217 N 5th St · Olean, NY 14760

$99,900

6 bd · 2.0 ba · 2,603 sqft · MultiFamily public records · 45 Days on market

Built 1890 5,120 sqft lot $38/sqft · 45% below area Est $181k · 45% under

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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Olean City: 2 unit home with 3 bedrooms in each unit. Close to Olean High School. This property is Bank Owned and they want a fast sale. They are offering Seller Financing with 10% Down and proof of Deposit. No minimum Credit score will be needed for Approval. Asking $27,900.

Key facts

• 5,120 sq ft lot
• 2 garage spots
• Built 1890

Property features AI

Finance

• Other: Two total units with separate gas and electric meters (2 each)
• Financial info: Owner pays water; Rent includes water; Operating expenses include water/sewer

Exterior

• Parking: 2-car garage; Common parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story building; Existing (resale) property
• Construction: Wood siding construction
• Exterior features: Rectangular lot (40 x 128)

Interior

• Flooring: Carpet; Hardwood; Vinyl; Varies
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas forced air heating; Has heating
• Interior features: Partial basement; Varied flooring including carpet, hardwood and vinyl

🏷️ Possibly a rental listed for sale. The $99,900 price doesn't fit this home's estimated sale value (~$181,147) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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 $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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $22k; list at $100k implies a 365% 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 $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.51% ✓
• Cap rate: 11.67%
• Cash-on-cash: 19.20%
• DSCR: 1.85
• GRM: 5.5

CMA / ARV

• ARV (median comp): $181,147
• List price: $99,900
• Delta: -44.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 N 11th St	0.36mi	5/2.0 (-1)	2,452 (-6%)	1mo	$123,000	$50	67
135 N 6th St	0.12mi	6/2.0	2,957 (+14%)	9mo	$140,000	$47	64
128 S 8th St	0.37mi	5/2.5 (-1)	2,448 (-6%)	3mo	$60,000	$25	63
316 W Henley St	0.38mi	6/2.0	2,304 (-12%)	2mo	$75,000	$33	61
611 W Henley St	0.37mi	5/3.0 (-1)	2,470 (-5%)	13mo	$115,000	$47	54
218 N 15th St	0.58mi	5/3.5 (-1)	2,566 (-1%)	10mo	$105,000	$41	51
216 N 15th St	0.58mi	7/3.0 (+1)	2,370 (-9%)	4mo	$90,000	$38	45
1019 Spruce St #1	0.73mi	5/4.0 (-1)	2,608 (+0%)	9mo	$40,000	$15	45

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: 11.2%
• Equity multiple: 1.44×
• Total profit: $12,367
• Equity at exit: $14,895

10-year hold

• IRR: 20.2%
• Equity multiple: 2.70×
• Total profit: $47,690
• 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: 5.5×

Monthly cashflow live

• Estimated rent: $1,506 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$177 /mo · $2,126/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $447

Break-even live

Break-even rent $940

Max offer price $99,900

Occupancy floor 65%

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 47 events

1. 2026-06-18
   days on market $99,900 Active 45 DOM
2. 2026-06-17
   days on market $99,900 Active 44 DOM
3. 2026-06-16
   days on market $99,900 Active 43 DOM
4. 2026-06-15
   days on market $99,900 Active 42 DOM
5. 2026-06-13
   days on market $99,900 Active 40 DOM
6. 2026-06-12
   days on market $99,900 Active 39 DOM
7. 2026-06-09
   days on market $99,900 Active 36 DOM
8. 2026-06-08
   days on market $99,900 Active 35 DOM
9. 2026-06-07
   days on market $99,900 Active 34 DOM
10. 2026-06-07
    days on market $99,900 Active 33 DOM
11. 2026-06-04
    days on market $99,900 Active 30 DOM
12. 2026-06-02
    days on market $99,900 Active 29 DOM
13. 2026-06-01
    days on market $99,900 Active 28 DOM
14. 2026-05-31
    days on market $99,900 Active 27 DOM
15. 2026-04-29
    listed $99,900 Active
16. 2018-01-08
    soldstatus $21,500 Closed Sale or Rented 276-char remark

    Show marketing remark (276 chars)

    Olean City: 2 unit home with 3 bedrooms in each unit. Close to Olean High School. This property is Bank Owned and they want a fast sale. They are offering Seller Financing with 10% Down and proof of Deposit. No minimum Credit score will be needed for Approval. Asking $27,900.

17. 2017-12-28
    soldstatus $21,500
18. 2017-12-20
    status Pending Sale 276-char remark

    Show marketing remark (276 chars)

    Olean City: 2 unit home with 3 bedrooms in each unit. Close to Olean High School. This property is Bank Owned and they want a fast sale. They are offering Seller Financing with 10% Down and proof of Deposit. No minimum Credit score will be needed for Approval. Asking $27,900.

