17 Federal St Unit 506F · Worcester, MA 01608

$212,000

2 bd · 1.0 ba · 684 sqft · Condo · 73 Days on market

Built 1930 Good condition $384/mo HOA · 18% of rent

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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 +8.6/30.0
• ARV discount +7.5/15.0
• Appreciation +6.1/10.0
• 1% rule +5.0/10.0
• Rent growth +4.5/5.0
• Livability +4.4/5.0
• Condition / age +3.8/5.0
• DSCR +2.4/10.0
• Schools +2.0/10.0

Listing remarks

This beautifully maintained 2-bedroom, 1-bathroom condo is now for sale, having been wonderfully cared for by the same owner for 20 years and ready for its next chapter. The unit features secure digital access to the building, laundry facilities on each level, an updated fitness area, and additional storage in the basement. Ideally located near a variety of restaurants, public transportation, and approximately half a mile from Polar Park, with convenient access to Route 290 and the Mass Pike, this home offers easy access to all that the city and surrounding areas have to offer.

Key facts

• Laundry facilities
• Near restaurants
• Updated fitness area

Tags

• SECURE DIGITAL ACCESS
• LAUNDRY FACILITIES
• UPDATED FITNESS AREA
• ADDITIONAL STORAGE
• NEAR RESTAURANTS
• PUBLIC TRANSPORTATION

Property features AI

Finance

• Other: Property address: 17 Federal St Unit 506F, Worcester MA 01608; Listing status: Active
• HOA & community: Monthly association fee of $384; Association fee covers heat, water, sewer, insurance and trash; Building amenities include hot water, elevators, fitness center and storage; Pets allowed with restrictions; Not a senior community

Exterior

• Parking: No open parking spaces reported
• Utilities: Public water; Public sewer
• Home design: Condominium in a mid-rise building; Single story unit
• Construction: Built (year per public records); Above-grade finished area reported
• Exterior features: Located in the Federal Square building; Entry on 5th level; Attached unit with 2+ common walls

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $212k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-181 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (12.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (0.4% below list).
• Recommended offer: $186k (12.3% below list) — sets the bar for cash-flow.
• Cap rate 5.3% vs local median 4.1% in Worcester — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Chandler Elementary Community (math 4% / reading 19%, grade F, #903 of 938 statewide, top 96%, 426 students, 0% FRL); Worcester East Middle (math 9% / reading 14%, grade F, #286 of 305 statewide, top 95%, 740 students, 0% FRL); North High (math 10% / reading 28%, grade F, #313 of 343 statewide, top 92%, 1,377 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 fast (+7.8%/yr); 8 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $2,112/mo this rent would consume 55% of the median local household income ($46k/yr) (locally 623% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.3% local appreciation)).
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($199k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $185,881 (12.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.00% ✗
• Cap rate: 5.27%
• Cash-on-cash: -3.65%
• DSCR: 0.84
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.29% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.29×
• Total profit: $17,198
• Equity at exit: $87,020

10-year hold

• IRR: 11.6%
• Equity multiple: 2.81×
• Total profit: $107,444
• Equity at exit: $127,977

Cash invested: $59,360 (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 01608

• Home prices YoY: 0.7%
• Rents YoY: 7.8%
• Active inventory: 8
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,112 high
• Mortgage (P&I): −$1,112
• Tax est. 1.5%: −$265 /mo · $3,180/yr
• Insurance: −$88
• HOA: −$384
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $-181

Break-even live

Break-even rent $2,341

Max offer price $185,881

Occupancy floor —

Sensitivity live

Price	-10% $-34	-5% $-107	+0% $-181	+5% $-254	+10% $-327
Rent	-10% $-347	-5% $-264	+0% $-181	+5% $-97	+10% $-14
Rate	-1.0pp $-74	-0.5pp $-127	base $-181	+0.5pp $-235	+1.0pp $-291

