37-39 Melrose St · Adams, MA 01220

$189,900

6 bd · 2.0 ba · 3,656 sqft · MultiFamily · 11 Days on market

Built 1900 Fair condition 9,148 sqft lot Est $336k · 44% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.3/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +2.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Adams. Classic Turn-of-the-Century 2-Family Duplex ideally located near downtown, library, golf course, and Greylock Glen. Offering over 3,000 sq ft, this property presents strong potential for owner-occupants or investors. Features include spacious rooms, high ceilings, wood floors, full attics, and natural woodwork in Unit 37. Unit 39 is bright with Greylock Mountain views. Separate utilities, long-term family ownership (70+ years), and a nice backyard. Priced to reflect updates (not limited to) needed, including electrical (fuse panels & some knob-and-tube wiring), window replacement (old & some broken), roof repairs/replacement on east side, and new boiler and oil tank neede

Key facts

• Wood floors
• Full attics
• 2-family duplex

Tags

• 2-FAMILY DUPLEX
• GREYLOCK MOUNTAIN VIEWS
• SPACIOUS ROOMS
• HIGH CEILINGS
• WOOD FLOORS
• FULL ATTICS

Property features AI

Finance

• Other: Listing status: Active

Exterior

• Utilities: Public sewer; 60 Amp electrical service with fuses
• Home design: Total building area approximately 3656; Asphalt roof
• Construction: Asphalt roof
• Exterior features: Porch; Outbuilding; Mature landscaping; Landscaped

Interior

• Kitchen: Refrigerator
• Bedrooms: Unit contains 3 bedrooms
• Flooring: Carpet; Linoleum; Wood
• Bathrooms: 2 full bathrooms; Unit contains 1 bathroom
• Heating & cooling: Heating present; Oil heating; Natural gas heating
• Interior features: Refrigerator included; Porch; Outbuilding; Mature, landscaped grounds
• Laundry & utility: 60 Amp electrical service with fuses

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $190k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $766/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $190k).
• Cap rate 16.0% vs local median 3.7% in Adams — 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 71/100 on livability (#131 in MA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living A-; Watch: amenities F, commute F, employment D-.
• Adams-Cheshire (rural): math 14% / reading 31% proficiency, ranked #285 of 302 in MA (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hoosac Valley Elementary School (math 27% / reading 42%, grade F, #577 of 938 statewide, top 65%, 374 students, 0% FRL); Hoosac Valley Middle School (math 8% / reading 28%, grade F, #264 of 305 statewide, top 87%, 288 students, 0% FRL); Hoosac Valley High School (math 22% / reading 37%, grade F, #270 of 343 statewide, top 80%, 324 students, 0% FRL) — zoned schools average 0% FRL vs 36% district-wide (36 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 62 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (6.7% local appreciation)).
• Berkshire County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1900 — 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. 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: 1.90% ✓
• Cap rate: 15.97%
• Cash-on-cash: 34.57%
• DSCR: 2.54
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $336,352
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3-5 Melrose St	0.17mi	6/5.0	4,177 (+14%)	4mo	$355,000	$85	53
47 Commercial St	0.49mi	6/4.0	3,450 (-6%)	16mo	$319,000	$92	46

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

Projected returns pro-forma

6.66% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 45.9%
• Equity multiple: 4.01×
• Total profit: $160,002
• Equity at exit: $127,430

10-year hold

• IRR: 42.3%
• Equity multiple: 8.38×
• Total profit: $392,672
• Equity at exit: $238,378

Cash invested: $53,172 (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 01220

• Home prices YoY: 2.3%
• Active inventory: 62
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $3,600 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $1,532

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 52%

Sensitivity live

Price	-10% $1,663	-5% $1,597	+0% $1,532	+5% $1,466	+10% $1,400
Rent	-10% $1,247	-5% $1,389	+0% $1,532	+5% $1,674	+10% $1,816
Rate	-1.0pp $1,627	-0.5pp $1,580	base $1,532	+0.5pp $1,482	+1.0pp $1,432

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,600
Total (2 units)			$3,600

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-04
   status Pending
2. 2026-04-23
   listed $189,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥90°F today · 18 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: $43,200
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$3,456
• − Management: −$3,456
• − Depreciation: −$5,524
• Taxable income: $16,328
• Est. tax owed @ 24.0%: −$3,919
• After-tax cash flow: $14,461/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This 2-family duplex requires extensive repairs and updates to its roof, exterior siding, flooring, interior walls, windows, HVAC system, and landscaping. The home has strong potential for owner-occupants or investors, but it needs significant work to improve its condition and increase its value.

