23 18th St · Lowell, MA 01850

$749,000

9 bd · 4.0 ba · 4,164 sqft · MultiFamily public records · 120 Days on market

Built 1925 4,977 sqft lot $180/sqft · at area comps Est $766k · 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 +22.4/30.0
• ARV discount +8.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• 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

Rare opportunity to own a spacious multi-family in Lowell’s Centralville neighborhood. Offering over 4,000 sq ft of living space, this property presents strong income potential with room to add value. Unit 2 is well maintained and leased at $3,200/month through August, providing immediate rental income. Unit 1 is vacant and ready for renovation — ideal for investors or owner-occupants looking to build equity. With generous room sizes and solid layout, this is a value-add opportunity. Conveniently located near schools, shopping, major routes, and downtown amenities.

Key facts

• Near schools
• Income potential
• Ready for renovation

Tags

• MULTI-FAMILY
• INCOME POTENTIAL
• RENTAL INCOME
• READY FOR RENOVATION
• VALUE-ADD OPPORTUNITY
• NEAR SCHOOLS

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $749k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $414/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $749k).
• Recommended offer: $682k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.1% in Lowell — 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 80/100 on livability (#36 in MA, #1,677 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools C-, crime F, cost of living F.
• Lowell (suburban): math 20% / reading 28% proficiency, ranked #277 of 302 in MA (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 21 active listings in the ZIP; 3,670 units permitted in Middlesex County in 2024 (2,611 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Middlesex County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($682k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y ago; this cycle's ask has dropped $41k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $650k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $681,590 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% 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 1925 — 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. 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?
8. 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.
9. 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.
10. 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: 1.05% ✓
• Cap rate: 8.28%
• Cash-on-cash: 7.10%
• DSCR: 1.32
• GRM: 7.9

CMA / ARV

• ARV (median comp): $766,426
• List price: $749,000
• Delta: -2.27%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25 Sutherland St	0.25mi	8/6.0 (-1)	4,320 (+4%)	10mo	$1,125,000	$260	61
56 Henry Ave	0.56mi	9/4.5	4,230 (+2%)	12mo	$1,050,000	$248	59
74 Aiken Ave	0.51mi	9/4.0	3,752 (-10%)	4mo	$695,000	$185	56
183-185 West Sixth St	0.55mi	9/4.0	3,909 (-6%)	13mo	$875,000	$224	53
109 Methuen St	0.43mi	8/3.0 (-1)	4,100 (-2%)	23mo	$605,000	$148	49
39 12th St	0.38mi	8/2.0 (-1)	3,643 (-12%)	20mo	$725,000	$199	32

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: -5.4%
• Equity multiple: 0.80×
• Total profit: $-42,320
• Equity at exit: $111,678

10-year hold

• IRR: 4.2%
• Equity multiple: 1.31×
• Total profit: $64,970
• Equity at exit: $64,760

Cash invested: $209,720 (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 01850

• Home prices YoY: -8.4%
• Active inventory: 21
• Price-to-rent: 23.7×

Monthly cashflow live

• Estimated rent: $7,900 high
• Mortgage (P&I): −$3,928
• Tax from tax record: −$760 /mo · $9,121/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,659
• Net cashflow: $1,241

Break-even live

Break-even rent $6,329

Max offer price $749,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$7,899
Total (3 units)			$7,900

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: $187,250
• Closing costs: $22,470
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $749,000 Active 120 DOM
2. 2026-06-17
   days on market $749,000 Active 119 DOM
3. 2026-06-16
   days on market $749,000 Active 118 DOM
4. 2026-06-15
   days on market $749,000 Active 117 DOM
5. 2026-06-13
   days on market $749,000 Active 115 DOM
6. 2026-06-13
   days on market $749,000 Active 114 DOM
7. 2026-06-09
   days on market $749,000 Active 111 DOM
8. 2026-06-08
   days on market $749,000 Active 110 DOM
9. 2026-06-07
   days on market $749,000 Active 109 DOM
10. 2026-06-04
    days on market $749,000 Active 106 DOM
11. 2026-06-03
    days on market $749,000 Active 105 DOM
12. 2026-06-02
    days on market $749,000 Active 104 DOM
13. 2026-06-01
    days on market $749,000 Active 103 DOM
14. 2026-05-31
    days on market $749,000 Active 102 DOM
15. 2026-03-31
    price $749,000 583-char remark

