144 Madison Ave #4 · Pittsfield, MA 01201

$399,000

9 bd · 3.9 ba · 3,536 sqft · MultiFamily · 58 Days on market

Built 1910 Good condition 6,970 sqft lot $113/sqft · 92% above area

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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 +8.6/10.0
• ARV discount +7.5/15.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Centrally located four-unit investment property on large corner lot with plenty of off-street private parking. New natural gas hot water boiler. Property is welll maintained with long term tenants and recent renovations. Large basement with separate electric. Conveniently located near restaurants, retail, medical facilities and key city amenities, a good location that supports strong tenant appeal and long-term rental stability making this a wise income producing property.

Key facts

• Large corner lot
• Recent renovations
• Large basement

Tags

• FOUR-UNIT INVESTMENT PROPERTY
• LARGE CORNER LOT
• OFF-STREET PRIVATE PARKING
• RECENT RENOVATIONS
• LARGE BASEMENT
• SEPARATE ELECTRIC

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $399k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $511/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $387k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 3.7% 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+, crime 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.
• Zoned schools: Silvio O Conte Community (math 8% / reading 27%, grade F, #819 of 938 statewide, top 88%, 357 students, 0% FRL); John T Reid Middle (math 7% / reading 17%, grade F, #283 of 305 statewide, top 93%, 450 students, 0% FRL); Taconic High (math 27% / reading 37%, grade F, #255 of 343 statewide, top 77%, 860 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+7.7%/yr); 278 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• At $5,430/mo this rent would consume 92% 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 $3k of loan paydown is wiped out by about $12k 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 $112k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($387k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $387,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.36% ✓
• Cap rate: 10.90%
• Cash-on-cash: 16.46%
• DSCR: 1.73
• GRM: 6.1

CMA / ARV

• ARV (median comp): $208,081
• List price: $399,000
• Delta: 91.75%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
52-58 N Pearl St	0.47mi	8/4.0 (-1)	3,488 (-1%)	8mo	$395,000	$113	63
236 Columbus Ave	0.37mi	10/5.0 (+1)	3,592 (+2%)	13mo	$330,000	$92	60
9-11 Myrtle St	0.56mi	8/4.0 (-1)	3,744 (+6%)	6mo	$420,000	$112	54
44 Robbins Ave	0.43mi	8/3.0 (-1)	3,260 (-8%)	8mo	$100,000	$31	51
51 Orchard St	0.52mi	8/4.0 (-1)	3,592 (+2%)	22mo	$393,000	$109	50
139-141 Robbins Ave	0.23mi	8/2.5 (-1)	3,264 (-8%)	20mo	$110,000	$34	49
89-93 Orchard St	0.59mi	9/4.5	3,796 (+7%)	14mo	$145,000	$38	46
263 Second St	0.61mi	9/3.0	3,744 (+6%)	14mo	$369,000	$99	46
66 North Pearl St	0.46mi	8/4.0 (-1)	4,000 (+13%)	15mo	$301,000	$75	38
33-35 Wellington Ave	0.56mi	8/4.0 (-1)	3,024 (-14%)	12mo	$335,000	$111	34
38-40 Hull Ave	0.71mi	8/3.5 (-1)	3,206 (-9%)	13mo	$250,000	$78	34

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: 12.8%
• Equity multiple: 1.54×
• Total profit: $60,035
• Equity at exit: $59,492

10-year hold

• IRR: 25.1%
• Equity multiple: 3.69×
• Total profit: $300,507
• Equity at exit: $34,498

Cash invested: $111,720 (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: 278
• Price-to-rent: 18.4×

Monthly cashflow live

• Estimated rent: $5,430 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,140
• Net cashflow: $1,532

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 67%

Sensitivity live

Price	-10% $1,808	-5% $1,670	+0% $1,532	+5% $1,394	+10% $1,257
Rent	-10% $1,103	-5% $1,318	+0% $1,532	+5% $1,747	+10% $1,961
Rate	-1.0pp $1,733	-0.5pp $1,634	base $1,532	+0.5pp $1,429	+1.0pp $1,324

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$5,430
Total (3 units)			$5,430

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-17
   status Pending 477-char remark

   Show marketing remark (477 chars)

   Centrally located four-unit investment property on large corner lot with plenty of off-street private parking. New natural gas hot water boiler. Property is welll maintained with long term tenants and recent renovations. Large basement with separate electric. Conveniently located near restaurants, retail, medical facilities and key city amenities, a good location that supports strong tenant appeal and long-term rental stability making this a wise income producing property.

2. 2026-03-18
   listed $399,000 Active 477-char remark

   Show marketing remark (477 chars)

   Centrally located four-unit investment property on large corner lot with plenty of off-street private parking. New natural gas hot water boiler. Property is welll maintained with long term tenants and recent renovations. Large basement with separate electric. Conveniently located near restaurants, retail, medical facilities and key city amenities, a good location that supports strong tenant appeal and long-term rental stability making this a wise income producing property.

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $65,160
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$5,213
• − Management: −$5,213
• − Depreciation: −$11,607
• Taxable income: $12,797
• Est. tax owed @ 24.0%: −$3,071
• After-tax cash flow: $15,316/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 · 5 photos

Good 75/100 Cosmetic rehab

This four-unit investment property is well-maintained with recent renovations and a good location. It is ready for a new owner to move in and enjoy.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and property value.
• Both Clean gutters — Improves drainage and prevents water damage

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and property value. ↑
• Both Clean gutters — Improves drainage and prevents water damage ↑

ⓘ 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: 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

2 events — show timeline

• 2026-05-17 Pending — BCMLS
• 2026-03-18 Listed $399,000 BCMLS