309 Irving St · Olean, NY 14760

$74,900

2 bd · 1.5 ba · 1,598 sqft · SingleFamily public records · 79 Days on market

Built 1920 8,712 sqft lot $47/sqft · 22% below area Est $96k · 22% 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 +15.0/15.0
• 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

Listing remarks MLS

This charming South Olean home offers 2–3 bedrooms and 1.5 bathrooms, providing flexible living space to suit your needs. The first floor features a convenient laundry area, along with a spacious family room complete with a cozy wood-burning fireplace. Enjoy gatherings in the formal dining room and the bright double living room, offering plenty of space for relaxation or entertaining. Outside, a shared driveway leads to a large backyard with ample room for additional parking, outdoor activities, and entertaining guests. There is an additional lot that is included with this yard.

Key facts

• Double living room
• Formal dining room
• Laundry area

Tags

• LAUNDRY AREA
• WOOD-BURNING FIREPLACE
• FORMAL DINING ROOM
• DOUBLE LIVING ROOM
• LARGE BACKYARD
• ADDITIONAL LOT

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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.
• Zoned schools: Washington West Elementary School (math 24% / reading 44%, grade F, #1,577 of 2,108 statewide, top 77%, 304 students, 57% FRL); Olean Intermediate-Middle School (math 23% / reading 36%, 564 students, 58% FRL); Olean Senior High School (math 77% / reading 67%, grade B+, #677 of 1,100 statewide, top 63%, 659 students, 49% FRL).
• 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 $518 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 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 1920 — 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. 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.
8. 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.
9. 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: 1.59% ✓
• Cap rate: 12.13%
• Cash-on-cash: 20.84%
• DSCR: 1.93
• GRM: 5.3

CMA / ARV

• ARV (median comp): $95,620
• List price: $74,900
• Delta: -21.67%
• 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
112 S 7th St	0.35mi	2/1.5	1,516 (-5%)	5mo	$150,000	$99	71
138 S 3rd St	0.12mi	3/1.5 (+1)	1,692 (+6%)	10mo	$99,910	$59	71
310 S 3rd St	0.05mi	3/1.5 (+1)	1,736 (+9%)	13mo	$110,000	$63	68
108 Fulton St	0.41mi	3/2.0 (+1)	1,560 (-2%)	6mo	$69,900	$45	65
206 W Green St	0.09mi	3/1.5 (+1)	1,798 (+12%)	11mo	$22,500	$13	61
126 N 8th St	0.46mi	3/1.5 (+1)	1,552 (-3%)	9mo	$144,000	$93	61
223 S 7th St	0.28mi	3/1.5 (+1)	1,786 (+12%)	7mo	$144,000	$81	56
140 N 9th St	0.52mi	3/1.0 (+1)	1,500 (-6%)	13mo	$125,000	$83	48
464 Indiana Ave	0.72mi	3/1.5 (+1)	1,700 (+6%)	4mo	$219,000	$129	47
207 N Clinton St	0.45mi	3/1.5 (+1)	1,816 (+14%)	6mo	$117,500	$65	46
133 N 13th St	0.75mi	3/2.0 (+1)	1,496 (-6%)	6mo	$149,900	$100	43
1117 W Sullivan St	0.71mi	3/1.5 (+1)	1,400 (-12%)	6mo	$53,500	$38	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.3%
• Equity multiple: 1.53×
• Total profit: $11,114
• Equity at exit: $11,168

10-year hold

• IRR: 22.2%
• Equity multiple: 2.90×
• Total profit: $39,763
• Equity at exit: $6,476

Cash invested: $20,972 (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: 5.3×

Monthly cashflow live

• Estimated rent: $1,187 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$150 /mo · $1,797/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $364

Break-even live

Break-even rent $726

Max offer price $74,900

Occupancy floor 64%

Sensitivity live

Price	-10% $407	-5% $385	+0% $364	+5% $343	+10% $322
Rent	-10% $270	-5% $317	+0% $364	+5% $411	+10% $458
Rate	-1.0pp $402	-0.5pp $383	base $364	+0.5pp $345	+1.0pp $325

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $74,900 Active 79 DOM
2. 2026-06-21
   days on market $74,900 Active 78 DOM
3. 2026-06-18
   days on market $74,900 Active 76 DOM
4. 2026-06-17
   days on market $74,900 Active 75 DOM
5. 2026-06-16
   days on market $74,900 Active 74 DOM
6. 2026-06-15
   days on market $74,900 Active 73 DOM
7. 2026-06-13
   days on market $74,900 Active 71 DOM
8. 2026-06-12
   days on market $74,900 Active 70 DOM
9. 2026-06-09
   days on market $74,900 Active 67 DOM
10. 2026-06-08
    days on market $74,900 Active 66 DOM
11. 2026-06-07
    days on market $74,900 Active 65 DOM
12. 2026-06-07
    days on market $74,900 Active 64 DOM
13. 2026-06-04
    days on market $74,900 Active 61 DOM
14. 2026-06-02
    days on market $74,900 Active 60 DOM
15. 2026-06-01
    days on market $74,900 Active 59 DOM
16. 2026-05-31
    days on market $74,900 Active 58 DOM
17. 2026-04-03
    listed $74,900 Active 591-char remark

    Show marketing remark (591 chars)

    This charming South Olean home offers 2–3 bedrooms and 1.5 bathrooms, providing flexible living space to suit your needs. The first floor features a convenient laundry area, along with a spacious family room complete with a cozy wood-burning fireplace. Enjoy gatherings in the formal dining room and the bright double living room, offering plenty of space for relaxation or entertaining. Outside, a shared driveway leads to a large backyard with ample room for additional parking, outdoor activities, and entertaining guests. There is an additional lot that is included with this yard.

ⓘ 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: $1,797 · $150/mo
• Projected year-2 tax: $1,797 · $150/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 6/10 Major FEMA zone X (shaded) · 27% 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: $14,248
• − Mortgage interest: −$4,196
• − Property taxes: −$1,797
• − Insurance: −$374
• − Repairs & maintenance: −$1,140
• − Management: −$1,140
• − Depreciation: −$2,179
• Taxable income: $3,422
• Est. tax owed @ 24.0%: −$821
• After-tax cash flow: $3,550/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

1 event — show timeline

• 2026-04-03 Listed $74,900 UNYREIS

Property tax history

+0.1%/yr

Latest (2025): $1,797 · -38.9% YoY. Source: county tax records.