3508 Five Mile Rd · Allegany, NY 14706

$269,000

3 bd · 1.5 ba · 2,191 sqft · SingleFamily public records · 30 Days on market

Built 1947 0.54 ac lot $123/sqft · 16% below area Est $322k · 16% under

---

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).

• ARV discount +14.9/15.0
• Appreciation +10.0/10.0
• Schools +5.2/10.0
• Livability +3.6/5.0
• Cash flow +3.5/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Welcome to this charming 4 bedroom, 2 bathroom Cape Cod home set on 5.9 peaceful acres in Allegany, NY. Offering the perfect blend of country living and modern convenience, this property delivers space, privacy, and versatility both inside and out. Step inside to an inviting layout featuring an eat-in kitchen, a formal dining room, and a cozy living room with a fireplace—ideal for gathering and relaxation. The first floor hosts two bedrooms and two full bathrooms, along with a convenient laundry room for single-level living. Two additional bedrooms on the second floor provide flexible options for family, guests, or office space. The finished basement expands your living area even further, complete with a dedicated utility/workshop room perfect for hobbies or storage. Outside, the opportunities are endless. A 2-car attached garage plus a separate single garage offer ample parking and storage. The property also includes a chicken coop and a separate woodshop, making it ideal for homesteading, woodworking, or recreational projects. Solar panels are already installed to help significantly offset electricity costs—an exceptional long-term savings benefit. Enjoy sweeping acreage, room to roam, and all the advantages of a rural setting while still being conveniently close to Allegany amenities, schools, and shopping. This versatile property offers comfort, function, and room to grow—your perfect retreat awaits

Key facts

• Sweeping acreage
• Formal dining room
• Finished basement

Tags

• EAT-IN KITCHEN
• FORMAL DINING ROOM
• FINISHED BASEMENT
• DEDICATED UTILITY ROOM
• SOLAR PANELS
• SWEEPING ACREAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $269k.

Deal economics

• At list price, monthly cash flow is $-813 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $125k (53.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (53.0% below list).
• Recommended offer: $125k (53.4% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 71/100 on livability (#395 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Allegany-Limestone Central School District (rural): math 55% / reading 67% proficiency, ranked #233 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Allegany-Limestone Elementary School (math 62% / reading 62%, grade B, #675 of 2,108 statewide, top 35%, 464 students, 43% FRL); Allegany-Limestone Middle-High School (math 52% / reading 70%, grade C+, #843 of 1,100 statewide, top 77%, 598 students, 39% FRL).
• Market conditions: 47 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($265k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $185k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,435 (53.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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?
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: 0.47% ✗
• Cap rate: 2.67%
• Cash-on-cash: -12.95%
• DSCR: 0.42
• GRM: 17.7

CMA / ARV

• ARV (median comp): $322,047
• List price: $269,000
• Delta: -16.47%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 2.26×
• Total profit: $94,734
• Equity at exit: $242,337

10-year hold

• IRR: 14.9%
• Equity multiple: 5.24×
• Total profit: $319,658
• Equity at exit: $522,608

Cash invested: $75,320 (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 14706

• Home prices YoY: 10.5%
• Active inventory: 47
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $1,264 medium
• Mortgage (P&I): −$1,411
• Tax from tax record: −$288 /mo · $3,460/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-813

Break-even live

Break-even rent $2,292

Max offer price $125,435

Occupancy floor —

Sensitivity live

Price	-10% $-660	-5% $-737	+0% $-813	+5% $-889	+10% $-965
Rent	-10% $-913	-5% $-863	+0% $-813	+5% $-763	+10% $-713
Rate	-1.0pp $-677	-0.5pp $-744	base $-813	+0.5pp $-882	+1.0pp $-953

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-11
   status Pending 1444-char remark

   Show marketing remark (1444 chars)

