14598 State Route 22 #1

Pittsfield, MA 12125

$219,000B

6 bd · 3.0 ba · 3,060 sqft · Built 1850 · MultiFamily · Pending · 135 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,634/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$679
• HOA: −$0
• Vac / Maint / Mgmt: −$553
• Net cashflow: $254/mo
• Annual: $3,044/yr
• Cap rate: 9.40%
• Cash-on-cash: 11.10%
• DSCR: 1.49
• 1% rule: 1.20%
• Cash to close: $61,320

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $219k. Condition is rated fair.
• 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).
• It's been on market 135 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (12.0% below list) — sets the bar for market timing.
• In year one you build about $19k of equity ($2k loan paydown + $18k appreciation (8.0% local appreciation)).
• 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.
• Watch-outs: flood insurance adds $314/mo; built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.

Repairs flagged (vision-AI assessment)

• 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.