1010 Buffalo St · Olean, NY 14760

$59,900

6 bd · 2.0 ba · 2,228 sqft · MultiFamily · 9 Days on market

Built 1916 3,106 sqft lot Est $85k · 29% under

---

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 +15.0/30.0
• ARV discount +15.0/15.0
• 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

Investment opportunity with plenty of potential! This duplex features two side-by-side units, each offering 3 bedrooms, 1 full bathroom, a living room, dining room, kitchen, and pantry. Whether you're looking to expand your rental portfolio or live in one unit while renting the other, this property provides flexibility and value. A newer roof has already been completed, helping reduce future maintenance costs. The property also offers off-street parking, a full basement, and a full attic for additional storage. One unit features hardwood floors, while the other is currently carpeted and in need of updating. Currently vacant, this property will require repairs and improvements to reach its f

Key facts

• Pantry
• Newer roof
• Full basement

Tags

• OFF-STREET PARKING
• FULL BASEMENT
• FULL ATTIC
• NEWER ROOF
• PANTRY

Property features AI

Finance

• Other: Two total units with two total units in the community; Actual rent listed as 0 for each unit (see remarks for details)
• Financial info: Two-unit multifamily property; Operating expense details: see remarks; Owner pays: other/see remarks; Rent includes: see remarks

Exterior

• Parking: Gravel parking with two or more spaces
• Utilities: Public water (connected); Sewer connected; Separate gas and electric meters for each unit
• Home design: 2-story building; Resale property
• Construction: Wood siding construction
• Exterior features: Rectangular residential lot with 41 x 74 dimensions; City street frontage; Gravel parking with two or more spaces

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Two separate 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Carpet; Hardwood; Tile; Varies
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Varied flooring including carpet, hardwood and tile
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $60k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $805/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $60k).
• Cap rate 38.5% 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: 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 $414 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y 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 $48k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,900

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 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 4.28% ✓
• Cap rate: 38.53%
• Cash-on-cash: 115.14%
• DSCR: 6.12
• GRM: 1.9

CMA / ARV

• ARV (on-the-fly): $84,664
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 N 11th St	0.19mi	5/2.0 (-1)	2,452 (+10%)	1mo	$123,000	$50	68
316 W Henley St	0.64mi	6/2.0	2,304 (+3%)	2mo	$75,000	$33	63
216 N 15th St	0.36mi	7/3.0 (+1)	2,370 (+6%)	4mo	$90,000	$38	60
1208 Washington St	0.21mi	6/2.0	2,058 (-8%)	22mo	$50,750	$25	59
128 S 8th St	0.47mi	5/2.5 (-1)	2,448 (+10%)	3mo	$60,000	$25	52
611 W Henley St	0.56mi	5/3.0 (-1)	2,470 (+11%)	13mo	$115,000	$47	36

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: 6.53×
• Total profit: $92,825
• Equity at exit: $8,931

10-year hold

• IRR: —
• Equity multiple: 13.70×
• Total profit: $212,964
• Equity at exit: $5,179

Cash invested: $16,772 (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: 3.9×

Monthly cashflow live

• Estimated rent: $2,561 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$538
• Net cashflow: $1,609

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 32%

Sensitivity live

Price	-10% $1,651	-5% $1,630	+0% $1,609	+5% $1,589	+10% $1,568
Rent	-10% $1,407	-5% $1,508	+0% $1,609	+5% $1,710	+10% $1,812
Rate	-1.0pp $1,639	-0.5pp $1,624	base $1,609	+0.5pp $1,594	+1.0pp $1,578

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,562
Total (2 units)			$2,561

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-21
   days on market $59,900 Active 9 DOM
2. 2026-06-18
   days on market $59,900 Active 7 DOM
3. 2026-06-17
   days on market $59,900 Active 6 DOM
4. 2026-06-16
   days on market $59,900 Active 5 DOM
5. 2026-06-15
   days on market $59,900 Active 4 DOM
6. 2026-06-13
   days on market $59,900 Active 2 DOM
7. 2026-06-12
   remarks 699-char remark
8. 2026-06-12
   listed $59,900 Active 1 DOM

ⓘ 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 4/10 Moderate FEMA zone X (shaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥90°F today · 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: $30,732
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$2,459
• − Management: −$2,459
• − Depreciation: −$1,743
• Taxable income: $19,519
• Est. tax owed @ 24.0%: −$4,685
• After-tax cash flow: $14,626/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

+3.5% since first listed

3 events — show timeline

• 2026-06-11 Listed $59,900 UNYREIS
• 2014-05-02 Sold (MLS) $48,500 WNYREIS
• 2013-11-26 Listed $57,900 WNYREIS