 WNYREIS

Property tax history

+1.4%/yr

Latest (2025): $286 · +0.0% YoY. Source: county tax records.