115 Burger Pl · Olean, NY 14760

$143,500

5 bd · 2.0 ba · 2,024 sqft · MultiFamily public records · 178 Days on market

Built 1900 6,489 sqft lot $71/sqft · 15% below area Est $168k · 15% 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 +30.0/30.0
• ARV discount +14.1/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This well-maintained two-family property offers a great opportunity for owner-occupants or investors alike. Recent updates include a brand-new roof and fresh interior and exterior paint, making this property truly move-in ready. One unit features 3 bedrooms and 1 full bath, while the second unit offers 2 bedrooms and 1 full bath, providing flexible living or rental options. Both units are fully occupied. Enjoy a nice yard with room to relax or entertain, plus the added value of an extra lot included in the sale that has a one-car garage provides convenient parking or storage. A solid investment with updates already completed. Lot 111-113 Burger Place with tax id # 94.064-13-16 total taxes 583.64 is included in the sale.

Key facts

• Extra lot
• One-car garage
• Fresh interior paint

Tags

• NEW ROOF
• FRESH INTERIOR PAINT
• FRESH EXTERIOR PAINT
• EXTRA LOT
• ONE-CAR GARAGE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $144k.

Deal economics

• At list price, monthly cash flow is $701 ($8k/yr) — positive. Per door: $350/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• Recommended offer: $126k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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 $992 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 $40k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $63k; list at $144k implies a 127% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,280 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 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 1900 — 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: 1.48% ✓
• Cap rate: 12.15%
• Cash-on-cash: 20.93%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

• ARV (median comp): $168,339
• List price: $143,500
• Delta: -14.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 Irving St	0.13mi	4/2.0 (-1)	2,158 (+7%)	12mo	$144,160	$67	68
107 N 4th St	0.12mi	4/2.0 (-1)	2,142 (+6%)	18mo	$86,500	$40	65
316 W Henley St	0.19mi	6/2.0 (+1)	2,304 (+14%)	2mo	$75,000	$33	61
125 N 2nd St	0.26mi	4/2.0 (-1)	2,156 (+6%)	14mo	$110,000	$51	60
127 N 2nd St	0.26mi	4/2.0 (-1)	2,156 (+6%)	14mo	$110,000	$51	60
509 Irving St	0.16mi	4/2.0 (-1)	2,205 (+9%)	15mo	$76,000	$34	60
104 S 14th St	0.53mi	4/2.0 (-1)	2,114 (+4%)	12mo	$127,000	$60	53
1208 Washington St	0.44mi	6/2.0 (+1)	2,058 (+2%)	22mo	$50,750	$25	53
322 Laurel Ave	0.61mi	5/2.0	1,731 (-14%)	4mo	$37,000	$21	44
502 N 8th St	0.62mi	4/2.0 (-1)	1,910 (-6%)	22mo	$110,000	$58	38
1209 Washington St	0.43mi	4/3.0 (-1)	2,322 (+15%)	17mo	$115,650	$50	33

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: 13.4%
• Equity multiple: 1.53×
• Total profit: $21,410
• Equity at exit: $21,396

10-year hold

• IRR: 22.2%
• Equity multiple: 2.90×
• Total profit: $76,220
• Equity at exit: $12,407

Cash invested: $40,180 (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: 11.3×

Monthly cashflow live

• Estimated rent: $2,125 medium
• Mortgage (P&I): −$753
• Tax from tax record: −$166 /mo · $1,986/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $701

Break-even live

Break-even rent $1,238

Max offer price $143,500

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,124
Total (2 units)			$2,125

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: $35,875
• Closing costs: $4,305
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $143,500 Active 178 DOM
2. 2026-06-17
   days on market $143,500 Active 177 DOM
3. 2026-06-16
   days on market $143,500 Active 176 DOM
4. 2026-06-15
   days on market $143,500 Active 175 DOM
5. 2026-06-13
   days on market $143,500 Active 173 DOM
6. 2026-06-12
   days on market $143,500 Active 172 DOM
7. 2026-06-09
   days on market $143,500 Active 169 DOM
8. 2026-06-08
   days on market $143,500 Active 168 DOM
9. 2026-06-07
   days on market $143,500 Active 167 DOM
10. 2026-06-07
    days on market $143,500 Active 166 DOM
11. 2026-06-04
    days on market $143,500 Active 163 DOM
12. 2026-06-02
    days on market $143,500 Active 162 DOM
13. 2026-06-01
    days on market $143,500 Active 161 DOM
14. 2026-05-31
    days on market $143,500 Active 160 DOM
15. 2026-05-02
    price $143,500 731-char remark

    Show marketing remark (731 chars)

    This well-maintained two-family property offers a great opportunity for owner-occupants or investors alike. Recent updates include a brand-new roof and fresh interior and exterior paint, making this property truly move-in ready. One unit features 3 bedrooms and 1 full bath, while the second unit offers 2 bedrooms and 1 full bath, providing flexible living or rental options. Both units are fully occupied. Enjoy a nice yard with room to relax or entertain, plus the added value of an extra lot included in the sale that has a one-car garage provides convenient parking or storage. A solid investment with updates already completed. Lot 111-113 Burger Place with tax id # 94.064-13-16 total taxes 583.64 is included in the sale.

16. 2025-12-22
    listed $149,900 Active 731-char remark

    Show marketing remark (731 chars)

    This well-maintained two-family property offers a great opportunity for owner-occupants or investors alike. Recent updates include a brand-new roof and fresh interior and exterior paint, making this property truly move-in ready. One unit features 3 bedrooms and 1 full bath, while the second unit offers 2 bedrooms and 1 full bath, providing flexible living or rental options. Both units are fully occupied. Enjoy a nice yard with room to relax or entertain, plus the added value of an extra lot included in the sale that has a one-car garage provides convenient parking or storage. A solid investment with updates already completed. Lot 111-113 Burger Place with tax id # 94.064-13-16 total taxes 583.64 is included in the sale.

17. 2007-09-13
    soldstatus $63,240

ⓘ 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: $1,986 · $166/mo
• Projected year-2 tax: $2,206 · $184/mo
• Expected delta: +$219/yr (+$18/mo · 11.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 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: $25,500
• − Mortgage interest: −$8,038
• − Property taxes: −$1,986
• − Insurance: −$718
• − Repairs & maintenance: −$2,040
• − Management: −$2,040
• − Depreciation: −$4,175
• Taxable income: $6,503
• Est. tax owed @ 24.0%: −$1,561
• After-tax cash flow: $6,850/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

+126.9% since first listed

3 events — show timeline

• 2026-05-02 Price Changed $143,500 UNYREIS
• 2025-12-22 Listed $149,900 UNYREIS
• 2007-09-13 Sold (Public Records) $63,240 Public Records

Property tax history

+0.1%/yr

Latest (2025): $1,986 · -38.9% YoY. Source: county tax records.