111 S 7th St · Olean, NY 14760

$149,900

4 bd · 2.0 ba · 2,326 sqft · MultiFamily public records · 187 Days on market

Built 1920 4,480 sqft lot $64/sqft · 5% below area Est $158k · 5% under ↓ 12% since listing

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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 +20.5/30.0
• ARV discount +9.8/15.0
• DSCR +6.5/10.0
• 1% rule +5.2/10.0
• 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

Beautiful hardwood floors flow throughout this well-maintained home, offering flexility as either a spacious single-family residence or a desirable multi-family investment opportunity. It is zoned for both! Featuring 4 bedrooms and 2 full bathrooms, this property is centrally located in the heart of Olean, close to shopping, dining, and everyday conveniences. The main level includes 3 bedrooms and 1 full bath, while the upper level offers a private 1-bedroom suite complete with its own full bath and kitchen - ideal for extended family, guests, or rental income potential. Meticulously cared for, this home showcases hardwood floors in excellent condition, charming cedar closets, brand-new double-pane windows, a newer energy efficient furnace, and a newer hot water tank - resulting in impressively low utility bills. Washer and dryer units on both floors are included for added covenience. Step outside to enjoy a beautiful back porch overlooking a private, enclosed yard - perfect for children, pets, relaxing, or entertaining. As an added bonus, you'll love the low property taxes that make this home even more attractive. This is truly a versatile and move-in ready property offering comfort, efficiency, and value! This is also listed as a single family home #B1649461

Key facts

• 4,480 sq ft lot
• Built 1920
• Listed 187 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $198 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.

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 $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

• It's been on market 187 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 187 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 1920 — 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 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: 1.02% ✓
• Cap rate: 7.88%
• Cash-on-cash: 5.67%
• DSCR: 1.25
• GRM: 8.2

CMA / ARV

• ARV (median comp): $158,022
• List price: $149,900
• Delta: -5.14%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
128 S 8th St	0.11mi	5/2.5 (+1)	2,448 (+5%)	3mo	$60,000	$25	77
604 Irving St	0.18mi	4/2.0	2,158 (-7%)	12mo	$144,160	$67	69
509 Irving St	0.22mi	4/2.0	2,205 (-5%)	15mo	$76,000	$34	68
207 N 11th St	0.36mi	5/2.0 (+1)	2,452 (+5%)	1mo	$123,000	$50	68
611 W Henley St	0.13mi	5/3.0 (+1)	2,470 (+6%)	13mo	$115,000	$47	64
125 N 2nd St	0.32mi	4/2.0	2,156 (-7%)	14mo	$110,000	$51	61
127 N 2nd St	0.32mi	4/2.0	2,156 (-7%)	14mo	$110,000	$51	61
123 Fulton St	0.66mi	4/2.0	2,432 (+5%)	8mo	$68,500	$28	55
104 S 14th St	0.45mi	4/2.0	2,114 (-9%)	12mo	$127,000	$60	54
326 Laurel Ave	0.69mi	4/3.0	2,424 (+4%)	4mo	$23,000	$9	53
1507 W State St	0.46mi	4/3.0	2,587 (+11%)	4mo	$173,000	$67	53
218 N 15th St	0.55mi	5/3.5 (+1)	2,566 (+10%)	10mo	$105,000	$41	37

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: -7.5%
• Equity multiple: 0.72×
• Total profit: $-11,645
• Equity at exit: $22,351

10-year hold

• IRR: 2.1%
• Equity multiple: 1.15×
• Total profit: $6,165
• 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: 141
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,532 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$163 /mo · $1,957/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $198

Break-even live

Break-even rent $1,281

Max offer price $149,900

Occupancy floor 82%

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 10 events

1. 2026-05-12
   status Pending 1280-char remark

   Show marketing remark (1275 chars)

   Beautiful hardwood floors flow throughout this well-maintained home, offering flexility as either a spacious single-family residence or a desirable multi-family investment opportunity. It is zoned for both! Featuring 4 bedrooms and 2 full bathrooms, this property is centrally located in the heart of Olean, close to shopping, dining, and everyday conveniences. The main level includes 3 bedrooms and 1 full bath, while the upper level offers a private 1-bedroom suite complete with its own full bath and kitchen - ideal for extended family, guests, or rental income potential. Meticulously cared for, this home showcases hardwood floors in excellent condition, charming cedar closets, brand-new double-pane windows, a newer energy efficient furnace, and a newer hot water tank - resulting in impressively low utility bills. Washer and dryer units on both floors are included for added covenience. Step outside to enjoy a beautiful back porch overlooking a private, enclosed yard - perfect for children, pets, relaxing, or entertaining. As an added bonus, you'll love the low property taxes that make this home even more attractive. This is truly a versatile and move-in ready property offering comfort, efficiency, and value! This is also listed as a multi family #B1675947

