502 W Henley St · Olean, NY 14760

$105,000

4 bd · 1.5 ba · 2,118 sqft · SingleFamily public records · 81 Days on market

Built 1909 6,400 sqft lot $50/sqft · 7% below area Est $113k · 7% under ↓ 34% since listing

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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 +28.5/30.0
• ARV discount +10.7/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• 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

REHAB !! Beautiful Family Home on Corner Lot with detached 2 Car Garage. Must See !! This 4 Bedroom+ and 2.5 Bath, with Huge 3rd Floor Attic can be designed for your needs (more Bedrooms, Bar/Entertainment/Theater Room . This is a Renovation Project.

Key facts

• 6,400 sq ft lot
• 2 garage spots
• Built 1909

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $342 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $99k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 8.0% in Olean — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 $726 of loan paydown is wiped out by about $3k 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 $29k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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 $45k; list at $105k implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 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 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.46% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.97%
• DSCR: 1.62
• GRM: 5.7

CMA / ARV

• ARV (median comp): $113,079
• List price: $105,000
• Delta: -7.14%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 South Second St	0.17mi	4/2.0	1,880 (-11%)	4mo	$32,500	$17	68
136 N 10th St	0.42mi	4/2.0	2,156 (+2%)	10mo	$152,000	$71	67
121 S 10th St	0.34mi	4/2.0	1,988 (-6%)	7mo	$165,000	$83	66
129 N 2nd St	0.26mi	4/1.5	2,238 (+6%)	15mo	$220,000	$98	66
142 S 1st St	0.19mi	4/1.5	2,408 (+14%)	6mo	$75,000	$31	63
915 Washington St	0.39mi	4/1.5	2,360 (+11%)	3mo	$199,900	$85	60
106 S 14th St	0.61mi	5/2.0 (+1)	1,980 (-6%)	5mo	$212,500	$107	50
307 York St	0.70mi	4/2.5	2,171 (+2%)	15mo	$329,900	$152	47
207 N Clinton St	0.49mi	3/1.5 (-1)	1,816 (-14%)	6mo	$117,500	$65	43
417 W Sullivan St	0.39mi	3/1.5 (-1)	1,833 (-14%)	14mo	$156,500	$85	43
112 Virginia St	0.73mi	3/2.0 (-1)	2,279 (+8%)	21mo	$201,702	$89	29
1506 Washington St	0.69mi	3/2.0 (-1)	1,833 (-14%)	16mo	$170,000	$93	24

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: 4.3%
• Equity multiple: 1.17×
• Total profit: $4,895
• Equity at exit: $15,656

10-year hold

• IRR: 13.9%
• Equity multiple: 2.12×
• Total profit: $32,791
• Equity at exit: $9,078

Cash invested: $29,400 (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: 5.7×

Monthly cashflow live

• Estimated rent: $1,538 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$279 /mo · $3,343/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $342

Break-even live

Break-even rent $1,105

Max offer price $105,000

Occupancy floor 73%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $105,000 Active 81 DOM
2. 2026-06-17
   days on market $105,000 Active 80 DOM
3. 2026-06-16
   days on market $105,000 Active 79 DOM
4. 2026-06-15
   days on market $105,000 Active 78 DOM
5. 2026-06-13
   days on market $105,000 Active 76 DOM
6. 2026-06-12
   days on market $105,000 Active 75 DOM
7. 2026-06-09
   days on market $105,000 Active 72 DOM
8. 2026-06-08
   days on market $105,000 Active 71 DOM
9. 2026-06-07
   days on market $105,000 Active 70 DOM
10. 2026-06-07
    days on market $105,000 Active 69 DOM
11. 2026-06-04
    days on market $105,000 Active 66 DOM
12. 2026-06-02
    days on market $105,000 Active 65 DOM
13. 2026-06-01
    days on market $105,000 Active 64 DOM
14. 2026-05-31
    days on market $105,000 Active 63 DOM
15. 2026-03-29
    listed $105,000 Active 250-char remark

    Show marketing remark (250 chars)

    REHAB !! Beautiful Family Home on Corner Lot with detached 2 Car Garage. Must See !! This 4 Bedroom+ and 2.5 Bath, with Huge 3rd Floor Attic can be designed for your needs (more Bedrooms, Bar/Entertainment/Theater Room . This is a Renovation Project.

16. 2024-02-21
    soldstatus $45,000
17. 2024-02-20
    historical 751-char remark

    Show marketing remark (751 chars)

    This Once Beautiful Home (see the old pictures) is now ready for you to come in and design it your way and make it even more gorgeous! In unfortunate circumstances, the pipes froze last season and the sellers had serve-pro do the water clean-out and remediation. Now the majority of the house is down to the studs. There is remaining Natural Wood throughout, to include the Pocket Doors. Then, there are Newer Windows, Furnace, Hot Water Tank and The House Roof which have been updated in the last ten years. It has a 2 Car Garage, a Deck & Gazebo out back as well as a Charming, Tiny Yard for minimal upkeep. This would be an AMAZING Air B & B or a Multi-Room Rental or just the most Gorgeous House in the City, when you get done with it!

