61 N Franklin St · Cattaraugus, NY 14719

$61,600

3 bd · 2.5 ba · 1,272 sqft · SingleFamily public records · 218 Days on market

Built 1900 0.48 ac lot $48/sqft · 45% below area Est $111k · 45% under

---

Why this score? — see what drove the A 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
• Appreciation +10.0/10.0
• Schools +3.9/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This 3 bedroom 2 and 1/2 bathroom home is located in Cattaraugus, NY. Ideal for an investment or residential opportunity. A great opportunity to turn your investment into a home or rental for potential income. The water is supplied by the municipality and there is a private septic system. The home has a partial walk in basement with crawl through access as well. There is one bathroom downstairs and one and 1/2 bathrooms upstairs. Look out the back yard toward the Cattaraugus Little Valley Sports Fields. The property is owned by Community Bank and is being sold AS IS condition. Please be sure that any qualifications are willing to finance based on an AS IS Sale. We look forward to scheduling your private showing of this great opportunity.

Key facts

• Back yard view
• 0.48 acre lot
• Built 1900

Tags

• PRIVATE SEPTIC SYSTEM
• PARTIAL WALK IN BASEMENT
• BACK YARD VIEW

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/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: $54k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#973 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment C-, crime F, amenities F.
• Cattaraugus-Little Valley Central School District (rural): math 42% / reading 49% proficiency, ranked #460 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 21 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($426 loan paydown + $6k appreciation (10.0% local appreciation)).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 218 days — a 12% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $23k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.5% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,208 (12.0% below list)

Questions for the listing agent

1. It's been on market 218 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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: 1.75% ✓
• Cap rate: 11.58%
• Cash-on-cash: 18.87%
• DSCR: 1.84
• GRM: 4.8

CMA / ARV

• ARV (median comp): $111,382
• List price: $61,600
• Delta: -44.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.4%
• Equity multiple: 3.95×
• Total profit: $50,933
• Equity at exit: $55,494

10-year hold

• IRR: 33.1%
• Equity multiple: 8.92×
• Total profit: $136,624
• Equity at exit: $119,675

Cash invested: $17,248 (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 14719

• Home prices YoY: 3.4%
• Active inventory: 21
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,075 medium
• Mortgage (P&I): −$323
• Tax from tax record: −$230 /mo · $2,756/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $271

Break-even live

Break-even rent $732

Max offer price $61,600

Occupancy floor 70%

Sensitivity live

Price	-10% $306	-5% $289	+0% $271	+5% $254	+10% $236
Rent	-10% $186	-5% $229	+0% $271	+5% $314	+10% $356
Rate	-1.0pp $302	-0.5pp $287	base $271	+0.5pp $255	+1.0pp $239

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: $15,400
• Closing costs: $1,848
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-05-14
   status Pending 747-char remark

   Show marketing remark (747 chars)

   This 3 bedroom 2 and 1/2 bathroom home is located in Cattaraugus, NY. Ideal for an investment or residential opportunity. A great opportunity to turn your investment into a home or rental for potential income. The water is supplied by the municipality and there is a private septic system. The home has a partial walk in basement with crawl through access as well. There is one bathroom downstairs and one and 1/2 bathrooms upstairs. Look out the back yard toward the Cattaraugus Little Valley Sports Fields. The property is owned by Community Bank and is being sold AS IS condition. Please be sure that any qualifications are willing to finance based on an AS IS Sale. We look forward to scheduling your private showing of this great opportunity.

2. 2026-04-14
   price $61,600 747-char remark

   Show marketing remark (747 chars)

   This 3 bedroom 2 and 1/2 bathroom home is located in Cattaraugus, NY. Ideal for an investment or residential opportunity. A great opportunity to turn your investment into a home or rental for potential income. The water is supplied by the municipality and there is a private septic system. The home has a partial walk in basement with crawl through access as well. There is one bathroom downstairs and one and 1/2 bathrooms upstairs. Look out the back yard toward the Cattaraugus Little Valley Sports Fields. The property is owned by Community Bank and is being sold AS IS condition. Please be sure that any qualifications are willing to finance based on an AS IS Sale. We look forward to scheduling your private showing of this great opportunity.

