1205 W Sullivan St · Olean, NY 14760

$62,000

4 bd · 1.0 ba · 1,124 sqft · SingleFamily public records · 86 Days on market

Built 1885 3,520 sqft lot $55/sqft · 35% below area Est $95k · 35% 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 2 bedroom, 1 nice size bathroom home is located close to schools, shopping and restaurants. Inside you will find a well maintained space with updated kitchen, bath and first floor laundry room. This charming property is perfect for a first time home buyer, savvy buyer, investor, or DIY enthusiast looking to gain equity, This is your chance to own a great home in a nice neighborhood and customize it to your taste!

Key facts

• Close to schools
• Close to restaurants
• Updated kitchen

Tags

• UPDATED KITCHEN
• FIRST FLOOR LAUNDRY ROOM
• CLOSE TO SCHOOLS
• CLOSE TO SHOPPING
• CLOSE TO RESTAURANTS

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $651 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $58k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.9% 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 $429 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y ago; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $62k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $58,280 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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 1885 — 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: 2.20% ✓
• Cap rate: 18.89%
• Cash-on-cash: 44.99%
• DSCR: 3.00
• GRM: 3.8

CMA / ARV

• ARV (median comp): $95,174
• List price: $62,000
• Delta: -34.86%
• 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
1705 W State St	0.41mi	3/1.0 (-1)	1,156 (+3%)	2mo	$37,500	$32	70
124 N 11th St	0.19mi	3/1.0 (-1)	1,196 (+6%)	12mo	$86,500	$72	65
302 N 9th St	0.16mi	3/1.5 (-1)	1,224 (+9%)	14mo	$95,000	$78	59
110 N 19th St	0.48mi	3/1.5 (-1)	1,088 (-3%)	10mo	$152,000	$140	56
136 S 12th St	0.39mi	3/1.5 (-1)	1,019 (-9%)	9mo	$120,000	$118	52
708 Irving St	0.55mi	3/1.5 (-1)	1,232 (+10%)	5mo	$25,000	$20	47
107 S 13th St	0.33mi	3/1.5 (-1)	1,232 (+10%)	18mo	$124,900	$101	46
129 S 13th St	0.38mi	3/1.5 (-1)	968 (-14%)	11mo	$68,000	$70	42
1618 Avenue A	0.72mi	3/2.0 (-1)	1,210 (+8%)	7mo	$83,200	$69	38
309 S 3rd St	0.72mi	3/1.0 (-1)	1,270 (+13%)	5mo	$10,000	$8	36
817 N 4th St	0.64mi	3/2.0 (-1)	1,044 (-7%)	16mo	$59,900	$57	35
314 Van Campen Ave	0.64mi	3/2.0 (-1)	1,213 (+8%)	18mo	$96,000	$79	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: 42.1%
• Equity multiple: 2.81×
• Total profit: $31,429
• Equity at exit: $9,244

10-year hold

• IRR: 48.2%
• Equity multiple: 5.66×
• Total profit: $80,829
• Equity at exit: $5,361

Cash invested: $17,360 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,364 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$76 /mo · $908/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $651

Break-even live

Break-even rent $540

Max offer price $62,000

Occupancy floor 47%

Sensitivity live

Price	-10% $686	-5% $668	+0% $651	+5% $633	+10% $616
Rent	-10% $543	-5% $597	+0% $651	+5% $705	+10% $759
Rate	-1.0pp $682	-0.5pp $667	base $651	+0.5pp $635	+1.0pp $618

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-06-21
   days on market $62,000 Active 86 DOM
2. 2026-06-21
   days on market $62,000 Active 85 DOM
3. 2026-06-18
   days on market $62,000 Active 83 DOM
4. 2026-06-17
   days on market $62,000 Active 82 DOM
5. 2026-06-16
   days on market $62,000 Active 81 DOM
6. 2026-06-15
   days on market $62,000 Active 80 DOM
7. 2026-06-13
   days on market $62,000 Active 78 DOM
8. 2026-06-12
   days on market $62,000 Active 77 DOM
9. 2026-06-09
   days on market $62,000 Active 74 DOM
10. 2026-06-08
    days on market $62,000 Active 73 DOM
11. 2026-06-07
    days on market $62,000 Active 72 DOM
12. 2026-06-07
    days on market $62,000 Active 71 DOM
13. 2026-06-04
    days on market $62,000 Active 68 DOM
14. 2026-06-02
    days on market $62,000 Active 67 DOM
15. 2026-06-01
    days on market $62,000 Active 66 DOM
16. 2026-05-31
    days on market $62,000 Active 65 DOM
17. 2026-05-31
    remarks 472-char remark
18. 2026-05-31
    price $62,000 Active 64 DOM
19. 2026-04-08
    price $68,000 421-char remark

    Show marketing remark (421 chars)

    This 2 bedroom, 1 nice size bathroom home is located close to schools, shopping and restaurants. Inside you will find a well maintained space with updated kitchen, bath and first floor laundry room. This charming property is perfect for a first time home buyer, savvy buyer, investor, or DIY enthusiast looking to gain equity, This is your chance to own a great home in a nice neighborhood and customize it to your taste!