2. 2026-05-12
   status Pending 1275-char remark

   Show marketing remark (1275 chars)

   Beautiful hardwood floors flow throughout this well-maintained home, offering flexility as either a spacious single-family residence or a desirable multi-family investment opportunity. It is zoned for both! Featuring 4 bedrooms and 2 full bathrooms, this property is centrally located in the heart of Olean, close to shopping, dining, and everyday conveniences. The main level includes 3 bedrooms and 1 full bath, while the upper level offers a private 1-bedroom suite complete with its own full bath and kitchen - ideal for extended family, guests, or rental income potential. Meticulously cared for, this home showcases hardwood floors in excellent condition, charming cedar closets, brand-new double-pane windows, a newer energy efficient furnace, and a newer hot water tank - resulting in impressively low utility bills. Washer and dryer units on both floors are included for added covenience. Step outside to enjoy a beautiful back porch overlooking a private, enclosed yard - perfect for children, pets, relaxing, or entertaining. As an added bonus, you'll love the low property taxes that make this home even more attractive. This is truly a versatile and move-in ready property offering comfort, efficiency, and value! This is also listed as a multi family #B1675947

3. 2026-04-23
   listed $149,900 Active 1280-char remark

   Show marketing remark (1280 chars)

   Beautiful hardwood floors flow throughout this well-maintained home, offering flexility as either a spacious single-family residence or a desirable multi-family investment opportunity. It is zoned for both! Featuring 4 bedrooms and 2 full bathrooms, this property is centrally located in the heart of Olean, close to shopping, dining, and everyday conveniences. The main level includes 3 bedrooms and 1 full bath, while the upper level offers a private 1-bedroom suite complete with its own full bath and kitchen - ideal for extended family, guests, or rental income potential. Meticulously cared for, this home showcases hardwood floors in excellent condition, charming cedar closets, brand-new double-pane windows, a newer energy efficient furnace, and a newer hot water tank - resulting in impressively low utility bills. Washer and dryer units on both floors are included for added covenience. Step outside to enjoy a beautiful back porch overlooking a private, enclosed yard - perfect for children, pets, relaxing, or entertaining. As an added bonus, you'll love the low property taxes that make this home even more attractive. This is truly a versatile and move-in ready property offering comfort, efficiency, and value! This is also listed as a single family home #B1649461

4. 2026-04-19
   price $149,900 1275-char remark

   Show marketing remark (1275 chars)

   Beautiful hardwood floors flow throughout this well-maintained home, offering flexility as either a spacious single-family residence or a desirable multi-family investment opportunity. It is zoned for both! Featuring 4 bedrooms and 2 full bathrooms, this property is centrally located in the heart of Olean, close to shopping, dining, and everyday conveniences. The main level includes 3 bedrooms and 1 full bath, while the upper level offers a private 1-bedroom suite complete with its own full bath and kitchen - ideal for extended family, guests, or rental income potential. Meticulously cared for, this home showcases hardwood floors in excellent condition, charming cedar closets, brand-new double-pane windows, a newer energy efficient furnace, and a newer hot water tank - resulting in impressively low utility bills. Washer and dryer units on both floors are included for added covenience. Step outside to enjoy a beautiful back porch overlooking a private, enclosed yard - perfect for children, pets, relaxing, or entertaining. As an added bonus, you'll love the low property taxes that make this home even more attractive. This is truly a versatile and move-in ready property offering comfort, efficiency, and value! This is also listed as a multi family #B1675947

5. 2026-04-08
   historical
6. 2025-12-02
   price $159,900

   Show marketing remark (1275 chars)

