303 W Water St · Olean, NY 14760

$119,900

4 bd · 2.0 ba · 1,199 sqft · SingleFamily public records · 16 Days on market

Built 1910 8,712 sqft lot $100/sqft · 8% above area Est $111k · 8% over

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Why this score? — see what drove the C- 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 +24.2/30.0
• DSCR +7.8/10.0
• 1% rule +6.6/10.0
• ARV discount +4.1/15.0
• 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 Great 4 Bedroom 2 Bath Home has a 1st Floor Bed & Bath for the folks that don't want to deal with climbing stairs. It's located on the corner of a dead-end lot and is ready for you to call your own! It has a 2 Car Garage that leads out into a Covered Porch Area where you can host all the summer parties!! It's Set-up with an Outdoor Kitchen and space for lots of tables & chairs that leads out to a huge back yard! Inside the house, most floors are hardwood underneath the carpet. With some modern updates, this house will become an amazing home!

Key facts

• First floor bath
• Nice-sized yard
• First floor bedroom

Tags

• QUIET DEAD-END CORNER LOT
• FIRST FLOOR BEDROOM
• FIRST FLOOR BATH
• NICE-SIZED YARD
• COVERED SEASONAL ROOM
• SINK AND KITCHENETTE AREA

Property features AI

Exterior

• Parking: Detached garage with storage and workshop; One garage space
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available
• Home design: Two-story home; Resale property; Composition roof; Vinyl siding; Block foundation
• Construction: Vinyl siding construction; Composition roof; Block foundation; Originally existing (previously built)
• Exterior features: Blacktop driveway; Near public transit; Rectangular residential lot; City street frontage; Lot dimensions approximately 132 x 66

Interior

• Bedrooms: One main-level bedroom
• Flooring: Carpet; Luxury vinyl; Tile; Varied flooring
• Bathrooms: Two full bathrooms; One full bathroom on the main level
• Heating & cooling: Gas forced-air heating
• Interior features: Separate/formal dining room; Separate/formal living room; Pull-down attic stairs; Bedroom on main level; Full basement
• Laundry & utility: Laundry located in the basement; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.

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 $829 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $101k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,101 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 8.68%
• Cash-on-cash: 8.52%
• DSCR: 1.38
• GRM: 7.2

CMA / ARV

• ARV (median comp): $111,372
• List price: $119,900
• Delta: 7.66%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1618 Avenue A	0.61mi	3/2.0 (-1)	1,210 (+1%)	7mo	$83,200	$69	59
314 Van Campen Ave	0.44mi	3/2.0 (-1)	1,213 (+1%)	18mo	$96,000	$79	57
1503 N Union St	0.32mi	3/1.0 (-1)	1,134 (-5%)	20mo	$79,900	$70	51
817 N 4th St	0.21mi	3/2.0 (-1)	1,044 (-13%)	16mo	$59,900	$57	50
302 N 9th St	0.65mi	3/1.5 (-1)	1,224 (+2%)	14mo	$95,000	$78	48
509 3rd Ave	0.72mi	3/1.5 (-1)	1,172 (-2%)	22mo	$56,000	$48	37
423 Fountain St	0.65mi	3/1.5 (-1)	1,100 (-8%)	15mo	$169,000	$154	37

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: -3.3%
• Equity multiple: 0.87×
• Total profit: $-4,203
• Equity at exit: $17,877

10-year hold

• IRR: 6.4%
• Equity multiple: 1.48×
• Total profit: $16,051
• Equity at exit: $10,367

Cash invested: $33,572 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,385 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$177 /mo · $2,126/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $238

Break-even live

Break-even rent $1,083

Max offer price $119,900

Occupancy floor 78%

Sensitivity live

Price	-10% $306	-5% $272	+0% $238	+5% $205	+10% $171
Rent	-10% $129	-5% $184	+0% $238	+5% $293	+10% $348
Rate	-1.0pp $299	-0.5pp $269	base $238	+0.5pp $207	+1.0pp $176

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-16
   status $119,900 Pending 16 DOM
2. 2026-06-15
   days on market $119,900 Active 16 DOM
3. 2026-06-13
   days on market $119,900 Active 14 DOM
4. 2026-06-12
   days on market $119,900 Active 13 DOM
5. 2026-06-09
   days on market $119,900 Active 10 DOM
6. 2026-06-09
   status $119,900 Active 9 DOM
7. 2026-05-13
   listed $119,900 Active 915-char remark
8. 2021-12-05
   soldstatus $101,000 Closed Sale or Rented 565-char remark

