485 Bay St · Springfield, MA 01109

$399,000

6 bd · 3.0 ba · 2,670 sqft · MultiFamily public records · 82 Days on market

Built 1922 4,792 sqft lot $149/sqft · 11% above area Est $360k · 11% 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 +19.7/30.0
• DSCR +6.2/10.0
• 1% rule +4.5/10.0
• Livability +3.7/5.0
• ARV discount +2.7/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

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

Well-maintained multi-family opportunity offering strong income potential. This property features teo units with spacious layouts, separate utilities, and off-street parking. Conveniently located near shopping, public transportation, schools, and major routes. Ideal for investors or owner-occupants looking to build equity while generating rental income. Property offers solid bones with upside potential for increased rents or value-add improvements. Easy access to local amenities and highways. Don’t miss this opportunity to own a versatile income-producing property in a convenient Springfield location.

Key facts

• Spacious layouts
• Separate utilities
• Solid bones

Tags

• MULTI-FAMILY OPPORTUNITY
• SPACIOUS LAYOUTS
• SEPARATE UTILITIES
• OFF-STREET PARKING
• STRONG INCOME POTENTIAL
• SOLID BONES

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $468 ($6k/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 $380k (4.8% below list).
• Recommended offer: $375k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 5.0% in Springfield — 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 73/100 on livability (#97 in MA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, amenities A; Watch: crime F, employment D-.
• Springfield (urban): math 13% / reading 25% proficiency, ranked #296 of 302 in MA (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Rebecca M Johnson (math 9% / reading 26%, grade F, #811 of 938 statewide, top 87%, 579 students, 0% FRL); John F Kennedy Middle (math 5% / reading 11%, grade F, #297 of 305 statewide, top 97%, 390 students, 0% FRL); Springfield Central High (math 27% / reading 41%, grade F, #250 of 343 statewide, top 73%, 2,095 students, 0% FRL) — zoned schools average 0% FRL vs 81% district-wide (81 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 38 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 453 units permitted in Hampden County in 2024 (116 in 5+ unit buildings).
• At $3,800/mo this rent would consume 94% of the median local household income ($48k/yr) (locally 1322% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Hampden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($375k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $85k; list at $399k implies a 369% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $375,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 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 1922 — 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. 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?
6. 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?
7. 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?
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: 0.95% ✗
• Cap rate: 7.70%
• Cash-on-cash: 5.03%
• DSCR: 1.22
• GRM: 8.8

CMA / ARV

• ARV (median comp): $360,478
• List price: $399,000
• Delta: 10.69%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16-20 Cambridge St	0.14mi	6/3.0	2,800 (+5%)	1mo	$540,000	$193	84
15-17 Sycamore St	0.02mi	6/2.0	2,340 (-12%)	3mo	$390,000	$167	72
73-75 Kenyon St	0.23mi	6/2.0	2,602 (-2%)	15mo	$285,000	$110	68
142-144 Yale St	0.26mi	7/3.0 (+1)	2,798 (+5%)	13mo	$400,000	$143	64
148-150 Oak Grove Ave	0.28mi	7/3.0 (+1)	2,897 (+8%)	8mo	$320,000	$110	60
62-64 Catharine St	0.57mi	6/2.5	2,746 (+3%)	17mo	$285,000	$104	52
151-153 Catharine	0.43mi	6/3.0	2,400 (-10%)	18mo	$455,000	$190	48
43 Colonial Ave	0.70mi	7/4.0 (+1)	2,514 (-6%)	6mo	$230,000	$91	44
95 Dawes St	0.30mi	6/2.5	2,339 (-12%)	24mo	$320,000	$137	43
36-38 Dearborn St	0.70mi	6/2.0	2,538 (-5%)	17mo	$350,000	$138	41

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: -8.5%
• Equity multiple: 0.69×
• Total profit: $-34,927
• Equity at exit: $59,492

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $7,644
• Equity at exit: $34,498

Cash invested: $111,720 (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 01109

• Home prices YoY: -22.8%
• Active inventory: 38
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $3,800 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$275 /mo · $3,304/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$798
• Net cashflow: $468

Break-even live

Break-even rent $3,208

Max offer price $399,000

Occupancy floor 83%

Sensitivity live

Price	-10% $694	-5% $581	+0% $468	+5% $355	+10% $242
Rent	-10% $168	-5% $318	+0% $468	+5% $618	+10% $768
Rate	-1.0pp $669	-0.5pp $569	base $468	+0.5pp $365	+1.0pp $259

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,800
Total (2 units)			$3,800

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
834 Worthington St Unit 2nd Fl Springfield, MA	5.0	1.0	1841	$2,450	$1.33	23d	1	1.21mi
296 Hancock St Springfield, MA	6.0	2.0	2000	$2,900	$1.45	45d	1	1.40mi

Listing history 23 events

1. 2026-06-22
   days on market $399,000 Active 82 DOM
2. 2026-06-18
   days on market $399,000 Active 79 DOM
3. 2026-06-17
   days on market $399,000 Active 78 DOM
4. 2026-06-16
   days on market $399,000 Active 77 DOM
5. 2026-06-15
   days on market $399,000 Active 76 DOM
6. 2026-06-14
   days on market $399,000 Active 74 DOM
7. 2026-06-13
   days on market $399,000 Active 73 DOM
8. 2026-06-10
   days on market $399,000 Active 71 DOM
9. 2026-06-09
   days on market $399,000 Active 70 DOM
10. 2026-06-08
    days on market $399,000 Active 69 DOM
11. 2026-06-07
    days on market $399,000 Active 68 DOM
12. 2026-06-05
    days on market $399,000 Active 65 DOM
13. 2026-06-03
    days on market $399,000 Active 64 DOM
14. 2026-06-02
    days on market $399,000 Active 63 DOM
15. 2026-06-01
    statusdays on market $399,000 Active 62 DOM
16. 2026-05-31
    days on market $399,000 Price Changed 61 DOM
17. 2026-05-30
    days on market $399,000 Price Changed 60 DOM
18. 2026-05-15
    price $420,000 614-char remark

    Show marketing remark (614 chars)

    Well-maintained multi-family opportunity offering strong income potential. This property features teo units with spacious layouts, separate utilities, and off-street parking. Conveniently located near shopping, public transportation, schools, and major routes. Ideal for investors or owner-occupants looking to build equity while generating rental income. Property offers solid bones with upside potential for increased rents or value-add improvements. Easy access to local amenities and highways. Don’t miss this opportunity to own a versatile income-producing property in a convenient Springfield location.

