15 Russell St · Worcester, MA 01609

$859,999

9 bd · 4.0 ba · 4,931 sqft · MultiFamily public records · 47 Days on market

Built 1890 7,818 sqft lot $174/sqft · 24% above area Est $692k · 24% 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 +20.8/30.0
• DSCR +6.6/10.0
• 1% rule +5.1/10.0
• Livability +4.4/5.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Fantastic opportunity to purchase the best investment on the street! This well maintained historic 4-family boasts high ceilings, hardwood floors, large kitchens and bathrooms as well as updated electrical, plumbing and heating systems. A picturesque turnkey property that is low maintenance and generates $5,800 per month in rental income. All 4 units have efficient gas heating systems, dedicated hot water heaters, in unit circuit breaker panels as well as hard wired smoke and carbon monoxide detectors. In addition, the property and units are in lead compliance with certificates on file. Tenants have access to onsite laundry, off street parking and a quaint landscaped yard. This fully occupied rental is located ½ mile from Polar Park, Worcester Market Place, Elm Park, grocery shopping and restaurants. Take a rare opportunity to be the owner of one of the nicest 4 families in Worcester. Don’t wait this one will be gone fast.

Key facts

• 7,818 sq ft lot
• 6 parking spots
• Built 1890

Property features AI

Finance

• Other: Total building area about 4,931 square feet; Lot size about 0.18 acres
• HOA & community: Community near public transportation and shopping; Not a senior community

Exterior

• Parking: Paved off-street parking; 6 open parking spaces
• Utilities: Public water; Public sewer
• Home design: 4-family (4 units up/down); 3 stories
• Construction: Frame construction with brick/mortar foundation; Shingle roof; Built (year per public records)
• Exterior features: Porch

Interior

• Bathrooms: 4 full bathrooms
• Interior features: 23 total rooms; Partially finished basement; 2 fireplaces

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $860k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $294/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $860k).
• Recommended offer: $834k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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: 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.
• Zoned schools: Elm Park Community (math 4% / reading 24%, grade F, #881 of 938 statewide, top 94%, 415 students, 0% FRL); Forest Grove Middle (math 19% / reading 31%, grade F, #234 of 305 statewide, top 77%, 897 students, 0% FRL); Doherty Memorial High (math 37% / reading 47%, grade F, #214 of 343 statewide, top 65%, 1,344 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.4%/yr); 48 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $8,656/mo this rent would consume 152% of the median local household income ($68k/yr) (locally 1183% 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 $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($834k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 30y 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.

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 $834,199 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.01% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.87%
• DSCR: 1.26
• GRM: 8.3

CMA / ARV

• ARV (median comp): $691,982
• List price: $859,999
• Delta: 24.28%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32 Blossom St	0.26mi	9/3.0	4,413 (-10%)	6mo	$860,000	$195	61
106 Elm St	0.26mi	10/3.0 (+1)	4,824 (-2%)	20mo	$645,000	$134	59
8 West St	0.31mi	9/5.5	4,608 (-7%)	16mo	$765,000	$166	56
36 Townsend St	0.20mi	9/3.0	4,383 (-11%)	17mo	$540,000	$123	54
33 Russell St	0.07mi	9/3.0	4,323 (-12%)	23mo	$652,000	$151	53
144 West St	0.74mi	9/3.0	4,956 (+0%)	18mo	$725,000	$146	46
5 Mount Pleasant St	0.57mi	9/3.0	4,266 (-14%)	5mo	$770,000	$180	43
22 Clifton St	0.61mi	10/4.0 (+1)	5,497 (+12%)	9mo	$884,000	$161	40
276 Highland St	0.61mi	8/4.0 (-1)	4,516 (-8%)	23mo	$730,000	$162	33
94 Woodland St	0.58mi	8/4.0 (-1)	4,300 (-13%)	17mo	$790,000	$184	33
149 Beacon St	0.64mi	9/3.0	4,206 (-15%)	15mo	$740,000	$176	30
25 Florence St	0.62mi	9/5.0	4,247 (-14%)	22mo	$720,000	$170	26

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 · 3.38% rent growth · sell at horizon

5-year hold

• IRR: -6.8%
• Equity multiple: 0.75×
• Total profit: $-61,115
• Equity at exit: $128,229

10-year hold

• IRR: 3.2%
• Equity multiple: 1.24×
• Total profit: $56,872
• Equity at exit: $74,357

Cash invested: $240,800 (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 01609

• Home prices YoY: -15.9%
• Rents YoY: 3.4%
• Active inventory: 48
• Price-to-rent: 33.1×

Monthly cashflow live

• Estimated rent: $8,656 high
• Mortgage (P&I): −$4,510
• Tax from tax record: −$793 /mo · $9,516/yr
• Insurance: −$358
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,818
• Net cashflow: $1,177

