812 Bishop St · Olean, NY 14760

$84,500

3 bd · 2.0 ba · 1,962 sqft · SingleFamily public records · 18 Days on market

Built 1889 6,750 sqft lot $43/sqft · 54% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Spacious 5-bedroom, 2-bath home located in East Olean with plenty of character and potential. The first floor offers a functional layout with a living room, formal dining room, kitchen, laundry area, one bedroom, and a full bathroom—ideal for convenient one-floor living if needed. The foyer welcomes you with beautiful original woodwork and classic glass doors, adding charm you don’t often find. Upstairs features four additional bedrooms and a second full bathroom, providing plenty of space for a larger household, guests, or a home office setup. The home does need some updating but offers a great opportunity to build equity while preserving its original character. Exterior highli

Key facts

• Covered front porch
• Blacktop driveway
• Classic glass doors

Tags

• FUNCTIONAL LAYOUT
• ORIGINAL WOODWORK
• CLASSIC GLASS DOORS
• COVERED FRONT PORCH
• BACK DECK
• BLACKTOP DRIVEWAY

Property features AI

Exterior

• Parking: Detached garage; Two garage spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story house; Existing construction; Vinyl siding
• Construction: Block foundation
• Exterior features: Blacktop driveway; Deck; Covered porch

Interior

• Kitchen: Dishwasher
• Bedrooms: One main-level bedroom
• Flooring: Carpet; Hardwood; Laminate; Varied flooring
• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Gas heating; Forced air; Gravity system
• Interior features: Separate/formal dining room; Separate/formal living room; Bedroom on main level; Full basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $84k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $84k).
• Recommended offer: $83k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 8.0% 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: 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 $584 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 $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($83k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,232 (1.5% below list)

Questions for the listing agent

1. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
7. 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.
8. 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: 1.64% ✓
• Cap rate: 12.10%
• Cash-on-cash: 20.76%
• DSCR: 1.92
• GRM: 5.1

CMA / ARV

• ARV (median comp): $184,016
• List price: $84,500
• Delta: -54.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
935 Queen St	0.62mi	4/2.5 (+1)	1,956 (-0%)	2mo	$240,000	$123	62
935 Forness Ave	0.47mi	3/1.5	1,920 (-2%)	13mo	$200,000	$104	62
730 King St	0.48mi	3/2.0	2,236 (+14%)	11mo	$285,000	$127	45
832 Prospect Ave	0.53mi	3/1.5	2,100 (+7%)	21mo	$191,100	$91	44
1357 Goodrich Ave	0.63mi	4/2.5 (+1)	2,067 (+5%)	13mo	$295,000	$143	44
1315 Seneca Ave	0.53mi	4/2.0 (+1)	1,668 (-15%)	12mo	$160,000	$96	36
1005 King St	0.61mi	2/2.5 (-1)	1,716 (-12%)	13mo	$190,900	$111	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: 13.2%
• Equity multiple: 1.53×
• Total profit: $12,457
• Equity at exit: $12,599

10-year hold

• IRR: 22.1%
• Equity multiple: 2.89×
• Total profit: $44,754
• Equity at exit: $7,306

Cash invested: $23,660 (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: 5.1×

Monthly cashflow live

• Estimated rent: $1,389 medium
• Mortgage (P&I): −$443
• Tax from tax record: −$209 /mo · $2,512/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $409

Break-even live

Break-even rent $870

Max offer price $84,500

Occupancy floor 66%

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: $21,125
• Closing costs: $2,535
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-03
   status $84,500 Pending 18 DOM
2. 2026-06-02
   days on market $84,500 Active 18 DOM
3. 2026-06-01
   days on market $84,500 Active 17 DOM
4. 2026-05-31
   days on market $84,500 Active 16 DOM
5. 2026-05-15
   listed $84,500 Active 899-char remark

ⓘ 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: $2,512 · $209/mo
• Projected year-2 tax: $2,512 · $209/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 2/10 Low FEMA zone X (shaded) · 3% 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: $16,662
• − Mortgage interest: −$4,733
• − Property taxes: −$2,512
• − Insurance: −$422
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − Depreciation: −$2,458
• Taxable income: $3,870
• Est. tax owed @ 24.0%: −$929
• After-tax cash flow: $3,982/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

2 events — show timeline

• 2026-06-02 Pending — UNYREIS
• 2026-05-15 Listed $84,500 UNYREIS

Property tax history

+7.9%/yr

Latest (2025): $2,512 · -38.9% YoY. Source: county tax records.