1102 Anderson Ave · Olean, NY 14760

$17,500

2 bd · 1.0 ba · 855 sqft · SingleFamily public records · 85 Days on market

Built 1890 1,650 sqft lot $20/sqft · 79% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits at 1102 Anderson Ave in Olean! This 2-bedroom, 1-bath single-family home offers 855 square feet of potential and is ready for a full transformation. The interior has been completely gutted, providing a blank slate for your vision—ideal for investors, contractors, or buyers looking to customize a home from the ground up. The property features a solid foundation and a manageable layout, making it a great candidate for a renovation project or fix-and-flip. With utilities and framing ready for redevelopment, this home is primed for a full build-out to maximize value. Located in a residential neighborhood with convenient access to local amenities, this is a rare chance to create a finished product tailored to today’s market. Bring your plans and unlock the potential!

Key facts

• Manageable layout
• Solid foundation
• 1,650 sq ft lot

Tags

• SOLID FOUNDATION
• MANAGEABLE LAYOUT
• UTILITIES AND FRAMING READY
• RESIDENTIAL NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $18k.

Deal economics

• At list price, monthly cash flow is $628 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($966 rent vs $18k).
• Recommended offer: $16k (6.0% below list) — sets the bar for market timing.
• Cap rate 49.4% vs local median 8.0% in Olean — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#353 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Olean City School District (town): math 40% / reading 43% proficiency, ranked #511 of 590 in NY (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 141 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $121 of loan paydown is wiped out by about $525 of value loss. Plan a longer hold.
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($16k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $12k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $16,450 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 5.52% ✓
• Cap rate: 49.38%
• Cash-on-cash: 153.87%
• DSCR: 7.85
• GRM: 1.5

CMA / ARV

• ARV (median comp): $82,217
• List price: $17,500
• Delta: -78.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
224 N 19th St	0.51mi	2/1.0	825 (-4%)	9mo	$148,400	$180	63
516 N 7th St	0.38mi	2/1.0	789 (-8%)	19mo	$40,000	$51	54
942 N 4th St	0.74mi	2/1.5	876 (+2%)	9mo	$64,000	$73	52
114 S 10th St	0.31mi	1/1.0 (-1)	728 (-15%)	10mo	$64,000	$88	48
129 S 13th St	0.40mi	3/1.5 (+1)	968 (+13%)	11mo	$68,000	$70	43
134 N 19th St	0.52mi	3/1.0 (+1)	980 (+15%)	20mo	$150,000	$153	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.59×
• Total profit: $37,203
• Equity at exit: $2,609

10-year hold

• IRR: —
• Equity multiple: 18.15×
• Total profit: $84,016
• Equity at exit: $1,513

Cash invested: $4,900 (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 14760

• Home prices YoY: -7.7%
• Active inventory: 141
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $966 medium
• Mortgage (P&I): −$92
• Tax from tax record: −$35 /mo · $425/yr
• Insurance: −$7
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $628

Break-even live

Break-even rent $170

Max offer price $17,500

Occupancy floor 30%

Sensitivity live

Price	-10% $638	-5% $633	+0% $628	+5% $623	+10% $618
Rent	-10% $552	-5% $590	+0% $628	+5% $666	+10% $705
Rate	-1.0pp $637	-0.5pp $633	base $628	+0.5pp $624	+1.0pp $619

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: $4,375
• Closing costs: $525
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $17,500 Active 85 DOM
2. 2026-06-17
   days on market $17,500 Active 84 DOM
3. 2026-06-16
   days on market $17,500 Active 83 DOM
4. 2026-06-15
   days on market $17,500 Active 82 DOM
5. 2026-06-13
   days on market $17,500 Active 80 DOM
6. 2026-06-12
   days on market $17,500 Active 79 DOM
7. 2026-06-09
   days on market $17,500 Active 76 DOM
8. 2026-06-08
   days on market $17,500 Active 75 DOM
9. 2026-06-07
   days on market $17,500 Active 74 DOM
10. 2026-06-07
    days on market $17,500 Active 73 DOM
11. 2026-06-04
    days on market $17,500 Active 70 DOM
12. 2026-06-02
    days on market $17,500 Active 69 DOM
13. 2026-06-01
    days on market $17,500 Active 68 DOM
14. 2026-05-31
    days on market $17,500 Active 67 DOM
15. 2026-04-25
    price $17,500 807-char remark

    Show marketing remark (807 chars)

    Opportunity awaits at 1102 Anderson Ave in Olean! This 2-bedroom, 1-bath single-family home offers 855 square feet of potential and is ready for a full transformation. The interior has been completely gutted, providing a blank slate for your vision—ideal for investors, contractors, or buyers looking to customize a home from the ground up. The property features a solid foundation and a manageable layout, making it a great candidate for a renovation project or fix-and-flip. With utilities and framing ready for redevelopment, this home is primed for a full build-out to maximize value. Located in a residential neighborhood with convenient access to local amenities, this is a rare chance to create a finished product tailored to today’s market. Bring your plans and unlock the potential!

16. 2026-03-25
    listed $25,000 Active 807-char remark

    Show marketing remark (807 chars)

    Opportunity awaits at 1102 Anderson Ave in Olean! This 2-bedroom, 1-bath single-family home offers 855 square feet of potential and is ready for a full transformation. The interior has been completely gutted, providing a blank slate for your vision—ideal for investors, contractors, or buyers looking to customize a home from the ground up. The property features a solid foundation and a manageable layout, making it a great candidate for a renovation project or fix-and-flip. With utilities and framing ready for redevelopment, this home is primed for a full build-out to maximize value. Located in a residential neighborhood with convenient access to local amenities, this is a rare chance to create a finished product tailored to today’s market. Bring your plans and unlock the potential!

17. 2022-05-17
    soldstatus $12,000

ⓘ 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: $425 · $35/mo
• Projected year-2 tax: $425 · $35/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥90°F today · 19 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: $11,586
• − Mortgage interest: −$980
• − Property taxes: −$425
• − Insurance: −$88
• − Repairs & maintenance: −$927
• − Management: −$927
• − Depreciation: −$509
• Taxable income: $7,731
• Est. tax owed @ 24.0%: −$1,855
• After-tax cash flow: $5,684/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: Olean City School District
• NCES district ID: 3621720
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $40,365
• Composite: 34.81/100
• National rank: #5104
• State rank: #511 of 590 in NY

Livability — Olean

• Score: 72/100
• State rank: #353
• US rank: #5930

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Olean, NY
• City population: 17,272
• Population (ZIP): 17,272

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 (89%)
• Race & ethnicity: White 89% Two or more races 5% Black 2% Asian 2% Hispanic / Latino 1%
• Common ancestry: Romanian 10% Iranian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% 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: ▼ -19.85%
• Current HPI: 237.327
• 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

+45.8% since first listed

3 events — show timeline

• 2026-04-25 Price Changed $17,500 WNYREIS
• 2026-03-25 Listed $25,000 WNYREIS
• 2022-05-17 Sold (Public Records) $12,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $425 · -38.9% YoY. Source: county tax records.