435-455 State St · Springfield, MA 01105

$385,000

6 bd · 3.0 ba · 3,621 sqft · MultiFamily · 38 Days on market

Built 1875 Poor condition 5,229 sqft lot $106/sqft · 7% above area Est $360k · 7% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Appreciation +5.5/10.0
• ARV discount +4.4/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Attention FHA Buyers! This Multi Use property located in one the redevelopment zone of the city is waiting your finishing touches. Great opportunity for a Bodega, Resturant or whatever you come up with. There is plenty of storage in the rear as well as 1st floor ONLY access to the basement. All with 2 Accessible restrooms. Floors 2 & 3 have spacious living apartments with an eat-in kitchen and a rear porch to sit out on during warm summer nights. There is no reason to wait! This can be an owner occupied property that can pay for it's self. FHA interest are in the apartments and should pass any inquiries.

Key facts

• Plenty of storage
• Eat-in kitchen
• Rear porch

Tags

• PLENTY OF STORAGE
• 1ST FLOOR ACCESS TO BASEMENT
• 2 ACCESSIBLE RESTROOMS
• SPACIOUS LIVING AREAS
• EAT-IN KITCHEN
• REAR PORCH

Property features AI

Finance

• Other: Building area approximately 3,621 total square feet; Lot size approximately 0.12 acres; Located across from STCC/Springfield Armory; Listing status: Active
• HOA & community: Not a senior community

Exterior

• Parking: Paved off-street parking; 8 open parking spaces
• Utilities: Public water; Public sewer; 220 volt electric
• Home design: 2-family up/down configuration; 3 total stories; 3 levels
• Construction: Brick and stone construction; Brick/mortar foundation; Rubber roof; Built (year per public records)
• Exterior features: Porch; Public road frontage

Interior

• Kitchen: Kitchen included (appliances not specified)
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Three heating units
• Interior features: Living room; Kitchen; Bathroom with tub; Total of 10 rooms

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $385k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $385k).
• Recommended offer: $373k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 5.1% in Springfield — 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 73/100 on livability (#97 in MA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, amenities A; Watch: schools D, crime F, employment D-.
• Springfield (urban): math 13% / reading 25% proficiency, ranked #296 of 302 in MA (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 18 active listings in the ZIP; 453 units permitted in Hampden County in 2024 (116 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($3k loan paydown + $4k appreciation (1.1% local appreciation)).
• Hampden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $108k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, 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 38 days — a 3% lower offer ($373k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $373,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1875 — 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 F 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. 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.
8. 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.
9. 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: 1.40% ✓
• Cap rate: 11.27%
• Cash-on-cash: 17.76%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (median comp): $359,887
• List price: $385,000
• Delta: 6.98%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5-9 Grant St	0.28mi	7/4.5 (+1)	3,410 (-6%)	7mo	$470,000	$138	60
107 Tyler St	0.44mi	6/2.0	3,203 (-12%)	4mo	$410,000	$128	53
32-34 Clarendon St	0.73mi	5/2.0 (-1)	3,126 (-14%)	18mo	$320,000	$102	19

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 2.02×
• Total profit: $110,426
• Equity at exit: $133,032

10-year hold

• IRR: 23.0%
• Equity multiple: 3.80×
• Total profit: $301,523
• Equity at exit: $178,031

Cash invested: $107,800 (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 01105

• Home prices YoY: 0.3%
• Active inventory: 18
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $5,388 high
• Mortgage (P&I): −$2,019
• Tax est. 1.5%: −$481 /mo · $5,775/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,131
• Net cashflow: $1,596

Break-even live

Break-even rent $3,368

Max offer price $385,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,862	-5% $1,729	+0% $1,596	+5% $1,463	+10% $1,330
Rent	-10% $1,170	-5% $1,383	+0% $1,596	+5% $1,809	+10% $2,022
Rate	-1.0pp $1,790	-0.5pp $1,694	base $1,596	+0.5pp $1,496	+1.0pp $1,395

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,388
Total (3 units)			$5,388