Break-even live

Break-even rent $7,166

Max offer price $859,999

Occupancy floor 81%

Sensitivity live

Price	-10% $1,664	-5% $1,420	+0% $1,177	+5% $934	+10% $690
Rent	-10% $493	-5% $835	+0% $1,177	+5% $1,519	+10% $1,861
Rate	-1.0pp $1,610	-0.5pp $1,396	base $1,177	+0.5pp $954	+1.0pp $727

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$8,656
Total (4 units)			$8,656

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: $215,000
• Closing costs: $25,800
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-22
   days on market $859,999 Active 47 DOM
2. 2026-06-18
   days on market $859,999 Active 44 DOM
3. 2026-06-17
   days on market $859,999 Active 43 DOM
4. 2026-06-16
   days on market $859,999 Active 42 DOM
5. 2026-06-15
   days on market $859,999 Active 41 DOM
6. 2026-06-14
   days on market $859,999 Active 39 DOM
7. 2026-06-10
   days on market $859,999 Active 36 DOM
8. 2026-06-09
   days on market $859,999 Active 35 DOM
9. 2026-06-08
   days on market $859,999 Active 34 DOM
10. 2026-06-07
    days on market $859,999 Active 33 DOM
11. 2026-06-05
    statusdays on market $859,999 Active 30 DOM
12. 2026-06-03
    days on market $859,999 Price Changed 29 DOM
13. 2026-06-02
    days on market $859,999 Price Changed 28 DOM
14. 2026-06-01
    days on market $859,999 Price Changed 27 DOM
15. 2026-06-01
    pricestatus $859,999 Price Changed 26 DOM
16. 2026-05-31
    days on market $869,999 Active 26 DOM
17. 2026-05-31
    statusdays on market $869,999 Active 25 DOM
18. 2026-05-05
    listed $879,999 New 590-char remark
19. 2022-07-15
    soldstatus $799,900 Sold 949-char remark

    Show marketing remark (949 chars)

    Fantastic opportunity to purchase the best investment on the street! This well maintained historic 4-family boasts high ceilings, hardwood floors, large kitchens and bathrooms as well as updated electrical, plumbing and heating systems. A picturesque turnkey property that is low maintenance and generates $5,800 per month in rental income. All 4 units have efficient gas heating systems, dedicated hot water heaters, in unit circuit breaker panels as well as hard wired smoke and carbon monoxide detectors. In addition, the property and units are in lead compliance with certificates on file. Tenants have access to onsite laundry, off street parking and a quaint landscaped yard. This fully occupied rental is located ½ mile from Polar Park, Worcester Market Place, Elm Park, grocery shopping and restaurants. Take a rare opportunity to be the owner of one of the nicest 4 families in Worcester. Don’t wait this one will be gone fast.

20. 2022-05-19
    status Under Agreement 949-char remark

    Show marketing remark (949 chars)

    Fantastic opportunity to purchase the best investment on the street! This well maintained historic 4-family boasts high ceilings, hardwood floors, large kitchens and bathrooms as well as updated electrical, plumbing and heating systems. A picturesque turnkey property that is low maintenance and generates $5,800 per month in rental income. All 4 units have efficient gas heating systems, dedicated hot water heaters, in unit circuit breaker panels as well as hard wired smoke and carbon monoxide detectors. In addition, the property and units are in lead compliance with certificates on file. Tenants have access to onsite laundry, off street parking and a quaint landscaped yard. This fully occupied rental is located ½ mile from Polar Park, Worcester Market Place, Elm Park, grocery shopping and restaurants. Take a rare opportunity to be the owner of one of the nicest 4 families in Worcester. Don’t wait this one will be gone fast.

21. 2022-05-16
    status Under Agreement 949-char remark

    Show marketing remark (949 chars)

    Fantastic opportunity to purchase the best investment on the street! This well maintained historic 4-family boasts high ceilings, hardwood floors, large kitchens and bathrooms as well as updated electrical, plumbing and heating systems. A picturesque turnkey property that is low maintenance and generates $5,800 per month in rental income. All 4 units have efficient gas heating systems, dedicated hot water heaters, in unit circuit breaker panels as well as hard wired smoke and carbon monoxide detectors. In addition, the property and units are in lead compliance with certificates on file. Tenants have access to onsite laundry, off street parking and a quaint landscaped yard. This fully occupied rental is located ½ mile from Polar Park, Worcester Market Place, Elm Park, grocery shopping and restaurants. Take a rare opportunity to be the owner of one of the nicest 4 families in Worcester. Don’t wait this one will be gone fast.

22. 2022-05-10
    listed $799,900 New 949-char remark

    Show marketing remark (949 chars)

    Fantastic opportunity to purchase the best investment on the street! This well maintained historic 4-family boasts high ceilings, hardwood floors, large kitchens and bathrooms as well as updated electrical, plumbing and heating systems. A picturesque turnkey property that is low maintenance and generates $5,800 per month in rental income. All 4 units have efficient gas heating systems, dedicated hot water heaters, in unit circuit breaker panels as well as hard wired smoke and carbon monoxide detectors. In addition, the property and units are in lead compliance with certificates on file. Tenants have access to onsite laundry, off street parking and a quaint landscaped yard. This fully occupied rental is located ½ mile from Polar Park, Worcester Market Place, Elm Park, grocery shopping and restaurants. Take a rare opportunity to be the owner of one of the nicest 4 families in Worcester. Don’t wait this one will be gone fast.