20. 2026-03-27
    listed $72,000 Active 421-char remark

    Show marketing remark (421 chars)

    This 2 bedroom, 1 nice size bathroom home is located close to schools, shopping and restaurants. Inside you will find a well maintained space with updated kitchen, bath and first floor laundry room. This charming property is perfect for a first time home buyer, savvy buyer, investor, or DIY enthusiast looking to gain equity, This is your chance to own a great home in a nice neighborhood and customize it to your taste!

21. 2018-07-12
    soldstatus $32,000 Closed Sale or Rented 121-char remark

    Show marketing remark (121 chars)

    Great , remodeled 2 bedroom home with nice size yard. Affordable and ready for you to move right in! Call to view today!

22. 2018-07-11
    soldstatus $32,000
23. 2018-05-24
    status Under Contract- Do Not Show 121-char remark

    Show marketing remark (121 chars)

    Great , remodeled 2 bedroom home with nice size yard. Affordable and ready for you to move right in! Call to view today!

24. 2018-04-25
    price $42,000 121-char remark

    Show marketing remark (121 chars)

    Great , remodeled 2 bedroom home with nice size yard. Affordable and ready for you to move right in! Call to view today!

25. 2018-03-27
    price $54,000 121-char remark

    Show marketing remark (121 chars)

    Great , remodeled 2 bedroom home with nice size yard. Affordable and ready for you to move right in! Call to view today!

26. 2017-12-04
    listed $39,900 Active 121-char remark

    Show marketing remark (121 chars)

    Great , remodeled 2 bedroom home with nice size yard. Affordable and ready for you to move right in! Call to view today!

27. 2016-11-15
    status Pending Sale
28. 2016-11-15
    historical
29. 2016-06-10
    price $60,000
30. 2016-04-15
    historical
31. 2016-04-08
    listed $62,500 Active
32. 2016-04-04
    price $55,000
33. 2016-01-27
    historical
34. 2016-01-25
    listed $45,000 Active
35. 2016-01-08
    price $44,999
36. 2016-01-08
    status Active
37. 2015-12-25
    historical
38. 2015-11-11
    price $49,000
39. 2015-06-17
    price $54,000
40. 2015-05-17
    listed $59,000 Active
41. 2011-06-30
    soldstatus $7,500
42. 2006-10-12
    soldstatus $18,000

ⓘ 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: $908 · $76/mo
• Projected year-2 tax: $978 · $82/mo
• Expected delta: +$70/yr (+$6/mo · 7.7%)

ⓘ 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) · 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: $16,368
• − Mortgage interest: −$3,473
• − Property taxes: −$908
• − Insurance: −$310
• − Repairs & maintenance: −$1,309
• − Management: −$1,309
• − Depreciation: −$1,804
• Taxable income: $7,254
• Est. tax owed @ 24.0%: −$1,741
• After-tax cash flow: $6,070/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

+277.8% since first listed

24 events — show timeline

• 2026-04-08 Price Changed $68,000 WNYREIS
• 2026-03-27 Listed $72,000 WNYREIS
• 2018-07-12 Sold (MLS) $32,000 WNYREIS
• 2018-07-11 Sold (Public Records) $32,000 Public Records
• 2018-05-24 Pending — WNYREIS
• 2018-04-25 Price Changed $42,000 WNYREIS
• 2018-03-27 Price Changed $54,000 WNYREIS
• 2017-12-04 Listed $39,900 WNYREIS
• 2016-11-15 Pending — WNYREIS
• 2016-11-15 Listing Removed — WNYREIS
• 2016-06-10 Price Changed $60,000 WNYREIS
• 2016-04-15 Listing Removed — UNYREIS
• 2016-04-08 Listed $62,500 WNYREIS
• 2016-04-04 Price Changed $55,000 UNYREIS
• 2016-01-27 Listing Removed — WNYREIS
• 2016-01-25 Listed $45,000 UNYREIS
• 2016-01-08 Price Changed $44,999 WNYREIS
• 2016-01-08 Relisted — WNYREIS
• 2015-12-25 Listing Removed — WNYREIS
• 2015-11-11 Price Changed $49,000 WNYREIS
• 2015-06-17 Price Changed $54,000 WNYREIS
• 2015-05-17 Listed $59,000 WNYREIS
• 2011-06-30 Sold (Public Records) $7,500 Public Records
• 2006-10-12 Sold (Public Records) $18,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $908 · -38.9% YoY. Source: county tax records.