312 South St · Pittsfield, MA 01201

$419,000

8 bd · 4.5 ba · 4,682 sqft · MultiFamily public records · 131 Days on market

Built 1900 10,180 sqft lot $89/sqft · 28% above area Est $328k · 28% over

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Four-family investment opportunity that checks all the boxes! Great location. Fully rented. Turnkey. Robust net operating income. This well-maintained home, comprising three 2-bedroom units and one 1-bedroom unit all with separate utilities, is an instant profit generator and offers real value in today's market.

Key facts

• Separate utilities
• Fully rented
• Well maintained

Tags

• INVESTMENT OPPORTUNITY
• FULLY RENTED
• TURNKEY
• SEPARATE UTILITIES
• WELL MAINTAINED

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 1×1bd/1ba units multifamily listed at $419k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $479/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $419k).
• Recommended offer: $369k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 3.7% in Pittsfield — 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 75/100 on livability (#70 in MA, #3,820 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, amenities D+, crime D.
• Pittsfield (urban): math 19% / reading 34% proficiency, ranked #272 of 302 in MA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Crosby (math 2% / reading 17%, grade F, #914 of 938 statewide, top 98%, 270 students, 0% FRL); John T Reid Middle (math 7% / reading 17%, grade F, #283 of 305 statewide, top 93%, 450 students, 0% FRL); Taconic High (math 27% / reading 37%, grade F, #255 of 343 statewide, top 77%, 860 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+7.7%/yr); 278 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• At $5,804/mo this rent would consume 98% of the median local household income ($71k/yr) (locally 1580% 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 $3k of loan paydown is wiped out by about $13k 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 + 7.7% rent growth), your $117k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• 3 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 $200k; list at $419k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $368,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is D 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?
9. 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.
10. 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.
11. 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: 1.39% ✓
• Cap rate: 11.78%
• Cash-on-cash: 19.58%
• DSCR: 1.87
• GRM: 6.0

CMA / ARV

• ARV (median comp): $327,874
• List price: $419,000
• Delta: 27.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
124-126 Appleton Ave	0.50mi	8/4.0	4,706 (+0%)	17mo	$364,000	$77	59
112 Elizabeth St	0.12mi	9/3.0 (+1)	4,222 (-10%)	24mo	$325,000	$77	47
119 Appleton Ave	0.54mi	8/2.5	4,263 (-9%)	9mo	$350,000	$82	45
18-20 Elizabeth St	0.11mi	7/5.0 (-1)	3,979 (-15%)	23mo	$191,000	$48	44
18-20 Elizabeth St	0.34mi	7/6.0 (-1)	3,979 (-15%)	23mo	$191,000	$48	29

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 · 7.72% rent growth · sell at horizon

5-year hold

• IRR: 16.6%
• Equity multiple: 1.71×
• Total profit: $82,867
• Equity at exit: $62,474

10-year hold

• IRR: 28.3%
• Equity multiple: 4.07×
• Total profit: $359,617
• Equity at exit: $36,227

Cash invested: $117,320 (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 01201

• Rents YoY: 7.7%
• Active inventory: 278
• Price-to-rent: 23.4×

Monthly cashflow live

• Estimated rent: $5,804 high
• Mortgage (P&I): −$2,197
• Tax from tax record: −$299 /mo · $3,585/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,219
• Net cashflow: $1,915

Break-even live

Break-even rent $3,381

Max offer price $419,000

Occupancy floor 62%

Sensitivity live

Price	-10% $2,152	-5% $2,033	+0% $1,915	+5% $1,796	+10% $1,677
Rent	-10% $1,456	-5% $1,685	+0% $1,915	+5% $2,144	+10% $2,373
Rate	-1.0pp $2,126	-0.5pp $2,021	base $1,915	+0.5pp $1,806	+1.0pp $1,696

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,467
1× unit	1	1	$1,337
Total (4 units)			$5,804

