38 Hollister St · Pittsfield, MA 01201

$349,900

3 bd · 2.0 ba · 1,932 sqft · MultiFamily public records · 40 Days on market

Built 1929 7,840 sqft lot $181/sqft · 32% above area Est $265k · 32% 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 +16.3/30.0
• DSCR +5.0/10.0
• Rent growth +4.4/5.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Welcoming 2 family home. The first floor unit has beautifully updated kitchen and bath, spacious living room, and partially finished basement with bar and office. The second floor unit offers 2 bedrooms, spacious porch and access to a roomy attic.

Key facts

• Separate utilities
• Attic space
• Updated kitchen

Tags

• UPDATED KITCHEN
• ENCLOSED FRONT PORCH
• PARTIALLY FINISHED BASEMENT
• ATTIC SPACE
• SEPARATE UTILITIES
• OFF-STREET PARKING

Property features AI

Finance

• Financial info: Tax year 2025

Exterior

• Utilities: Public sewer
• Construction: Asphalt roof; Total building area 1932

Interior

• Bedrooms: Unit includes 1 bedroom
• Flooring: Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Has heating
• Interior features: Wood flooring

What this means for you Summary

Snapshot

• This is a 1×3bd/2.0ba + 1×2bd/1.0ba units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $192 ($2k/yr) — positive. Per door: $96/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 $310k (11.3% below list).
• Recommended offer: $310k (11.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 3.7% in Pittsfield — 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 75/100 on livability (#70 in MA, #3,820 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, amenities D+, crime D.
• Pittsfield (urban): math 19% / reading 34% proficiency, ranked #272 of 302 in MA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Crosby (math 2% / reading 17%, grade F, #914 of 938 statewide, top 98%, 270 students, 0% FRL); John T Reid Middle (math 7% / reading 17%, grade F, #283 of 305 statewide, top 93%, 450 students, 0% FRL); Taconic High (math 27% / reading 37%, grade F, #255 of 343 statewide, top 77%, 860 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+7.7%/yr); 278 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• At $3,104/mo this rent would consume 52% of the median local household income ($71k/yr) (locally 1580% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Berkshire County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $250k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $310,400 (11.3% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 11% 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 1929 — 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. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.89% ✗
• Cap rate: 6.95%
• Cash-on-cash: 2.35%
• DSCR: 1.10
• GRM: 9.4

CMA / ARV

• ARV (median comp): $265,195
• List price: $349,900
• Delta: 31.94%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
92 W Housatonic St	0.30mi	3/2.0	1,872 (-3%)	8mo	$235,000	$126	74
395 Housatonic St	0.52mi	3/2.0	1,734 (-10%)	12mo	$211,000	$122	49
36 Division St	0.68mi	4/2.0 (+1)	1,832 (-5%)	10mo	$250,000	$136	46
39 Circular Ave	0.66mi	4/2.0 (+1)	1,728 (-11%)	6mo	$209,900	$121	42
308-310 West St	0.61mi	4/3.0 (+1)	1,802 (-7%)	13mo	$128,625	$71	41
52 Merriam St	0.52mi	4/2.0 (+1)	2,208 (+14%)	21mo	$297,000	$135	30

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 · 7.72% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.70×
• Total profit: $-29,075
• Equity at exit: $52,171

10-year hold

• IRR: 6.8%
• Equity multiple: 1.61×
• Total profit: $60,099
• Equity at exit: $30,253

Cash invested: $97,972 (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 01201

• Rents YoY: 7.7%
• Active inventory: 278
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $3,104 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$279 /mo · $3,353/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$652
• Net cashflow: $192

Break-even live

Break-even rent $2,861

Max offer price $349,900

Occupancy floor 89%

Sensitivity live

Price	-10% $390	-5% $291	+0% $192	+5% $93	+10% $-6
Rent	-10% $-53	-5% $69	+0% $192	+5% $315	+10% $437
Rate	-1.0pp $368	-0.5pp $281	base $192	+0.5pp $101	+1.0pp $9

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,682
1× unit	2	1	$1,422
Total (2 units)			$3,104

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19 Atwood Ave Pittsfield, MA	3.0	1.0	1350	$1,600	$1.19	45d	1	0.23mi
117 Lincoln St Unit 117 Pittsfield, MA	4.0	2.0	1500	$2,000	$1.33	45d	1	1.37mi

