51 May St · Worcester, MA 01610

$675,000

8 bd · 3.0 ba · 3,050 sqft · MultiFamily public records · 84 Days on market

Built 1890 6,006 sqft lot $221/sqft · at area comps Est $665k · 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 +19.0/30.0
• ARV discount +6.8/15.0
• DSCR +6.0/10.0
• Appreciation +4.6/10.0
• 1% rule +4.4/10.0
• Livability +4.4/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Rent growth +1.9/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Price Improvement!!!!! Welcome to 51 May St in Worcester !This Multi-Family located in the Clark U area has a recent Roof & Heating Systems, All Separate Utilities for each apartment and Landlord Electric Meter. Expanded Parking was also recently added. Each unit is rented currently, with strong rental history and still room to increase to market rent on renewal. Fully Lead Compliant. All units have been updated and maintained. All Units have dedicated Laundry. Convenient location close to most major conveniences, Highway access, University, Train Station, Medical Center.

Key facts

• 6,006 sq ft lot
• 6 parking spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 8-bed/3.0-bath multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $706 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $633k (6.2% below list).
• Recommended offer: $633k (6.2% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 4.1% 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 soft (-2.2%/yr); 25 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $6,329/mo this rent would consume 148% of the median local household income ($51k/yr) (locally 2517% 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 (-0.7%/yr); year-one equity from $5k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($634k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $75k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $235k; list at $675k implies a 187% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $632,900 (6.2% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.94% ✗
• Cap rate: 7.55%
• Cash-on-cash: 4.48%
• DSCR: 1.20
• GRM: 8.9

CMA / ARV

• ARV (median comp): $664,836
• List price: $675,000
• Delta: 1.53%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7 Clifton St	0.04mi	8/2.0	3,056 (+0%)	21mo	$561,000	$184	76
38 Clifton St	0.19mi	8/3.0	2,727 (-11%)	8mo	$725,000	$266	67
47 Piedmont St	0.45mi	8/3.0	2,912 (-4%)	7mo	$640,000	$220	66
183 Lovell St	0.60mi	8/3.0	3,451 (+13%)	8mo	$620,000	$180	44
27 Richards St	0.68mi	8/3.0	2,682 (-12%)	12mo	$660,000	$246	38
84-86 Florence St	0.52mi	9/3.0 (+1)	3,453 (+13%)	17mo	$1,350,000	$391	35
10 Sycamore St	0.75mi	8/3.0	3,490 (+14%)	9mo	$840,000	$241	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.73% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -2.0%
• Equity multiple: 0.91×
• Total profit: $-16,167
• Equity at exit: $171,840

10-year hold

• IRR: 2.1%
• Equity multiple: 1.19×
• Total profit: $35,331
• Equity at exit: $188,147

Cash invested: $189,000 (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 01610

• Home prices YoY: -0.1%
• Rents YoY: -2.2%
• Active inventory: 25
• Price-to-rent: 26.7×

Monthly cashflow live

• Estimated rent: $6,329 high
• Mortgage (P&I): −$3,540
• Tax from tax record: −$473 /mo · $5,674/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,329
• Net cashflow: $706

Break-even live

Break-even rent $5,435

Max offer price $675,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$6,330
Total (3 units)			$6,329

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $675,000 Active 84 DOM
2. 2026-06-17
   days on market $675,000 Active 83 DOM
3. 2026-06-16
   statusdays on market $675,000 Active 82 DOM
4. 2026-06-15
   days on market $675,000 Back On Market 81 DOM
5. 2026-06-14
   statusdays on market $675,000 Back On Market 79 DOM
6. 2026-06-10
   days on market $675,000 Contingent 76 DOM
7. 2026-06-09
   days on market $675,000 Contingent 75 DOM
8. 2026-06-08
   days on market $675,000 Contingent 74 DOM
9. 2026-06-07
   days on market $675,000 Contingent 73 DOM
10. 2026-06-05
    statusdays on market $675,000 Contingent 70 DOM
11. 2026-06-03
    days on market $675,000 Active 69 DOM
12. 2026-06-02
    days on market $675,000 Active 68 DOM
13. 2026-06-01
    days on market $675,000 Active 67 DOM
14. 2026-05-31
    days on market $675,000 Active 66 DOM
15. 2026-05-31
    days on market $675,000 Active 65 DOM
16. 2026-04-01
    price $699,990 583-char remark

    Show marketing remark (583 chars)

    Price Improvement!!!!! Welcome to 51 May St in Worcester !This Multi-Family located in the Clark U area has a recent Roof & Heating Systems, All Separate Utilities for each apartment and Landlord Electric Meter. Expanded Parking was also recently added. Each unit is rented currently, with strong rental history and still room to increase to market rent on renewal. Fully Lead Compliant. All units have been updated and maintained. All Units have dedicated Laundry. Convenient location close to most major conveniences, Highway access, University, Train Station, Medical Center.