   Beautiful hardwood floors flow throughout this well-maintained home, offering flexility as either a spacious single-family residence or a desirable multi-family investment opportunity. It is zoned for both! Featuring 4 bedrooms and 2 full bathrooms, this property is centrally located in the heart of Olean, close to shopping, dining, and everyday conveniences. The main level includes 3 bedrooms and 1 full bath, while the upper level offers a private 1-bedroom suite complete with its own full bath and kitchen - ideal for extended family, guests, or rental income potential. Meticulously cared for, this home showcases hardwood floors in excellent condition, charming cedar closets, brand-new double-pane windows, a newer energy efficient furnace, and a newer hot water tank - resulting in impressively low utility bills. Washer and dryer units on both floors are included for added covenience. Step outside to enjoy a beautiful back porch overlooking a private, enclosed yard - perfect for children, pets, relaxing, or entertaining. As an added bonus, you'll love the low property taxes that make this home even more attractive. This is truly a versatile and move-in ready property offering comfort, efficiency, and value! This is also listed as a multi family #B1675947

7. 2025-12-02
   price $159,900 1275-char remark

   Show marketing remark (1275 chars)

   Beautiful hardwood floors flow throughout this well-maintained home, offering flexility as either a spacious single-family residence or a desirable multi-family investment opportunity. It is zoned for both! Featuring 4 bedrooms and 2 full bathrooms, this property is centrally located in the heart of Olean, close to shopping, dining, and everyday conveniences. The main level includes 3 bedrooms and 1 full bath, while the upper level offers a private 1-bedroom suite complete with its own full bath and kitchen - ideal for extended family, guests, or rental income potential. Meticulously cared for, this home showcases hardwood floors in excellent condition, charming cedar closets, brand-new double-pane windows, a newer energy efficient furnace, and a newer hot water tank - resulting in impressively low utility bills. Washer and dryer units on both floors are included for added covenience. Step outside to enjoy a beautiful back porch overlooking a private, enclosed yard - perfect for children, pets, relaxing, or entertaining. As an added bonus, you'll love the low property taxes that make this home even more attractive. This is truly a versatile and move-in ready property offering comfort, efficiency, and value! This is also listed as a multi family #B1675947

8. 2025-11-06
   listed $169,000 Active 1275-char remark

   Show marketing remark (1275 chars)

   Beautiful hardwood floors flow throughout this well-maintained home, offering flexility as either a spacious single-family residence or a desirable multi-family investment opportunity. It is zoned for both! Featuring 4 bedrooms and 2 full bathrooms, this property is centrally located in the heart of Olean, close to shopping, dining, and everyday conveniences. The main level includes 3 bedrooms and 1 full bath, while the upper level offers a private 1-bedroom suite complete with its own full bath and kitchen - ideal for extended family, guests, or rental income potential. Meticulously cared for, this home showcases hardwood floors in excellent condition, charming cedar closets, brand-new double-pane windows, a newer energy efficient furnace, and a newer hot water tank - resulting in impressively low utility bills. Washer and dryer units on both floors are included for added covenience. Step outside to enjoy a beautiful back porch overlooking a private, enclosed yard - perfect for children, pets, relaxing, or entertaining. As an added bonus, you'll love the low property taxes that make this home even more attractive. This is truly a versatile and move-in ready property offering comfort, efficiency, and value! This is also listed as a multi family #B1675947

9. 2025-10-17
   status Active
10. 2025-10-08
    listed $169,900 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: $1,957 · $163/mo
• Projected year-2 tax: $2,245 · $187/mo
• Expected delta: +$288/yr (+$24/mo · 14.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 27% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥90°F today · 20 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: $18,380
• − Mortgage interest: −$8,397
• − Property taxes: −$1,957
• − Insurance: −$750
• − Repairs & maintenance: −$1,470
• − Management: −$1,470
• − Depreciation: −$4,361
• Taxable loss: −$24
• Est. tax savings @ 24.0%: +$6
• After-tax cash flow: $2,387/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

-11.8% since first listed

10 events — show timeline

• 2026-05-12 Pending — WNYREIS
• 2026-05-12 Pending — WNYREIS
• 2026-04-23 Listed $149,900 WNYREIS
• 2026-04-19 Price Changed $149,900 WNYREIS
• 2026-04-08 Listing Removed — WNYREIS
• 2025-12-02 Price Changed $159,900 WNYREIS
• 2025-12-02 Price Changed $159,900 WNYREIS
• 2025-11-06 Listed $169,000 WNYREIS
• 2025-10-17 Relisted — WNYREIS
• 2025-10-08 Listed $169,900 WNYREIS

Property tax history

+15.7%/yr

Latest (2025): $1,957 · -43.5% YoY. Source: county tax records.