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: $53,000
• Closing costs: $6,360
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 Main St Worcester, MA	1.0	1.0	442	$1,950	$4.41	16d	17	0.07mi
50 Franklin St Worcester, MA	3.0	1.0	690	$2,117	$3.07	16d	29	0.07mi
6 Chatham St Worcester, MA	2.0	1.0–2.0	943	$3,700	$3.92	45d	3	0.08mi
50 Franklin St Unit 421 Worcester, MA	1.0	1.0	510	$1,650	$3.24	45d	1	0.09mi
50 Franklin St Apt 305 Worcester, MA	1.0	1.0	520	$1,700	$3.27	25d	1	0.09mi
50 Franklin St Apt 914 Worcester, MA	1.0	1.0	650	$1,775	$2.73	45d	1	0.09mi
50 Franklin St Unit 929 Worcester, MA	1.0	1.0	475	$1,675	$3.53	25d	1	0.09mi
8 Portland St Apt 408 Worcester, MA	1.0	1.0	625	$1,700	$2.72	25d	1	0.09mi
60 Franklin St Unit 404 Worcester, MA	2.0	1.0	750	$1,950	$2.60	21d	1	0.10mi
600 Main St Worcester, MA	1.0–2.0	1.0	766	$1,951	$2.55	16d	17	0.11mi
82 Franklin St Unit 207 Worcester, MA	1.0	1.0	440	$1,625	$3.69	16d	1	0.13mi
82 Franklin St Unit 307 Worcester, MA	1.0	1.0	440	$1,595	$3.62	21d	1	0.13mi
5 Madison St Worcester, MA	2.0	1.0–2.0	811	$3,720	$4.59	25d	1	0.17mi
145 Front St Worcester, MA	2.0	1.0–2.0	785	$3,156	$4.02	16d	15	0.27mi
85 Green St Worcester, MA	2.0	1.0–2.0	719	$4,400	$6.12	16d	22	0.32mi
17 Hermon St Worcester, MA	2.0	1.0–2.0	752	$2,800	$3.72	23d	11	0.36mi
1 Green Island Blvd Worcester, MA	3.0	1.0–2.0	904	$3,112	$3.44	16d	27	0.39mi
56 Elm St #1 Worcester, MA	1.0	1.0	727	$1,850	$2.54	45d	1	0.39mi
8 Grafton St Worcester, MA	2.0	1.0–2.5	955	$3,350	$3.51	16d	46	0.46mi
128 Chandler St Worcester, MA	1.0	1.0	444	$1,775	$4.00	16d	3	0.47mi
36 Cedar St Unit 1A Worcester, MA	1.0	1.0	750	$1,850	$2.47	45d	1	0.48mi
154 Main St Unit 301 Worcester, MA	1.0	1.0	675	$1,975	$2.93	45d	1	0.54mi
22 Mount Carmel Way Worcester, MA	1.0–3.0	1.0–2.0	1000	$2,826	$2.83	16d	31	0.54mi
22 Waverly St Unit 102 Worcester, MA	1.0	1.0	650	$2,150	$3.31	16d	1	0.59mi
22 Waverly St Unit 101 Worcester, MA	1.0	1.0	500	$1,850	$3.70	16d	1	0.59mi
111 Millbury St Worcester, MA	2.0	1.0	545	$2,200	$4.04	45d	1	0.63mi
70 Russell St Unit 3 Worcester, MA	1.0	1.0	450	$1,800	$4.00	45d	1	0.66mi
2 Main St Worcester, MA	3.0	1.0–2.5	2046	$3,531	$1.73	25d	6	0.67mi
5 Allen St Apt 4 Worcester, MA	1.0	1.0	551	$1,600	$2.90	45d	1	0.69mi
21 Salisbury St Worcester, MA	1.0–3.0	1.0–2.0	935	$3,194	$3.41	45d	1	0.86mi
6 S Ward St Worcester, MA	2.0	1.0	653	$2,100	$3.22	45d	1	0.99mi
6 S Ward St Unit 1 Worcester, MA	2.0	1.0	653	$2,000	$3.06	25d	1	0.99mi
6 Windsor St Worcester, MA	1.0	1.0	486	$1,799	$3.70	25d	1	1.18mi
631 Franklin St Worcester, MA	2.0	1.0	750	$2,388	$3.18	16d	5	1.44mi
1004A Main St Unit 3 Worcester, MA	1.0	1.0	700	$1,600	$2.29	16d	1	1.49mi

HOA detail condo

• Monthly dues: $384 · $4,608/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-22
   days on market $212,000 Active 73 DOM
2. 2026-06-18
   days on market $212,000 Active 70 DOM
3. 2026-06-17
   days on market $212,000 Active 69 DOM
4. 2026-06-16
   days on market $212,000 Active 68 DOM
5. 2026-06-15
   days on market $212,000 Active 67 DOM
6. 2026-06-14
   days on market $212,000 Active 65 DOM
7. 2026-06-10
   days on market $212,000 Active 62 DOM
8. 2026-06-09
   days on market $212,000 Active 61 DOM
9. 2026-06-08
   days on market $212,000 Active 60 DOM
10. 2026-06-07
    statusdays on market $212,000 Active 59 DOM
11. 2026-06-05
    pricestatusdays on market $212,000 Price Changed 56 DOM
12. 2026-06-03
    days on market $217,000 Active 55 DOM
13. 2026-06-02
    days on market $217,000 Active 54 DOM
14. 2026-06-01
    days on market $217,000 Active 53 DOM
15. 2026-05-31
    days on market $217,000 Active 52 DOM
16. 2026-05-31
    days on market $217,000 Active 51 DOM
17. 2026-04-09
    listed $217,000 New

ⓘ 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 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: $25,346
• − Mortgage interest: −$11,875
• − Property taxes: −$3,180
• − Insurance: −$1,060
• − Repairs & maintenance: −$2,028
• − Management: −$2,028
• − HOA: −$4,608
• − Depreciation: −$6,167
• Taxable loss: −$5,600
• Est. tax savings @ 24.0%: +$1,344
• After-tax cash flow: $-822/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 · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained 2-bedroom condo is ready for its next chapter, featuring secure digital access, laundry facilities, and an updated fitness area. A fresh paint job and a refreshed backsplash can further enhance its appeal.

Repairs flagged

• Minor Backsplash — Could be refreshed to modernize the kitchen.

Value-add opportunities

• Both Fresh paint — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Resale Backsplash refresh — A refreshed backsplash can modernize the kitchen and attract more buyers.
• Rental Curtains — Fresh curtains can make the home more inviting and appealing to renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Backsplash · Could be refreshed to modernize the kitchen.	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Both Fresh paint — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Resale Backsplash refresh — A refreshed backsplash can modernize the kitchen and attract more buyers. ↑
• Rental Curtains — Fresh curtains can make the home more inviting and appealing to renters. ↑

ⓘ 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: 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): 4,932
• Household income: $45,687
• Rent vs Own: 94.0% rent · 6.0% own
• Severe rent burden: 623.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 48% White 26% Two or more races 22% Black 11% Asian 8% Native American 7%
• Hispanic origin (detail): Puerto Rican 31% Dominican 12%
• Common ancestry: Lithuanian 3% Romanian 2% Hispanic 1%
• Foreign-born: 28% · Canada, China, Vietnam
• Languages at home: 46% English-only · Spanish 36% Chinese 3% French/Haitian/Cajun 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: ▲ 2.29%
• Current HPI: 341.6785
• Rent YoY: ▲ 7.80%
• 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

1 event — show timeline

• 2026-04-09 Listed $217,000 MLS PIN