1206 Spruce St · Olean, NY 14760

$24,900

4 bd · 2.0 ba · 1,950 sqft · MultiFamily public records

Built 1920 3,920 sqft lot

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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: 2 units. confirmed

Listing remarks

Opportunity awaits at 1206 Spruce St, a versatile duplex located in the peaceful north end of Olean. Whether you're an investor seeking a value-add rental property or a buyer looking to "house hack" by living in one unit and renting the other, this property is a fantastic find. Offering a blank canvas, this duplex is ready for your personal touch—perfect for those who want to customize and build equity. With the bones already in place, it's an ideal project for investors or handy buyers looking to capitalize on the rental market or affordable homeownership. Located on a quiet street yet close to all the amenities Olean has to offer, this is a smart opportunity in a growing m

Key facts

• 3,920 sq ft lot
• Parking
• Built 1920

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $676/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Cap rate 71.5% 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 $172 of loan paydown is wiped out by about $747 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 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.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 7.98% ✓
• Cap rate: 71.48%
• Cash-on-cash: 232.80%
• DSCR: 11.36
• GRM: 1.0

CMA / ARV

• ARV (on-the-fly): $74,100
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
—	0.14mi	4/2.0	1,738 (-11%)	10mo	$74,000	$43	67
1025 Spruce St	0.10mi	5/2.0 (+1)	1,728 (-11%)	9mo	$40,000	$23	64
502 N 8th St	0.53mi	4/2.0	1,910 (-2%)	22mo	$110,000	$58	54
605 N 1st St	0.51mi	4/2.0	2,240 (+15%)	6mo	$45,000	$20	47
317 N 6th St	0.72mi	3/2.0 (-1)	1,680 (-14%)	4mo	$63,100	$38	35

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: 12.79×
• Total profit: $82,170
• Equity at exit: $3,713

10-year hold

• IRR: —
• Equity multiple: 27.21×
• Total profit: $182,715
• Equity at exit: $2,153

Cash invested: $6,972 (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: 2.1×

Monthly cashflow live

• Estimated rent: $1,987 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$76 /mo · $914/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $1,353

Break-even live

Break-even rent $275

Max offer price $24,900

Occupancy floor 27%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,988
Total (2 units)			$1,987

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-04-23
   historical
2. 2026-04-23
   listed $24,900
3. 2026-02-24
   status Pending
4. 2026-02-23
   historical
5. 2025-12-12
   price $24,900
6. 2025-11-10
   listed $34,900 Active
7. 2025-09-19
   historical
8. 2025-05-20
   listed $45,900 Active
9. 2024-09-27
   soldstatus $29,000
10. 2024-02-12
    historical
11. 2023-09-12
    listed $38,900 Active
12. 2023-08-10
    historical
13. 2023-08-08
    status Active
14. 2023-06-13
    status Pending Sale
15. 2023-05-25
    status Under Contract- Do Not Show
16. 2023-03-18
    listed $38,900 Active
17. 2023-03-11
    historical
18. 2023-03-08
    status Active
19. 2023-02-09
    status Pending Sale
20. 2023-01-27
    status Under Contract- Do Not Show
21. 2022-11-11
    price $37,500
22. 2022-09-11
    listed $39,000 Active
23. 2022-06-21
    soldstatus $39,000
24. 2022-06-17
    soldstatus $39,000 Closed Sale or Rented
25. 2022-05-02
    status Under Contract- Do Not Show
26. 2022-04-13
    price $39,000
27. 2022-03-31
    listed $42,000 Active
28. 2015-06-12
    soldstatus $22,000 Closed Sale or Rented
29. 2015-06-11
    soldstatus $22,000
30. 2015-03-31
    listed $24,900

ⓘ 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: $914 · $76/mo
• Projected year-2 tax: $914 · $76/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 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: $23,844
• − Mortgage interest: −$1,395
• − Property taxes: −$914
• − Insurance: −$124
• − Repairs & maintenance: −$1,908
• − Management: −$1,908
• − Depreciation: −$724
• Taxable income: $16,871
• Est. tax owed @ 24.0%: −$4,049
• After-tax cash flow: $12,182/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

+0.0% since first listed

30 events — show timeline

• 2026-04-23 Listed $24,900 WNYREIS
• 2026-04-23 Listing Removed — WNYREIS
• 2026-02-24 Pending — WNYREIS
• 2026-02-23 Listing Removed — WNYREIS
• 2025-12-12 Price Changed $24,900 WNYREIS
• 2025-11-10 Listed $34,900 WNYREIS
• 2025-09-19 Listing Removed — WNYREIS
• 2025-05-20 Listed $45,900 WNYREIS
• 2024-09-27 Sold (Public Records) $29,000 Public Records
• 2024-02-12 Listing Removed — WNYREIS
• 2023-09-12 Listed $38,900 WNYREIS
• 2023-08-10 Listing Removed — WNYREIS
• 2023-08-08 Relisted — WNYREIS
• 2023-06-13 Pending — WNYREIS
• 2023-05-25 Pending — WNYREIS
• 2023-03-18 Listed $38,900 WNYREIS
• 2023-03-11 Listing Removed — WNYREIS
• 2023-03-08 Relisted — WNYREIS
• 2023-02-09 Pending — WNYREIS
• 2023-01-27 Pending — WNYREIS
• 2022-11-11 Price Changed $37,500 WNYREIS
• 2022-09-11 Listed $39,000 WNYREIS
• 2022-06-21 Sold (Public Records) $39,000 Public Records
• 2022-06-17 Sold (MLS) $39,000 UNYREIS
• 2022-05-02 Pending — UNYREIS
• 2022-04-13 Price Changed $39,000 UNYREIS
• 2022-03-31 Listed $42,000 UNYREIS
• 2015-06-12 Sold (MLS) $22,000 WNYREIS
• 2015-06-11 Sold (Public Records) $22,000 Public Records
• 2015-03-31 Listed $24,900 WNYREIS

Property tax history

+12.1%/yr

Latest (2025): $914 · -38.9% YoY. Source: county tax records.