1216 Washington St · Olean, NY 14760

$95,000

3 bd · 1.0 ba · 1,628 sqft · SingleFamily public records · 76 Days on market

Built 1910 3,540 sqft lot $58/sqft · 10% below area Est $105k · 10% 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 +28.9/30.0
• ARV discount +11.8/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• 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

Timeless charm meets thoughtful modern updates in this well-maintained 4 bedroom old-style home! Blending classic character with today’s conveniences, this property offers a warm and inviting feel throughout. The spacious kitchen features a center island, abundant cabinetry, and easy access to a conveniently located bath—perfect for everyday living and entertaining. Hardwood floors through most of the home. Beautiful natural woodwork though out. Upstairs, you’ll find comfortably sized bedrooms plus a versatile bonus room ideal for a walk-in closet, home office, playroom, or hobby space. Storage is no issue here, with plenty of room to keep everything organized. Situated on a corner lot, the property includes a 1-car garage and is ideally located close to local amenities, shopping, and dining. A great opportunity to enjoy the character of a classic home with the benefits of modern updates!

Key facts

• Natural woodwork
• Spacious kitchen
• Abundant cabinetry

Tags

• SPACIOUS KITCHEN
• CENTER ISLAND
• ABUNDANT CABINETRY
• HARDWOOD FLOORS
• NATURAL WOODWORK
• VERSATILE BONUS ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $321 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $89k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 8.1% in Olean — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 $657 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 $27k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y 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 2.8% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 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 1910 — 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: 1.44% ✓
• Cap rate: 10.35%
• Cash-on-cash: 14.48%
• DSCR: 1.64
• GRM: 5.8

CMA / ARV

• ARV (median comp): $105,089
• List price: $95,000
• Delta: -9.60%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 N 14th St	0.13mi	3/1.5	1,516 (-7%)	3mo	$143,000	$94	78
133 N 13th St	0.10mi	3/2.0	1,496 (-8%)	6mo	$149,900	$100	73
133 N 15th St	0.21mi	3/1.5	1,554 (-4%)	9mo	$180,000	$116	73
315 N 18th St	0.41mi	3/2.0	1,577 (-3%)	7mo	$180,000	$114	66
1117 W Sullivan St	0.10mi	3/1.5	1,400 (-14%)	6mo	$53,500	$38	65
221 N 19th St	0.43mi	4/1.0 (+1)	1,578 (-3%)	6mo	$182,320	$116	65
2005 W State St	0.48mi	3/1.0	1,504 (-8%)	5mo	$115,000	$76	61
112 S 7th St	0.36mi	2/1.5 (-1)	1,516 (-7%)	5mo	$150,000	$99	60
334 N 13th St	0.21mi	2/1.0 (-1)	1,392 (-14%)	5mo	$74,500	$54	57
223 S 7th St	0.48mi	3/1.5	1,786 (+10%)	7mo	$144,000	$81	53
112 N 21st St	0.54mi	4/2.0 (+1)	1,420 (-13%)	9mo	$120,000	$85	37
205 N 24th St	0.72mi	4/2.5 (+1)	1,804 (+11%)	5mo	$255,000	$141	33

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: 5.0%
• Equity multiple: 1.19×
• Total profit: $5,127
• Equity at exit: $14,165

10-year hold

• IRR: 14.5%
• Equity multiple: 2.17×
• Total profit: $31,118
• Equity at exit: $8,214

Cash invested: $26,600 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,364 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$219 /mo · $2,628/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $321

Break-even live

Break-even rent $958

Max offer price $95,000

Occupancy floor 71%

Sensitivity live

Price	-10% $375	-5% $348	+0% $321	+5% $294	+10% $267
Rent	-10% $213	-5% $267	+0% $321	+5% $375	+10% $429
Rate	-1.0pp $369	-0.5pp $345	base $321	+0.5pp $296	+1.0pp $271

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-21
   days on market $95,000 Active 76 DOM
2. 2026-06-18
   days on market $95,000 Active 74 DOM
3. 2026-06-17
   days on market $95,000 Active 73 DOM
4. 2026-06-16
   days on market $95,000 Active 72 DOM
5. 2026-06-15
   days on market $95,000 Active 71 DOM
6. 2026-06-13
   days on market $95,000 Active 69 DOM
7. 2026-06-12
   days on market $95,000 Active 68 DOM
8. 2026-06-09
   days on market $95,000 Active 65 DOM
9. 2026-06-08
   days on market $95,000 Active 64 DOM
10. 2026-06-07
    days on market $95,000 Active 63 DOM
11. 2026-06-07
    days on market $95,000 Active 62 DOM
12. 2026-06-04
    days on market $95,000 Active 59 DOM
13. 2026-06-02
    days on market $95,000 Active 58 DOM
14. 2026-06-01
    days on market $95,000 Active 57 DOM
15. 2026-05-31
    days on market $95,000 Active 56 DOM
16. 2026-04-21
    price $95,000 919-char remark

    Show marketing remark (919 chars)

    Timeless charm meets thoughtful modern updates in this well-maintained 4 bedroom old-style home! Blending classic character with today’s conveniences, this property offers a warm and inviting feel throughout. The spacious kitchen features a center island, abundant cabinetry, and easy access to a conveniently located bath—perfect for everyday living and entertaining. Hardwood floors through most of the home. Beautiful natural woodwork though out. Upstairs, you’ll find comfortably sized bedrooms plus a versatile bonus room ideal for a walk-in closet, home office, playroom, or hobby space. Storage is no issue here, with plenty of room to keep everything organized. Situated on a corner lot, the property includes a 1-car garage and is ideally located close to local amenities, shopping, and dining. A great opportunity to enjoy the character of a classic home with the benefits of modern updates!

