329 N 6th St · Olean, NY 14760

$39,900

3 bd · 2.0 ba · 912 sqft · MultiFamily public records · 176 Days on market

Built 1940 3,200 sqft lot $44/sqft · 48% below area Est $76k · 48% under

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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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Opportunity awaits with this 2-bedroom, 1-bath home—perfect for investors, flippers, or buyers looking for a starter home. Spacious living room, eat- in kitchen make this home comfortable and easy to entertain. Full bath upstairs offers a walk in tile shower with a nice jetted tub for relaxing after a long day. This property offers a solid layout and a nice size yard with potential for outdoor improvements. Bring your vision and creativity to transform this home and unlock its full potential.

Key facts

• Nice size yard
• Solid layout
• Outdoor improvements

Tags

• SOLID LAYOUT
• NICE SIZE YARD
• OUTDOOR IMPROVEMENTS
• POTENTIAL FOR RENOVATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $40k.

Deal economics

• At list price, monthly cash flow is $597 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.2% 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 $276 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 176 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $14k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $35,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 176 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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: 2.87% ✓
• Cap rate: 24.24%
• Cash-on-cash: 64.10%
• DSCR: 3.85
• GRM: 2.9

CMA / ARV

• ARV (median comp): $76,398
• List price: $39,900
• Delta: -47.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 63.2%
• Equity multiple: 3.83×
• Total profit: $31,580
• Equity at exit: $5,949

10-year hold

• IRR: 67.7%
• Equity multiple: 7.86×
• Total profit: $76,592
• Equity at exit: $3,450

Cash invested: $11,172 (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: 2.9×

Monthly cashflow live

• Estimated rent: $1,145 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$82 /mo · $986/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $597

Break-even live

Break-even rent $390

Max offer price $39,900

Occupancy floor 43%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $39,900 Active 176 DOM
2. 2026-06-17
   days on market $39,900 Active 175 DOM
3. 2026-06-16
   days on market $39,900 Active 174 DOM
4. 2026-06-15
   days on market $39,900 Active 173 DOM
5. 2026-06-13
   days on market $39,900 Active 171 DOM
6. 2026-06-12
   days on market $39,900 Active 170 DOM
7. 2026-06-09
   days on market $39,900 Active 167 DOM
8. 2026-06-08
   days on market $39,900 Active 166 DOM
9. 2026-06-07
   days on market $39,900 Active 165 DOM
10. 2026-06-07
    days on market $39,900 Active 164 DOM
11. 2026-06-04
    pricedays on market $39,900 Active 161 DOM
12. 2026-06-02
    days on market $43,000 Active 160 DOM
13. 2026-06-01
    days on market $43,000 Active 159 DOM
14. 2026-05-31
    days on market $43,000 Active 158 DOM
15. 2026-04-28
    price $43,000 503-char remark

    Show marketing remark (503 chars)

    Opportunity awaits with this 2-bedroom, 1-bath home—perfect for investors, flippers, or buyers looking for a starter home. Spacious living room, eat- in kitchen make this home comfortable and easy to entertain. Full bath upstairs offers a walk in tile shower with a nice jetted tub for relaxing after a long day. This property offers a solid layout and a nice size yard with potential for outdoor improvements. Bring your vision and creativity to transform this home and unlock its full potential.

16. 2026-02-11
    price $49,900 503-char remark

    Show marketing remark (503 chars)

    Opportunity awaits with this 2-bedroom, 1-bath home—perfect for investors, flippers, or buyers looking for a starter home. Spacious living room, eat- in kitchen make this home comfortable and easy to entertain. Full bath upstairs offers a walk in tile shower with a nice jetted tub for relaxing after a long day. This property offers a solid layout and a nice size yard with potential for outdoor improvements. Bring your vision and creativity to transform this home and unlock its full potential.

17. 2025-12-23
    listed $54,000 Active 503-char remark

    Show marketing remark (503 chars)

    Opportunity awaits with this 2-bedroom, 1-bath home—perfect for investors, flippers, or buyers looking for a starter home. Spacious living room, eat- in kitchen make this home comfortable and easy to entertain. Full bath upstairs offers a walk in tile shower with a nice jetted tub for relaxing after a long day. This property offers a solid layout and a nice size yard with potential for outdoor improvements. Bring your vision and creativity to transform this home and unlock its full potential.

18. 2025-08-28
    soldstatus $44,500 Closed 214-char remark

    Show marketing remark (214 chars)

    Attention investors and DIY enthusiasts! Multiple exit strategies: finish this remodel then either flip, rent or move in! Home being sold as is. Do not knock on door or approach house without prior communication.

19. 2025-06-18
    status Pending 214-char remark

    Show marketing remark (214 chars)

    Attention investors and DIY enthusiasts! Multiple exit strategies: finish this remodel then either flip, rent or move in! Home being sold as is. Do not knock on door or approach house without prior communication.

20. 2025-06-16
    price $54,900 214-char remark

    Show marketing remark (214 chars)

    Attention investors and DIY enthusiasts! Multiple exit strategies: finish this remodel then either flip, rent or move in! Home being sold as is. Do not knock on door or approach house without prior communication.

21. 2025-06-12
    price $44,500 214-char remark

    Show marketing remark (214 chars)

    Attention investors and DIY enthusiasts! Multiple exit strategies: finish this remodel then either flip, rent or move in! Home being sold as is. Do not knock on door or approach house without prior communication.

22. 2025-06-07
    listed $59,900 Active 214-char remark

    Show marketing remark (214 chars)

    Attention investors and DIY enthusiasts! Multiple exit strategies: finish this remodel then either flip, rent or move in! Home being sold as is. Do not knock on door or approach house without prior communication.

23. 2024-08-20
    historical
24. 2024-07-10
    price $42,500
25. 2024-05-29
    price $54,900
26. 2024-03-20
    listed $59,900 Active
27. 2014-08-08
    listed $42,500

ⓘ 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: $986 · $82/mo
• Projected year-2 tax: $986 · $82/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 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: $13,743
• − Mortgage interest: −$2,235
• − Property taxes: −$986
• − Insurance: −$200
• − Repairs & maintenance: −$1,099
• − Management: −$1,099
• − Depreciation: −$1,161
• Taxable income: $6,964
• Est. tax owed @ 24.0%: −$1,671
• After-tax cash flow: $5,490/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

+1.2% since first listed

13 events — show timeline

• 2026-04-28 Price Changed $43,000 UNYREIS
• 2026-02-11 Price Changed $49,900 UNYREIS
• 2025-12-23 Listed $54,000 UNYREIS
• 2025-08-28 Sold (MLS) $44,500 WNYREIS
• 2025-06-18 Pending — WNYREIS
• 2025-06-16 Price Changed $54,900 WNYREIS
• 2025-06-12 Price Changed $44,500 WNYREIS
• 2025-06-07 Listed $59,900 WNYREIS
• 2024-08-20 Listing Removed — WNYREIS
• 2024-07-10 Price Changed $42,500 WNYREIS
• 2024-05-29 Price Changed $54,900 WNYREIS
• 2024-03-20 Listed $59,900 WNYREIS
• 2014-08-08 Listed $42,500 WNYREIS

Property tax history

+9.1%/yr

Latest (2025): $986 · -38.9% YoY. Source: county tax records.