   Welcome to this charming 4 bedroom, 2 bathroom Cape Cod home set on 5.9 peaceful acres in Allegany, NY. Offering the perfect blend of country living and modern convenience, this property delivers space, privacy, and versatility both inside and out. Step inside to an inviting layout featuring an eat-in kitchen, a formal dining room, and a cozy living room with a fireplace—ideal for gathering and relaxation. The first floor hosts two bedrooms and two full bathrooms, along with a convenient laundry room for single-level living. Two additional bedrooms on the second floor provide flexible options for family, guests, or office space. The finished basement expands your living area even further, complete with a dedicated utility/workshop room perfect for hobbies or storage. Outside, the opportunities are endless. A 2-car attached garage plus a separate single garage offer ample parking and storage. The property also includes a chicken coop and a separate woodshop, making it ideal for homesteading, woodworking, or recreational projects. Solar panels are already installed to help significantly offset electricity costs—an exceptional long-term savings benefit. Enjoy sweeping acreage, room to roam, and all the advantages of a rural setting while still being conveniently close to Allegany amenities, schools, and shopping. This versatile property offers comfort, function, and room to grow—your perfect retreat awaits

2. 2026-04-24
   price $269,000 1444-char remark

   Show marketing remark (1444 chars)

   Welcome to this charming 4 bedroom, 2 bathroom Cape Cod home set on 5.9 peaceful acres in Allegany, NY. Offering the perfect blend of country living and modern convenience, this property delivers space, privacy, and versatility both inside and out. Step inside to an inviting layout featuring an eat-in kitchen, a formal dining room, and a cozy living room with a fireplace—ideal for gathering and relaxation. The first floor hosts two bedrooms and two full bathrooms, along with a convenient laundry room for single-level living. Two additional bedrooms on the second floor provide flexible options for family, guests, or office space. The finished basement expands your living area even further, complete with a dedicated utility/workshop room perfect for hobbies or storage. Outside, the opportunities are endless. A 2-car attached garage plus a separate single garage offer ample parking and storage. The property also includes a chicken coop and a separate woodshop, making it ideal for homesteading, woodworking, or recreational projects. Solar panels are already installed to help significantly offset electricity costs—an exceptional long-term savings benefit. Enjoy sweeping acreage, room to roam, and all the advantages of a rural setting while still being conveniently close to Allegany amenities, schools, and shopping. This versatile property offers comfort, function, and room to grow—your perfect retreat awaits

3. 2026-04-11
   listed $275,000 Active 1444-char remark

   Show marketing remark (1444 chars)

   Welcome to this charming 4 bedroom, 2 bathroom Cape Cod home set on 5.9 peaceful acres in Allegany, NY. Offering the perfect blend of country living and modern convenience, this property delivers space, privacy, and versatility both inside and out. Step inside to an inviting layout featuring an eat-in kitchen, a formal dining room, and a cozy living room with a fireplace—ideal for gathering and relaxation. The first floor hosts two bedrooms and two full bathrooms, along with a convenient laundry room for single-level living. Two additional bedrooms on the second floor provide flexible options for family, guests, or office space. The finished basement expands your living area even further, complete with a dedicated utility/workshop room perfect for hobbies or storage. Outside, the opportunities are endless. A 2-car attached garage plus a separate single garage offer ample parking and storage. The property also includes a chicken coop and a separate woodshop, making it ideal for homesteading, woodworking, or recreational projects. Solar panels are already installed to help significantly offset electricity costs—an exceptional long-term savings benefit. Enjoy sweeping acreage, room to roam, and all the advantages of a rural setting while still being conveniently close to Allegany amenities, schools, and shopping. This versatile property offers comfort, function, and room to grow—your perfect retreat awaits

4. 2026-04-11
   historical

   Show marketing remark (1444 chars)

