1390 Olean Portville Rd · Weston Mills, NY 14760

$28,000

3 bd · 3.0 ba · 2,400 sqft · MultiFamily public records · 164 Days on market

Built 1890 0.30 ac lot $12/sqft · 83% below area

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

SURVEY AND TITLE ARE COMPLETED; BUYER WALKED AWAY FOR NO REASON AT THE TIME OF CLOSING!!Unlock the potential in this fully vacant 4-unit property located in the Town of Portville. A true value-add opportunity, this building is ready for renovation and ideal for investors looking to rehab, reposition, and maximize rental income. With no current tenants, you can start work immediately without the challenges of inherited leases or occupancy delays. The property needs substantial updates, offering the chance to redesign floor plans, modernize systems, and bring the building to its highest and best use. Conveniently situated near local amenities, shopping, and major roadways, this location remains attractive for future renters. Whether you’re expanding your portfolio or searching for your next project, this multifamily structure provides strong upside for the right buyer.

Key facts

• 0.3 acre lot
• 2 parking spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/4.0-bath units multifamily listed at $28k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $738/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $28k).
• Recommended offer: $25k (12.0% below list) — sets the bar for market timing.
• Cap rate 132.9% 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.

Location & tenants

• 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.
• 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 $194 of loan paydown is wiped out by about $840 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 164 days — a 12% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $4k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $28k implies a 87% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 164 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 14.23% ✓
• Cap rate: 132.89%
• Cash-on-cash: 452.12%
• DSCR: 21.12
• GRM: 0.6

CMA / ARV

• ARV (median comp): $167,100
• List price: $28,000
• Delta: -83.24%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 24.43×
• Total profit: $183,656
• Equity at exit: $4,175

10-year hold

• IRR: —
• Equity multiple: 52.33×
• Total profit: $402,419
• Equity at exit: $2,421

Cash invested: $7,840 (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: 2.3×

Monthly cashflow live

• Estimated rent: $3,984 medium
• Mortgage (P&I): −$147
• Tax est. 1.5%: −$35 /mo · $420/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$837
• Net cashflow: $2,954

Break-even live

Break-even rent $245

Max offer price $28,000

Occupancy floor 21%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	4	$3,984
Total (4 units)			$3,984

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-16
   days on market $28,000 Active 164 DOM
2. 2026-06-15
   days on market $28,000 Active 163 DOM
3. 2026-06-13
   days on market $28,000 Active 161 DOM
4. 2026-06-12
   days on market $28,000 Active 160 DOM
5. 2026-06-09
   days on market $28,000 Active 157 DOM
6. 2026-06-08
   days on market $28,000 Active 156 DOM
7. 2026-06-07
   days on market $28,000 Active 155 DOM
8. 2026-06-07
   days on market $28,000 Active 154 DOM
9. 2026-06-04
   days on market $28,000 Active 151 DOM
10. 2026-06-02
    days on market $28,000 Active 150 DOM
11. 2026-06-01
    days on market $28,000 Active 149 DOM
12. 2026-05-31
    days on market $28,000 Active 148 DOM
13. 2026-05-10
    price $28,000 885-char remark

    Show marketing remark (885 chars)

    SURVEY AND TITLE ARE COMPLETED; BUYER WALKED AWAY FOR NO REASON AT THE TIME OF CLOSING!!Unlock the potential in this fully vacant 4-unit property located in the Town of Portville. A true value-add opportunity, this building is ready for renovation and ideal for investors looking to rehab, reposition, and maximize rental income. With no current tenants, you can start work immediately without the challenges of inherited leases or occupancy delays. The property needs substantial updates, offering the chance to redesign floor plans, modernize systems, and bring the building to its highest and best use. Conveniently situated near local amenities, shopping, and major roadways, this location remains attractive for future renters. Whether you’re expanding your portfolio or searching for your next project, this multifamily structure provides strong upside for the right buyer.

14. 2026-04-18
    status Active 885-char remark

    Show marketing remark (885 chars)

    SURVEY AND TITLE ARE COMPLETED; BUYER WALKED AWAY FOR NO REASON AT THE TIME OF CLOSING!!Unlock the potential in this fully vacant 4-unit property located in the Town of Portville. A true value-add opportunity, this building is ready for renovation and ideal for investors looking to rehab, reposition, and maximize rental income. With no current tenants, you can start work immediately without the challenges of inherited leases or occupancy delays. The property needs substantial updates, offering the chance to redesign floor plans, modernize systems, and bring the building to its highest and best use. Conveniently situated near local amenities, shopping, and major roadways, this location remains attractive for future renters. Whether you’re expanding your portfolio or searching for your next project, this multifamily structure provides strong upside for the right buyer.

