802 Garden Ave · Olean, NY 14760

$99,900

2 bd · 1.0 ba · 1,216 sqft · SingleFamily public records · 170 Days on market

Built 1920 7,100 sqft lot $82/sqft · 10% below area Est $111k · 10% under

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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 +23.7/30.0
• ARV discount +11.9/15.0
• DSCR +7.6/10.0
• 1% rule +6.7/10.0
• 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

3 bedroom 1 bathroom home centally located in Olean. The interior is in very good condition with high ceilings and high quality wood trim throughout. Large open kitchen, Beautiful living room with gorgeous woodwork that leads into anice dining room with hardwood floors. Covered front porch to relax with loved ones. A nice rear storage area off the kitchen. Upstairs you will find 3 bedrooms with hardwood floors and 1 large bathroom. Off street parking for two vehicles. Quiet neighborhood. This house might be the best value in Olean. It is priced right.

Key facts

• Covered front porch
• Rear storage area
• High ceilings

Tags

• HIGH CEILINGS
• HIGH QUALITY WOOD TRIM
• LARGE OPEN KITCHEN
• COVERED FRONT PORCH
• REAR STORAGE AREA
• HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.

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 $691 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.

Negotiation context

• It's been on market 170 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 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 $32k; list at $100k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 170 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.17% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.12%
• DSCR: 1.36
• GRM: 7.1

CMA / ARV

• ARV (median comp): $110,653
• List price: $99,900
• Delta: -9.72%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
526 Queen St	0.35mi	2/1.0	1,176 (-3%)	15mo	$138,000	$117	66
1218 Seneca Ave	0.44mi	3/1.0 (+1)	1,152 (-5%)	13mo	$155,500	$135	55
644 Garden Ave	0.28mi	3/1.5 (+1)	1,276 (+5%)	22mo	$90,000	$71	54
532 N Clark St	0.58mi	3/1.0 (+1)	1,288 (+6%)	18mo	$160,000	$124	43
834 Prospect Ave	0.58mi	3/2.0 (+1)	1,323 (+9%)	9mo	$269,900	$204	42
105 Fulton St	0.63mi	2/1.0	1,084 (-11%)	14mo	$115,000	$106	41
109 Bradley Dr	0.73mi	3/1.0 (+1)	1,040 (-14%)	1mo	$120,000	$115	36

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: -7.3%
• Equity multiple: 0.73×
• Total profit: $-7,587
• Equity at exit: $14,895

10-year hold

• IRR: 2.3%
• Equity multiple: 1.17×
• Total profit: $4,688
• Equity at exit: $8,638

Cash invested: $27,972 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,169 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$169 /mo · $2,025/yr
• Insurance: −$42
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $134

Break-even live

Break-even rent $1,000

Max offer price $99,900

Occupancy floor 84%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-08
   status Pending 558-char remark

   Show marketing remark (558 chars)

   3 bedroom 1 bathroom home centally located in Olean. The interior is in very good condition with high ceilings and high quality wood trim throughout. Large open kitchen, Beautiful living room with gorgeous woodwork that leads into anice dining room with hardwood floors. Covered front porch to relax with loved ones. A nice rear storage area off the kitchen. Upstairs you will find 3 bedrooms with hardwood floors and 1 large bathroom. Off street parking for two vehicles. Quiet neighborhood. This house might be the best value in Olean. It is priced right.

2. 2025-12-01
   status Active 558-char remark

   Show marketing remark (558 chars)

   3 bedroom 1 bathroom home centally located in Olean. The interior is in very good condition with high ceilings and high quality wood trim throughout. Large open kitchen, Beautiful living room with gorgeous woodwork that leads into anice dining room with hardwood floors. Covered front porch to relax with loved ones. A nice rear storage area off the kitchen. Upstairs you will find 3 bedrooms with hardwood floors and 1 large bathroom. Off street parking for two vehicles. Quiet neighborhood. This house might be the best value in Olean. It is priced right.

3. 2025-10-23
   status Pending 558-char remark

   Show marketing remark (558 chars)

   3 bedroom 1 bathroom home centally located in Olean. The interior is in very good condition with high ceilings and high quality wood trim throughout. Large open kitchen, Beautiful living room with gorgeous woodwork that leads into anice dining room with hardwood floors. Covered front porch to relax with loved ones. A nice rear storage area off the kitchen. Upstairs you will find 3 bedrooms with hardwood floors and 1 large bathroom. Off street parking for two vehicles. Quiet neighborhood. This house might be the best value in Olean. It is priced right.

4. 2025-10-11
   listed $99,900 Active 558-char remark

   Show marketing remark (558 chars)

   3 bedroom 1 bathroom home centally located in Olean. The interior is in very good condition with high ceilings and high quality wood trim throughout. Large open kitchen, Beautiful living room with gorgeous woodwork that leads into anice dining room with hardwood floors. Covered front porch to relax with loved ones. A nice rear storage area off the kitchen. Upstairs you will find 3 bedrooms with hardwood floors and 1 large bathroom. Off street parking for two vehicles. Quiet neighborhood. This house might be the best value in Olean. It is priced right.

5. 2022-01-05
   status Active
6. 2021-12-31
   historical
7. 2021-08-02
   status Under Contract- Do Not Show
8. 2021-06-06
   listed $69,900 Active
9. 2018-05-29
   soldstatus $32,000

ⓘ 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: $2,025 · $169/mo
• Projected year-2 tax: $2,025 · $169/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 7/10 Severe FEMA zone X (shaded) · 75% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥90°F today · 20 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: $14,030
• − Mortgage interest: −$5,596
• − Property taxes: −$2,025
• − Insurance: −$1,166
• − Repairs & maintenance: −$1,122
• − Management: −$1,122
• − Depreciation: −$2,906
• Taxable income: $92
• Est. tax owed @ 24.0%: −$22
• After-tax cash flow: $1,584/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

+212.2% since first listed

9 events — show timeline

• 2026-05-08 Pending — WNYREIS
• 2025-12-01 Relisted — WNYREIS
• 2025-10-23 Pending — WNYREIS
• 2025-10-11 Listed $99,900 WNYREIS
• 2022-01-05 Relisted — WNYREIS
• 2021-12-31 Listing Removed — WNYREIS
• 2021-08-02 Pending — WNYREIS
• 2021-06-06 Listed $69,900 WNYREIS
• 2018-05-29 Sold (Public Records) $32,000 Public Records

Property tax history

+9.1%/yr

Latest (2025): $2,025 · -38.9% YoY. Source: county tax records.