The spectacular "first light" observation by the Chandra X-Ray Observatory
revealed an X-ray point source near the center of the 300 yr old Cas A supe
rnova remnant. We present an analysis of the public X-ray spectral and timi
ng data. No coherent pulsations were detected in the Chandra/HRC data. The
3 sigma upper limit on the pulsed fraction is less than 35% for P > 20 ms.
The Chandra/ACIS spectrum of the point source may be fitted with an ideal b
lackbody (kT = 0.5 keV) or with blackbody models modified by the presence o
f a neutron star atmosphere (kT = 0.25-0.35 keV), but the temperature is hi
gher and the inferred emitting area lower than expected for a 300 yr old ne
utron star according to standard cooling models. The spectrum may also be f
itted with a power-law model (photon index Gamma = 2.8-3.6). Both the spect
ral properties and the timing limits of the point source are inconsistent w
ith a young Crab-like pulsar but are quite similar to the properties of the
anomalous X-ray pulsars. The spectral parameters are also very similar to
those of the other radio-quiet X-ray point sources in the supernova remnant
s Pup A, RCW 103, and PKS 1209-52. Current limits on an optical counterpart
for the Cas A point source rule out models that invoke fallback accretion
onto a compact object if fallback disk properties are similar to those in q
uiescent low-mass X-ray binaries. However, the optical limits are marginall
y consistent with plausible alternative assumptions for a fallback disk. In
this case, accreting neutron star models can explain the X-ray data, but a
n accreting black hole model is not promising.