925 Forness Ave · Olean, NY 14760

$149,900

3 bd · 1.5 ba · 1,774 sqft · SingleFamily public records · 7 Days on market

Built 1972 0.38 ac lot Est $204k · 27% under

---

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).

• ARV discount +15.0/15.0
• Cash flow +11.4/30.0
• 1% rule +4.2/10.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• DSCR +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity Knocks on Forness Ave — A Solid Split-Level with Serious Potential. Don't miss your chance to own this spacious split-level home in one of Olean's most sought-after locations — a spot that's genuinely tough to find on the market. With strong bones, a great layout, and some of the most desirable features buyers are looking for, this property is ready for someone with a vision to make it shine. The upper level offers three well-proportioned bedrooms, while the lower level presents a versatile fourth room that works perfectly as an additional bedroom, home office, or flex space — whatever fits your lifestyle. Central air conditioning keeps things comfortable all s

Key facts

• Split-level
• 0.38 acre lot
• 2 garage spots

Tags

• SPLIT-LEVEL
• CENTRAL AIR CONDITIONING
• ATTACHED TWO-CAR GARAGE
• VERSATILE FOURTH ROOM

Property features AI

Exterior

• Parking: Attached garage with garage door opener; Underground garage access; Two garage spaces
• Utilities: Public water connected; Sewer connected; Cable available; High-speed Internet available; Circuit breaker electric
• Home design: Single-story property; Existing construction
• Construction: Aluminum siding; Block foundation; Partially finished walk-out basement; Below-grade finished area
• Exterior features: Blacktop driveway; Deck; Rectangular residential lot; City street frontage

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Microwave; Refrigerator
• Bedrooms: Three main-level bedrooms
• Flooring: Carpet; Luxury vinyl; Varies
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Separate/formal dining room; Entrance foyer; Sliding glass doors; Bedroom on main level; Primary bedroom with private bath
• Laundry & utility: Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-53 ($-633/yr) — negative.
• To cash-flow at today's rent, offer at most $141k (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (7.5% below list).
• Recommended offer: $139k (7.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 8.1% in Olean — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Zoned schools: East View Elementary School (math 44% / reading 54%, grade D, #1,085 of 2,108 statewide, top 56%, 337 students, 49% FRL); Olean Intermediate-Middle School (math 23% / reading 36%, 564 students, 58% FRL); Olean Senior High School (math 77% / reading 67%, grade B+, #677 of 1,100 statewide, top 63%, 659 students, 49% FRL).
• 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 $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $138,645 (7.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1972 — 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. 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?
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: 0.92% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.51%
• DSCR: 0.93
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $204,010
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
611 Gulf St	0.10mi	3/2.5	1,664 (-6%)	2mo	$275,000	$165	79
935 Forness Ave	0.02mi	3/1.5	1,920 (+8%)	13mo	$200,000	$104	74
1005 King St	0.21mi	2/2.5 (-1)	1,716 (-3%)	13mo	$190,900	$111	65
935 Queen St	0.33mi	4/2.5 (+1)	1,956 (+10%)	2mo	$240,000	$123	57
944 Kingston Dr	0.25mi	3/1.5	1,614 (-9%)	20mo	$185,000	$115	57
1315 Seneca Ave	0.49mi	4/2.0 (+1)	1,668 (-6%)	12mo	$160,000	$96	50
524 King St	0.20mi	4/1.5 (+1)	1,510 (-15%)	16mo	$165,000	$109	47
1240 Brook St	0.35mi	4/2.5 (+1)	1,645 (-7%)	24mo	$285,000	$173	43
1698 Park Avenue Ave	0.45mi	3/2.5	1,568 (-12%)	21mo	$279,900	$179	38
1978 Layfield	0.52mi	2/2.0 (-1)	1,552 (-12%)	19mo	$220,000	$142	32
118 King St	0.50mi	4/1.0 (+1)	1,540 (-13%)	21mo	$49,000	$32	30

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: -18.7%
• Equity multiple: 0.34×
• Total profit: $-27,562
• Equity at exit: $22,351

10-year hold

• IRR: -11.0%
• Equity multiple: 0.33×
• Total profit: $-27,964
• Equity at exit: $12,961

Cash invested: $41,972 (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: 143
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,386 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$300 /mo · $3,594/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $-53

Break-even live

Break-even rent $1,453

Max offer price $140,577

Occupancy floor 99%

Sensitivity live

Price	-10% $32	-5% $-10	+0% $-53	+5% $-95	+10% $-138
Rent	-10% $-162	-5% $-108	+0% $-53	+5% $2	+10% $57
Rate	-1.0pp $23	-0.5pp $-15	base $-53	+0.5pp $-92	+1.0pp $-131

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-20
   listed $149,900 Active

ⓘ 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: $3,594 · $300/mo
• Projected year-2 tax: $3,594 · $300/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 2/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥90°F today · 18 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: $16,637
• − Mortgage interest: −$8,397
• − Property taxes: −$3,594
• − Insurance: −$750
• − Repairs & maintenance: −$1,331
• − Management: −$1,331
• − Depreciation: −$4,361
• Taxable loss: −$3,126
• Est. tax savings @ 24.0%: +$750
• After-tax cash flow: $117/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

• 2026-05-20 Listed $149,900 UNYREIS

Property tax history

+2.1%/yr

Latest (2025): $3,594 · -38.9% YoY. Source: county tax records.