32-38 Spring St · North Adams, MA 01247

$200,000

8 bd · 4.0 ba · 5,142 sqft · MultiFamily · 184 Days on market

Built 1860 Poor condition 0.30 ac lot $39/sqft · 28% below area Est $277k · 28% 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 +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +1.9/10.0
• Schools +1.8/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

This is a four-family property. Property is VACANT. Seller is conveying lot 56-A & Lot 56-B Updated mechanicals ready for the next owner to complete. Each unit has 2 bedrooms, 1 bathroom, and a bigger living room space with windows that allow lots of natural light to shine through. The kitchen is a moderate size giving enough area for people to maneuver. The property is located close to schools, restaurants, convenience stores, Mass College of Liberal Arts, and Mass MoCA.

Key facts

• Close to schools
• Natural light
• Updated mechanicals

Tags

• FOUR-FAMILY PROPERTY
• UPDATED MECHANICALS
• BIGGER LIVING ROOM SPACE
• NATURAL LIGHT
• MODERATE SIZE KITCHEN
• CLOSE TO SCHOOLS

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $200k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $4k ($46k/yr) — positive. Per door: $967/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 29.8% vs local median 5.8% in North Adams — 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 55/100 on livability (#242 in MA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A-; Watch: employment C-, health & safety D, schools F.
• North Adams (town): math 14% / reading 29% proficiency, ranked #291 of 302 in MA (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 99 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Berkshire County population projected at -24% 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 $56k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 184 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y 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 $27k; list at $200k implies a 641% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
10. 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?
11. 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.
12. 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.
13. 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: 3.36% ✓
• Cap rate: 29.84%
• Cash-on-cash: 84.09%
• DSCR: 4.74
• GRM: 2.5

CMA / ARV

• ARV (median comp): $277,368
• List price: $200,000
• Delta: -27.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 83.2%
• Equity multiple: 4.82×
• Total profit: $214,129
• Equity at exit: $29,821

10-year hold

• IRR: 86.5%
• Equity multiple: 10.01×
• Total profit: $504,291
• Equity at exit: $17,292

Cash invested: $56,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 20 Strongly Tenant-Friendly
• State Massachusetts: 20 Strongly Tenant-Friendly · D+15
• County: — inherits STATE
• City: — inherits STATE

Cambridge / Boston historically rent-controlled (preempted 1994 but consideration ongoing); strong tenant protections; court backlogs.

Methodology + full state rankings →

ZIP-level market 01247

• Home prices YoY: -2.0%
• Active inventory: 99
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $6,717 high
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,411
• Net cashflow: $3,869

Break-even live

Break-even rent $1,820

Max offer price $200,000

Occupancy floor 37%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,716
Total (4 units)			$6,717

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-07
   statusdays on market $200,000 Pending 184 DOM
2. 2026-06-04
   days on market $200,000 Active 183 DOM
3. 2026-06-02
   days on market $200,000 Active 182 DOM
4. 2026-06-01
   days on market $200,000 Active 181 DOM
5. 2026-05-31
   days on market $200,000 Active 180 DOM
6. 2026-05-31
   days on market $200,000 Active 179 DOM
7. 2025-12-02
   listed $200,000 Active 481-char remark

   Show marketing remark (481 chars)

   This is a four-family property. Property is VACANT. Seller is conveying lot 56-A & Lot 56-B Updated mechanicals ready for the next owner to complete. Each unit has 2 bedrooms, 1 bathroom, and a bigger living room space with windows that allow lots of natural light to shine through. The kitchen is a moderate size giving enough area for people to maneuver. The property is located close to schools, restaurants, convenience stores, Mass College of Liberal Arts, and Mass MoCA.

8. 2009-01-09
   soldstatus $27,000 206-char remark

   Show marketing remark (206 chars)

   Real Four Family being sold 'as-is...where is'. Subject property has had many updates. Plumbing is missing, there are broken windows, graffiti and residual personal items. Seller will not clean property.

9. 2008-10-31
   listed $25,000 206-char remark

   Show marketing remark (206 chars)

   Real Four Family being sold 'as-is...where is'. Subject property has had many updates. Plumbing is missing, there are broken windows, graffiti and residual personal items. Seller will not clean property.