3. 2026-02-23
   price $77,000 747-char remark

   Show marketing remark (747 chars)

   This 3 bedroom 2 and 1/2 bathroom home is located in Cattaraugus, NY. Ideal for an investment or residential opportunity. A great opportunity to turn your investment into a home or rental for potential income. The water is supplied by the municipality and there is a private septic system. The home has a partial walk in basement with crawl through access as well. There is one bathroom downstairs and one and 1/2 bathrooms upstairs. Look out the back yard toward the Cattaraugus Little Valley Sports Fields. The property is owned by Community Bank and is being sold AS IS condition. Please be sure that any qualifications are willing to finance based on an AS IS Sale. We look forward to scheduling your private showing of this great opportunity.

4. 2025-10-08
   listed $85,000 Active 747-char remark

   Show marketing remark (747 chars)

   This 3 bedroom 2 and 1/2 bathroom home is located in Cattaraugus, NY. Ideal for an investment or residential opportunity. A great opportunity to turn your investment into a home or rental for potential income. The water is supplied by the municipality and there is a private septic system. The home has a partial walk in basement with crawl through access as well. There is one bathroom downstairs and one and 1/2 bathrooms upstairs. Look out the back yard toward the Cattaraugus Little Valley Sports Fields. The property is owned by Community Bank and is being sold AS IS condition. Please be sure that any qualifications are willing to finance based on an AS IS Sale. We look forward to scheduling your private showing of this great opportunity.

5. 2025-09-15
   historical
6. 2025-06-26
   listed $81,000 Active
7. 2025-06-15
   historical
8. 2025-04-21
   price $81,000
9. 2024-12-16
   listed $91,000 Active
10. 2018-06-21
    soldstatus $67,000
11. 2018-06-19
    soldstatus $67,000 Closed Sale or Rented
12. 2018-04-04
    status Pending Sale
13. 2018-03-06
    price $69,900
14. 2018-02-06
    listed $72,000 Active
15. 2009-02-17
    soldstatus $27,000
16. 2001-01-29
    soldstatus $23,000

ⓘ 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: $2,756 · $230/mo
• Projected year-2 tax: $2,756 · $230/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 1/10 Low
• 🌡 Heat 1/10 Low 8 d/yr ≥90°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,905
• − Mortgage interest: −$3,451
• − Property taxes: −$2,756
• − Insurance: −$308
• − Repairs & maintenance: −$1,032
• − Management: −$1,032
• − Depreciation: −$1,792
• Taxable income: $2,534
• Est. tax owed @ 24.0%: −$608
• After-tax cash flow: $2,647/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: Cattaraugus-Little Valley Central School District
• NCES district ID: 3600024
• Math proficiency: 42% ▼ -15.00%
• Reading proficiency: 49% ▲ 3.00%
• Median HH income: $45,623
• Composite: 38.61/100
• National rank: #4159
• State rank: #460 of 590 in NY

Livability — Cattaraugus

• Score: 60/100
• State rank: #973
• US rank: #19013

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment C- Housing A Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cattaraugus, NY
• Population (ZIP): 3,334

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 (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Romanian 9% Lithuanian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 3% Spanish 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: ▲ 10.94%
• Current HPI: 331.9433
• 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

+167.8% since first listed

16 events — show timeline

• 2026-05-14 Pending — UNYREIS
• 2026-04-14 Price Changed $61,600 UNYREIS
• 2026-02-23 Price Changed $77,000 UNYREIS
• 2025-10-08 Listed $85,000 UNYREIS
• 2025-09-15 Listing Removed — WNYREIS
• 2025-06-26 Listed $81,000 WNYREIS
• 2025-06-15 Listing Removed — WNYREIS
• 2025-04-21 Price Changed $81,000 WNYREIS
• 2024-12-16 Listed $91,000 WNYREIS
• 2018-06-21 Sold (Public Records) $67,000 Public Records
• 2018-06-19 Sold (MLS) $67,000 WNYREIS
• 2018-04-04 Pending — WNYREIS
• 2018-03-06 Price Changed $69,900 WNYREIS
• 2018-02-06 Listed $72,000 WNYREIS
• 2009-02-17 Sold (Public Records) $27,000 Public Records
• 2001-01-29 Sold (Public Records) $23,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $2,756 · +4.6% YoY. Source: county tax records.