c.1917 New York Foursquare W/ Hardwoods and Original Kitchen Cupboard Under $75k

Enjoy relaxing evenings on the open front porch or unwind in the privacy of the backyard. With its solid condition and inviting layout, this property is ready to be your next home or a smart addition to your investment portfolio.

If interested in a property, please contact the realtor whose link is provided in the post below, or contact an agent of your own choosing. Independent verification of details and status is recommended. 

Contact Realtor: John Dwaileebe

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The Pros

• Ultra-Affordable Housing: Median home prices generally hover between $90,000 and $135,000, offering remarkable value for multi-story Victorian or traditional homes. Rent-to-price ratios make it an attractive market for cash-flow investors.

• Higher Education & Cultural Anchors: Olean is adjacent to St. Bonaventure University in nearby Allegany. The university brings college athletics, cultural programming, youth, and a steady rental market demand to the local area.

• Proximity to Outdoor Recreation: Nestled along the Allegheny River, Olean is a gateway to the outdoors. It sits minutes from Rock City Park, Allegany State Park (New York’s largest state park), and finger-lake resort areas like Ellicottville (Holiday Valley ski resort) about 25 minutes away.

• Low Commutes & Easy Navigation: Daily traffic is virtually non-existent, with average local commute times sitting at around 15 minutes.

• Historic Architecture & Commercial Revitalization: The city retains character-filled homes, vintage brick structures, and a historic downtown (North Union Street) that has seen recent streetscape investments and local business growth.

The Cons

• New York State Property Taxes: While base home prices are low, property tax rates in Western New York (county, municipal, and school district combined) can be steep relative to property value, requiring careful calculation on monthly holding costs.

• Sluggish Industrial Economy: The city’s historic manufacturing and industrial base has contracted over the decades. Major employers center primarily on healthcare (Olean General Hospital), education, government, and light manufacturing.

   

• Harsh, Snowy Winters: Located in the Western NY snowbelt, Olean sees cold winters with substantial snowfall and overcast skies, requiring winter-ready home maintenance and higher seasonal heating bills.

   

• Neighborhood Disparities & Blight: Like many Rust Belt towns, condition varies block by block. Some historic neighborhoods feature beautifully maintained properties, while others suffer from aging housing stock, absentee landlord maintenance, or property crime concerns.

   

• Distance to Major Metros: Buffalo is about a 1.5-hour drive north, making trips to major international airports, large-scale medical centers, or NFL/NHL games a planned trip rather than a quick outing.