19. 2026-05-08
    price $425,000 614-char remark

    Show marketing remark (614 chars)

    Well-maintained multi-family opportunity offering strong income potential. This property features teo units with spacious layouts, separate utilities, and off-street parking. Conveniently located near shopping, public transportation, schools, and major routes. Ideal for investors or owner-occupants looking to build equity while generating rental income. Property offers solid bones with upside potential for increased rents or value-add improvements. Easy access to local amenities and highways. Don’t miss this opportunity to own a versatile income-producing property in a convenient Springfield location.

20. 2026-04-30
    price $430,000 614-char remark

    Show marketing remark (614 chars)

    Well-maintained multi-family opportunity offering strong income potential. This property features teo units with spacious layouts, separate utilities, and off-street parking. Conveniently located near shopping, public transportation, schools, and major routes. Ideal for investors or owner-occupants looking to build equity while generating rental income. Property offers solid bones with upside potential for increased rents or value-add improvements. Easy access to local amenities and highways. Don’t miss this opportunity to own a versatile income-producing property in a convenient Springfield location.

21. 2026-04-14
    price $440,000 614-char remark

    Show marketing remark (614 chars)

    Well-maintained multi-family opportunity offering strong income potential. This property features teo units with spacious layouts, separate utilities, and off-street parking. Conveniently located near shopping, public transportation, schools, and major routes. Ideal for investors or owner-occupants looking to build equity while generating rental income. Property offers solid bones with upside potential for increased rents or value-add improvements. Easy access to local amenities and highways. Don’t miss this opportunity to own a versatile income-producing property in a convenient Springfield location.

22. 2026-03-31
    listed $450,000 New 614-char remark

    Show marketing remark (614 chars)

    Well-maintained multi-family opportunity offering strong income potential. This property features teo units with spacious layouts, separate utilities, and off-street parking. Conveniently located near shopping, public transportation, schools, and major routes. Ideal for investors or owner-occupants looking to build equity while generating rental income. Property offers solid bones with upside potential for increased rents or value-add improvements. Easy access to local amenities and highways. Don’t miss this opportunity to own a versatile income-producing property in a convenient Springfield location.

23. 2006-01-19
    soldstatus $85,000

ⓘ 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: $3,304 · $275/mo
• Projected year-2 tax: $4,106 · $342/mo
• Expected delta: +$802/yr (+$67/mo · 24.3%)

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

Taxation est. · year 1

• Rental income: $45,600
• − Mortgage interest: −$22,350
• − Property taxes: −$3,304
• − Insurance: −$1,995
• − Repairs & maintenance: −$3,648
• − Management: −$3,648
• − Depreciation: −$11,607
• Taxable loss: −$952
• Est. tax savings @ 24.0%: +$229
• After-tax cash flow: $5,845/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: Springfield
• NCES district ID: 2511130
• Math proficiency: 13% ▼ -12.00%
• Reading proficiency: 25% ▼ -5.00%
• Median HH income: $34,938
• Composite: 15.6/100
• National rank: #9293
• State rank: #296 of 302 in MA

Livability — Springfield

• Score: 73/100
• State rank: #97
• US rank: #5195

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, MA
• County: Hampden County · 230,965 people
• City population: 61,006
• Metro: Springfield, MA
• Population (ZIP): 31,124
• Household income: $48,415
• Rent vs Own: 52.4% rent · 47.6% own
• Severe rent burden: 1322.0

Population outlook (Hampden County) Hauer SSP2

• Today (2025): 485,646 people
• By 2030: 491,517 · +1.2%
• By 2040: 500,539 · +3.1%
• By 2050: 508,827 · +4.8%
• By 2075: 539,167 · +11.0%
• By 2100: 545,698 · +12.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 45% Black 31% Two or more races 20% White 18% Asian 1% Native American 1%
• Hispanic origin (detail): Puerto Rican 39% Dominican 3%
• Common ancestry: Lithuanian 2% Romanian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 65% English-only · Spanish 32% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Hampden

• 2024 margin: Lean D (+8.9) · D 53.4% · R 44.5% · Other 2.1%
• 2008→2024 swing: -16.4pp toward R · 2008: 25.3pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+17.7 2016: D+16.0 2012: D+25.4 2008: D+25.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.11%
• Current HPI: 382.9038
• Rent YoY: —
• Metro: Springfield, MA
• 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

+394.1% since first listed

6 events — show timeline

• 2026-05-15 Price Changed $420,000 MLS PIN
• 2026-05-08 Price Changed $425,000 MLS PIN
• 2026-04-30 Price Changed $430,000 MLS PIN
• 2026-04-14 Price Changed $440,000 MLS PIN
• 2026-03-31 Listed $450,000 MLS PIN
• 2006-01-19 Sold (Public Records) $85,000 Public Records

Property tax history

+3.7%/yr

Latest (2023): $3,304 · +1.0% YoY. Source: county tax records.