Listing history 21 events

1. 2026-06-21
   days on market $349,900 Active 40 DOM
2. 2026-06-19
   days on market $349,900 Active 38 DOM
3. 2026-06-18
   days on market $349,900 Active 37 DOM
4. 2026-06-17
   days on market $349,900 Active 36 DOM
5. 2026-06-16
   days on market $349,900 Active 35 DOM
6. 2026-06-15
   days on market $349,900 Active 34 DOM
7. 2026-06-14
   days on market $349,900 Active 32 DOM
8. 2026-06-12
   days on market $349,900 Active 31 DOM
9. 2026-06-09
   days on market $349,900 Active 28 DOM
10. 2026-06-08
    days on market $349,900 Active 27 DOM
11. 2026-06-07
    days on market $349,900 Active 26 DOM
12. 2026-06-05
    days on market $349,900 Active 23 DOM
13. 2026-06-02
    days on market $349,900 Active 21 DOM
14. 2026-06-01
    days on market $349,900 Active 20 DOM
15. 2026-05-31
    days on market $349,900 Active 19 DOM
16. 2026-05-30
    days on market $349,900 Active 18 DOM
17. 2026-05-11
    listed $349,900 Active 737-char remark
18. 2023-08-25
    soldstatus $250,000 Closed 248-char remark

    Show marketing remark (248 chars)

    Welcoming 2 family home. The first floor unit has beautifully updated kitchen and bath, spacious living room, and partially finished basement with bar and office. The second floor unit offers 2 bedrooms, spacious porch and access to a roomy attic.

19. 2023-07-20
    status Pending 248-char remark

    Show marketing remark (248 chars)

    Welcoming 2 family home. The first floor unit has beautifully updated kitchen and bath, spacious living room, and partially finished basement with bar and office. The second floor unit offers 2 bedrooms, spacious porch and access to a roomy attic.

20. 2023-07-12
    listed $239,900 Active 248-char remark

    Show marketing remark (248 chars)

    Welcoming 2 family home. The first floor unit has beautifully updated kitchen and bath, spacious living room, and partially finished basement with bar and office. The second floor unit offers 2 bedrooms, spacious porch and access to a roomy attic.

21. 1986-11-17
    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: $3,353 · $279/mo
• Projected year-2 tax: $3,828 · $319/mo
• Expected delta: +$475/yr (+$40/mo · 14.2%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $37,248
• − Mortgage interest: −$19,600
• − Property taxes: −$3,353
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,980
• − Management: −$2,980
• − Depreciation: −$10,179
• Taxable loss: −$3,593
• Est. tax savings @ 24.0%: +$862
• After-tax cash flow: $3,167/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: Pittsfield
• NCES district ID: 2509630
• Math proficiency: 19% ▼ -10.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $44,032
• Composite: 22.67/100
• National rank: #8046
• State rank: #272 of 302 in MA

Livability — Pittsfield

• Score: 75/100
• State rank: #70
• US rank: #3820

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pittsfield, MA
• County: Berkshire County · 44,848 people
• City population: 44,848
• Metro: Pittsfield, MA
• Population (ZIP): 44,848
• Household income: $71,093
• Rent vs Own: 36.5% rent · 63.5% own
• Severe rent burden: 1580.0

Population outlook (Berkshire County) Hauer SSP2

• Today (2025): 119,723 people
• By 2030: 114,608 · -4.3%
• By 2040: 102,806 · -14.1%
• By 2050: 91,305 · -23.7%
• By 2075: 71,517 · -40.3%
• By 2100: 57,988 · -51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 10% Hispanic / Latino 9% Black 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Lithuanian 8% Romanian 6% Slovak 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Berkshire

• 2024 margin: Solid D (+39.9) · D 68.9% · R 29.0% · Other 2.1%
• 2008→2024 swing: -12.5pp toward R · 2008: 52.4pp · 2024: 39.9pp
• All cycles: 2024: D+39.9 2020: D+47.1 2016: D+41.5 2012: D+53.7 2008: D+52.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -199.88%
• Current HPI: 283.3421
• Rent YoY: ▲ 7.72%
• Metro: Pittsfield, 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

+311.6% since first listed

5 events — show timeline

• 2026-05-11 Listed $349,900 BCMLS
• 2023-08-25 Sold (MLS) $250,000 BCMLS
• 2023-07-20 Pending — BCMLS
• 2023-07-12 Listed $239,900 BCMLS
• 1986-11-17 Sold (Public Records) $85,000 Public Records

Property tax history

+4.0%/yr

Latest (2023): $3,353 · +1.7% YoY. Source: county tax records.