434 N 10th St

Olean, NY 14760

$69,900B+

3 bd · 1.0 ba · 1,284 sqft · Built 1910 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,338/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$202
• HOA: −$0
• Vac / Maint / Mgmt: −$281
• Net cashflow: $489/mo
• Annual: $5,864/yr
• Cap rate: 14.68%
• Cash-on-cash: 29.96%
• DSCR: 2.33
• 1% rule: 1.91%
• Cash to close: $19,572

Investor read

• This is a 3-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 17 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k 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: property tax is 3.0% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 143 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.7% 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.