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $385,000 Active 38 DOM
2. 2026-06-17
   days on market $385,000 Active 37 DOM
3. 2026-06-16
   days on market $385,000 Active 36 DOM
4. 2026-06-15
   days on market $385,000 Active 35 DOM
5. 2026-06-14
   days on market $385,000 Active 33 DOM
6. 2026-06-13
   days on market $385,000 Active 32 DOM
7. 2026-06-10
   days on market $385,000 Active 30 DOM
8. 2026-06-09
   days on market $385,000 Active 29 DOM
9. 2026-06-08
   days on market $385,000 Active 28 DOM
10. 2026-06-07
    days on market $385,000 Active 27 DOM
11. 2026-06-05
    days on market $385,000 Active 24 DOM
12. 2026-06-03
    days on market $385,000 Active 23 DOM
13. 2026-06-02
    remarks 615-char remark
14. 2026-06-02
    days on market $385,000 Active 22 DOM
15. 2026-06-01
    days on market $385,000 Active 21 DOM
16. 2026-05-31
    days on market $385,000 Active 20 DOM
17. 2026-05-30
    days on market $385,000 Active 19 DOM
18. 2026-05-11
    listed $385,000 New 562-char remark

ⓘ 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 ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $64,656
• − Mortgage interest: −$21,566
• − Property taxes: −$5,775
• − Insurance: −$1,925
• − Repairs & maintenance: −$5,172
• − Management: −$5,172
• − Depreciation: −$11,200
• Taxable income: $13,845
• Est. tax owed @ 24.0%: −$3,323
• After-tax cash flow: $15,828/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

Poor 20/100 Extensive rehab

This property requires extensive renovations to bring it up to modern standards, with a focus on the kitchen, bathrooms, exterior, and HVAC system. Improvements would significantly increase its resale and rental value.

Repairs flagged

• Major kitchen cabinets — severely worn
• Major bathroom fixtures — dated and worn
• Major exterior brick facade — visible damage
• Major interior walls — paint peeling, exposed drywall
• Major windows — old, possibly single-pane windows
• Unknown HVAC system — photos do not show HVAC

Value-add opportunities

• Resale new kitchen cabinets and countertops — modernizing the kitchen would attract buyers
• Resale new bathroom fixtures and tiling — modernizing the bathrooms would attract buyers
• Both exterior paint and repairs — improving the exterior would attract buyers and renters
• Both HVAC system upgrade — improving the HVAC system would attract buyers and renters
• Both landscaping and curb appeal — improving the landscaping would attract buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely worn	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
exterior brick facade · visible damage	Major	$15,000–50,000
interior walls · paint peeling, exposed drywall	Major	$15,000–50,000
windows · old, possibly single-pane windows	Major	$15,000–50,000
HVAC system · photos do not show HVAC	Unknown	$500–3,000
Total estimated repair cost · 6 items		$75,500–253,000

Value-add ROI direction

• Resale new kitchen cabinets and countertops — modernizing the kitchen would attract buyers ↑
• Resale new bathroom fixtures and tiling — modernizing the bathrooms would attract buyers ↑
• Both exterior paint and repairs — improving the exterior would attract buyers and renters ↑
• Both HVAC system upgrade — improving the HVAC system would attract buyers and renters ↑
• Both landscaping and curb appeal — improving the landscaping would attract buyers and 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: Springfield
• NCES district ID: 2511130
• Math proficiency: 13% ▼ -12.00%
• Reading proficiency: 25% ▼ -5.00%
• Median HH income: $34,938
• Composite: 15.6/100
• National rank: #9293
• State rank: #296 of 302 in MA

Livability — Springfield

• Score: 73/100
• State rank: #97
• US rank: #5195

Category grades

Amenities A Commute A+ Cost of living B- Crime F Employment D- Housing A Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, MA
• City population: 61,006
• Population (ZIP): 11,469

Population outlook (Hampden County) Hauer SSP2

• Today (2025): 485,646 people
• By 2030: 491,517 · +1.2%
• By 2040: 500,539 · +3.1%
• By 2050: 508,827 · +4.8%
• By 2075: 539,167 · +11.0%
• By 2100: 545,698 · +12.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (74%)
• Race & ethnicity: Hispanic / Latino 74% Two or more races 37% Black 14% White 10%
• Hispanic origin (detail): Puerto Rican 63% Dominican 5%
• Common ancestry: Lithuanian 1% Romanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 44% English-only · Spanish 53% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Hampden

• 2024 margin: Lean D (+8.9) · D 53.4% · R 44.5% · Other 2.1%
• 2008→2024 swing: -16.4pp toward R · 2008: 25.3pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+17.7 2016: D+16.0 2012: D+25.4 2008: D+25.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.08%
• Current HPI: 322.6127
• 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 event — show timeline

• 2026-05-11 Listed $385,000 MLS PIN