521 2nd Ave · Olean, NY 14760

$149,900

24 bd · 16.0 ba · 2,026 sqft · MultiFamily public records · 186 Days on market

Built 1910 6,500 sqft lot $74/sqft · 47% above area Est $161k · 7% under

---

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 +30.0/30.0
• ARV discount +10.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This 4 unit investment property is located in the heart of Olean, close to the hospital, manufacturing locations, schools, the highway and the restaurants and shops downtown! Currently, this building has one vacant unit and the property is managed by On Point Property Management. Which is great news for investors or someone who wants to owner occupy the building. All of the utilities have been split up and are paid by the tenants.

Key facts

• Close to hospital
• Close to schools
• Utilities split

Tags

• INVESTMENT PROPERTY
• VACANT UNIT
• UTILITIES SPLIT
• CLOSE TO HOSPITAL
• CLOSE TO SCHOOLS
• CLOSE TO HIGHWAY

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $605/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 25.7% vs local median 8.1% 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: 143 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 $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 186 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $80k; list at $150k implies a 87% 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 $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 3.01% ✓
• Cap rate: 25.67%
• Cash-on-cash: 69.20%
• DSCR: 4.08
• GRM: 2.8

CMA / ARV

• ARV (median comp): $160,942
• List price: $149,900
• Delta: -6.86%
• Verdict: FAIR
• Comps: 18 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 68.7%
• Equity multiple: 4.10×
• Total profit: $130,006
• Equity at exit: $22,351

10-year hold

• IRR: 72.8%
• Equity multiple: 8.44×
• Total profit: $312,252
• Equity at exit: $12,961

Cash invested: $41,972 (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: 143
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $4,505 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$290 /mo · $3,478/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$946
• Net cashflow: $2,421

Break-even live

Break-even rent $1,441

Max offer price $149,900

Occupancy floor 41%

Sensitivity live

Price	-10% $2,505	-5% $2,463	+0% $2,421	+5% $2,378	+10% $2,336
Rent	-10% $2,065	-5% $2,243	+0% $2,421	+5% $2,598	+10% $2,776
Rate	-1.0pp $2,496	-0.5pp $2,459	base $2,421	+0.5pp $2,382	+1.0pp $2,342

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$4,504
Total (4 units)			$4,505

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $149,900 Active 186 DOM
2. 2026-06-18
   days on market $149,900 Active 184 DOM
3. 2026-06-17
   days on market $149,900 Active 183 DOM
4. 2026-06-16
   days on market $149,900 Active 182 DOM
5. 2026-06-15
   days on market $149,900 Active 181 DOM
6. 2026-06-13
   days on market $149,900 Active 179 DOM
7. 2026-06-12
   days on market $149,900 Active 178 DOM
8. 2026-06-09
   days on market $149,900 Active 175 DOM
9. 2026-06-08
   days on market $149,900 Active 174 DOM
10. 2026-06-07
    days on market $149,900 Active 173 DOM
11. 2026-06-07
    days on market $149,900 Active 172 DOM
12. 2026-06-04
    days on market $149,900 Active 169 DOM
13. 2026-06-02
    days on market $149,900 Active 168 DOM
14. 2026-06-01
    days on market $149,900 Active 167 DOM
15. 2026-05-31
    days on market $149,900 Active 166 DOM
16. 2025-12-15
    listed $149,900 Active 434-char remark

    Show marketing remark (434 chars)

    This 4 unit investment property is located in the heart of Olean, close to the hospital, manufacturing locations, schools, the highway and the restaurants and shops downtown! Currently, this building has one vacant unit and the property is managed by On Point Property Management. Which is great news for investors or someone who wants to owner occupy the building. All of the utilities have been split up and are paid by the tenants.

17. 2020-09-18
    status Pending Sale 357-char remark

    Show marketing remark (357 chars)

    High-income four-unit rental property. All separate utilities that the tenants pay for. 12%+ cap rate (~$1,200 in insurance, vacancy expense of 10%, operating expense of 10%, and taxes. The units are well taken care of and feature newer systems. Due to the Coronavirus outbreak, showings will not be allowed. Attempts at virtual showings are not guaranteed.

18. 2020-09-14
    soldstatus $80,000 Closed Sale or Rented 357-char remark

    Show marketing remark (357 chars)

    High-income four-unit rental property. All separate utilities that the tenants pay for. 12%+ cap rate (~$1,200 in insurance, vacancy expense of 10%, operating expense of 10%, and taxes. The units are well taken care of and feature newer systems. Due to the Coronavirus outbreak, showings will not be allowed. Attempts at virtual showings are not guaranteed.

19. 2020-06-23
    status Under Contract- Do Not Show 357-char remark

    Show marketing remark (357 chars)

    High-income four-unit rental property. All separate utilities that the tenants pay for. 12%+ cap rate (~$1,200 in insurance, vacancy expense of 10%, operating expense of 10%, and taxes. The units are well taken care of and feature newer systems. Due to the Coronavirus outbreak, showings will not be allowed. Attempts at virtual showings are not guaranteed.

20. 2020-05-21
    price $110,000 357-char remark

    Show marketing remark (357 chars)

    High-income four-unit rental property. All separate utilities that the tenants pay for. 12%+ cap rate (~$1,200 in insurance, vacancy expense of 10%, operating expense of 10%, and taxes. The units are well taken care of and feature newer systems. Due to the Coronavirus outbreak, showings will not be allowed. Attempts at virtual showings are not guaranteed.

21. 2020-04-08
    listed $139,900 Active 357-char remark

    Show marketing remark (357 chars)

    High-income four-unit rental property. All separate utilities that the tenants pay for. 12%+ cap rate (~$1,200 in insurance, vacancy expense of 10%, operating expense of 10%, and taxes. The units are well taken care of and feature newer systems. Due to the Coronavirus outbreak, showings will not be allowed. Attempts at virtual showings are not guaranteed.

22. 2015-10-07
    soldstatus $85,000
23. 2015-10-05
    soldstatus $85,000 Closed Sale or Rented
24. 2015-08-04
    status Pending Sale
25. 2015-05-13
    listed $100,000 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: $3,478 · $290/mo
• Projected year-2 tax: $3,478 · $290/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) · 22% 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: $54,060
• − Mortgage interest: −$8,397
• − Property taxes: −$3,478
• − Insurance: −$750
• − Repairs & maintenance: −$4,325
• − Management: −$4,325
• − Depreciation: −$4,361
• Taxable income: $28,425
• Est. tax owed @ 24.0%: −$6,822
• After-tax cash flow: $22,224/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

+49.9% since first listed

10 events — show timeline

• 2025-12-15 Listed $149,900 WNYREIS
• 2020-09-18 Pending — UNYREIS
• 2020-09-14 Sold (MLS) $80,000 UNYREIS
• 2020-06-23 Pending — UNYREIS
• 2020-05-21 Price Changed $110,000 UNYREIS
• 2020-04-08 Listed $139,900 UNYREIS
• 2015-10-07 Sold (Public Records) $85,000 Public Records
• 2015-10-05 Sold (MLS) $85,000 WNYREIS
• 2015-08-04 Pending — WNYREIS
• 2015-05-13 Listed $100,000 WNYREIS

Property tax history

+0.1%/yr

Latest (2025): $3,478 · -38.9% YoY. Source: county tax records.