   Welcome to this charming 4 bedroom, 2 bathroom Cape Cod home set on 5.9 peaceful acres in Allegany, NY. Offering the perfect blend of country living and modern convenience, this property delivers space, privacy, and versatility both inside and out. Step inside to an inviting layout featuring an eat-in kitchen, a formal dining room, and a cozy living room with a fireplace—ideal for gathering and relaxation. The first floor hosts two bedrooms and two full bathrooms, along with a convenient laundry room for single-level living. Two additional bedrooms on the second floor provide flexible options for family, guests, or office space. The finished basement expands your living area even further, complete with a dedicated utility/workshop room perfect for hobbies or storage. Outside, the opportunities are endless. A 2-car attached garage plus a separate single garage offer ample parking and storage. The property also includes a chicken coop and a separate woodshop, making it ideal for homesteading, woodworking, or recreational projects. Solar panels are already installed to help significantly offset electricity costs—an exceptional long-term savings benefit. Enjoy sweeping acreage, room to roam, and all the advantages of a rural setting while still being conveniently close to Allegany amenities, schools, and shopping. This versatile property offers comfort, function, and room to grow—your perfect retreat awaits

5. 2026-03-08
   price $275,000
6. 2026-02-24
   price $285,000
7. 2026-02-03
   price $289,900
8. 2025-12-21
   listed $299,000 Active
9. 2020-03-20
   soldstatus $185,000 Closed Sale or Rented
10. 2019-10-28
    status Pending Sale
11. 2019-08-23
    status Under Contract- Do Not Show
12. 2019-07-23
    price $189,900
13. 2019-05-22
    listed $199,900 Active

ⓘ 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: $3,460 · $288/mo
• Projected year-2 tax: $4,003 · $334/mo
• Expected delta: +$543/yr (+$45/mo · 15.7%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥90°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,165
• − Mortgage interest: −$15,068
• − Property taxes: −$3,460
• − Insurance: −$1,345
• − Repairs & maintenance: −$1,213
• − Management: −$1,213
• − Depreciation: −$7,825
• Taxable loss: −$14,960
• Est. tax savings @ 24.0%: +$3,590
• After-tax cash flow: $-6,162/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: Allegany-Limestone Central School District
• NCES district ID: 3600015
• Math proficiency: 55% ▼ -5.00%
• Reading proficiency: 67% ▲ 17.00%
• Median HH income: $47,850
• Composite: 51.66/100
• National rank: #1696
• State rank: #233 of 590 in NY

Livability — Allegany

• Score: 71/100
• State rank: #395
• US rank: #6843

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment B- Housing A+ Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,118

Population outlook (Cattaraugus County) Hauer SSP2

• Today (2025): 71,623 people
• By 2030: 67,751 · -5.4%
• By 2040: 59,488 · -16.9%
• By 2050: 51,601 · -28.0%
• By 2075: 35,025 · -51.1%
• By 2100: 21,243 · -70.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Black 3% Native American 2% Asian 2%
• Common ancestry: Romanian 7% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Cattaraugus

• 2024 margin: Solid R (+32.8) · D 33.6% · R 66.4%
• 2008→2024 swing: -22.2pp toward R · 2008: -10.6pp · 2024: -32.8pp
• All cycles: 2024: R+32.8 2020: R+29.5 2016: R+34.4 2012: R+13.4 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 24.72%
• Current HPI: 259.9141
• Rent YoY: —
• Metro: —
• 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

+34.6% since first listed

13 events — show timeline

• 2026-05-11 Pending — UNYREIS
• 2026-04-24 Price Changed $269,000 UNYREIS
• 2026-04-11 Listing Removed — UNYREIS
• 2026-04-11 Listed $275,000 UNYREIS
• 2026-03-08 Price Changed $275,000 UNYREIS
• 2026-02-24 Price Changed $285,000 UNYREIS
• 2026-02-03 Price Changed $289,900 UNYREIS
• 2025-12-21 Listed $299,000 UNYREIS
• 2020-03-20 Sold (MLS) $185,000 UNYREIS
• 2019-10-28 Pending — UNYREIS
• 2019-08-23 Pending — UNYREIS
• 2019-07-23 Price Changed $189,900 UNYREIS
• 2019-05-22 Listed $199,900 UNYREIS

Property tax history

+2.5%/yr

Latest (2025): $3,460 · +0.9% YoY. Source: county tax records.