91 Miller Rd

Pittsfield, MA 12029

$795,000B

4 bd · 3.0 ba · 2,022 sqft · Built 1760 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,000/mo
• Mortgage (P&I): −$4,169
• Tax + insurance: −$825
• HOA: −$0
• Vac / Maint / Mgmt: −$2,100
• Net cashflow: $2,906/mo
• Annual: $34,877/yr
• Cap rate: 10.68%
• Cash-on-cash: 15.67%
• DSCR: 1.70
• 1% rule: 1.26%
• Cash to close: $222,600

Investor read

• This is a 4-bed/3.0-bath single-family listed at $795k.
• At list price, monthly cash flow is $3k ($35k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $795k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-1.5%/yr); year-one equity from $5k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• 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: built in 1760 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 comparable units currently listed for rent nearby; 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.
• 6 sale attempts; this cycle's ask has dropped $480k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-1.5% appreciation + 3.0% rent growth), your $223k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 10.7% 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

• Built in 1760 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.