14598 State Route 22 #1 · Pittsfield, MA 12125

$219,000

6 bd · 3.0 ba · 3,060 sqft · MultiFamily · 135 Days on market

Built 1850 Fair condition 0.49 ac lot $72/sqft · at area comps Est $221k · at est.

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Why this score? — see what drove the B 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 +26.3/30.0
• Appreciation +9.0/10.0
• DSCR +8.9/10.0
• ARV discount +7.9/15.0
• 1% rule +7.0/10.0
• Schools +5.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

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

Listing remarks MLS

Nice investment property in this two family home. Live in one side and rent out the other, or rent out both sides. One apartment is presently rented. There is a garage. Large back yard. House needs some upgrades. Walking distance to downtown New Lebanon. Right in the heart of town. Minutes to the Berkshires and skiing, close to TSP, I-90, Thruway, Albany, Hudson.

Key facts

• Investment property
• Large back yard
• Two family home

Tags

• INVESTMENT PROPERTY
• TWO FAMILY HOME
• LARGE BACK YARD
• WALKING DISTANCE TO DOWNTOWN
• HEART OF TOWN
• MINUTES TO BERKSHIRES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $219k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $254 ($3k/yr) — positive. Per door: $127/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Recommended offer: $193k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 3.6% 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+, schools D.
• New Lebanon Central School District (rural): math 56% / reading 57% proficiency, ranked #313 of 755 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($2k loan paydown + $18k appreciation (8.0% local appreciation)).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.0% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: flood insurance adds $314/mo; built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.20% ✓
• Cap rate: 9.40%
• Cash-on-cash: 11.10%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

• ARV (median comp): $221,042
• List price: $219,000
• Delta: -0.92%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

8.04% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.75×
• Total profit: $107,210
• Equity at exit: $167,025

10-year hold

• IRR: 21.8%
• Equity multiple: 5.88×
• Total profit: $299,547
• Equity at exit: $332,160

Cash invested: $61,320 (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 12125

• Home prices YoY: 2.2%
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $2,634 medium
• Mortgage (P&I): −$1,148
• Tax est. 1.5%: −$274 /mo · $3,285/yr
• Insurance: −$91
• Flood insurance flood zone: −$314 /mo · $3,765/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $254

Break-even live

Break-even rent $2,313

Max offer price $219,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,634
Total (2 units)			$2,634

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-01-09
   price $219,000 365-char remark

   Show marketing remark (371 chars)

   Nice investment property in this two family home. Live in one side and rent out the other, or rent out both sides. One apartment is presently rented. There is a garage. Large back yard. House needs some upgrades. Walking distance to downtown New Lebanon. Right in the heart of town. Minutes to the Berkshires and skiing, close to TSP, I-90, Thruway, Albany, Hudson.

2. 2026-01-09
   price $219,000 371-char remark

   Show marketing remark (371 chars)

   Nice investment property in this two family home. Live in one side and rent out the other, or rent out both sides. One apartment is presently rented. There is a garage. Large back yard. House needs some upgrades. Walking distance to downtown New Lebanon. Right in the heart of town. Minutes to the Berkshires and skiing, close to TSP, I-90, Thruway, Albany, Hudson.

3. 2026-01-06
   listed $215,000 Active 365-char remark

   Show marketing remark (371 chars)

   Nice investment property in this two family home. Live in one side and rent out the other, or rent out both sides. One apartment is presently rented. There is a garage. Large back yard. House needs some upgrades. Walking distance to downtown New Lebanon. Right in the heart of town. Minutes to the Berkshires and skiing, close to TSP, I-90, Thruway, Albany, Hudson.

4. 2026-01-06
   listed $215,000 Active 371-char remark

   Show marketing remark (371 chars)

   Nice investment property in this two family home. Live in one side and rent out the other, or rent out both sides. One apartment is presently rented. There is a garage. Large back yard. House needs some upgrades. Walking distance to downtown New Lebanon. Right in the heart of town. Minutes to the Berkshires and skiing, close to TSP, I-90, Thruway, Albany, Hudson.

