156 Summer St · Fitchburg, MA 01420

$678,675

7 bd · 4.0 ba · 4,564 sqft · MultiFamily public records · 165 Days on market

Built 1900 0.29 ac lot $149/sqft · 20% above area Est $564k · 20% over

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Why this score? — see what drove the D 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 +19.8/30.0
• DSCR +6.3/10.0
• 1% rule +4.6/10.0
• Livability +3.5/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• ARV discount +0.0/15.0
• 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

LOVELY 3 FAMILY IN DESIRABLE LOCATION. This antique home has ideal owner occupied amenities 1st floor could rent for $2600 per month, 1860 sq ft apartment, has a 2 person jacuzzi. 1st floor has lovely cherry kitchen cabinets and tile floor. Master bedroom has a full bath. 2nd bedroom has a walk in closet. Living room with fireplace. Family room with built-in cabinet, Full bath with shower and tub, an outside deck and a large porch.2nd floor rents for $2000. Large 1860 sq ft apartment, hardwood floor, cherry kitchen cabinets, family room with built-in cabinet, large living room with fireplace, hardwood floors, over-sized glassed in sun porch.3rd floor rents for $1400 a month. Living room has vaulted ceiling, Used as a bedroom for the past 3 tenants. 2 walk-in closets. 9 parking spaces and a lawn and an island with lots of flowers and shrubs.

Key facts

• 2 person jacuzzi
• Outside deck
• Large porch

Tags

• 2 PERSON JACUZZI
• CHERRY KITCHEN CABINETS
• WALK IN CLOSET
• LIVING ROOM WITH FIREPLACE
• OUTSIDE DECK
• LARGE PORCH

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $679k.

Deal economics

• At list price, monthly cash flow is $803 ($10k/yr) — positive. Per door: $268/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $652k (3.9% below list).
• Recommended offer: $597k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.0% in Fitchburg — 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 69/100 on livability (#137 in MA) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A-, health & safety B+; Watch: employment D+, crime D, schools D-.
• Fitchburg (suburban): math 15% / reading 30% proficiency, ranked #282 of 302 in MA (top 93%) — 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: Rents rising (+3.1%/yr); 79 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $6,524/mo this rent would consume 108% of the median local household income ($73k/yr) (locally 1763% 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 $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 165 days — a 12% lower offer ($597k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 33y 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 $90k; list at $679k implies a 654% 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: moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $597,234 (12.0% below list)

Questions for the listing agent

1. It's been on market 165 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. 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?
10. 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.
11. 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.
12. 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: 0.96% ✗
• Cap rate: 7.71%
• Cash-on-cash: 5.07%
• DSCR: 1.23
• GRM: 8.7

CMA / ARV

• ARV (median comp): $564,235
• List price: $678,675
• Delta: 20.28%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 Washington St	0.51mi	8/4.0 (+1)	4,400 (-4%)	4mo	$680,000	$155	62
28 Beacon St	0.32mi	8/4.0 (+1)	4,269 (-6%)	17mo	$595,000	$139	55
748 Water St	0.47mi	6/3.0 (-1)	4,134 (-9%)	4mo	$575,000	$139	50
132-134 Green St	0.64mi	8/5.0 (+1)	4,608 (+1%)	13mo	$400,000	$87	49

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 · 3.06% rent growth · sell at horizon

5-year hold

• IRR: -8.4%
• Equity multiple: 0.69×
• Total profit: $-58,523
• Equity at exit: $101,193

10-year hold

• IRR: 1.2%
• Equity multiple: 1.08×
• Total profit: $16,098
• Equity at exit: $58,679

Cash invested: $190,029 (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 01420

• Home prices YoY: -25.2%
• Rents YoY: 3.1%
• Active inventory: 79
• Price-to-rent: 26.0×

Monthly cashflow live

• Estimated rent: $6,524 high
• Mortgage (P&I): −$3,559
• Tax from tax record: −$509 /mo · $6,105/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,370
• Net cashflow: $803

Break-even live

Break-even rent $5,507

Max offer price $678,675

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$6,525
Total (3 units)			$6,524

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: $169,669
• Closing costs: $20,360
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $678,675 Active 165 DOM
2. 2026-06-17
   days on market $678,675 Active 164 DOM
3. 2026-06-16
   days on market $678,675 Active 163 DOM
4. 2026-06-15
   days on market $678,675 Active 162 DOM
5. 2026-06-14
   days on market $678,675 Active 160 DOM
6. 2026-06-10
   days on market $678,675 Active 157 DOM
7. 2026-06-09
   days on market $678,675 Active 156 DOM
8. 2026-06-08
   days on market $678,675 Active 155 DOM
9. 2026-06-07
   days on market $678,675 Active 154 DOM
10. 2026-06-03
    days on market $678,675 Active 150 DOM
11. 2026-06-02
    days on market $678,675 Active 149 DOM
12. 2026-06-01
    days on market $678,675 Active 148 DOM
13. 2026-05-31
    days on market $678,675 Active 147 DOM
14. 2026-05-31
    days on market $678,675 Active 146 DOM
15. 2026-01-04
    listed $678,675 New 859-char remark

