44 Main St

West Stockbridge, MA 01266

$299,000B

5 bd · 2.5 ba · 2,276 sqft · Built 1836 · MultiFamily · Pending · 204 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,326/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$516
• HOA: −$0
• Vac / Maint / Mgmt: −$698
• Net cashflow: $543/mo
• Annual: $6,516/yr
• Cap rate: 8.70%
• Cash-on-cash: 8.58%
• DSCR: 1.38
• 1% rule: 1.11%
• Cash to close: $83,720

Investor read

• This is a 5-bed/2.5-bath multifamily listed at $299k.
• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $299k).
• It's been on market 204 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $263k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($2k loan paydown + $8k appreciation (2.7% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Berkshire Hills (rural): math 33% / reading 49% proficiency, ranked #197 of 302 in MA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Muddy Brook Regional Elementary School (math 47% / reading 52%, grade D, #330 of 938 statewide, top 38%, 372 students, 0% FRL); W.E.B. Du Bois Regional Middle School (math 22% / reading 40%, grade F, #203 of 305 statewide, top 67%, 325 students, 0% FRL); Monument Mt Regional High (math 57% / reading 77%, grade B, #97 of 343 statewide, top 30%, 472 students, 0% FRL) — zoned schools average 0% FRL vs 21% district-wide (21 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $56/mo; built in 1836 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• Berkshire County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $50k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $299k implies a 1230% gain — meaningful room to come down on a strong offer.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 204 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1836 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.