198 W Main St · Millbury, MA 01527

$674,900

5 bd · 3.0 ba · 3,232 sqft · MultiFamily public records · 18 Days on market

Built 1850 0.54 ac lot Est $692k · at est.

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Why this score? — see what drove the C 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 +25.4/30.0
• ARV discount +8.6/15.0
• DSCR +8.4/10.0
• 1% rule +6.0/10.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Livability +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: 3 units. confirmed

Listing remarks MLS

Great mortgage helper or investment property! This 3 family in West Millbury has been well maintained by 2 generations, the owners unit is stunning, beautiful tray ceiling in kitchen, off-white cabinets, under cabinet lighting and hardwood floors! There is a full dining room, living room, office and 2 additional bedrooms on the upper level. Master bedroom is spacious with a walk in closet and French door out to a composite deck overlooking a private quiet backyard! The other 2 units are very clean, 1 bedroom apartments, replacement windows throughout, separate utilities except water and sewer, gas heat/water heaters and updated electric panels. 2 car garage and enclosed front porch.

Key facts

• Tray ceiling
• Full dining room
• Well maintained

Tags

• WELL MAINTAINED
• TRAY CEILING
• UNDER CABINET LIGHTING
• HARDWOOD FLOORS
• FULL DINING ROOM
• WALK IN CLOSET

Property features AI

Finance

• HOA & community: Community near shopping, parks, golf, bike path, laundromat, highway access and places of worship

Exterior

• Parking: 2 garage spaces (covered); 6 additional off-street open parking spaces; 8 total parking spaces
• Utilities: Public water; Private sewer
• Home design: 3-family property; 4 stories; Renovated since original construction
• Construction: Stone foundation; Shingle roof; Built date per public records (renovated since)
• Exterior features: Porch (enclosed); Deck; Cleared lot

Interior

• Kitchen: Range; Refrigerator; Dishwasher
• Bedrooms: Unit 1: single-level; Unit 2: single-level; Unit 3: two-level
• Bathrooms: 3 full bathrooms
• Heating & cooling: Electric heating; Natural gas heating
• Interior features: Living room; Dining room; Office/Den; Laundry room; Total of 13 rooms
• Laundry & utility: Washer; Dryer; Basement with sump pump

What this means for you Summary

Snapshot

• This is a 1×4bd/3.0ba + 2×1bd/1.0ba units multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $518/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $675k).
• Recommended offer: $665k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Millbury (suburban): math 35% / reading 45% proficiency, ranked #191 of 302 in MA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; high-income renter base; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $7,452/mo this rent would consume 75% of the median local household income ($119k/yr) (locally 238% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($665k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $395k; list at $675k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $664,776 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.10% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.86%
• DSCR: 1.44
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $691,648
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26-A-D High St	0.55mi	6/3.0 (+1)	3,384 (+5%)	19mo	$725,000	$214	46

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: -1.5%
• Equity multiple: 0.94×
• Total profit: $-10,524
• Equity at exit: $100,630

10-year hold

• IRR: 8.2%
• Equity multiple: 1.62×
• Total profit: $117,857
• Equity at exit: $58,353

Cash invested: $188,972 (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 01527

• Home prices YoY: -29.8%
• Active inventory: 26
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $7,452 medium
• Mortgage (P&I): −$3,539
• Tax from tax record: −$513 /mo · $6,160/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,565
• Net cashflow: $1,553

Break-even live

Break-even rent $5,486

Max offer price $674,900

Occupancy floor 74%

Sensitivity live

Price	-10% $1,935	-5% $1,744	+0% $1,553	+5% $1,362	+10% $1,171
Rent	-10% $965	-5% $1,259	+0% $1,553	+5% $1,848	+10% $2,142
Rate	-1.0pp $1,893	-0.5pp $1,725	base $1,553	+0.5pp $1,378	+1.0pp $1,200

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

Units	Beds	Baths	Est. rent
1× unit	4	3	$3,194
▸ 2× units	1	1	$4,258
Total (3 units)			$7,452

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: $168,725
• Closing costs: $20,247
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $674,900 Active 18 DOM
2. 2026-06-18
   days on market $674,900 Active 15 DOM
3. 2026-06-17
   days on market $674,900 Active 14 DOM
4. 2026-06-15
   days on market $674,900 Active 12 DOM
5. 2026-06-14
   days on market $674,900 Active 10 DOM
6. 2026-06-10
   days on market $674,900 Active 7 DOM
7. 2026-06-09
   days on market $674,900 Active 6 DOM
8. 2026-06-08
   days on market $674,900 Active 5 DOM
9. 2026-06-07
   statusdays on market $674,900 Active 4 DOM
10. 2026-06-03
    remarks 665-char remark
11. 2026-06-03
    listed $674,900 New 1 DOM

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

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $6,160 · $513/mo
• Projected year-2 tax: $7,231 · $603/mo
• Expected delta: +$1,071/yr (+$89/mo · 17.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $89,424
• − Mortgage interest: −$37,805
• − Property taxes: −$6,160
• − Insurance: −$3,374
• − Repairs & maintenance: −$7,154
• − Management: −$7,154
• − Depreciation: −$19,633
• Taxable income: $8,143
• Est. tax owed @ 24.0%: −$1,954
• After-tax cash flow: $16,685/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: Millbury
• NCES district ID: 2507890
• Math proficiency: 35% ▼ -6.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $71,881
• Composite: 36.55/100
• National rank: #4640
• State rank: #191 of 302 in MA

Livability — Millbury

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Worcester County · 487,911 people
• City population: 13,961
• Metro: Worcester, MA-CT
• Population (ZIP): 13,961
• Household income: $118,790
• Rent vs Own: 24.6% rent · 75.4% own
• Severe rent burden: 238.0

Population outlook (Worcester County) Hauer SSP2

• Today (2025): 850,858 people
• By 2030: 860,403 · +1.1%
• By 2040: 869,902 · +2.2%
• By 2050: 869,110 · +2.1%
• By 2075: 870,120 · +2.3%
• By 2100: 829,703 · -2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 10% Hispanic / Latino 5% Asian 5%
• Hispanic origin (detail): Dominican 1%
• Common ancestry: Lithuanian 12% Romanian 9% Russian 3%
• Foreign-born: 9% · Canada
• Languages at home: 90% English-only · Other Indo-European 6% Spanish 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Worcester

• 2024 margin: D (+10.0) · D 53.9% · R 43.9% · Other 2.2%
• 2008→2024 swing: -3.8pp toward R · 2008: 13.8pp · 2024: 10.0pp
• All cycles: 2024: D+10.0 2020: D+17.8 2016: D+10.5 2012: D+9.2 2008: D+13.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.98%
• Current HPI: 271.2616
• Rent YoY: —
• Metro: Worcester, MA-CT
• 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

+799.9% since first listed

6 events — show timeline

• 2026-06-03 Listed $674,900 MLS PIN
• 2020-10-30 Sold (MLS) $395,000 MLS PIN
• 2020-09-12 Pending — MLS PIN
• 2020-08-29 Contingent — MLS PIN
• 2020-08-24 Listed $379,900 MLS PIN
• 2000-08-23 Sold (Public Records) $75,000 Public Records

Property tax history

+5.8%/yr

Latest (2023): $6,160 · +14.1% YoY. Source: county tax records.