Repairs flagged

• Major roof — The roof appears to be in poor condition with visible damage.
• Major exterior siding — The exterior siding appears to be in fair condition with some discoloration and wear.
• Major flooring — The flooring in the kitchen and living areas appears to be in poor condition with visible wear and tear.
• Major interior walls/paint — The interior walls and paint appear to be in poor condition with visible wear and tear.
• Major windows — The windows appear to be in poor condition with some broken panes and visible wear.
• Major HVAC/mechanicals — The HVAC and mechanical systems appear to be in poor condition with visible wear and tear.
• Major landscaping — The landscaping and curb appeal appear to be in poor condition with overgrown vegetation and a lack of maintenance.

Value-add opportunities

• Both roof repair/replacement — A new roof will significantly improve the home's appearance and increase its value for both resale and rental.
• Both exterior siding repair — Repairing the exterior siding will improve the home's curb appeal and increase its value for both resale and rental.
• Both flooring replacement — Replacing the flooring in the kitchen and living areas will improve the home's appearance and increase its value for both resale and rental.
• Both painting — Painting the interior walls and exterior will improve the home's appearance and increase its value for both resale and rental.
• Both window replacement — Replacing the windows will improve the home's energy efficiency and increase its value for both resale and rental.
• Both HVAC system replacement — Replacing the HVAC system will improve the home's comfort and increase its value for both resale and rental.
• Both landscaping — Landscaping the yard will improve the home's curb appeal and increase its value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in poor condition with visible damage.	Major	$15,000–50,000
exterior siding · The exterior siding appears to be in fair condition with some discoloration and wear.	Major	$15,000–50,000
flooring · The flooring in the kitchen and living areas appears to be in poor condition with visible wear and tear.	Major	$15,000–50,000
interior walls/paint · The interior walls and paint appear to be in poor condition with visible wear and tear.	Major	$15,000–50,000
windows · The windows appear to be in poor condition with some broken panes and visible wear.	Major	$15,000–50,000
HVAC/mechanicals · The HVAC and mechanical systems appear to be in poor condition with visible wear and tear.	Major	$15,000–50,000
landscaping · The landscaping and curb appeal appear to be in poor condition with overgrown vegetation and a lack of maintenance.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both roof repair/replacement — A new roof will significantly improve the home's appearance and increase its value for both resale and rental. ↑
• Both exterior siding repair — Repairing the exterior siding will improve the home's curb appeal and increase its value for both resale and rental. ↑
• Both flooring replacement — Replacing the flooring in the kitchen and living areas will improve the home's appearance and increase its value for both resale and rental. ↑
• Both painting — Painting the interior walls and exterior will improve the home's appearance and increase its value for both resale and rental. ↑
• Both window replacement — Replacing the windows will improve the home's energy efficiency and increase its value for both resale and rental. ↑
• Both HVAC system replacement — Replacing the HVAC system will improve the home's comfort and increase its value for both resale and rental. ↑
• Both landscaping — Landscaping the yard will improve the home's curb appeal and increase its value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Adams-Cheshire
• NCES district ID: 2501780
• Math proficiency: 14% ▼ -13.00%
• Reading proficiency: 31% ▼ -4.00%
• Median HH income: $45,956
• Composite: 19.53/100
• National rank: #8765
• State rank: #285 of 302 in MA

Livability — Adams

• Score: 71/100
• State rank: #131
• US rank: #7262

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Adams, MA
• City population: 8,106
• Population (ZIP): 8,106

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 (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Romanian 18% Lithuanian 16% Slovak 1%
• Foreign-born: 2% · Vietnam
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 2% Vietnamese 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: ▲ 6.66%
• Current HPI: 295.6616
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-05-04 Pending — BCMLS
• 2026-04-23 Listed $189,900 BCMLS