Cattaraugus County

Cattaraugus County sits at a gross rent-to-price ratio of 7.13%, which places it squarely in the middle ground between pure cash-flow territory and appreciation-driven markets. The cap rate at 4.64% is modest but not dismissible, especially at a median purchase price of $168,287. Where the model breaks down is at the cash-flow line: using a 20% down payment ($33,657), a 6.85% rate, and estimated expenses of $350 per month, the projected monthly cash flow comes in at negative $232, with a cash-on-cash return of -7.19%. That is the honest bottom line for a leveraged buy at today's rates with a vanilla 30-year mortgage. The appreciation score of 85 out of 100 and a 4.58% year-over-year price gain suggest the market has been moving, and the affordability index of 94 indicates prices remain accessible relative to benchmarks, which typically underpins continued demand. This is not a county that pencils as a cash-flow machine on standard financing terms; it is a low-basis appreciation play with a carrying cost problem to manage.

The investor this market suits best is someone who can compress the financing cost, either through a lower-rate structure, a larger down payment, or a portfolio loan approach, and who has a 5-to-10-year hold horizon to let the 4.58% annual price appreciation do work. A value-add operator who can push rents above the $1,001 median has a cleaner path to serviceable cash flow, since the purchase prices are low enough that even modest rent gains close much of the gap. A pure cash-flow buyer who needs the property to carry itself on day one with conventional financing will find the -$232 monthly figure difficult to absorb, particularly in a county of 77,000 people where rent upside is real but not unlimited. The affordability score of 94 out of 100 is a genuine edge: it means the buyer pool for eventual resale is deep relative to incomes, which reduces exit risk.

At 1.72% the state-average effective property tax rate is high enough to deserve its own line on your underwrite. The combined monthly tax and insurance burden comes to $275, which accounts for 78% of the estimated $350 in monthly expenses built into the model. That means almost every dollar of the expense load is fixed carrying cost, not maintenance or vacancy buffer. The note on the data is worth taking seriously: 1.72% is a state-average estimate sourced from Tax Foundation 2024 figures, and actual county or township rates in Cattaraugus may differ materially. New York's property tax structure is layered across school districts and municipalities, so due diligence at the parcel level is not optional here. If a specific property lands at a rate above 1.72%, the cash-flow hole widens further; if below, there is some relief. Either way, this tax burden is the central underwriting risk in this market and should be stress-tested before any offer.

The stability score of 50 out of 100 is the number that demands attention. The data does not attribute that score to a specific cause, but in a county of 77,000 in rural western New York, investor exposure to employer or sector concentration is a real structural consideration. A market this size does not absorb economic shocks the way a mid-size metro does, and rental demand is narrower by definition. That does not make the county uninvestable, but it does argue for conservatism on vacancy assumptions in any underwrite and for diversifying across multiple properties or markets rather than concentrating capital here.

Compared to its neighbors, Cattaraugus presents a distinctive trade-off. Steuben County, at a median price of $163,769 and a rent-to-price ratio of 9.76%, looks considerably more cash-flow favorable and carries a similar overall score of 72. Chemung County at $151,982 and a 9.17% ratio is cheaper still. Both compress the financing burden relative to rents far more effectively than Cattaraugus does. Oneida County and Onondaga County both have higher prices and higher absolute rents, with ratios of 7.84% and 7.39% respectively, sitting close to Cattaraugus but at larger, more economically diversified population bases. Cattaraugus's edge over those two is entry price; its edge over Steuben and Chemung is the appreciation score of 85, which suggests the market has more price momentum. An investor should choose Cattaraugus over its neighbors specifically when the thesis is low-basis long-term appreciation with a value-add execution to narrow the cash-flow gap, and when they have the financial cushion to carry a negative monthly position while rents or property values move. If the mandate is cash flow from day one, Steuben and Chemung are the cleaner alternatives at comparable or lower price points.