401 Cherry St · Olean, NY 14760

$145,900

3 bd · 1.0 ba · 1,260 sqft · SingleFamily public records · 7 Days on market

Built 1966 0.30 ac lot Est $150k · at est.

---

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 +12.8/30.0
• ARV discount +8.7/15.0
• 1% rule +4.1/10.0
• DSCR +3.8/10.0
• 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

Listing remarks MLS

Nice ranch home with new roof, windows and Siding. The siding on right side of the house isn't complete but the new siding is in the garage along with the siding to side the garage. There is treated lumber in the garage for a deck over the front porch. Very nice location in East Olean. There is a large covered patio off the back of the house. Updated kitchen with new cupboards and counter top. This is a estate sale so there is no property condition discloser. House being sold as is.

Key facts

• Covered porch
• Full basement
• Corner lot

Tags

• CORNER LOT
• DETACHED GARAGE
• COVERED PORCH
• FULL BASEMENT
• PLUMBING FOR FUTURE HALF BATH

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $146k.

Deal economics

• At list price, monthly cash flow is $-13 ($-154/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (8.5% below list).
• Recommended offer: $133k (8.5% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 8.1% in Olean — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 10y 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 $98k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $133,494 (8.5% 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 1966 — 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. 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?
6. 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?
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: 0.91% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $149,940
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
532 N Clark St	0.18mi	3/1.0	1,288 (+2%)	18mo	$160,000	$124	73
1218 Seneca Ave	0.23mi	3/1.0	1,152 (-9%)	13mo	$155,500	$135	64
407 N Clark St	0.12mi	3/2.0	1,404 (+11%)	9mo	$167,000	$119	64
832 Garden Ave	0.59mi	4/1.0 (+1)	1,260 (0%)	9mo	$77,000	$61	60
318 King St	0.46mi	3/1.5	1,416 (+12%)	13mo	$105,000	$74	45
526 Queen St	0.61mi	2/1.0 (-1)	1,176 (-7%)	15mo	$138,000	$117	43
1618 Route 417 St	0.58mi	2/1.5 (-1)	1,092 (-13%)	5mo	$225,000	$206	39
422 Alder St	0.72mi	3/1.0	1,420 (+13%)	15mo	$145,000	$102	32
713 Prince St	0.70mi	3/2.0	1,440 (+14%)	11mo	$175,501	$122	31

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: -16.9%
• Equity multiple: 0.40×
• Total profit: $-24,404
• Equity at exit: $21,754

10-year hold

• IRR: -8.7%
• Equity multiple: 0.46×
• Total profit: $-22,075
• Equity at exit: $12,615

Cash invested: $40,852 (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: 9.1×

Monthly cashflow live

• Estimated rent: $1,335 medium
• Mortgage (P&I): −$765
• Tax from tax record: −$242 /mo · $2,899/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $-13

Break-even live

Break-even rent $1,351

Max offer price $143,629

Occupancy floor 96%

Sensitivity live

Price	-10% $70	-5% $28	+0% $-13	+5% $-54	+10% $-95
Rent	-10% $-118	-5% $-66	+0% $-13	+5% $40	+10% $93
Rate	-1.0pp $61	-0.5pp $24	base $-13	+0.5pp $-51	+1.0pp $-89

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: $36,475
• Closing costs: $4,377
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-04-06
   status Pending
2. 2026-03-30
   listed $145,900 Active
3. 2023-12-26
   soldstatus $98,000
4. 2023-12-22
   soldstatus $98,000 Closed Sale or Rented 489-char remark

   Show marketing remark (489 chars)

   Nice ranch home with new roof, windows and Siding. The siding on right side of the house isn't complete but the new siding is in the garage along with the siding to side the garage. There is treated lumber in the garage for a deck over the front porch. Very nice location in East Olean. There is a large covered patio off the back of the house. Updated kitchen with new cupboards and counter top. This is a estate sale so there is no property condition discloser. House being sold as is.

5. 2023-10-24
   status Under Contract- Do Not Show 489-char remark

   Show marketing remark (489 chars)

   Nice ranch home with new roof, windows and Siding. The siding on right side of the house isn't complete but the new siding is in the garage along with the siding to side the garage. There is treated lumber in the garage for a deck over the front porch. Very nice location in East Olean. There is a large covered patio off the back of the house. Updated kitchen with new cupboards and counter top. This is a estate sale so there is no property condition discloser. House being sold as is.

6. 2023-09-25
   price $109,900 489-char remark

   Show marketing remark (489 chars)

   Nice ranch home with new roof, windows and Siding. The siding on right side of the house isn't complete but the new siding is in the garage along with the siding to side the garage. There is treated lumber in the garage for a deck over the front porch. Very nice location in East Olean. There is a large covered patio off the back of the house. Updated kitchen with new cupboards and counter top. This is a estate sale so there is no property condition discloser. House being sold as is.

7. 2023-09-06
   price $115,000 489-char remark

   Show marketing remark (489 chars)

   Nice ranch home with new roof, windows and Siding. The siding on right side of the house isn't complete but the new siding is in the garage along with the siding to side the garage. There is treated lumber in the garage for a deck over the front porch. Very nice location in East Olean. There is a large covered patio off the back of the house. Updated kitchen with new cupboards and counter top. This is a estate sale so there is no property condition discloser. House being sold as is.

