696 Grafton St · Worcester, MA 01604

$599,900

7 bd · 3.0 ba · 2,841 sqft · MultiFamily public records · 7 Days on market

Built 1913 5,312 sqft lot Est $699k · 14% under

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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 +22.1/30.0
• ARV discount +13.9/15.0
• DSCR +7.1/10.0
• 1% rule +5.5/10.0
• Livability +4.4/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• 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

Attention investors! Take a look at 696 Grafton Street, a versatile and high-potential three-family home situated in one of Worcester’s most accessible commuter corridors. Whether you are a savvy investor looking to capture steady rental income or a handy homeowner looking to build equity, this property delivers function, flexibility, and long-term value. The layout accommodates a variety of living arrangements and is built for low-overhead management, featuring separate electrical meters and separate heating systems for each unit. Updates include a recently updated first-floor furnace (floors two and three utilize parlor heaters), while bonus exterior features include an outdoor stor

Key facts

• Outdoor storage shed
• Three-family home
• 5,312 sq ft lot

Tags

• THREE-FAMILY HOME
• ACCESSIBLE COMMUTER CORRIDORS
• SEPARATE ELECTRICAL METERS
• SEPARATE HEATING SYSTEMS
• OUTDOOR STORAGE SHED
• NEAR A LOCAL BUS ROUTE

Property features AI

Finance

• HOA & community: Near public transportation and shopping; Not a senior community

Exterior

• Parking: 3 off-street parking spaces
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: 3-family property; 3 stories; Approximate year built (per public records); Tan exterior color
• Construction: Stone foundation; Shingle roof
• Exterior features: Corner lot; Public road frontage; Shed(s) on the property

Interior

• Flooring: Varied flooring
• Bathrooms: 4 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Wall unit cooling
• Interior features: Living room; Kitchen; Total of 15 rooms; Full basement

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $963 ($12k/yr) — positive. Per door: $321/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $600k).
• Cap rate 8.2% vs local median 3.9% in Worcester — 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 87/100 on livability (#9 in MA, #312 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: schools C-, cost of living D.
• Worcester (urban): math 17% / reading 30% proficiency, ranked #280 of 302 in MA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.2%/yr); 61 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $6,280/mo this rent would consume 103% of the median local household income ($74k/yr) (locally 2232% 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1913 — 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 $599,900

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 1913 — 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: 1.05% ✓
• Cap rate: 8.22%
• Cash-on-cash: 6.88%
• DSCR: 1.31
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $698,886
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
178 Cohasset St	0.36mi	6/3.0 (-1)	2,650 (-7%)	8mo	$685,000	$258	60
165 Ingleside Ave	0.59mi	6/3.0 (-1)	2,886 (+2%)	8mo	$710,000	$246	58
13 Superior Rd	0.58mi	6/2.0 (-1)	2,600 (-8%)	21mo	$615,000	$237	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 · 2.17% rent growth · sell at horizon

5-year hold

• IRR: -6.7%
• Equity multiple: 0.76×
• Total profit: $-41,096
• Equity at exit: $89,447

10-year hold

• IRR: 1.9%
• Equity multiple: 1.13×
• Total profit: $22,188
• Equity at exit: $51,868

Cash invested: $167,972 (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 01604

• Home prices YoY: -26.9%
• Rents YoY: 2.2%
• Active inventory: 61
• Price-to-rent: 23.9×

Monthly cashflow live

• Estimated rent: $6,280 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$603 /mo · $7,232/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,319
• Net cashflow: $963

Break-even live

Break-even rent $5,061

Max offer price $599,900

Occupancy floor 80%

Sensitivity live

Price	-10% $1,302	-5% $1,132	+0% $963	+5% $793	+10% $623
Rent	-10% $467	-5% $715	+0% $963	+5% $1,211	+10% $1,459
Rate	-1.0pp $1,265	-0.5pp $1,115	base $963	+0.5pp $807	+1.0pp $649

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.3	$6,279
Total (3 units)			$6,280

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $599,900 Active 7 DOM
2. 2026-06-17
   days on market $599,900 Active 6 DOM
3. 2026-06-16
   days on market $599,900 Active 5 DOM
4. 2026-06-15
   statusdays on market $599,900 Active 4 DOM
5. 2026-06-14
   remarks 693-char remark
6. 2026-06-14
   listed $599,900 New 2 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: $7,232 · $603/mo
• Projected year-2 tax: $7,305 · $609/mo
• Expected delta: +$73/yr (+$6/mo · 1.0%)

ⓘ 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 4/10 Moderate 7 d/yr ≥93°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: $75,360
• − Mortgage interest: −$33,604
• − Property taxes: −$7,232
• − Insurance: −$3,000
• − Repairs & maintenance: −$6,029
• − Management: −$6,029
• − Depreciation: −$17,452
• Taxable income: $2,016
• Est. tax owed @ 24.0%: −$484
• After-tax cash flow: $11,068/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: Worcester
• NCES district ID: 2513230
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 30% ▼ -8.00%
• Median HH income: $45,063
• Composite: 20.3/100
• National rank: #8615
• State rank: #280 of 302 in MA

Livability — Worcester

• Score: 87/100
• State rank: #9
• US rank: #312

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Worcester, MA
• County: Worcester County · 487,911 people
• City population: 207,324
• Metro: Worcester, MA-CT
• Population (ZIP): 39,812
• Household income: $73,505
• Rent vs Own: 55.9% rent · 44.1% own
• Severe rent burden: 2232.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 51% Hispanic / Latino 19% Black 14% Two or more races 12% Asian 7%
• Hispanic origin (detail): Puerto Rican 10% Dominican 3%
• Common ancestry: Lithuanian 6% Estonian 6% Romanian 4%
• Foreign-born: 27% · Canada, Vietnam, China
• Languages at home: 62% English-only · Spanish 13% Other Indo-European 10% Vietnamese 3%

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: ▼ -108.38%
• Current HPI: 295.03
• Rent YoY: ▲ 2.17%
• 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

1 event — show timeline

• 2026-06-11 Listed $599,900 MLS PIN

Property tax history

+6.5%/yr

Latest (2023): $7,232 · +11.2% YoY. Source: county tax records.