395 Cheshire Rd #101

Pittsfield, MA 01201

$204,900B

3 bd · 2.0 ba · 1,280 sqft · Built 2025 · Manufactured · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,104/mo
• Mortgage (P&I): −$329
• Tax + insurance: −$105
• HOA: −$0
• Vac / Maint / Mgmt: −$442
• Net cashflow: $1,228/mo
• Annual: $14,741/yr
• Cap rate: 29.80%
• Cash-on-cash: 83.94%
• DSCR: 4.73
• 1% rule: 3.35%
• Cash to close: $17,562

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $205k. Condition is rated good.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $434 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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: Allendale (math 22% / reading 42%, grade F, #628 of 938 statewide, top 69%, 273 students, 0% FRL); Pittsfield High (math 32% / reading 57%, grade F, #203 of 343 statewide, top 60%, 651 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); 275 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 29.8% vs local median 3.6% 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.
• This rent runs 36% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.