18. 2024-02-20
    soldstatus $45,000 Closed 751-char remark

    Show marketing remark (751 chars)

    This Once Beautiful Home (see the old pictures) is now ready for you to come in and design it your way and make it even more gorgeous! In unfortunate circumstances, the pipes froze last season and the sellers had serve-pro do the water clean-out and remediation. Now the majority of the house is down to the studs. There is remaining Natural Wood throughout, to include the Pocket Doors. Then, there are Newer Windows, Furnace, Hot Water Tank and The House Roof which have been updated in the last ten years. It has a 2 Car Garage, a Deck & Gazebo out back as well as a Charming, Tiny Yard for minimal upkeep. This would be an AMAZING Air B & B or a Multi-Room Rental or just the most Gorgeous House in the City, when you get done with it!

19. 2024-01-12
    status Pending 751-char remark

    Show marketing remark (751 chars)

    This Once Beautiful Home (see the old pictures) is now ready for you to come in and design it your way and make it even more gorgeous! In unfortunate circumstances, the pipes froze last season and the sellers had serve-pro do the water clean-out and remediation. Now the majority of the house is down to the studs. There is remaining Natural Wood throughout, to include the Pocket Doors. Then, there are Newer Windows, Furnace, Hot Water Tank and The House Roof which have been updated in the last ten years. It has a 2 Car Garage, a Deck & Gazebo out back as well as a Charming, Tiny Yard for minimal upkeep. This would be an AMAZING Air B & B or a Multi-Room Rental or just the most Gorgeous House in the City, when you get done with it!

20. 2023-10-29
    status Pending Sale 751-char remark

    Show marketing remark (751 chars)

    This Once Beautiful Home (see the old pictures) is now ready for you to come in and design it your way and make it even more gorgeous! In unfortunate circumstances, the pipes froze last season and the sellers had serve-pro do the water clean-out and remediation. Now the majority of the house is down to the studs. There is remaining Natural Wood throughout, to include the Pocket Doors. Then, there are Newer Windows, Furnace, Hot Water Tank and The House Roof which have been updated in the last ten years. It has a 2 Car Garage, a Deck & Gazebo out back as well as a Charming, Tiny Yard for minimal upkeep. This would be an AMAZING Air B & B or a Multi-Room Rental or just the most Gorgeous House in the City, when you get done with it!

21. 2023-10-22
    listed $59,999 Active 751-char remark

    Show marketing remark (751 chars)

    This Once Beautiful Home (see the old pictures) is now ready for you to come in and design it your way and make it even more gorgeous! In unfortunate circumstances, the pipes froze last season and the sellers had serve-pro do the water clean-out and remediation. Now the majority of the house is down to the studs. There is remaining Natural Wood throughout, to include the Pocket Doors. Then, there are Newer Windows, Furnace, Hot Water Tank and The House Roof which have been updated in the last ten years. It has a 2 Car Garage, a Deck & Gazebo out back as well as a Charming, Tiny Yard for minimal upkeep. This would be an AMAZING Air B & B or a Multi-Room Rental or just the most Gorgeous House in the City, when you get done with it!

22. 2022-12-31
    historical
23. 2022-12-20
    price $138,000
24. 2022-08-12
    price $142,000
25. 2022-07-08
    listed $154,900 Active
26. 2022-06-28
    historical
27. 2022-04-28
    listed $159,000 Active
28. 2022-04-27
    historical
29. 2021-09-28
    listed $159,000 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: $3,343 · $279/mo
• Projected year-2 tax: $3,343 · $279/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 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: $18,459
• − Mortgage interest: −$5,882
• − Property taxes: −$3,343
• − Insurance: −$525
• − Repairs & maintenance: −$1,477
• − Management: −$1,477
• − Depreciation: −$3,055
• Taxable income: $2,701
• Est. tax owed @ 24.0%: −$648
• After-tax cash flow: $3,458/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

-34.0% since first listed

15 events — show timeline

• 2026-03-29 Listed $105,000 UNYREIS
• 2024-02-21 Sold (Public Records) $45,000 Public Records
• 2024-02-20 Listing Removed — UNYREIS
• 2024-02-20 Sold (MLS) $45,000 UNYREIS
• 2024-01-12 Pending — UNYREIS
• 2023-10-29 Pending — UNYREIS
• 2023-10-22 Listed $59,999 UNYREIS
• 2022-12-31 Listing Removed — UNYREIS
• 2022-12-20 Price Changed $138,000 UNYREIS
• 2022-08-12 Price Changed $142,000 UNYREIS
• 2022-07-08 Listed $154,900 UNYREIS
• 2022-06-28 Listing Removed — WNYREIS
• 2022-04-28 Listed $159,000 WNYREIS
• 2022-04-27 Listing Removed — WNYREIS
• 2021-09-28 Listed $159,000 WNYREIS

Property tax history

+2.8%/yr

Latest (2025): $3,343 · -38.9% YoY. Source: county tax records.