305 Tompkins St · Olean, NY 14760

$35,000

5 bd · 2.0 ba · 2,256 sqft · MultiFamily public records · 59 Days on market

Built 1910 3,364 sqft lot $16/sqft · 71% 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
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Opportunity awaits in the heart of Olean! This two-unit property is a solid option for those looking to add to their portfolio or start building rental income. Featuring separate gas, electric, and water utilities, the setup allows for added convenience and flexibility. Positioned just off the parking area of Jamestown Community College, this location adds to the property’s overall accessibility and visibility. The property is priced to reflect the work needed, offering the chance to improve and maximize its potential. With the right updates, this could become a strong income-producing asset. Conveniently located near local amenities, shopping, and dining, this property combines location, value, and opportunity—an ideal project for those ready to make it their own.

Key facts

• Two-unit property
• 3,364 sq ft lot
• Parking

Tags

• TWO-UNIT PROPERTY
• LOCATED NEAR LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $35k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• Cap rate 59.4% 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 $242 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $33,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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 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: 6.65% ✓
• Cap rate: 59.40%
• Cash-on-cash: 189.68%
• DSCR: 9.44
• GRM: 1.3

CMA / ARV

• ARV (median comp): $120,302
• List price: $35,000
• Delta: -70.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
326 Laurel Ave	0.10mi	4/3.0 (-1)	2,424 (+7%)	4mo	$23,000	$9	70
316 W Henley St	0.46mi	6/2.0 (+1)	2,304 (+2%)	2mo	$75,000	$33	68
123 Fulton St	0.23mi	4/2.0 (-1)	2,432 (+8%)	8mo	$68,500	$28	65
605 N 1st St	0.56mi	4/2.0 (-1)	2,240 (-1%)	6mo	$45,000	$20	63
127 N 2nd St	0.34mi	4/2.0 (-1)	2,156 (-4%)	14mo	$110,000	$51	60
125 N 2nd St	0.34mi	4/2.0 (-1)	2,156 (-4%)	14mo	$110,000	$51	60
514 3rd Ave	0.68mi	5/2.0	2,274 (+1%)	12mo	$124,900	$55	57
509 Irving St	0.62mi	4/2.0 (-1)	2,205 (-2%)	15mo	$76,000	$34	50
107 N 4th St	0.49mi	4/2.0 (-1)	2,142 (-5%)	18mo	$86,500	$40	49
604 Irving St	0.64mi	4/2.0 (-1)	2,158 (-4%)	12mo	$144,160	$67	48
611 W Henley St	0.63mi	5/3.0	2,470 (+10%)	13mo	$115,000	$47	40

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: —
• Equity multiple: 10.50×
• Total profit: $93,052
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 22.26×
• Total profit: $208,332
• Equity at exit: $3,026

Cash invested: $9,800 (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: 2.5×

Monthly cashflow live

• Estimated rent: $2,329 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$93 /mo · $1,113/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $1,549

Break-even live

Break-even rent $368

Max offer price $35,000

Occupancy floor 28%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,328
Total (2 units)			$2,329

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $35,000 Active 59 DOM
2. 2026-06-17
   days on market $35,000 Active 58 DOM
3. 2026-06-16
   days on market $35,000 Active 57 DOM
4. 2026-06-15
   days on market $35,000 Active 56 DOM
5. 2026-06-13
   days on market $35,000 Active 54 DOM
6. 2026-06-12
   days on market $35,000 Active 53 DOM
7. 2026-06-09
   days on market $35,000 Active 50 DOM
8. 2026-06-08
   days on market $35,000 Active 49 DOM
9. 2026-06-07
   days on market $35,000 Active 48 DOM
10. 2026-06-07
    days on market $35,000 Active 47 DOM
11. 2026-06-04
    days on market $35,000 Active 44 DOM
12. 2026-06-02
    days on market $35,000 Active 43 DOM
13. 2026-06-01
    days on market $35,000 Active 42 DOM
14. 2026-05-31
    days on market $35,000 Active 41 DOM
15. 2026-04-20
    listed $35,000 Active 787-char remark

    Show marketing remark (787 chars)

    Opportunity awaits in the heart of Olean! This two-unit property is a solid option for those looking to add to their portfolio or start building rental income. Featuring separate gas, electric, and water utilities, the setup allows for added convenience and flexibility. Positioned just off the parking area of Jamestown Community College, this location adds to the property’s overall accessibility and visibility. The property is priced to reflect the work needed, offering the chance to improve and maximize its potential. With the right updates, this could become a strong income-producing asset. Conveniently located near local amenities, shopping, and dining, this property combines location, value, and opportunity—an ideal project for those ready to make it their own.

ⓘ 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: $1,113 · $93/mo
• Projected year-2 tax: $1,113 · $93/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: $27,948
• − Mortgage interest: −$1,961
• − Property taxes: −$1,113
• − Insurance: −$175
• − Repairs & maintenance: −$2,236
• − Management: −$2,236
• − Depreciation: −$1,018
• Taxable income: $19,210
• Est. tax owed @ 24.0%: −$4,610
• After-tax cash flow: $13,978/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

1 event — show timeline

• 2026-04-20 Listed $35,000 UNYREIS

Property tax history

+0.1%/yr

Latest (2025): $1,113 · -38.9% YoY. Source: county tax records.