    Show marketing remark (583 chars)

    Rare opportunity to own a spacious multi-family in Lowell’s Centralville neighborhood. Offering over 4,000 sq ft of living space, this property presents strong income potential with room to add value. Unit 2 is well maintained and leased at $3,200/month through August, providing immediate rental income. Unit 1 is vacant and ready for renovation — ideal for investors or owner-occupants looking to build equity. With generous room sizes and solid layout, this is a value-add opportunity. Conveniently located near schools, shopping, major routes, and downtown amenities.

16. 2026-03-09
    price $759,000 583-char remark

    Show marketing remark (583 chars)

    Rare opportunity to own a spacious multi-family in Lowell’s Centralville neighborhood. Offering over 4,000 sq ft of living space, this property presents strong income potential with room to add value. Unit 2 is well maintained and leased at $3,200/month through August, providing immediate rental income. Unit 1 is vacant and ready for renovation — ideal for investors or owner-occupants looking to build equity. With generous room sizes and solid layout, this is a value-add opportunity. Conveniently located near schools, shopping, major routes, and downtown amenities.

17. 2026-02-18
    listed $789,999 New 583-char remark

    Show marketing remark (583 chars)

    Rare opportunity to own a spacious multi-family in Lowell’s Centralville neighborhood. Offering over 4,000 sq ft of living space, this property presents strong income potential with room to add value. Unit 2 is well maintained and leased at $3,200/month through August, providing immediate rental income. Unit 1 is vacant and ready for renovation — ideal for investors or owner-occupants looking to build equity. With generous room sizes and solid layout, this is a value-add opportunity. Conveniently located near schools, shopping, major routes, and downtown amenities.

18. 2022-08-18
    soldstatus $650,000 Sold 763-char remark

    Show marketing remark (763 chars)

    Fantastic investment opportunity or owner occupy! Located near the Dracut line in a great area of Lowell, this large two-family side-by-side duplex boasts 5 bedrooms and 2 full bathrooms in EACH unit, with total 10 bedrooms and 4 full bathrooms. Both units have separate gas and electricity meters. Each unit offers 2 separate entrances and 9 foot ceilings. Updated front stairs, flooring and new paint, all new replacement windows, updated bath and new drain, and so much more! Each unit has new high efficiency gas hot air heating system, new cooking stove, and new gas hot water tanks. With a spacious basement with storage and a good size back yard, this one won’t last long! Open Houses are Saturday and Sunday 11:00-12:30. Offers due July 11th at 2pm.

19. 2022-07-11
    status Under Agreement 763-char remark

    Show marketing remark (763 chars)

    Fantastic investment opportunity or owner occupy! Located near the Dracut line in a great area of Lowell, this large two-family side-by-side duplex boasts 5 bedrooms and 2 full bathrooms in EACH unit, with total 10 bedrooms and 4 full bathrooms. Both units have separate gas and electricity meters. Each unit offers 2 separate entrances and 9 foot ceilings. Updated front stairs, flooring and new paint, all new replacement windows, updated bath and new drain, and so much more! Each unit has new high efficiency gas hot air heating system, new cooking stove, and new gas hot water tanks. With a spacious basement with storage and a good size back yard, this one won’t last long! Open Houses are Saturday and Sunday 11:00-12:30. Offers due July 11th at 2pm.

20. 2022-07-05
    listed $599,900 New 763-char remark

    Show marketing remark (763 chars)

    Fantastic investment opportunity or owner occupy! Located near the Dracut line in a great area of Lowell, this large two-family side-by-side duplex boasts 5 bedrooms and 2 full bathrooms in EACH unit, with total 10 bedrooms and 4 full bathrooms. Both units have separate gas and electricity meters. Each unit offers 2 separate entrances and 9 foot ceilings. Updated front stairs, flooring and new paint, all new replacement windows, updated bath and new drain, and so much more! Each unit has new high efficiency gas hot air heating system, new cooking stove, and new gas hot water tanks. With a spacious basement with storage and a good size back yard, this one won’t last long! Open Houses are Saturday and Sunday 11:00-12:30. Offers due July 11th at 2pm.

