48 Brown St · Pittsfield, MA 01201

$65,000

12 bd · 5.0 ba · 4,032 sqft · MultiFamily public records · 11 Days on market

Built 1920 0.25 ac lot $16/sqft · 77% below area ↓ 33% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Opportunity knocks! This 4-family property has suffered significant fire damage and is being sold as-is for land value. Ideal tear down project with endless redevelopment potential. The lot includes a detached garage and offers ample space for new construction. Bring your vision and rebuild in a growing area with strong rental demand. Cash or construction financing only. All offers considered. Can Bundled with 242 Wahconah st & 40 Pecks rd.

Key facts

• Strong rental demand
• Ample space
• Detached garage

Tags

• DETACHED GARAGE
• REDEVELOPMENT POTENTIAL
• AMPLE SPACE
• STRONG RENTAL DEMAND

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.2-bath units multifamily listed at $65k.

Deal economics

• At list price, monthly cash flow is $5k ($64k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $65k).
• Cap rate 104.3% 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.
• 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.
• Market conditions: Rents rising fast (+7.7%/yr); 275 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• At $7,279/mo this rent would consume 123% 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 $449 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 7.7% rent growth), your $18k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $19k; list at $65k implies a 242% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 11.20% ✓
• Cap rate: 104.29%
• Cash-on-cash: 350.00%
• DSCR: 16.57
• GRM: 0.7

CMA / ARV

• ARV (median comp): $279,729
• List price: $65,000
• Delta: -74.98%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 Lincoln St	0.25mi	12/4.0	4,000 (-1%)	3mo	$484,000	$121	81
109 Lincoln St	0.24mi	11/5.0 (-1)	4,260 (+6%)	12mo	$320,000	$75	64
68-70 Lyman	0.59mi	12/4.0	4,284 (+6%)	12mo	$100,000	$23	48
100 Springside Ave	0.30mi	11/6.0 (-1)	3,528 (-12%)	14mo	$515,000	$146	44
17-23 Danforth Ave	0.74mi	11/4.5 (-1)	4,625 (+15%)	14mo	$345,000	$75	22

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: —
• Equity multiple: 20.99×
• Total profit: $363,880
• Equity at exit: $9,692

10-year hold

• IRR: —
• Equity multiple: 51.36×
• Total profit: $916,489
• Equity at exit: $5,620

Cash invested: $18,200 (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: 275
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $7,279 high
• Mortgage (P&I): −$341
• Tax from tax record: −$74 /mo · $889/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,529
• Net cashflow: $5,308

Break-even live

Break-even rent $560

Max offer price $65,000

Occupancy floor 22%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.2	$7,280
Total (4 units)			$7,279

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $65,000 Active 11 DOM
2. 2026-06-18
   days on market $65,000 Active 10 DOM
3. 2026-06-17
   days on market $65,000 Active 9 DOM
4. 2026-06-16
   days on market $65,000 Active 8 DOM
5. 2026-06-15
   days on market $65,000 Active 7 DOM
6. 2026-06-14
   days on market $65,000 Active 5 DOM
7. 2026-06-12
   statusdays on market $65,000 Active 4 DOM
8. 2026-06-09
   pricestatusdays on marketlisting id $65,000 New 1 DOM
9. 2026-06-02
   days on market $70,000 Active 91 DOM
10. 2026-06-01
    days on market $70,000 Active 90 DOM
11. 2026-05-31
    days on market $70,000 Active 89 DOM
12. 2026-05-30
    days on market $70,000 Active 88 DOM
13. 2026-03-03
    listed $70,000 New 448-char remark

    Show marketing remark (448 chars)

    Opportunity knocks! This 4-family property has suffered significant fire damage and is being sold as-is for land value. Ideal tear down project with endless redevelopment potential. The lot includes a detached garage and offers ample space for new construction. Bring your vision and rebuild in a growing area with strong rental demand. Cash or construction financing only. All offers considered. Can Bundled with 242 Wahconah st & 40 Pecks rd.

14. 2018-07-19
    soldstatus $19,000 176-char remark

    Show marketing remark (176 chars)

    Significantly damaged by fire. Condemnation order issued by City of Pittsfield. SEE REALTOR NOTES. Fire damaged 4 family, 3 bedroom units. Off street parking with4 bay garage

15. 2018-06-05
    listed $5,200 176-char remark

    Show marketing remark (176 chars)

    Significantly damaged by fire. Condemnation order issued by City of Pittsfield. SEE REALTOR NOTES. Fire damaged 4 family, 3 bedroom units. Off street parking with4 bay garage

16. 2016-04-30
    historical
17. 2015-11-09
    listed $215,000
18. 2004-11-16
    soldstatus $105,000

ⓘ 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: $889 · $74/mo
• Projected year-2 tax: $889 · $74/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% 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: $87,348
• − Mortgage interest: −$3,641
• − Property taxes: −$889
• − Insurance: −$325
• − Repairs & maintenance: −$6,988
• − Management: −$6,988
• − Depreciation: −$1,891
• Taxable income: $66,626
• Est. tax owed @ 24.0%: −$15,990
• After-tax cash flow: $47,710/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

-33.3% since first listed

6 events — show timeline

• 2026-03-03 Listed $70,000 MLS PIN
• 2018-07-19 Sold (MLS) $19,000 BCMLS
• 2018-06-05 Listed $5,200 BCMLS
• 2016-04-30 Listing Removed — BCMLS
• 2015-11-09 Listed $215,000 BCMLS
• 2004-11-16 Sold (Public Records) $105,000 Public Records

Property tax history

-14.0%/yr

Latest (2023): $889 · +8.2% YoY. Source: county tax records.