14-28 Downing St · Fall River, MA 02723

$2,000,000

6 bd · 3.0 ba · 2,991 sqft · MultiFamily public records · 108 Days on market

Built 1900 2,505 sqft lot

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Why this score? — see what drove the F 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 +10.6/30.0
• ARV discount +7.5/15.0
• DSCR +3.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• 1% rule +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 10 units. estimate disagrees with records

Listing remarks MLS

Turnkey 3 family income property, priced to sell. Located close to stores, parks and highways. Nothing to do but move in and collect rent. Portfolio sale also available with 14, 18 and 26 Downing. First showings are Saturday 3/6//21 between 12-1 and Sunday 3/7/21 between 12-1.

Key facts

• Vinyl siding
• Granite countertops
• Vinyl plank floors

Tags

• GRANITE COUNTERTOPS
• UPDATED KITCHEN CABINETS
• VINYL PLANK FLOORS
• HARDWOOD FLOORS
• VINYL SIDING

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Public water; 110-volt electric service
• Home design: 5–9 family multiunit property; 6 stories
• Construction: Stone construction; Stone foundation; Built (year per public records)
• Exterior features: Corner lot; Public transportation and park nearby

Interior

• Bathrooms: 10 full bathrooms
• Interior features: Total of 52 rooms; Unfinished basement

What this means for you Summary

Snapshot

• This is a 10 × 1-bed/?-bath units multifamily listed at $2.00M.

Deal economics

• At list price, monthly cash flow is $-970 ($-12k/yr) — negative. Per door: $-97/mo.
• To cash-flow at today's rent, offer at most $1.83M (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.36M (32.2% below list).
• Recommended offer: $1.36M (32.2% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.5% in Fall River — 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 61/100 on livability (#221 in MA) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: cost of living D+, crime F, commute F.
• Fall River (suburban): math 17% / reading 28% proficiency, ranked #288 of 302 in MA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Henry Lord Community School (math 14% / reading 21%, grade F, #811 of 938 statewide, top 87%, 815 students, 0% FRL); Talbot Innovation School (math 7% / reading 13%, grade F, #291 of 305 statewide, top 97%, 533 students, 0% FRL); B M C Durfee High (math 19% / reading 34%, grade F, #280 of 343 statewide, top 82%, 2,460 students, 0% FRL) — zoned schools average 0% FRL vs 68% district-wide (68 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 38 active listings in the ZIP; 760 units permitted in Bristol County in 2024 (142 in 5+ unit buildings).
• At $13,561/mo this rent would consume 342% of the median local household income ($48k/yr) (locally 1335% 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 $14k of loan paydown is wiped out by about $60k of value loss. Plan a longer hold.
• Bristol County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($1.82M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $275k; list at $2.00M implies a 627% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,356,100 (32.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.68% ✗
• Cap rate: 5.71%
• Cash-on-cash: -2.08%
• DSCR: 0.91
• GRM: 12.3

CMA / ARV

• ARV (on-the-fly): $649,047
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
90 Hargraves St	0.35mi	5/3.0 (-1)	2,991 (0%)	7mo	$635,000	$212	73
37 Eaton St	0.66mi	6/3.0	2,955 (-1%)	6mo	$625,000	$212	63
10 Choate St	0.47mi	6/4.0	2,865 (-4%)	6mo	$636,500	$222	62
68 Goss	0.15mi	6/2.0	2,689 (-10%)	12mo	$610,000	$227	62
157 Earle St	0.56mi	6/3.0	3,198 (+7%)	3mo	$714,900	$224	60
682 Eastern Ave	0.58mi	6/3.0	2,923 (-2%)	15mo	$635,000	$217	57
232 Harrison St	0.34mi	7/4.0 (+1)	3,150 (+5%)	16mo	$645,000	$205	54
146 18th St	0.40mi	7/3.0 (+1)	3,271 (+9%)	12mo	$703,500	$215	51
770 Bedford St	0.46mi	6/2.0	3,309 (+11%)	12mo	$560,000	$169	47
528 Eastern Ave	0.44mi	5/2.0 (-1)	2,714 (-9%)	13mo	$625,000	$230	44
49 Plain St	0.48mi	6/3.0	2,567 (-14%)	12mo	$510,000	$199	44
310 Alden St	0.55mi	6/3.0	2,598 (-13%)	11mo	$630,000	$242	43