8. 2023-07-07
   listed $120,000 Active 489-char remark

   Show marketing remark (489 chars)

   Nice ranch home with new roof, windows and Siding. The siding on right side of the house isn't complete but the new siding is in the garage along with the siding to side the garage. There is treated lumber in the garage for a deck over the front porch. Very nice location in East Olean. There is a large covered patio off the back of the house. Updated kitchen with new cupboards and counter top. This is a estate sale so there is no property condition discloser. House being sold as is.

9. 2017-06-20
   soldstatus $72,000 Closed Sale or Rented 380-char remark

   Show marketing remark (380 chars)

   Stop down to the corner of Cherry and Plum and look at this sweet home. This ranch style home has hardwood, it's on a corner lot, and you will want to hang out on the back porch all day. The basement was just waterproofed and comes with a transferable warranty to the purchaser. This house has a two car garage and has a larger than average city lot. Call us for a showing today.

10. 2017-06-16
    soldstatus $72,000
11. 2017-04-10
    status Pending Sale 380-char remark

    Show marketing remark (380 chars)

    Stop down to the corner of Cherry and Plum and look at this sweet home. This ranch style home has hardwood, it's on a corner lot, and you will want to hang out on the back porch all day. The basement was just waterproofed and comes with a transferable warranty to the purchaser. This house has a two car garage and has a larger than average city lot. Call us for a showing today.

12. 2017-01-26
    status Active 380-char remark

    Show marketing remark (380 chars)

    Stop down to the corner of Cherry and Plum and look at this sweet home. This ranch style home has hardwood, it's on a corner lot, and you will want to hang out on the back porch all day. The basement was just waterproofed and comes with a transferable warranty to the purchaser. This house has a two car garage and has a larger than average city lot. Call us for a showing today.

13. 2016-11-08
    historical 380-char remark

    Show marketing remark (380 chars)

    Stop down to the corner of Cherry and Plum and look at this sweet home. This ranch style home has hardwood, it's on a corner lot, and you will want to hang out on the back porch all day. The basement was just waterproofed and comes with a transferable warranty to the purchaser. This house has a two car garage and has a larger than average city lot. Call us for a showing today.

14. 2016-09-29
    price $79,900 380-char remark

    Show marketing remark (380 chars)

    Stop down to the corner of Cherry and Plum and look at this sweet home. This ranch style home has hardwood, it's on a corner lot, and you will want to hang out on the back porch all day. The basement was just waterproofed and comes with a transferable warranty to the purchaser. This house has a two car garage and has a larger than average city lot. Call us for a showing today.

15. 2016-08-10
    price $89,900 380-char remark

    Show marketing remark (380 chars)

    Stop down to the corner of Cherry and Plum and look at this sweet home. This ranch style home has hardwood, it's on a corner lot, and you will want to hang out on the back porch all day. The basement was just waterproofed and comes with a transferable warranty to the purchaser. This house has a two car garage and has a larger than average city lot. Call us for a showing today.

16. 2016-07-28
    listed $94,900 Active 380-char remark

    Show marketing remark (380 chars)

    Stop down to the corner of Cherry and Plum and look at this sweet home. This ranch style home has hardwood, it's on a corner lot, and you will want to hang out on the back porch all day. The basement was just waterproofed and comes with a transferable warranty to the purchaser. This house has a two car garage and has a larger than average city lot. Call us for a showing today.

ⓘ 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: $2,899 · $242/mo
• Projected year-2 tax: $2,899 · $242/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 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: $16,019
• − Mortgage interest: −$8,173
• − Property taxes: −$2,899
• − Insurance: −$730
• − Repairs & maintenance: −$1,282
• − Management: −$1,282
• − Depreciation: −$4,244
• Taxable loss: −$2,589
• Est. tax savings @ 24.0%: +$621
• After-tax cash flow: $467/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

+53.7% since first listed

16 events — show timeline

• 2026-04-06 Pending — UNYREIS
• 2026-03-30 Listed $145,900 UNYREIS
• 2023-12-26 Sold (Public Records) $98,000 Public Records
• 2023-12-22 Sold (MLS) $98,000 WNYREIS
• 2023-10-24 Pending — WNYREIS
• 2023-09-25 Price Changed $109,900 WNYREIS
• 2023-09-06 Price Changed $115,000 WNYREIS
• 2023-07-07 Listed $120,000 WNYREIS
• 2017-06-20 Sold (MLS) $72,000 WNYREIS
• 2017-06-16 Sold (Public Records) $72,000 Public Records
• 2017-04-10 Pending — WNYREIS
• 2017-01-26 Relisted — WNYREIS
• 2016-11-08 Listing Removed — WNYREIS
• 2016-09-29 Price Changed $79,900 WNYREIS
• 2016-08-10 Price Changed $89,900 WNYREIS
• 2016-07-28 Listed $94,900 WNYREIS

Property tax history

+7.4%/yr

Latest (2025): $2,899 · -38.9% YoY. Source: county tax records.