507 N Seventh St · Olean, NY 14760

$25,000

3 bd · 1.0 ba · 1,184 sqft · SingleFamily public records · 72 Days on market

Built 1910 0.25 ac lot $21/sqft · 75% below area

---

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

Listing remarks MLS

Great potential investment for a contractor! Much of this remodel is already complete: New siding, roof, insulation, plumbing, electrical, windows, doors, and hot water tank. Roughed out for three bedrooms, 1.5 baths and first floor laundry. Front porch done with long lasting composite flooring. Needs someone with vision to finish it. Located close to restaurants and stores. We have a quote for the foundation issue for 16K so we have dropped the price to $50k!

Key facts

• 0.25 acre lot
• Built 1910
• Listed 71 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $850 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $24k (6.0% below list) — sets the bar for market timing.
• Cap rate 47.1% 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 $173 of loan paydown is wiped out by about $750 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

• It's been on market 72 days — a 6% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $40k (61%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $25k implies a 233% 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 $23,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% 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. 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 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: 5.18% ✓
• Cap rate: 47.11%
• Cash-on-cash: 145.77%
• DSCR: 7.49
• GRM: 1.6

CMA / ARV

• ARV (median comp): $98,975
• List price: $25,000
• Delta: -74.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
302 N 9th St	0.25mi	3/1.5	1,224 (+3%)	14mo	$95,000	$78	69
124 N 11th St	0.53mi	3/1.0	1,196 (+1%)	12mo	$86,500	$72	63
1014 N Union St	0.52mi	2/1.0 (-1)	1,224 (+3%)	3mo	$30,000	$25	63
1618 Avenue A	0.64mi	3/2.0	1,210 (+2%)	7mo	$83,200	$69	56
817 N 4th St	0.26mi	3/2.0	1,044 (-12%)	16mo	$59,900	$57	50
218 N 12th St	0.42mi	3/1.5	1,344 (+14%)	10mo	$99,900	$74	48
123 S 4th St	0.68mi	2/1.0 (-1)	1,300 (+10%)	4mo	$90,000	$69	43
118 N 11th St	0.55mi	4/1.5 (+1)	1,314 (+11%)	12mo	$76,000	$58	39
130 S 6th St	0.67mi	3/2.0	1,320 (+12%)	10mo	$150,000	$114	38
136 S 12th St	0.75mi	3/1.5	1,019 (-14%)	9mo	$120,000	$118	32
207 S 8th St	0.74mi	3/1.0	1,350 (+14%)	14mo	$92,000	$68	30
124 S 13th St	0.74mi	2/1.5 (-1)	1,020 (-14%)	7mo	$130,000	$127	29

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: 8.16×
• Total profit: $50,128
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 17.21×
• Total profit: $113,469
• Equity at exit: $2,162

Cash invested: $7,000 (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: 1.6×

Monthly cashflow live

• Estimated rent: $1,295 medium
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $850

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 29%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   price $25,000 Active 72 DOM
2. 2026-06-18
   days on market $40,000 Active 72 DOM
3. 2026-06-17
   days on market $40,000 Active 71 DOM
4. 2026-06-16
   days on market $40,000 Active 70 DOM
5. 2026-06-15
   days on market $40,000 Active 69 DOM
6. 2026-06-13
   days on market $40,000 Active 67 DOM
7. 2026-06-12
   days on market $40,000 Active 66 DOM
8. 2026-06-09
   days on market $40,000 Active 63 DOM
9. 2026-06-08
   days on market $40,000 Active 62 DOM
10. 2026-06-07
    days on market $40,000 Active 61 DOM
11. 2026-06-07
    days on market $40,000 Active 60 DOM
12. 2026-06-04
    days on market $40,000 Active 57 DOM
13. 2026-06-02
    days on market $40,000 Active 56 DOM
14. 2026-06-01
    days on market $40,000 Active 55 DOM
15. 2026-05-31
    days on market $40,000 Active 54 DOM
16. 2026-05-08
    price $40,000 465-char remark

    Show marketing remark (465 chars)

    Great potential investment for a contractor! Much of this remodel is already complete: New siding, roof, insulation, plumbing, electrical, windows, doors, and hot water tank. Roughed out for three bedrooms, 1.5 baths and first floor laundry. Front porch done with long lasting composite flooring. Needs someone with vision to finish it. Located close to restaurants and stores. We have a quote for the foundation issue for 16K so we have dropped the price to $50k!

17. 2026-04-19
    price $50,000 465-char remark

    Show marketing remark (465 chars)

    Great potential investment for a contractor! Much of this remodel is already complete: New siding, roof, insulation, plumbing, electrical, windows, doors, and hot water tank. Roughed out for three bedrooms, 1.5 baths and first floor laundry. Front porch done with long lasting composite flooring. Needs someone with vision to finish it. Located close to restaurants and stores. We have a quote for the foundation issue for 16K so we have dropped the price to $50k!

18. 2026-04-07
    listed $64,900 Active 465-char remark

    Show marketing remark (465 chars)

    Great potential investment for a contractor! Much of this remodel is already complete: New siding, roof, insulation, plumbing, electrical, windows, doors, and hot water tank. Roughed out for three bedrooms, 1.5 baths and first floor laundry. Front porch done with long lasting composite flooring. Needs someone with vision to finish it. Located close to restaurants and stores. We have a quote for the foundation issue for 16K so we have dropped the price to $50k!

19. 2024-03-11
    soldstatus $7,500
20. 2024-03-08
    soldstatus $7,500 Closed 200-char remark

    Show marketing remark (200 chars)

    Two story home in a quiet neighborhood on a dead end street. This home is being sold as is and needs lots of TLC to make it livable. A "hold harmless" form needs to be signed before showing.

21. 2024-01-12
    status Pending 200-char remark

    Show marketing remark (200 chars)

    Two story home in a quiet neighborhood on a dead end street. This home is being sold as is and needs lots of TLC to make it livable. A "hold harmless" form needs to be signed before showing.

22. 2023-10-10
    status Pending Sale 200-char remark

    Show marketing remark (200 chars)

    Two story home in a quiet neighborhood on a dead end street. This home is being sold as is and needs lots of TLC to make it livable. A "hold harmless" form needs to be signed before showing.

23. 2023-10-10
    listed $8,500 Active 200-char remark

    Show marketing remark (200 chars)

    Two story home in a quiet neighborhood on a dead end street. This home is being sold as is and needs lots of TLC to make it livable. A "hold harmless" form needs to be signed before showing.

24. 2022-01-31
    soldstatus $15,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (shaded) · 20% 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: $15,541
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,243
• − Management: −$1,243
• − Depreciation: −$727
• Taxable income: $10,427
• Est. tax owed @ 24.0%: −$2,502
• After-tax cash flow: $7,702/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

+166.7% since first listed

9 events — show timeline

• 2026-05-08 Price Changed $40,000 UNYREIS
• 2026-04-19 Price Changed $50,000 UNYREIS
• 2026-04-07 Listed $64,900 UNYREIS
• 2024-03-11 Sold (Public Records) $7,500 Public Records
• 2024-03-08 Sold (MLS) $7,500 UNYREIS
• 2024-01-12 Pending — UNYREIS
• 2023-10-10 Pending — UNYREIS
• 2023-10-10 Listed $8,500 UNYREIS
• 2022-01-31 Sold (Public Records) $15,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $1,430 · -38.9% YoY. Source: county tax records.