319 N 7th St

Olean, NY 14760

$92,000B+

3 bd · 1.0 ba · 1,238 sqft · Built 1910 · SingleFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,316/mo
• Mortgage (P&I): −$482
• Tax + insurance: −$204
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $353/mo
• Annual: $4,239/yr
• Cap rate: 10.90%
• Cash-on-cash: 16.46%
• DSCR: 1.73
• 1% rule: 1.43%
• Cash to close: $25,760

Investor read

• This is a 3-bed/1.0-bath single-family listed at $92k.
• At list price, monthly cash flow is $353 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• It's been on market 23 days — a 2% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $636 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• 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: Washington West Elementary School (math 24% / reading 44%, grade F, #1,577 of 2,108 statewide, top 77%, 304 students, 57% 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).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 144 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 14y 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 $46k; list at $92k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.9% vs local median 8.1% 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.

Questions for listing agent

• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.