56 Liberty St · North Adams, MA 01247

$84,900

5 bd · 2.0 ba · 2,623 sqft · MultiFamily public records · 131 Days on market

Built 1875 10,488 sqft lot $32/sqft · 45% below area Est $154k · 45% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.9/10.0
• Schools +1.8/10.0

Multi-family units

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

Listing remarks MLS

Come see this large 2-unit property today. Spacious units with open floorplans and 5 bedrooms total. Property has been gutted and is ready to be put back together. Bring your tools and your ideas.

Key facts

• 0.24 acre lot
• 2 parking spots
• Built 1875

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $85k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $902/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 31.8% vs local median 5.8% in North Adams — 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 55/100 on livability (#242 in MA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A-; Watch: employment C-, health & safety D, schools F.
• North Adams (town): math 14% / reading 29% proficiency, ranked #291 of 302 in MA (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 99 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k 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 + 3.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y ago; this cycle's ask has dropped $35k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% 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 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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?
10. 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.
11. 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.
12. 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: 3.68% ✓
• Cap rate: 31.78%
• Cash-on-cash: 91.04%
• DSCR: 5.05
• GRM: 2.3

CMA / ARV

• ARV (median comp): $154,343
• List price: $84,900
• Delta: -44.99%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33-35 Hall St	0.06mi	5/2.0	2,584 (-2%)	2mo	$279,900	$108	93
66-68 Bracewell Ave	0.12mi	6/2.0 (+1)	2,544 (-3%)	7mo	$111,500	$44	79
12-14 Orchard Ter	0.04mi	6/2.0 (+1)	2,884 (+10%)	0mo	$161,000	$56	76
164 - 166 Houghton St	0.27mi	6/2.5 (+1)	2,550 (-3%)	2mo	$130,000	$51	74
62-64 Chase Ave	0.19mi	6/4.0 (+1)	2,522 (-4%)	2mo	$135,000	$54	70
333 Eagle St	0.17mi	4/2.0 (-1)	2,450 (-7%)	8mo	$230,000	$94	69
23-25 Laurel	0.10mi	4/2.0 (-1)	2,934 (+12%)	11mo	$132,000	$45	62
96 Cherry St	0.70mi	4/2.0 (-1)	2,624 (0%)	10mo	$239,500	$91	54
380 Union St	0.66mi	5/3.0	2,864 (+9%)	7mo	$300,000	$105	44
30 Dover St	0.72mi	6/3.0 (+1)	2,954 (+13%)	4mo	$46,000	$16	34
79 Chestnut St	0.57mi	6/3.5 (+1)	2,972 (+13%)	10mo	$357,000	$120	32
152 Furnance St	0.72mi	6/3.0 (+1)	2,282 (-13%)	5mo	$325,000	$142	31

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 91.8%
• Equity multiple: 5.26×
• Total profit: $101,197
• Equity at exit: $12,659

10-year hold

• IRR: 94.7%
• Equity multiple: 10.94×
• Total profit: $236,404
• Equity at exit: $7,341

Cash invested: $23,772 (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 01247

• Home prices YoY: -2.0%
• Active inventory: 99
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $3,123 high
• Mortgage (P&I): −$445
• Tax from tax record: −$183 /mo · $2,198/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $1,803

Break-even live

Break-even rent $840

Max offer price $84,900

Occupancy floor 37%

Sensitivity live

Price	-10% $1,851	-5% $1,827	+0% $1,803	+5% $1,779	+10% $1,755
Rent	-10% $1,557	-5% $1,680	+0% $1,803	+5% $1,927	+10% $2,050
Rate	-1.0pp $1,846	-0.5pp $1,825	base $1,803	+0.5pp $1,781	+1.0pp $1,759

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,122
Total (2 units)			$3,123

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-21
   days on market $84,900 Active 131 DOM
2. 2026-06-18
   days on market $84,900 Active 129 DOM
3. 2026-06-17
   days on market $84,900 Active 128 DOM
4. 2026-06-16
   days on market $84,900 Active 127 DOM
5. 2026-06-15
   days on market $84,900 Active 126 DOM
6. 2026-06-13
   days on market $84,900 Active 124 DOM
7. 2026-06-12
   days on market $84,900 Active 123 DOM
8. 2026-06-09
   days on market $84,900 Active 120 DOM
9. 2026-06-08
   days on market $84,900 Active 119 DOM
10. 2026-06-07
    days on market $84,900 Active 118 DOM
11. 2026-06-07
    days on market $84,900 Active 117 DOM
12. 2026-06-04
    days on market $84,900 Active 114 DOM
13. 2026-06-02
    days on market $84,900 Active 113 DOM
14. 2026-06-01
    statusdays on market $84,900 Active 112 DOM
15. 2026-05-31
    days on market $84,900 Price Changed 111 DOM
16. 2026-05-31
    days on market $84,900 Price Changed 110 DOM
17. 2026-05-13
    price $94,900 199-char remark

    Show marketing remark (199 chars)

    Come see this large 2-unit property today. Spacious units with open floorplans and 5 bedrooms total. Property has been gutted and is ready to be put back together. Bring your tools and your ideas.