ⓘ 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 9/10 Extreme FEMA zone A · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% 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: $31,608
• − Mortgage interest: −$12,267
• − Property taxes: −$3,285
• − Insurance: −$4,860
• − Repairs & maintenance: −$2,529
• − Management: −$2,529
• − Depreciation: −$6,371
• Taxable loss: −$233
• Est. tax savings @ 24.0%: +$56
• After-tax cash flow: $3,100/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 two-family home requires moderate repairs and updates to improve its condition and increase its value. The kitchen and bathrooms need updating, and the exterior siding and landscaping need maintenance. Painting the exterior and replacing the HVAC system would significantly increase the home's value.

Repairs flagged

• Moderate Kitchen cabinets — The cabinets are dated and need updating or replacement.
• Moderate Bathroom fixtures — The fixtures are dated and need updating or replacement.
• Minor Exterior siding — There is some wear and tear visible, but no major damage.
• Minor Landscaping — The landscaping needs some trimming and maintenance.

Value-add opportunities

• Resale Update the kitchen cabinets and fixtures — Updating the kitchen will make it more appealing to potential buyers.
• Resale Update the bathrooms with new fixtures and cabinetry — Updating the bathrooms will make the home more appealing to potential buyers.
• Both Paint the exterior siding and trim — Painting the exterior will improve the curb appeal and increase the home's value.
• Both Replace the HVAC system — A new HVAC system will improve the comfort and energy efficiency of the home.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The cabinets are dated and need updating or replacement.	Moderate	$3,000–15,000
Bathroom fixtures · The fixtures are dated and need updating or replacement.	Moderate	$3,000–15,000
Exterior siding · There is some wear and tear visible, but no major damage.	Minor	$500–3,000
Landscaping · The landscaping needs some trimming and maintenance.	Minor	$500–3,000
Total estimated repair cost · 4 items		$7,000–36,000

Value-add ROI direction

• Resale Update the kitchen cabinets and fixtures — Updating the kitchen will make it more appealing to potential buyers. ↑
• Resale Update the bathrooms with new fixtures and cabinetry — Updating the bathrooms will make the home more appealing to potential buyers. ↑
• Both Paint the exterior siding and trim — Painting the exterior will improve the curb appeal and increase the home's value. ↑
• Both Replace the HVAC system — A new HVAC system will improve the comfort and energy efficiency of the home. ↑

ⓘ 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: New Lebanon Central School District
• NCES district ID: 3620430
• Math proficiency: 56% ▲ 1.00%
• Reading proficiency: 57% ▼ -3.00%
• Median HH income: $60,848
• Composite: 50.96/100
• National rank: #3837
• State rank: #313 of 755 in NY

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

• City population: 44,848
• Population (ZIP): 1,147

Population outlook (Columbia County) Hauer SSP2

• Today (2025): 58,662 people
• By 2030: 56,557 · -3.6%
• By 2040: 51,324 · -12.5%
• By 2050: 45,790 · -21.9%
• By 2075: 35,232 · -39.9%
• By 2100: 25,846 · -55.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Puerto Rican 2% Salvadoran 2%
• Common ancestry: Lithuanian 6% Iranian 3% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 3% German/W. Germanic 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Columbia

• 2024 margin: D (+14.7) · D 57.4% · R 42.6%
• 2008→2024 swing: +1.3pp toward D · 2008: 13.4pp · 2024: 14.7pp
• All cycles: 2024: D+14.7 2020: D+16.7 2016: D+1.4 2012: D+11.7 2008: D+13.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.04%
• Current HPI: 366.005
• 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

+1.9% since first listed

4 events — show timeline

• 2026-01-09 Price Changed $219,000 HVCRMLS
• 2026-01-09 Price Changed $219,000 Global MLS
• 2026-01-06 Listed $215,000 Global MLS
• 2026-01-06 Listed $215,000 HVCRMLS