138 S 2nd St · Olean, NY 14760

$104,900

3 bd · 1.0 ba · 1,433 sqft · SingleFamily public records · 132 Days on market

Built 1910 3,910 sqft lot Est $106k · at est.

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Why this score? — see what drove the C+ 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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +8.0/15.0
• 1% rule +7.9/10.0
• 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

Listing remarks MLS

3 bedroom 1.5 bath home with 2 car garage. Corner lot. Walking distance to Olean's amenities.

Key facts

• Spacious kitchen
• Roof replaced
• 3,910 sq ft lot

Tags

• NATURAL HARDWOOD FLOORING
• SPACIOUS KITCHEN
• COVERED FRONT AND REAR PORCHES
• TWO-CAR DETACHED GARAGE
• UPDATED ELECTRICAL SERVICE
• ROOF REPLACED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 8.1% in Olean — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 143 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 $725 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 $29k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $16k; list at $105k implies a 577% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.29% ✓
• Cap rate: 9.77%
• Cash-on-cash: 12.43%
• DSCR: 1.55
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $106,042
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 S 3rd St	0.12mi	3/1.0	1,270 (-11%)	5mo	$10,000	$8	72
123 S 4th St	0.12mi	2/1.0 (-1)	1,300 (-9%)	4mo	$90,000	$69	70
112 S 7th St	0.33mi	2/1.5 (-1)	1,516 (+6%)	5mo	$150,000	$99	64
130 S 6th St	0.26mi	3/2.0	1,320 (-8%)	10mo	$150,000	$114	62
119 W Green St	0.18mi	2/1.0 (-1)	1,278 (-11%)	9mo	$85,000	$67	61
108 Fulton St	0.36mi	3/2.0	1,560 (+9%)	6mo	$69,900	$45	60
1117 W Sullivan St	0.67mi	3/1.5	1,400 (-2%)	6mo	$53,500	$38	58
708 Irving St	0.28mi	3/1.5	1,232 (-14%)	5mo	$25,000	$20	57
126 N 8th St	0.42mi	3/1.5	1,552 (+8%)	9mo	$144,000	$93	57
114 Virginia St	0.66mi	4/2.0 (+1)	1,463 (+2%)	3mo	$220,000	$150	54
133 N 13th St	0.73mi	3/2.0	1,496 (+4%)	6mo	$149,900	$100	50
218 N 12th St	0.71mi	3/1.5	1,344 (-6%)	10mo	$99,900	$74	46

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: 2.2%
• Equity multiple: 1.08×
• Total profit: $2,428
• Equity at exit: $15,641

10-year hold

• IRR: 11.8%
• Equity multiple: 1.93×
• Total profit: $27,250
• Equity at exit: $9,070

Cash invested: $29,372 (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: 143
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,350 medium
• Mortgage (P&I): −$550
• Tax from tax record: −$168 /mo · $2,021/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $304

Break-even live

Break-even rent $965

Max offer price $104,900

Occupancy floor 72%

Sensitivity live

Price	-10% $364	-5% $334	+0% $304	+5% $275	+10% $245
Rent	-10% $198	-5% $251	+0% $304	+5% $358	+10% $411
Rate	-1.0pp $357	-0.5pp $331	base $304	+0.5pp $277	+1.0pp $250

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-04-29
   status Pending
2. 2026-03-30
   historical Active Under Contract
3. 2026-02-16
   status Active
4. 2026-02-02
   historical Active Under Contract
5. 2025-12-18
   listed $104,900 Active
6. 2020-03-02
   soldstatus $15,500
7. 2020-01-30
   soldstatus $15,500 Closed Sale or Rented 93-char remark

   Show marketing remark (93 chars)

   3 bedroom 1.5 bath home with 2 car garage. Corner lot. Walking distance to Olean's amenities.

8. 2019-12-17
   status Pending Sale 93-char remark

   Show marketing remark (93 chars)

   3 bedroom 1.5 bath home with 2 car garage. Corner lot. Walking distance to Olean's amenities.

9. 2019-11-30
   historical 93-char remark

   Show marketing remark (93 chars)

   3 bedroom 1.5 bath home with 2 car garage. Corner lot. Walking distance to Olean's amenities.

10. 2019-11-19
    price $18,900 93-char remark

    Show marketing remark (93 chars)

    3 bedroom 1.5 bath home with 2 car garage. Corner lot. Walking distance to Olean's amenities.

11. 2019-10-30
    price $19,900 93-char remark

    Show marketing remark (93 chars)

    3 bedroom 1.5 bath home with 2 car garage. Corner lot. Walking distance to Olean's amenities.

12. 2019-09-23
    price $25,000 93-char remark

    Show marketing remark (93 chars)

    3 bedroom 1.5 bath home with 2 car garage. Corner lot. Walking distance to Olean's amenities.

13. 2019-08-08
    listed $30,000 Active 93-char remark

    Show marketing remark (93 chars)

    3 bedroom 1.5 bath home with 2 car garage. Corner lot. Walking distance to Olean's amenities.

14. 2004-04-29
    soldstatus $49,000

ⓘ 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: $2,021 · $168/mo
• Projected year-2 tax: $2,021 · $168/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 3/10 Moderate FEMA zone X (shaded) · 12% 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: $16,201
• − Mortgage interest: −$5,876
• − Property taxes: −$2,021
• − Insurance: −$524
• − Repairs & maintenance: −$1,296
• − Management: −$1,296
• − Depreciation: −$3,052
• Taxable income: $2,136
• Est. tax owed @ 24.0%: −$513
• After-tax cash flow: $3,139/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

+114.1% since first listed

14 events — show timeline

• 2026-04-29 Pending — UNYREIS
• 2026-03-30 Contingent — UNYREIS
• 2026-02-16 Relisted — UNYREIS
• 2026-02-02 Contingent — UNYREIS
• 2025-12-18 Listed $104,900 UNYREIS
• 2020-03-02 Sold (Public Records) $15,500 Public Records
• 2020-01-30 Sold (MLS) $15,500 WNYREIS
• 2019-12-17 Pending — WNYREIS
• 2019-11-30 Listing Removed — WNYREIS
• 2019-11-19 Price Changed $18,900 WNYREIS
• 2019-10-30 Price Changed $19,900 WNYREIS
• 2019-09-23 Price Changed $25,000 WNYREIS
• 2019-08-08 Listed $30,000 WNYREIS
• 2004-04-29 Sold (Public Records) $49,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $2,021 · -38.9% YoY. Source: county tax records.