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: -19.8%
• Equity multiple: 0.31×
• Total profit: $-386,988
• Equity at exit: $298,207

10-year hold

• IRR: -12.8%
• Equity multiple: 0.25×
• Total profit: $-421,056
• Equity at exit: $172,923

Cash invested: $560,000 (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 02723

• Home prices YoY: -16.9%
• Active inventory: 38
• Price-to-rent: 122.9×

Monthly cashflow live

• Estimated rent: $13,561 medium
• Mortgage (P&I): −$10,488
• Tax from tax record: −$362 /mo · $4,342/yr
• Insurance: −$833
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,848
• Net cashflow: $-970

Break-even live

Break-even rent $14,789

Max offer price $1,828,611

Occupancy floor —

Sensitivity live

Price	-10% $162	-5% $-404	+0% $-970	+5% $-1,536	+10% $-4,491
Rent	-10% $-2,042	-5% $-1,506	+0% $-970	+5% $-435	+10% $101
Rate	-1.0pp $37	-0.5pp $-462	base $-970	+0.5pp $-1,488	+1.0pp $-2,016

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

Units	Beds	Baths	Est. rent
▸ 10× units	1	—	$13,560
Total (10 units)			$13,561

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: $500,000
• Closing costs: $60,000
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $2,000,000 Active 108 DOM
2. 2026-06-18
   days on market $2,000,000 Active 105 DOM
3. 2026-06-17
   days on market $2,000,000 Active 104 DOM
4. 2026-06-16
   days on market $2,000,000 Active 103 DOM
5. 2026-06-15
   days on market $2,000,000 Active 102 DOM
6. 2026-06-13
   days on market $2,000,000 Active 100 DOM
7. 2026-06-09
   days on market $2,000,000 Active 96 DOM
8. 2026-06-08
   days on market $2,000,000 Active 95 DOM
9. 2026-06-07
   days on market $2,000,000 Active 94 DOM
10. 2026-06-05
    days on market $2,000,000 Active 91 DOM
11. 2026-06-03
    days on market $2,000,000 Active 90 DOM
12. 2026-06-02
    days on market $2,000,000 Active 89 DOM
13. 2026-06-01
    days on market $2,000,000 Active 88 DOM
14. 2026-05-31
    days on market $2,000,000 Active 87 DOM
15. 2026-05-21
    status Back On Market
16. 2026-02-04
    historical
17. 2025-11-19
    listed $2,000,000 New
18. 2021-12-22
    soldstatus $275,000 Sold 277-char remark

    Show marketing remark (277 chars)

    Turnkey 3 family income property, priced to sell. Located close to stores, parks and highways. Nothing to do but move in and collect rent. Portfolio sale also available with 14, 18 and 26 Downing. First showings are Saturday 3/6//21 between 12-1 and Sunday 3/7/21 between 12-1.

19. 2021-09-09
    status Under Agreement 277-char remark

    Show marketing remark (277 chars)

    Turnkey 3 family income property, priced to sell. Located close to stores, parks and highways. Nothing to do but move in and collect rent. Portfolio sale also available with 14, 18 and 26 Downing. First showings are Saturday 3/6//21 between 12-1 and Sunday 3/7/21 between 12-1.

20. 2021-09-09
    status Reactivated 277-char remark

    Show marketing remark (277 chars)

    Turnkey 3 family income property, priced to sell. Located close to stores, parks and highways. Nothing to do but move in and collect rent. Portfolio sale also available with 14, 18 and 26 Downing. First showings are Saturday 3/6//21 between 12-1 and Sunday 3/7/21 between 12-1.

21. 2021-09-03
    historical 277-char remark

    Show marketing remark (277 chars)

    Turnkey 3 family income property, priced to sell. Located close to stores, parks and highways. Nothing to do but move in and collect rent. Portfolio sale also available with 14, 18 and 26 Downing. First showings are Saturday 3/6//21 between 12-1 and Sunday 3/7/21 between 12-1.

22. 2021-03-04
    listed $349,900 New 277-char remark

    Show marketing remark (277 chars)

    Turnkey 3 family income property, priced to sell. Located close to stores, parks and highways. Nothing to do but move in and collect rent. Portfolio sale also available with 14, 18 and 26 Downing. First showings are Saturday 3/6//21 between 12-1 and Sunday 3/7/21 between 12-1.