17. 2026-04-04
    listed $99,000 Active 919-char remark

    Show marketing remark (919 chars)

    Timeless charm meets thoughtful modern updates in this well-maintained 4 bedroom old-style home! Blending classic character with today’s conveniences, this property offers a warm and inviting feel throughout. The spacious kitchen features a center island, abundant cabinetry, and easy access to a conveniently located bath—perfect for everyday living and entertaining. Hardwood floors through most of the home. Beautiful natural woodwork though out. Upstairs, you’ll find comfortably sized bedrooms plus a versatile bonus room ideal for a walk-in closet, home office, playroom, or hobby space. Storage is no issue here, with plenty of room to keep everything organized. Situated on a corner lot, the property includes a 1-car garage and is ideally located close to local amenities, shopping, and dining. A great opportunity to enjoy the character of a classic home with the benefits of modern updates!

18. 2021-06-28
    soldstatus $87,000
19. 2021-06-25
    soldstatus $87,000 Closed Sale or Rented 419-char remark

    Show marketing remark (419 chars)

    This home has been freshly renovated and features so many extras! Hardwood floors in all of the house except kitchen and bath. thermal windows, new appliances, tons of storage, a new fence to provide privacy, upgrades to plumbing and electric, a garage, a shed that is currently being used as a workshop, and so much more! It is centrally located, an easy walk to school, stores and restaurants! So many great features!

20. 2021-04-05
    status Under Contract- Do Not Show 419-char remark

    Show marketing remark (419 chars)

    This home has been freshly renovated and features so many extras! Hardwood floors in all of the house except kitchen and bath. thermal windows, new appliances, tons of storage, a new fence to provide privacy, upgrades to plumbing and electric, a garage, a shed that is currently being used as a workshop, and so much more! It is centrally located, an easy walk to school, stores and restaurants! So many great features!

21. 2021-03-25
    listed $92,500 Active 419-char remark

    Show marketing remark (419 chars)

    This home has been freshly renovated and features so many extras! Hardwood floors in all of the house except kitchen and bath. thermal windows, new appliances, tons of storage, a new fence to provide privacy, upgrades to plumbing and electric, a garage, a shed that is currently being used as a workshop, and so much more! It is centrally located, an easy walk to school, stores and restaurants! So many great features!

22. 2020-07-15
    soldstatus $50,350
23. 2020-07-13
    soldstatus $50,350 Closed Sale or Rented
24. 2020-05-23
    status Under Contract- Do Not Show
25. 2020-05-18
    listed $52,000 Active
26. 2018-11-01
    historical
27. 2018-06-01
    listed $49,900 Active
28. 2017-02-05
    historical
29. 2016-10-12
    price $49,900
30. 2016-09-06
    listed $54,900 Active
31. 2015-08-17
    soldstatus $48,000

ⓘ 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: $2,628 · $219/mo
• Projected year-2 tax: $2,628 · $219/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: $16,370
• − Mortgage interest: −$5,321
• − Property taxes: −$2,628
• − Insurance: −$475
• − Repairs & maintenance: −$1,310
• − Management: −$1,310
• − Depreciation: −$2,764
• Taxable income: $2,563
• Est. tax owed @ 24.0%: −$615
• After-tax cash flow: $3,236/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

+97.9% since first listed

16 events — show timeline

• 2026-04-21 Price Changed $95,000 UNYREIS
• 2026-04-04 Listed $99,000 UNYREIS
• 2021-06-28 Sold (Public Records) $87,000 Public Records
• 2021-06-25 Sold (MLS) $87,000 WNYREIS
• 2021-04-05 Pending — WNYREIS
• 2021-03-25 Listed $92,500 WNYREIS
• 2020-07-15 Sold (Public Records) $50,350 Public Records
• 2020-07-13 Sold (MLS) $50,350 WNYREIS
• 2020-05-23 Pending — WNYREIS
• 2020-05-18 Listed $52,000 WNYREIS
• 2018-11-01 Listing Removed — UNYREIS
• 2018-06-01 Listed $49,900 UNYREIS
• 2017-02-05 Listing Removed — WNYREIS
• 2016-10-12 Price Changed $49,900 WNYREIS
• 2016-09-06 Listed $54,900 WNYREIS
• 2015-08-17 Sold (Public Records) $48,000 Public Records

Property tax history

+12.1%/yr

Latest (2025): $2,628 · -38.9% YoY. Source: county tax records.