1390 Olean Portville Rd

Weston Mills, NY 14760

$28,000D+

3 bd · 3.0 ba · 2,400 sqft · Built 1890 · MultiFamily · Active · 164 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,984/mo
• Mortgage (P&I): −$147
• Tax + insurance: −$47
• HOA: −$0
• Vac / Maint / Mgmt: −$837
• Net cashflow: $2,954/mo
• Annual: $35,446/yr
• Cap rate: 132.89%
• Cash-on-cash: 452.12%
• DSCR: 21.12
• 1% rule: 14.23%
• Cash to close: $7,840

Investor read

• This is a 4 × 3-bed/4.0-bath units multifamily listed at $28k.
• 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).
• It's been on market 164 days — a 12% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (12.0% below list) — sets the bar for market timing.
• 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.
• 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: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 141 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?