151 Pantry Rd

Hatfield, MA 01035

$459,900C

4 bd · 3.0 ba · 2,288 sqft · Built 1985 · MultiFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,866/mo
• Mortgage (P&I): −$2,412
• Tax + insurance: −$580
• HOA: −$0
• Vac / Maint / Mgmt: −$1,022
• Net cashflow: $852/mo
• Annual: $10,230/yr
• Cap rate: 8.52%
• Cash-on-cash: 7.94%
• DSCR: 1.35
• 1% rule: 1.06%
• Cash to close: $128,772

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $460k.
• At list price, monthly cash flow is $852 ($10k/yr) — positive. Per door: $426/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $460k).
• It's been on market 16 days — a 2% lower offer ($453k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $453k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#109 in MA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Hatfield (rural): math 30% / reading 52% proficiency, ranked #195 of 302 in MA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: 8 active listings in the ZIP; 349 units permitted in Hampshire County in 2024 (185 in 5+ unit buildings).
• Hampshire County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 26y ago 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.
• Current owner paid $272k; list at $460k implies a 69% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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 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.