17. 2026-03-26
    listed $750,000 New 583-char remark

    Show marketing remark (583 chars)

    Price Improvement!!!!! Welcome to 51 May St in Worcester !This Multi-Family located in the Clark U area has a recent Roof & Heating Systems, All Separate Utilities for each apartment and Landlord Electric Meter. Expanded Parking was also recently added. Each unit is rented currently, with strong rental history and still room to increase to market rent on renewal. Fully Lead Compliant. All units have been updated and maintained. All Units have dedicated Laundry. Convenient location close to most major conveniences, Highway access, University, Train Station, Medical Center.

18. 2017-04-14
    soldstatus $235,000 Sold 301-char remark

    Show marketing remark (301 chars)

    Spacious three family property located in the Clark University area and close to restaurants and shops. This is a great income producing property and all three units are currently rented. Vinyl sided for easy maintenance. Off street parking for three cars. Great investment property or owner occupied!

19. 2017-03-04
    status Under Agreement 301-char remark

    Show marketing remark (301 chars)

    Spacious three family property located in the Clark University area and close to restaurants and shops. This is a great income producing property and all three units are currently rented. Vinyl sided for easy maintenance. Off street parking for three cars. Great investment property or owner occupied!

20. 2017-02-14
    listed $259,900 New 301-char remark

    Show marketing remark (301 chars)

    Spacious three family property located in the Clark University area and close to restaurants and shops. This is a great income producing property and all three units are currently rented. Vinyl sided for easy maintenance. Off street parking for three cars. Great investment property or owner occupied!

21. 2009-08-24
    soldstatus $170,000
22. 2009-08-21
    soldstatus $170,000 Sold
23. 2009-01-22
    price $175,000
24. 2008-12-29
    price $179,900
25. 2008-12-05
    price $189,900
26. 2008-11-21
    price $193,000
27. 2008-07-23
    listed $198,500
28. 2001-07-27
    soldstatus $77,000

ⓘ 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: $5,674 · $473/mo
• Projected year-2 tax: $6,988 · $582/mo
• Expected delta: +$1,314/yr (+$110/mo · 23.2%)

ⓘ 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: $75,948
• − Mortgage interest: −$37,810
• − Property taxes: −$5,674
• − Insurance: −$3,375
• − Repairs & maintenance: −$6,076
• − Management: −$6,076
• − Depreciation: −$19,636
• Taxable loss: −$2,700
• Est. tax savings @ 24.0%: +$648
• After-tax cash flow: $9,121/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): 30,444
• Household income: $51,472
• Rent vs Own: 80.8% rent · 19.2% own
• Severe rent burden: 2517.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 42% White 34% Two or more races 21% Black 13% Asian 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 21% Dominican 8%
• Common ancestry: Romanian 4% Lithuanian 3% Hispanic 2%
• Foreign-born: 27% · Canada, Vietnam, China
• Languages at home: 48% English-only · Spanish 35% Other Indo-European 4% Vietnamese 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: ▼ -0.73%
• Current HPI: 485.4378
• Rent YoY: ▼ -2.22%
• 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

+809.1% since first listed

13 events — show timeline

• 2026-04-01 Price Changed $699,990 MLS PIN
• 2026-03-26 Listed $750,000 MLS PIN
• 2017-04-14 Sold (MLS) $235,000 MLS PIN
• 2017-03-04 Pending — MLS PIN
• 2017-02-14 Listed $259,900 MLS PIN
• 2009-08-24 Sold (Public Records) $170,000 Public Records
• 2009-08-21 Sold (MLS) $170,000 MLS PIN
• 2009-01-22 Price Changed $175,000 MLS PIN
• 2008-12-29 Price Changed $179,900 MLS PIN
• 2008-12-05 Price Changed $189,900 MLS PIN
• 2008-11-21 Price Changed $193,000 MLS PIN
• 2008-07-23 Listed $198,500 MLS PIN
• 2001-07-27 Sold (Public Records) $77,000 Public Records

Property tax history

+6.1%/yr

Latest (2023): $5,674 · +11.4% YoY. Source: county tax records.