10. 2008-06-13
    historical
11. 2008-06-06
    listed $49,900
12. 2008-03-01
    historical
13. 2008-02-14
    listed $59,900
14. 2005-05-03
    soldstatus $159,000
15. 2005-03-31
    historical
16. 2005-02-15
    listed $159,000
17. 2005-02-15
    listed $159,000
18. 2004-11-12
    soldstatus $144,000
19. 2004-08-26
    listed $145,000
20. 2004-06-29
    historical
21. 2004-06-26
    listed $149,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 9 d/yr ≥92°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,604
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,666
• − Repairs & maintenance: −$6,448
• − Management: −$6,448
• − Depreciation: −$5,818
• Taxable income: $46,020
• Est. tax owed @ 24.0%: −$11,045
• After-tax cash flow: $35,380/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This four-family property requires extensive repairs and cleaning. Immediate safety and aesthetic issues need addressing to increase its value.

Repairs flagged

• Major Exposed wiring in kitchen — Safety hazard
• Major Exposed plumbing in bathrooms — Safety hazard
• Major Broken windows — Structural integrity
• Major Peeling paint — Safety hazard and aesthetic issue
• Major Debris throughout the property — Safety hazard and aesthetic issue

Value-add opportunities

• Both Clean and repair exposed wiring and plumbing — Safety and functionality
• Both Replace broken windows — Safety and aesthetics
• Both Paint interior walls and exterior — Aesthetics and safety
• Both Remove debris and clean property — Safety and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed wiring in kitchen · Safety hazard	Major	$15,000–50,000
Exposed plumbing in bathrooms · Safety hazard	Major	$15,000–50,000
Broken windows · Structural integrity	Major	$15,000–50,000
Peeling paint · Safety hazard and aesthetic issue	Major	$15,000–50,000
Debris throughout the property · Safety hazard and aesthetic issue	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Clean and repair exposed wiring and plumbing — Safety and functionality ↑
• Both Replace broken windows — Safety and aesthetics ↑
• Both Paint interior walls and exterior — Aesthetics and safety ↑
• Both Remove debris and clean property — Safety and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: North Adams
• NCES district ID: 2508670
• Math proficiency: 14% ▼ -13.00%
• Reading proficiency: 29% ▼ -11.00%
• Median HH income: $36,746
• Composite: 17.83/100
• National rank: #9006
• State rank: #291 of 302 in MA

Livability — North Adams

• Score: 55/100
• State rank: #242
• US rank: #23506

Category grades

Amenities F Commute F Cost of living A- Crime F Employment C- Housing A+ Health & safety D User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Adams, MA
• City population: 14,967
• Population (ZIP): 14,967

Population outlook (Berkshire County) Hauer SSP2

• Today (2025): 119,723 people
• By 2030: 114,608 · -4.3%
• By 2040: 102,806 · -14.1%
• By 2050: 91,305 · -23.7%
• By 2075: 71,517 · -40.3%
• By 2100: 57,988 · -51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 4% Asian 3%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Lithuanian 15% Romanian 4% German 2%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Other Indo-European 2% Spanish 2% French/Haitian/Cajun 0%

Political lean MEDSL · Berkshire

• 2024 margin: Solid D (+39.9) · D 68.9% · R 29.0% · Other 2.1%
• 2008→2024 swing: -12.5pp toward R · 2008: 52.4pp · 2024: 39.9pp
• All cycles: 2024: D+39.9 2020: D+47.1 2016: D+41.5 2012: D+53.7 2008: D+52.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -6.22%
• Current HPI: 298.8949
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.28%
• F500 in state: 38

Industry mix (Fortune 500 HQ in MA)

Industry	F500 HQs	Revenue
▸Technology	3	$17B
▸Insurance	2	$84B
▸Retail	2	$76B
▸Life Sciences	1	$43B
▸Energy Technology	1	$31B
▸Aerospace / Defense	1	$18B

Price history

+33.4% since first listed

15 events — show timeline

• 2025-12-02 Listed $200,000 BCMLS
• 2009-01-09 Sold (MLS) $27,000 BCMLS
• 2008-10-31 Listed $25,000 BCMLS
• 2008-06-13 Listing Removed — BCMLS
• 2008-06-06 Listed $49,900 BCMLS
• 2008-03-01 Listing Removed — BCMLS
• 2008-02-14 Listed $59,900 BCMLS
• 2005-05-03 Sold (MLS) $159,000 BCMLS
• 2005-03-31 Listing Removed — BCMLS
• 2005-02-15 Listed $159,000 BCMLS
• 2005-02-15 Listed $159,000 BCMLS
• 2004-11-12 Sold (MLS) $144,000 BCMLS
• 2004-08-26 Listed $145,000 BCMLS
• 2004-06-29 Listing Removed — BCMLS
• 2004-06-26 Listed $149,900 BCMLS