19. 2017-10-20
    historical Continue to Show- Under Contract 276-char remark

    Show marketing remark (276 chars)

    Olean City: 2 unit home with 3 bedrooms in each unit. Close to Olean High School. This property is Bank Owned and they want a fast sale. They are offering Seller Financing with 10% Down and proof of Deposit. No minimum Credit score will be needed for Approval. Asking $27,900.

20. 2017-10-07
    listed $27,900 Active 276-char remark

    Show marketing remark (276 chars)

    Olean City: 2 unit home with 3 bedrooms in each unit. Close to Olean High School. This property is Bank Owned and they want a fast sale. They are offering Seller Financing with 10% Down and proof of Deposit. No minimum Credit score will be needed for Approval. Asking $27,900.

21. 2017-10-03
    historical
22. 2017-08-23
    price $28,900
23. 2017-07-12
    price $29,900
24. 2017-06-03
    price $30,900
25. 2017-04-04
    status Active
26. 2017-03-29
    historical
27. 2017-03-20
    price $31,900
28. 2016-12-29
    price $32,900
29. 2016-11-29
    price $33,900
30. 2016-10-21
    price $34,900
31. 2016-09-26
    price $37,900
32. 2016-09-01
    price $38,900
33. 2016-07-25
    price $39,900
34. 2016-06-21
    price $40,900
35. 2016-06-02
    price $41,900
36. 2016-05-18
    price $42,900
37. 2016-05-03
    price $43,900
38. 2016-03-18
    price $44,900
39. 2016-02-25
    price $45,900
40. 2016-02-05
    price $46,900
41. 2016-01-21
    price $47,900
42. 2016-01-05
    price $48,900
43. 2015-12-16
    price $49,900
44. 2015-12-02
    price $53,900
45. 2015-11-10
    price $54,900
46. 2015-09-29
    listed $59,900 Active
47. 2006-04-03
    soldstatus $52,149

ⓘ 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: $2,126 · $177/mo
• Projected year-2 tax: $2,126 · $177/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 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: $18,078
• − Mortgage interest: −$5,596
• − Property taxes: −$2,126
• − Insurance: −$500
• − Repairs & maintenance: −$1,446
• − Management: −$1,446
• − Depreciation: −$2,906
• Taxable income: $4,058
• Est. tax owed @ 24.0%: −$974
• After-tax cash flow: $4,396/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

+91.6% since first listed

33 events — show timeline

• 2026-04-29 Listed $99,900 UNYREIS
• 2018-01-08 Sold (MLS) $21,500 WNYREIS
• 2017-12-28 Sold (Public Records) $21,500 Public Records
• 2017-12-20 Pending — WNYREIS
• 2017-10-20 Contingent — WNYREIS
• 2017-10-07 Listed $27,900 WNYREIS
• 2017-10-03 Listing Removed — UNYREIS
• 2017-08-23 Price Changed $28,900 UNYREIS
• 2017-07-12 Price Changed $29,900 UNYREIS
• 2017-06-03 Price Changed $30,900 UNYREIS
• 2017-04-04 Relisted — UNYREIS
• 2017-03-29 Listing Removed — UNYREIS
• 2017-03-20 Price Changed $31,900 UNYREIS
• 2016-12-29 Price Changed $32,900 UNYREIS
• 2016-11-29 Price Changed $33,900 UNYREIS
• 2016-10-21 Price Changed $34,900 UNYREIS
• 2016-09-26 Price Changed $37,900 UNYREIS
• 2016-09-01 Price Changed $38,900 UNYREIS
• 2016-07-25 Price Changed $39,900 UNYREIS
• 2016-06-21 Price Changed $40,900 UNYREIS
• 2016-06-02 Price Changed $41,900 UNYREIS
• 2016-05-18 Price Changed $42,900 UNYREIS
• 2016-05-03 Price Changed $43,900 UNYREIS
• 2016-03-18 Price Changed $44,900 UNYREIS
• 2016-02-25 Price Changed $45,900 UNYREIS
• 2016-02-05 Price Changed $46,900 UNYREIS
• 2016-01-21 Price Changed $47,900 UNYREIS
• 2016-01-05 Price Changed $48,900 UNYREIS
• 2015-12-16 Price Changed $49,900 UNYREIS
• 2015-12-02 Price Changed $53,900 UNYREIS
• 2015-11-10 Price Changed $54,900 UNYREIS
• 2015-09-29 Listed $59,900 UNYREIS
• 2006-04-03 Sold (Public Records) $52,149 Public Records

Property tax history

+3.8%/yr

Latest (2025): $2,126 · -38.9% YoY. Source: county tax records.