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: $104,750
• Closing costs: $12,570
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $419,000 Active 131 DOM
2. 2026-06-19
   days on market $419,000 Active 129 DOM
3. 2026-06-18
   days on market $419,000 Active 128 DOM
4. 2026-06-17
   days on market $419,000 Active 127 DOM
5. 2026-06-16
   days on market $419,000 Active 126 DOM
6. 2026-06-15
   days on market $419,000 Active 125 DOM
7. 2026-06-14
   days on market $419,000 Active 123 DOM
8. 2026-06-12
   days on market $419,000 Active 122 DOM
9. 2026-06-09
   days on market $419,000 Active 119 DOM
10. 2026-06-08
    days on market $419,000 Active 118 DOM
11. 2026-06-07
    days on market $419,000 Active 117 DOM
12. 2026-06-05
    days on market $419,000 Active 114 DOM
13. 2026-06-02
    days on market $419,000 Active 112 DOM
14. 2026-06-01
    days on market $419,000 Active 111 DOM
15. 2026-05-31
    days on market $419,000 Active 110 DOM
16. 2026-05-30
    days on market $419,000 Active 109 DOM
17. 2026-02-11
    listed $419,000 Active 313-char remark

    Show marketing remark (313 chars)

    Four-family investment opportunity that checks all the boxes! Great location. Fully rented. Turnkey. Robust net operating income. This well-maintained home, comprising three 2-bedroom units and one 1-bedroom unit all with separate utilities, is an instant profit generator and offers real value in today's market.

18. 2026-02-10
    listed $419,000 New 313-char remark

    Show marketing remark (313 chars)

    Four-family investment opportunity that checks all the boxes! Great location. Fully rented. Turnkey. Robust net operating income. This well-maintained home, comprising three 2-bedroom units and one 1-bedroom unit all with separate utilities, is an instant profit generator and offers real value in today's market.

19. 2004-10-27
    soldstatus $200,000
20. 2004-10-18
    listed $200,000
21. 2004-09-23
    soldstatus $200,000
22. 1999-07-23
    soldstatus $65,000
23. 1999-07-23
    soldstatus $65,000
24. 1999-07-23
    soldstatus $65,000
25. 1999-07-23
    soldstatus $65,000
26. 1998-08-31
    soldstatus $126,950
27. 1992-09-21
    soldstatus $119,500

ⓘ 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: $3,585 · $299/mo
• Projected year-2 tax: $4,369 · $364/mo
• Expected delta: +$784/yr (+$65/mo · 21.9%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $69,648
• − Mortgage interest: −$23,471
• − Property taxes: −$3,585
• − Insurance: −$2,095
• − Repairs & maintenance: −$5,572
• − Management: −$5,572
• − Depreciation: −$12,189
• Taxable income: $17,165
• Est. tax owed @ 24.0%: −$4,120
• After-tax cash flow: $18,855/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: Pittsfield
• NCES district ID: 2509630
• Math proficiency: 19% ▼ -10.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $44,032
• Composite: 22.67/100
• National rank: #8046
• State rank: #272 of 302 in MA

Livability — Pittsfield

• Score: 75/100
• State rank: #70
• US rank: #3820

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pittsfield, MA
• County: Berkshire County · 44,848 people
• City population: 44,848
• Metro: Pittsfield, MA
• Population (ZIP): 44,848
• Household income: $71,093
• Rent vs Own: 36.5% rent · 63.5% own
• Severe rent burden: 1580.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 10% Hispanic / Latino 9% Black 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Lithuanian 8% Romanian 6% Slovak 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 1% Russian/Polish/Slavic 1%

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: ▼ -199.88%
• Current HPI: 283.3421
• Rent YoY: ▲ 7.72%
• Metro: Pittsfield, MA
• 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

+250.6% since first listed

11 events — show timeline

• 2026-02-11 Listed $419,000 BCMLS
• 2026-02-10 Listed $419,000 MLS PIN
• 2004-10-27 Sold (MLS) $200,000 BCMLS
• 2004-10-18 Listed $200,000 BCMLS
• 2004-09-23 Sold (Public Records) $200,000 Public Records
• 1999-07-23 Sold (Public Records) $65,000 Public Records
• 1999-07-23 Sold (Public Records) $65,000 Public Records
• 1999-07-23 Sold (Public Records) $65,000 Public Records
• 1999-07-23 Sold (Public Records) $65,000 Public Records
• 1998-08-31 Sold (Public Records) $126,950 Public Records
• 1992-09-21 Sold (Public Records) $119,500 Public Records

Property tax history

-1.0%/yr

Latest (2023): $3,585 · +3.7% YoY. Source: county tax records.