1505 W Henley St · Olean, NY 14760

$89,900

2 bd · 1.0 ba · 1,252 sqft · SingleFamily public records · 12 Days on market

Built 1925 4,500 sqft lot Est $86k · at est.

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Why this score? — see what drove the C+ 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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +5.7/15.0
• 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

Welcome to this delightful 2-bedroom, 1 1/2-bathroom home located in the desirable West Olean neighborhood. Step inside to discover the beauty of hardwood floors that grace the entire home, exuding warmth and character. The main level features a cozy living area adorned with stunning stamped tin ceilings, adding a touch of vintage charm. Relax and unwind on the inviting front porch, perfect for enjoying the serene surroundings. Love to cook? The well-appointed kitchen offers ample counter space and modern appliances, making meal preparation a breeze. Adjacent to the kitchen is a lovely dining area, ideal for sharing meals with family and friends. Upstairs, you'll find two comfortable bedroo

Key facts

• Stamped tin ceilings
• Front porch
• Dining area

Tags

• HARDWOOD FLOORS
• STAMPED TIN CEILINGS
• FRONT PORCH
• WELL-APPOINTED KITCHEN
• DINING AREA
• SPACIOUS GARAGE

Property features AI

Exterior

• Parking: Detached garage; 2-car garage
• Utilities: Public water connected; Sewer available; High-speed internet available
• Home design: Two-story property; Resale condition; Asphalt roof
• Construction: Composite siding; Block foundation; Existing (previously built) structure
• Exterior features: Concrete driveway; Dirt driveway; Rectangular residential lot; City street frontage

Interior

• Kitchen: Appliances negotiable
• Bedrooms: 6 total rooms including living areas and laundry
• Flooring: Carpet; Laminate; Luxury vinyl; Varied flooring materials
• Bathrooms: 1 full bathroom; 1 half bathroom; Main level bathroom present
• Heating & cooling: Gas forced-air heating
• Interior features: Separate/formal dining room; Separate/formal living room
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 10.4% vs local median 8.1% 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: 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 $622 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 $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $70k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.32% ✓
• Cap rate: 10.40%
• Cash-on-cash: 14.66%
• DSCR: 1.65
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $86,388
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1705 W State St	0.17mi	3/1.0 (+1)	1,156 (-8%)	2mo	$37,500	$32	73
224 S 16th St	0.11mi	2/2.0	1,120 (-10%)	3mo	$69,000	$62	71
708 Irving St	0.48mi	3/1.5 (+1)	1,232 (-2%)	5mo	$25,000	$20	63
124 N 11th St	0.31mi	3/1.0 (+1)	1,196 (-4%)	12mo	$86,500	$72	62
123 S 4th St	0.65mi	2/1.0	1,300 (+4%)	4mo	$90,000	$69	60
309 S 3rd St	0.71mi	3/1.0 (+1)	1,270 (+1%)	5mo	$10,000	$8	55
111 N 24th St	0.60mi	3/2.0 (+1)	1,248 (-0%)	10mo	$150,000	$120	54
218 N 12th St	0.43mi	3/1.5 (+1)	1,344 (+7%)	10mo	$99,900	$74	52
334 N 13th St	0.54mi	2/1.0	1,392 (+11%)	5mo	$74,500	$54	52
130 S 6th St	0.50mi	3/2.0 (+1)	1,320 (+5%)	10mo	$150,000	$114	51
110 N 19th St	0.32mi	3/1.5 (+1)	1,088 (-13%)	10mo	$152,000	$140	48
1117 W Sullivan St	0.47mi	3/1.5 (+1)	1,400 (+12%)	6mo	$53,500	$38	46

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: 5.2%
• Equity multiple: 1.20×
• Total profit: $5,040
• Equity at exit: $13,404

10-year hold

• IRR: 14.6%
• Equity multiple: 2.18×
• Total profit: $29,697
• Equity at exit: $7,773

Cash invested: $25,172 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,184 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$119 /mo · $1,429/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $308

Break-even live

Break-even rent $795

Max offer price $89,900

Occupancy floor 69%

Sensitivity live

Price	-10% $358	-5% $333	+0% $308	+5% $282	+10% $257
Rent	-10% $214	-5% $261	+0% $308	+5% $354	+10% $401
Rate	-1.0pp $353	-0.5pp $330	base $308	+0.5pp $284	+1.0pp $261

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $89,900 Active 12 DOM
2. 2026-06-18
   days on market $89,900 Active 10 DOM
3. 2026-06-17
   days on market $89,900 Active 9 DOM
4. 2026-06-16
   days on market $89,900 Active 8 DOM
5. 2026-06-15
   days on market $89,900 Active 7 DOM
6. 2026-06-13
   days on market $89,900 Active 5 DOM
7. 2026-06-12
   days on market $89,900 Active 4 DOM
8. 2026-06-09
   remarks 699-char remark
9. 2026-06-09
   listed $89,900 Active 1 DOM

ⓘ 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: $1,429 · $119/mo
• Projected year-2 tax: $1,474 · $123/mo
• Expected delta: +$45/yr (+$4/mo · 3.1%)

ⓘ 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: $14,211
• − Mortgage interest: −$5,036
• − Property taxes: −$1,429
• − Insurance: −$450
• − Repairs & maintenance: −$1,137
• − Management: −$1,137
• − Depreciation: −$2,615
• Taxable income: $2,407
• Est. tax owed @ 24.0%: −$578
• After-tax cash flow: $3,112/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

+156.9% since first listed

9 events — show timeline

• 2026-06-08 Listed $89,900 UNYREIS
• 2023-09-12 Listing Removed — UNYREIS
• 2023-08-14 Price Changed $79,900 UNYREIS
• 2023-07-24 Listed $89,900 UNYREIS
• 2022-06-14 Sold (Public Records) $70,000 Public Records
• 2017-06-01 Sold (MLS) $28,000 WNYREIS
• 2017-05-31 Sold (Public Records) $28,000 Public Records
• 2017-02-16 Pending — WNYREIS
• 2016-11-15 Listed $35,000 WNYREIS

Property tax history

+7.3%/yr

Latest (2025): $1,429 · -43.8% YoY. Source: county tax records.