964 Portville Olean Rd

Weston Mills, NY 14770

$159,000B

4 bd · 3.0 ba · 3,232 sqft · Built 1871 · MultiFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,306/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$418
• HOA: −$0
• Vac / Maint / Mgmt: −$694
• Net cashflow: $1,360/mo
• Annual: $16,324/yr
• Cap rate: 16.56%
• Cash-on-cash: 36.67%
• DSCR: 2.63
• 1% rule: 2.08%
• Cash to close: $44,520

Investor read

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $159k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $453/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $159k).
• It's been on market 43 days — a 3% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (3.0% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (7.7% local appreciation)).
• Location reads 65/100 on livability (#667 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, schools F, amenities F.
• Portville Central School District (rural): math 63% / reading 65% proficiency, ranked #190 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.7% of price; built in 1871 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 25 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 $55k; list at $159k implies a 189% gain — meaningful room to come down on a strong offer.
• At projected returns (7.7% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 16.6% vs local median 5.3% in Weston Mills — 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.

Questions for listing agent

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1871 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.