23. 2016-10-14
    soldstatus $378,000 Sold

    Show marketing remark (530 chars)

    *BUYER FINANCING FELL THROUGH*Call your investors or anyone who wants to be a landlord in Worcester! This income property has been completely updated during sellers ownership. This property won't need anything anytime soon, just sit back and collect the rent. In 2013 this property had a complete over haul including roof, furnaces, water heaters, electrical,plumbing, appliances,carpets and tile. This property is operating 10% Net Cap Rate!!! That's after expenses...this is a great deal for an investment property. Don't wait!!

24. 2016-08-21
    status Contingent

    Show marketing remark (530 chars)

    *BUYER FINANCING FELL THROUGH*Call your investors or anyone who wants to be a landlord in Worcester! This income property has been completely updated during sellers ownership. This property won't need anything anytime soon, just sit back and collect the rent. In 2013 this property had a complete over haul including roof, furnaces, water heaters, electrical,plumbing, appliances,carpets and tile. This property is operating 10% Net Cap Rate!!! That's after expenses...this is a great deal for an investment property. Don't wait!!

25. 2016-07-19
    listed $399,900 New

    Show marketing remark (530 chars)

    *BUYER FINANCING FELL THROUGH*Call your investors or anyone who wants to be a landlord in Worcester! This income property has been completely updated during sellers ownership. This property won't need anything anytime soon, just sit back and collect the rent. In 2013 this property had a complete over haul including roof, furnaces, water heaters, electrical,plumbing, appliances,carpets and tile. This property is operating 10% Net Cap Rate!!! That's after expenses...this is a great deal for an investment property. Don't wait!!

26. 2006-11-10
    soldstatus $380,000
27. 2005-12-08
    soldstatus $275,000
28. 2005-08-23
    soldstatus $212,500
29. 2005-08-16
    soldstatus $212,500
30. 2005-06-17
    historical
31. 2005-06-08
    listed $225,000
32. 1997-03-08
    soldstatus $15,000
33. 1996-02-26
    historical
34. 1996-02-15
    listed $24,000
35. 1987-04-16
    soldstatus $165,000

ⓘ 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: $9,516 · $793/mo
• Projected year-2 tax: $10,047 · $837/mo
• Expected delta: +$531/yr (+$44/mo · 5.6%)

ⓘ 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: $103,872
• − Mortgage interest: −$48,173
• − Property taxes: −$9,516
• − Insurance: −$4,300
• − Repairs & maintenance: −$8,310
• − Management: −$8,310
• − Depreciation: −$25,018
• Taxable income: $245
• Est. tax owed @ 24.0%: −$59
• After-tax cash flow: $14,065/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): 22,047
• Household income: $68,381
• Rent vs Own: 59.9% rent · 40.1% own
• Severe rent burden: 1183.0

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 61% Hispanic / Latino 18% Two or more races 11% Asian 10% Black 7%
• Hispanic origin (detail): Puerto Rican 10%
• Common ancestry: Lithuanian 7% Romanian 4% Estonian 1%
• Foreign-born: 22% · Canada, China, Vietnam
• Languages at home: 66% English-only · Spanish 15% Other Indo-European 8% 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: ▼ -51.84%
• Current HPI: 274.8097
• Rent YoY: ▲ 3.38%
• 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

+421.2% since first listed

20 events — show timeline

• 2026-06-01 Price Changed $859,999 MLS PIN
• 2026-05-26 Price Changed $869,999 MLS PIN
• 2026-05-05 Listed $879,999 MLS PIN
• 2022-07-15 Sold (MLS) $799,900 MLS PIN
• 2022-05-19 Pending — MLS PIN
• 2022-05-16 Pending — MLS PIN
• 2022-05-10 Listed $799,900 MLS PIN
• 2016-10-14 Sold (MLS) $378,000 MLS PIN
• 2016-08-21 Pending — MLS PIN
• 2016-07-19 Listed $399,900 MLS PIN
• 2006-11-10 Sold (Public Records) $380,000 Public Records
• 2005-12-08 Sold (Public Records) $275,000 Public Records
• 2005-08-23 Sold (Public Records) $212,500 Public Records
• 2005-08-16 Sold (MLS) $212,500 MLS PIN
• 2005-06-17 Listing Removed — MLS PIN
• 2005-06-08 Listed $225,000 MLS PIN
• 1997-03-08 Sold (MLS) $15,000 MLS PIN
• 1996-02-26 Listing Removed — MLS PIN
• 1996-02-15 Listed $24,000 MLS PIN
• 1987-04-16 Sold (Public Records) $165,000 Public Records

Property tax history

+5.7%/yr

Latest (2023): $9,516 · +1.4% YoY. Source: county tax records.