21. 2009-10-15
    soldstatus $150,000 Sold
22. 2009-10-15
    soldstatus $150,000
23. 2009-10-15
    soldstatus $150,000
24. 2009-09-30
    historical Under Agreement
25. 2009-08-07
    status Active
26. 2009-08-06
    historical Under Agreement
27. 2009-08-01
    price $204,000 Price Changed
28. 2009-07-01
    price $214,900 Price Changed
29. 2009-06-01
    listed $224,900
30. 2009-05-31
    listed $204,000
31. 1999-09-21
    soldstatus $136,500
32. 1989-01-26
    soldstatus $175,000

ⓘ 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: $9,121 · $760/mo
• Projected year-2 tax: $9,167 · $764/mo
• Expected delta: +$46/yr (+$4/mo · 0.5%)

ⓘ 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 ≥96°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $94,800
• − Mortgage interest: −$41,956
• − Property taxes: −$9,121
• − Insurance: −$3,745
• − Repairs & maintenance: −$7,584
• − Management: −$7,584
• − Depreciation: −$21,789
• Taxable income: $3,021
• Est. tax owed @ 24.0%: −$725
• After-tax cash flow: $14,167/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: Lowell
• NCES district ID: 2507020
• Math proficiency: 20% ▼ -18.00%
• Reading proficiency: 28% ▼ -11.00%
• Median HH income: $49,291
• Composite: 21.14/100
• National rank: #8430
• State rank: #277 of 302 in MA

Livability — Lowell

• Score: 80/100
• State rank: #36
• US rank: #1677

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lowell, MA
• City population: 100,628
• Population (ZIP): 16,983

Population outlook (Middlesex County) Hauer SSP2

• Today (2025): 1,740,269 people
• By 2030: 1,817,187 · +4.4%
• By 2040: 1,963,195 · +12.8%
• By 2050: 2,087,461 · +20.0%
• By 2075: 2,344,036 · +34.7%
• By 2100: 2,383,776 · +37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 41% Hispanic / Latino 30% Black 14% Two or more races 11% Asian 11%
• Hispanic origin (detail): Puerto Rican 16% Dominican 7%
• Common ancestry: Lithuanian 8% Russian 5% Swedish 4%
• Foreign-born: 27% · Canada, Jamaica, Vietnam
• Languages at home: 57% English-only · Spanish 20% Other Asian/Pacific 7% Other Indo-European 5%

Political lean MEDSL · Middlesex

• 2024 margin: Solid D (+39.5) · D 68.5% · R 29.0% · Other 2.5%
• 2008→2024 swing: +9.3pp toward D · 2008: 30.1pp · 2024: 39.5pp
• All cycles: 2024: D+39.5 2020: D+45.2 2016: D+38.1 2012: D+26.9 2008: D+30.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.80%
• Current HPI: 411.9651
• 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

+328.0% since first listed

18 events — show timeline

• 2026-03-31 Price Changed $749,000 MLS PIN
• 2026-03-09 Price Changed $759,000 MLS PIN
• 2026-02-18 Listed $789,999 MLS PIN
• 2022-08-18 Sold (MLS) $650,000 MLS PIN
• 2022-07-11 Pending — MLS PIN
• 2022-07-05 Listed $599,900 MLS PIN
• 2009-10-15 Sold (Public Records) $150,000 Public Records
• 2009-10-15 Sold (MLS) $150,000 PrimeMLS
• 2009-10-15 Sold (MLS) $150,000 MLS PIN
• 2009-09-30 Contingent — MLS PIN
• 2009-08-07 Relisted — MLS PIN
• 2009-08-06 Contingent — MLS PIN
• 2009-08-01 Price Changed $204,000 MLS PIN
• 2009-07-01 Price Changed $214,900 MLS PIN
• 2009-06-01 Listed $224,900 MLS PIN
• 2009-05-31 Listed $204,000 PrimeMLS
• 1999-09-21 Sold (Public Records) $136,500 Public Records
• 1989-01-26 Sold (Public Records) $175,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $9,121 · +11.2% YoY. Source: county tax records.