    Show marketing remark (859 chars)

    LOVELY 3 FAMILY IN DESIRABLE LOCATION. This antique home has ideal owner occupied amenities 1st floor could rent for $2600 per month, 1860 sq ft apartment, has a 2 person jacuzzi. 1st floor has lovely cherry kitchen cabinets and tile floor. Master bedroom has a full bath. 2nd bedroom has a walk in closet. Living room with fireplace. Family room with built-in cabinet, Full bath with shower and tub, an outside deck and a large porch.2nd floor rents for $2000. Large 1860 sq ft apartment, hardwood floor, cherry kitchen cabinets, family room with built-in cabinet, large living room with fireplace, hardwood floors, over-sized glassed in sun porch.3rd floor rents for $1400 a month. Living room has vaulted ceiling, Used as a bedroom for the past 3 tenants. 2 walk-in closets. 9 parking spaces and a lawn and an island with lots of flowers and shrubs.

16. 2004-01-28
    soldstatus $90,000
17. 1993-10-13
    soldstatus $92,000
18. 1993-10-12
    soldstatus $92,000 197-char remark

    Show marketing remark (197 chars)

    VERY LARGE,WELL CONSTRUCTED 2-FAMILY HOME. PLENTY OF YARD & PARKING. BOTH APARTMENTS HAVE FIREPLACES. 3RD FL HAS 4 ROOMS AND 2 BATHS.2ND FLOOR HAS ENCLOSED PORCH. NEW FURNACE FOR 1ST FLOOR UNIT

19. 1993-09-07
    historical 197-char remark

    Show marketing remark (197 chars)

    VERY LARGE,WELL CONSTRUCTED 2-FAMILY HOME. PLENTY OF YARD & PARKING. BOTH APARTMENTS HAVE FIREPLACES. 3RD FL HAS 4 ROOMS AND 2 BATHS.2ND FLOOR HAS ENCLOSED PORCH. NEW FURNACE FOR 1ST FLOOR UNIT

20. 1993-04-12
    listed $99,900 197-char remark

    Show marketing remark (197 chars)

    VERY LARGE,WELL CONSTRUCTED 2-FAMILY HOME. PLENTY OF YARD & PARKING. BOTH APARTMENTS HAVE FIREPLACES. 3RD FL HAS 4 ROOMS AND 2 BATHS.2ND FLOOR HAS ENCLOSED PORCH. NEW FURNACE FOR 1ST FLOOR UNIT

21. 1990-02-09
    soldstatus $30,000

ⓘ 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: $6,105 · $509/mo
• Projected year-2 tax: $7,226 · $602/mo
• Expected delta: +$1,121/yr (+$93/mo · 18.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $78,288
• − Mortgage interest: −$38,016
• − Property taxes: −$6,105
• − Insurance: −$3,393
• − Repairs & maintenance: −$6,263
• − Management: −$6,263
• − Depreciation: −$19,743
• Taxable loss: −$1,496
• Est. tax savings @ 24.0%: +$359
• After-tax cash flow: $10,000/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: Fitchburg
• NCES district ID: 2504890
• Math proficiency: 15% ▼ -14.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $48,430
• Composite: 19.78/100
• National rank: #8705
• State rank: #282 of 302 in MA

Livability — Fitchburg

• Score: 69/100
• State rank: #137
• US rank: #8435

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fitchburg, MA
• County: Worcester County · 487,911 people
• City population: 41,839
• Metro: Worcester, MA-CT
• Population (ZIP): 41,839
• Household income: $72,780
• Rent vs Own: 45.8% rent · 54.2% own
• Severe rent burden: 1763.0

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 0.58)
• Race & ethnicity: White 57% Hispanic / Latino 30% Two or more races 19% Black 6% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 20% Dominican 2%
• Common ancestry: Lithuanian 8% Romanian 3% Slovak 1%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 71% English-only · Spanish 22% French/Haitian/Cajun 3% Other Indo-European 2%

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: ▼ -102.11%
• Current HPI: 303.1067
• Rent YoY: ▲ 3.06%
• 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

+2162.2% since first listed

7 events — show timeline

• 2026-01-04 Listed $678,675 MLS PIN
• 2004-01-28 Sold (Public Records) $90,000 Public Records
• 1993-10-13 Sold (Public Records) $92,000 Public Records
• 1993-10-12 Sold (MLS) $92,000 MLS PIN
• 1993-09-07 Listing Removed — MLS PIN
• 1993-04-12 Listed $99,900 MLS PIN
• 1990-02-09 Sold (Public Records) $30,000 Public Records

Property tax history

+4.8%/yr

Latest (2022): $6,105 · +0.2% YoY. Source: county tax records.