23. 2007-08-22
    soldstatus $255,000 244-char remark

    Show marketing remark (244 chars)

    Excellent three family with turnkey apartments, hardwood floors, updated kitchens and baths, updated electric and plumbing, builtins in dining room, separate utilities, laundry hookups in the basement, nice clean property. Exterior needs paint.

24. 2007-08-22
    soldstatus $255,000

    Show marketing remark (244 chars)

    Excellent three family with turnkey apartments, hardwood floors, updated kitchens and baths, updated electric and plumbing, builtins in dining room, separate utilities, laundry hookups in the basement, nice clean property. Exterior needs paint.

25. 2007-06-28
    historical 244-char remark

    Show marketing remark (244 chars)

    Excellent three family with turnkey apartments, hardwood floors, updated kitchens and baths, updated electric and plumbing, builtins in dining room, separate utilities, laundry hookups in the basement, nice clean property. Exterior needs paint.

26. 2006-12-11
    listed $275,000 244-char remark

    Show marketing remark (244 chars)

    Excellent three family with turnkey apartments, hardwood floors, updated kitchens and baths, updated electric and plumbing, builtins in dining room, separate utilities, laundry hookups in the basement, nice clean property. Exterior needs paint.

ⓘ 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: $4,342 · $362/mo
• Projected year-2 tax: $14,471 · $1,206/mo
• Expected delta: +$10,129/yr (+$844/mo · 233.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $162,732
• − Mortgage interest: −$112,031
• − Property taxes: −$4,342
• − Insurance: −$10,000
• − Repairs & maintenance: −$13,019
• − Management: −$13,019
• − Depreciation: −$58,182
• Taxable loss: −$47,860
• Est. tax savings @ 24.0%: +$11,486
• After-tax cash flow: $-156/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: Fall River
• NCES district ID: 2504830
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 28% ▼ -6.00%
• Median HH income: $35,773
• Composite: 18.59/100
• National rank: #8905
• State rank: #288 of 302 in MA

Livability — Fall River

• Score: 61/100
• State rank: #221
• US rank: #18220

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fall River, MA
• County: Bristol County · 342,083 people
• City population: 93,033
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 17,067
• Household income: $47,633
• Rent vs Own: 68.2% rent · 31.8% own
• Severe rent burden: 1335.0

Population outlook (Bristol County) Hauer SSP2

• Today (2025): 570,212 people
• By 2030: 571,181 · +0.2%
• By 2040: 565,389 · -0.8%
• By 2050: 552,141 · -3.2%
• By 2075: 520,923 · -8.6%
• By 2100: 474,363 · -16.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 16% Two or more races 14% Black 4% Asian 2%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Russian 34% Lithuanian 6% Estonian 3%
• Foreign-born: 24% · Canada, Vietnam, China
• Languages at home: 58% English-only · Other Indo-European 26% Spanish 13% French/Haitian/Cajun 1%

Political lean MEDSL · Bristol

• 2024 margin: Toss-up / Even · D 49.8% · R 48.5% · Other 1.8%
• 2008→2024 swing: -21.9pp toward R · 2008: 23.2pp · 2024: 1.3pp
• All cycles: 2024: D+1.3 2020: D+12.0 2016: D+9.3 2012: D+20.5 2008: D+23.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.57%
• Current HPI: 347.6737
• Rent YoY: —
• Metro: Providence-Warwick, RI-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

+627.3% since first listed

12 events — show timeline

• 2026-05-21 Relisted — MLS PIN
• 2026-02-04 Listing Removed — MLS PIN
• 2025-11-19 Listed $2,000,000 MLS PIN
• 2021-12-22 Sold (MLS) $275,000 MLS PIN
• 2021-09-09 Pending — MLS PIN
• 2021-09-09 Relisted — MLS PIN
• 2021-09-03 Listing Removed — MLS PIN
• 2021-03-04 Listed $349,900 MLS PIN
• 2007-08-22 Sold (Public Records) $255,000 Public Records
• 2007-08-22 Sold (MLS) $255,000 MLS PIN
• 2007-06-28 Listing Removed — MLS PIN
• 2006-12-11 Listed $275,000 MLS PIN

Property tax history

+5.3%/yr

Latest (2023): $4,342 · +18.6% YoY. Source: county tax records.