207 N 11th St · Olean, NY 14760

$89,500

5 bd · 2.0 ba · 2,452 sqft · MultiFamily public records · 32 Days on market

Built 1885 4,940 sqft lot Est $123k · 27% 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: 2 units. confirmed

Listing remarks

Beautifully remodeled two unit apartment for sale, perfect for investors or homeowners seeking rental income. Each unit features modern finishes with ample lighting creating a welcoming atmosphere. Upstairs has 3 bedrooms and 1 bath. Downstairs has 2 bedrooms with an extra 3rd room that is small but could be used as a childs bedroom or office. Updated stylish bathrooms, updated kitchens. Some wood flooring. Tenants are renting on a month to month basis and pay for all their own utilities. Separate meters. Close to shopping and restaurants.

Key facts

• Wood flooring
• Modern finishes
• Ample lighting

Tags

• REMODELED TWO UNIT APARTMENT
• MODERN FINISHES
• AMPLE LIGHTING
• UPDATED STYLISH BATHROOMS
• UPDATED KITCHENS
• WOOD FLOORING

🏷️ Possibly a rental listed for sale. The $89,500 price doesn't fit this home's estimated sale value (~$122,600) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $657/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.9% 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.

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 $619 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 $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y 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 $38k; list at $90k implies a 139% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $86,815 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 2.79% ✓
• Cap rate: 23.92%
• Cash-on-cash: 62.95%
• DSCR: 3.80
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $122,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 N 11th St	0.00mi	5/2.0	2,452 (0%)	1mo	$123,000	$50	99
128 S 8th St	0.36mi	5/2.5	2,448 (-0%)	3mo	$60,000	$25	78
218 N 15th St	0.22mi	5/3.5	2,566 (+5%)	10mo	$105,000	$41	67
1507 W State St	0.29mi	4/3.0 (-1)	2,587 (+6%)	4mo	$173,000	$67	65
611 W Henley St	0.49mi	5/3.0	2,470 (+1%)	13mo	$115,000	$47	61
316 W Henley St	0.62mi	6/2.0 (+1)	2,304 (-6%)	2mo	$75,000	$33	54
104 S 14th St	0.30mi	4/2.0 (-1)	2,114 (-14%)	12mo	$127,000	$60	48
604 Irving St	0.54mi	4/2.0 (-1)	2,158 (-12%)	12mo	$144,160	$67	40
509 Irving St	0.58mi	4/2.0 (-1)	2,205 (-10%)	15mo	$76,000	$34	38
127 N 2nd St	0.57mi	4/2.0 (-1)	2,156 (-12%)	14mo	$110,000	$51	36
125 N 2nd St	0.58mi	4/2.0 (-1)	2,156 (-12%)	14mo	$110,000	$51	36
301 Coleman St	0.71mi	4/3.0 (-1)	2,764 (+13%)	2mo	$84,900	$31	35

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: 62.0%
• Equity multiple: 3.76×
• Total profit: $69,290
• Equity at exit: $13,345

10-year hold

• IRR: 66.5%
• Equity multiple: 7.72×
• Total profit: $168,399
• Equity at exit: $7,738

Cash invested: $25,060 (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: 6.3×

Monthly cashflow live

• Estimated rent: $2,493 medium
• Mortgage (P&I): −$469
• Tax from tax record: −$148 /mo · $1,778/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $1,315

Break-even live

Break-even rent $829

Max offer price $89,500

Occupancy floor 42%

Sensitivity live

Price	-10% $1,365	-5% $1,340	+0% $1,315	+5% $1,289	+10% $1,264
Rent	-10% $1,118	-5% $1,216	+0% $1,315	+5% $1,413	+10% $1,512
Rate	-1.0pp $1,360	-0.5pp $1,337	base $1,315	+0.5pp $1,291	+1.0pp $1,268

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,176
1× unit	3	1	$1,316
Total (2 units)			$2,493

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: $22,375
• Closing costs: $2,685
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2025-12-05
   status Pending
2. 2025-11-26
   status Active
3. 2025-11-14
   historical Active Under Contract
4. 2025-11-03
   listed $89,500 Active
5. 2024-11-13
   historical
6. 2024-09-10
   price $129,000
7. 2024-06-28
   price $99,000
8. 2024-05-13
   listed $129,000 Active
9. 2024-01-27
   historical
10. 2024-01-25
    historical
11. 2023-10-30
    listed $129,000 Active
12. 2022-10-18
    soldstatus $37,500 Closed Sale or Rented
13. 2022-10-18
    soldstatus $37,500
14. 2022-08-01
    status Under Contract- Do Not Show
15. 2022-07-27
    listed $34,500 Active
16. 2008-09-29
    soldstatus $31,539
17. 2000-03-29
    soldstatus $28,000

ⓘ 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: $1,778 · $148/mo
• Projected year-2 tax: $1,778 · $148/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: $29,916
• − Mortgage interest: −$5,013
• − Property taxes: −$1,778
• − Insurance: −$448
• − Repairs & maintenance: −$2,393
• − Management: −$2,393
• − Depreciation: −$2,604
• Taxable income: $15,287
• Est. tax owed @ 24.0%: −$3,669
• After-tax cash flow: $12,107/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

+219.6% since first listed

17 events — show timeline

• 2025-12-05 Pending — WNYREIS
• 2025-11-26 Relisted — WNYREIS
• 2025-11-14 Contingent — WNYREIS
• 2025-11-03 Listed $89,500 WNYREIS
• 2024-11-13 Listing Removed — WNYREIS
• 2024-09-10 Price Changed $129,000 WNYREIS
• 2024-06-28 Price Changed $99,000 WNYREIS
• 2024-05-13 Listed $129,000 WNYREIS
• 2024-01-27 Listing Removed — WNYREIS
• 2024-01-25 Listing Removed — WNYREIS
• 2023-10-30 Listed $129,000 WNYREIS
• 2022-10-18 Sold (Public Records) $37,500 Public Records
• 2022-10-18 Sold (MLS) $37,500 UNYREIS
• 2022-08-01 Pending — UNYREIS
• 2022-07-27 Listed $34,500 UNYREIS
• 2008-09-29 Sold (Public Records) $31,539 Public Records
• 2000-03-29 Sold (Public Records) $28,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $1,778 · -38.9% YoY. Source: county tax records.