18. 2026-04-29
    price $99,900 199-char remark

    Show marketing remark (199 chars)

    Come see this large 2-unit property today. Spacious units with open floorplans and 5 bedrooms total. Property has been gutted and is ready to be put back together. Bring your tools and your ideas.

19. 2026-04-15
    price $109,000 199-char remark

    Show marketing remark (199 chars)

    Come see this large 2-unit property today. Spacious units with open floorplans and 5 bedrooms total. Property has been gutted and is ready to be put back together. Bring your tools and your ideas.

20. 2026-02-09
    listed $119,900 New 199-char remark

    Show marketing remark (199 chars)

    Come see this large 2-unit property today. Spacious units with open floorplans and 5 bedrooms total. Property has been gutted and is ready to be put back together. Bring your tools and your ideas.

21. 2024-06-27
    soldstatus $110,000 Closed 267-char remark

    Show marketing remark (267 chars)

    This Greek Colonial is Ready for a new owner to take it to the next level. A unique multifamily home that can be redesigned to fit your needs. The slate roof and both chimneys were recently repaired. A new gas boiler with space saving radiaters recently installed.

22. 2024-05-09
    status Pending 267-char remark

    Show marketing remark (267 chars)

    This Greek Colonial is Ready for a new owner to take it to the next level. A unique multifamily home that can be redesigned to fit your needs. The slate roof and both chimneys were recently repaired. A new gas boiler with space saving radiaters recently installed.

23. 2024-04-18
    listed $124,900 Active 267-char remark

    Show marketing remark (267 chars)

    This Greek Colonial is Ready for a new owner to take it to the next level. A unique multifamily home that can be redesigned to fit your needs. The slate roof and both chimneys were recently repaired. A new gas boiler with space saving radiaters recently installed.

24. 2022-10-05
    soldstatus $72,500 Closed
25. 2022-10-05
    soldstatus $72,500
26. 2022-07-15
    status Pending
27. 2022-05-30
    price $90,000
28. 2022-05-23
    status Active
29. 2022-04-25
    status Pending
30. 2022-04-25
    historical
31. 2021-12-05
    listed $90,000 Active
32. 2021-12-05
    listed $119,900 Active
33. 2004-01-23
    soldstatus $77,000
34. 2004-01-23
    soldstatus $77,000
35. 2002-12-04
    listed $79,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $2,198 · $183/mo
• Projected year-2 tax: $2,198 · $183/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 9 d/yr ≥92°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,476
• − Mortgage interest: −$4,756
• − Property taxes: −$2,198
• − Insurance: −$424
• − Repairs & maintenance: −$2,998
• − Management: −$2,998
• − Depreciation: −$2,470
• Taxable income: $21,632
• Est. tax owed @ 24.0%: −$5,192
• After-tax cash flow: $16,449/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.

Schools (NCES district)

• District: North Adams
• NCES district ID: 2508670
• Math proficiency: 14% ▼ -13.00%
• Reading proficiency: 29% ▼ -11.00%
• Median HH income: $36,746
• Composite: 17.83/100
• National rank: #9006
• State rank: #291 of 302 in MA

Livability — North Adams

• Score: 55/100
• State rank: #242
• US rank: #23506

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Adams, MA
• City population: 14,967
• Population (ZIP): 14,967

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 4% Asian 3%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Lithuanian 15% Romanian 4% German 2%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Other Indo-European 2% Spanish 2% French/Haitian/Cajun 0%

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: ▼ -6.22%
• Current HPI: 298.8949
• 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

+18.8% since first listed

19 events — show timeline

• 2026-05-13 Price Changed $94,900 MLS PIN
• 2026-04-29 Price Changed $99,900 MLS PIN
• 2026-04-15 Price Changed $109,000 MLS PIN
• 2026-02-09 Listed $119,900 MLS PIN
• 2024-06-27 Sold (MLS) $110,000 BCMLS
• 2024-05-09 Pending — BCMLS
• 2024-04-18 Listed $124,900 BCMLS
• 2022-10-05 Sold (Public Records) $72,500 Public Records
• 2022-10-05 Sold (MLS) $72,500 BCMLS
• 2022-07-15 Pending — BCMLS
• 2022-05-30 Price Changed $90,000 BCMLS
• 2022-05-23 Relisted — BCMLS
• 2022-04-25 Pending — BCMLS
• 2022-04-25 Listing Removed — BCMLS
• 2021-12-05 Listed $119,900 BCMLS
• 2021-12-05 Listed $90,000 BCMLS
• 2004-01-23 Sold (Public Records) $77,000 Public Records
• 2004-01-23 Sold (MLS) $77,000 BCMLS
• 2002-12-04 Listed $79,900 BCMLS

Property tax history

+2.8%/yr

Latest (2023): $2,198 · +1.7% YoY. Source: county tax records.