135 N N 12th St · Olean, NY 14760

$84,900

3 bd · 1.0 ba · 1,300 sqft · SingleFamily public records · 83 Days on market

Built 1876 8,564 sqft lot $65/sqft · 28% below area Est $119k · 28% under ↓ 15% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

This charming2-bedroom with potential for a 3 bedroom, 1 full-bath home is located on a convenient neighborhood street close to schools, shopping and restaurants. The property features a 2-car garage, a concrete driveway, and an additional driveway with extra space for guest parking. Situated on a large lot, this home offers plenty of outdoor space. With its comfortable layout it provides practicality and room to grow. This home is waiting for your special touch and is ready for you to make it yours.

Key facts

• Close to schools
• Close to restaurants
• 2 car garage

Tags

• CONVENIENT NEIGHBORHOOD STREET
• CLOSE TO SCHOOLS
• CLOSE TO SHOPPING
• CLOSE TO RESTAURANTS
• 2 CAR GARAGE
• CONCRETE DRIVEWAY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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 $587 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1876 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 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 1876 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.57% ✓
• Cap rate: 11.41%
• Cash-on-cash: 18.29%
• DSCR: 1.81
• GRM: 5.3

CMA / ARV

• ARV (median comp): $118,725
• List price: $84,900
• Delta: -28.49%
• 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
218 N 12th St	0.13mi	3/1.5	1,344 (+3%)	10mo	$99,900	$74	78
118 N 11th St	0.10mi	4/1.5 (+1)	1,314 (+1%)	12mo	$76,000	$58	76
1117 W Sullivan St	0.16mi	3/1.5	1,400 (+8%)	6mo	$53,500	$38	73
1705 W State St	0.28mi	3/1.0	1,156 (-11%)	2mo	$37,500	$32	67
334 N 13th St	0.26mi	2/1.0 (-1)	1,392 (+7%)	5mo	$74,500	$54	67
123 S 4th St	0.55mi	2/1.0 (-1)	1,300 (0%)	4mo	$90,000	$69	66
130 S 6th St	0.43mi	3/2.0	1,320 (+2%)	10mo	$150,000	$114	66
708 Irving St	0.47mi	3/1.5	1,232 (-5%)	5mo	$25,000	$20	63
309 S 3rd St	0.68mi	3/1.0	1,270 (-2%)	5mo	$10,000	$8	61
224 S 16th St	0.35mi	2/2.0 (-1)	1,120 (-14%)	3mo	$69,000	$62	50
111 N 24th St	0.70mi	3/2.0	1,248 (-4%)	10mo	$150,000	$120	48
112 N 21st St	0.52mi	4/2.0 (+1)	1,420 (+9%)	9mo	$120,000	$85	44

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: 10.0%
• Equity multiple: 1.40×
• Total profit: $9,406
• Equity at exit: $12,659

10-year hold

• IRR: 19.2%
• Equity multiple: 2.61×
• Total profit: $38,248
• Equity at exit: $7,341

Cash invested: $23,772 (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: 141
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,332 medium
• Mortgage (P&I): −$445
• Tax from tax record: −$209 /mo · $2,512/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $362

Break-even live

Break-even rent $873

Max offer price $84,900

Occupancy floor 68%

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-12
   statusdays on market $84,900 Pending 83 DOM
2. 2026-06-09
   days on market $84,900 Active 82 DOM
3. 2026-06-08
   days on market $84,900 Active 81 DOM
4. 2026-06-07
   days on market $84,900 Active 80 DOM
5. 2026-06-07
   days on market $84,900 Active 79 DOM
6. 2026-06-04
   days on market $84,900 Active 76 DOM
7. 2026-06-02
   days on market $84,900 Active 75 DOM
8. 2026-06-01
   days on market $84,900 Active 74 DOM
9. 2026-05-31
   days on market $84,900 Active 73 DOM
10. 2026-03-19
    listed $84,900 Active 505-char remark

    Show marketing remark (505 chars)

    This charming2-bedroom with potential for a 3 bedroom, 1 full-bath home is located on a convenient neighborhood street close to schools, shopping and restaurants. The property features a 2-car garage, a concrete driveway, and an additional driveway with extra space for guest parking. Situated on a large lot, this home offers plenty of outdoor space. With its comfortable layout it provides practicality and room to grow. This home is waiting for your special touch and is ready for you to make it yours.

11. 2025-09-30
    historical
12. 2025-06-23
    price $89,900
13. 2025-02-11
    price $95,000
14. 2024-11-12
    listed $99,900 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: $2,512 · $209/mo
• Projected year-2 tax: $2,512 · $209/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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) · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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: $15,984
• − Mortgage interest: −$4,756
• − Property taxes: −$2,512
• − Insurance: −$424
• − Repairs & maintenance: −$1,279
• − Management: −$1,279
• − Depreciation: −$2,470
• Taxable income: $3,265
• Est. tax owed @ 24.0%: −$784
• After-tax cash flow: $3,565/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

-15.0% since first listed

5 events — show timeline

• 2026-03-19 Listed $84,900 UNYREIS
• 2025-09-30 Listing Removed — UNYREIS
• 2025-06-23 Price Changed $89,900 UNYREIS
• 2025-02-11 Price Changed $95,000 UNYREIS
• 2024-11-12 Listed $99,900 UNYREIS

Property tax history

+3.1%/yr

Latest (2025): $2,512 · -38.9% YoY. Source: county tax records.