   Show marketing remark (565 chars)

   This Great 4 Bedroom 2 Bath Home has a 1st Floor Bed & Bath for the folks that don't want to deal with climbing stairs. It's located on the corner of a dead-end lot and is ready for you to call your own! It has a 2 Car Garage that leads out into a Covered Porch Area where you can host all the summer parties!! It's Set-up with an Outdoor Kitchen and space for lots of tables & chairs that leads out to a huge back yard! Inside the house, most floors are hardwood underneath the carpet. With some modern updates, this house will become an amazing home!

9. 2021-12-02
   soldstatus $101,000
10. 2021-09-13
    status Under Contract- Do Not Show 565-char remark

    Show marketing remark (565 chars)

    This Great 4 Bedroom 2 Bath Home has a 1st Floor Bed & Bath for the folks that don't want to deal with climbing stairs. It's located on the corner of a dead-end lot and is ready for you to call your own! It has a 2 Car Garage that leads out into a Covered Porch Area where you can host all the summer parties!! It's Set-up with an Outdoor Kitchen and space for lots of tables & chairs that leads out to a huge back yard! Inside the house, most floors are hardwood underneath the carpet. With some modern updates, this house will become an amazing home!

11. 2021-08-31
    status Active 565-char remark

    Show marketing remark (565 chars)

    This Great 4 Bedroom 2 Bath Home has a 1st Floor Bed & Bath for the folks that don't want to deal with climbing stairs. It's located on the corner of a dead-end lot and is ready for you to call your own! It has a 2 Car Garage that leads out into a Covered Porch Area where you can host all the summer parties!! It's Set-up with an Outdoor Kitchen and space for lots of tables & chairs that leads out to a huge back yard! Inside the house, most floors are hardwood underneath the carpet. With some modern updates, this house will become an amazing home!

12. 2021-08-16
    historical Continue to Show- Under Contract 565-char remark

    Show marketing remark (565 chars)

    This Great 4 Bedroom 2 Bath Home has a 1st Floor Bed & Bath for the folks that don't want to deal with climbing stairs. It's located on the corner of a dead-end lot and is ready for you to call your own! It has a 2 Car Garage that leads out into a Covered Porch Area where you can host all the summer parties!! It's Set-up with an Outdoor Kitchen and space for lots of tables & chairs that leads out to a huge back yard! Inside the house, most floors are hardwood underneath the carpet. With some modern updates, this house will become an amazing home!

13. 2021-08-12
    listed $98,500 Active 565-char remark

    Show marketing remark (565 chars)

    This Great 4 Bedroom 2 Bath Home has a 1st Floor Bed & Bath for the folks that don't want to deal with climbing stairs. It's located on the corner of a dead-end lot and is ready for you to call your own! It has a 2 Car Garage that leads out into a Covered Porch Area where you can host all the summer parties!! It's Set-up with an Outdoor Kitchen and space for lots of tables & chairs that leads out to a huge back yard! Inside the house, most floors are hardwood underneath the carpet. With some modern updates, this house will become an amazing home!

ⓘ 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: $2,126 · $177/mo
• Projected year-2 tax: $2,126 · $177/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 4/10 Moderate FEMA zone X (shaded) · 20% 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: $16,623
• − Mortgage interest: −$6,716
• − Property taxes: −$2,126
• − Insurance: −$600
• − Repairs & maintenance: −$1,330
• − Management: −$1,330
• − Depreciation: −$3,488
• Taxable income: $1,034
• Est. tax owed @ 24.0%: −$248
• After-tax cash flow: $2,614/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

+21.7% since first listed

10 events — show timeline

• 2026-06-15 Pending — UNYREIS
• 2026-06-08 Relisted — UNYREIS
• 2026-05-22 Pending — UNYREIS
• 2026-05-13 Listed $119,900 UNYREIS
• 2021-12-05 Sold (MLS) $101,000 WNYREIS
• 2021-12-02 Sold (Public Records) $101,000 Public Records
• 2021-09-13 Pending — WNYREIS
• 2021-08-31 Relisted — WNYREIS
• 2021-08-16 Contingent — WNYREIS
• 2021-08-12 Listed $98,500 WNYREIS

Property tax history

+17.7%/yr

Latest (2025): $2,126 · -38.9% YoY. Source: county tax records.