15. 2026-04-12
    historical Active Under Contract 885-char remark

    Show marketing remark (885 chars)

    SURVEY AND TITLE ARE COMPLETED; BUYER WALKED AWAY FOR NO REASON AT THE TIME OF CLOSING!!Unlock the potential in this fully vacant 4-unit property located in the Town of Portville. A true value-add opportunity, this building is ready for renovation and ideal for investors looking to rehab, reposition, and maximize rental income. With no current tenants, you can start work immediately without the challenges of inherited leases or occupancy delays. The property needs substantial updates, offering the chance to redesign floor plans, modernize systems, and bring the building to its highest and best use. Conveniently situated near local amenities, shopping, and major roadways, this location remains attractive for future renters. Whether you’re expanding your portfolio or searching for your next project, this multifamily structure provides strong upside for the right buyer.

16. 2026-03-01
    status Pending 885-char remark

    Show marketing remark (885 chars)

    SURVEY AND TITLE ARE COMPLETED; BUYER WALKED AWAY FOR NO REASON AT THE TIME OF CLOSING!!Unlock the potential in this fully vacant 4-unit property located in the Town of Portville. A true value-add opportunity, this building is ready for renovation and ideal for investors looking to rehab, reposition, and maximize rental income. With no current tenants, you can start work immediately without the challenges of inherited leases or occupancy delays. The property needs substantial updates, offering the chance to redesign floor plans, modernize systems, and bring the building to its highest and best use. Conveniently situated near local amenities, shopping, and major roadways, this location remains attractive for future renters. Whether you’re expanding your portfolio or searching for your next project, this multifamily structure provides strong upside for the right buyer.

17. 2025-11-21
    listed $32,000 Active 885-char remark

    Show marketing remark (885 chars)

    SURVEY AND TITLE ARE COMPLETED; BUYER WALKED AWAY FOR NO REASON AT THE TIME OF CLOSING!!Unlock the potential in this fully vacant 4-unit property located in the Town of Portville. A true value-add opportunity, this building is ready for renovation and ideal for investors looking to rehab, reposition, and maximize rental income. With no current tenants, you can start work immediately without the challenges of inherited leases or occupancy delays. The property needs substantial updates, offering the chance to redesign floor plans, modernize systems, and bring the building to its highest and best use. Conveniently situated near local amenities, shopping, and major roadways, this location remains attractive for future renters. Whether you’re expanding your portfolio or searching for your next project, this multifamily structure provides strong upside for the right buyer.

18. 2024-05-30
    historical
19. 2024-01-22
    price $32,000
20. 2023-11-30
    listed $36,000 Active
21. 2001-01-02
    soldstatus $15,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 21% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 18 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: $47,808
• − Mortgage interest: −$1,568
• − Property taxes: −$420
• − Insurance: −$140
• − Repairs & maintenance: −$3,825
• − Management: −$3,825
• − Depreciation: −$815
• Taxable income: $37,216
• Est. tax owed @ 24.0%: −$8,932
• After-tax cash flow: $26,515/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: Portville Central School District
• NCES district ID: 3623640
• Math proficiency: 63% ▲ 1.00%
• Reading proficiency: 65% ▲ 5.00%
• Median HH income: $52,207
• Composite: 54.6/100
• National rank: #1337
• State rank: #190 of 590 in NY

Livability — Weston Mills

• Score: 65/100
• State rank: #667
• US rank: #12400

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Weston Mills, NY
• City population: 95
• 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

+86.7% since first listed

9 events — show timeline

• 2026-05-10 Price Changed $28,000 WNYREIS
• 2026-04-18 Relisted — WNYREIS
• 2026-04-12 Contingent — WNYREIS
• 2026-03-01 Pending — WNYREIS
• 2025-11-21 Listed $32,000 WNYREIS
• 2024-05-30 Listing Removed — UNYREIS
• 2024-01-22 Price Changed $32,000 UNYREIS
• 2023-11-30 Listed $36,000 UNYREIS
• 2001-01-02 Sold (Public Records) $15,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $1,590 · +2.9% YoY. Source: county tax records.