168-174 Elm St · Pittsfield, MA 01201

$579,900

12 bd · 18.0 ba · 5,640 sqft · MultiFamily · 341 Days on market

Built 1910 9,568 sqft lot $103/sqft · 63% above area

---

Why this score? — see what drove the D+ 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 +15.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• Rent growth +4.4/5.0
• 1% rule +4.3/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 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: 4 units. confirmed

Listing remarks MLS

Welcome to this exceptional mixed-use building that combines residential and commercial opportunities in one of the most sought after areas in Pittsfield. This property features 3 great apartments and two storefronts, making it ideal for investors or entrepreneurs looking to capitalize on a vibrant local community. The building is FULLY RENTED & offers 3 one bedroom apartments. Apartments are spacious and clean with natural gas heat & hot water, all utilities are separate and paid by tenants. Two commercial units are fully leased to long term commercial tenants providing solid rental income. With its unparalleled location and reliable tenancy, this property delivers a robust capitalization rate of eleven out of every one hundred dollars invested annually, making it a highly attractive addition to any portfolio. Schedule a viewing today.

Key facts

• 9,568 sq ft lot
• 5 parking spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $580k.

Deal economics

• At list price, monthly cash flow is $247 ($3k/yr) — positive. Per door: $62/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $538k (7.1% below list).
• Recommended offer: $510k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 3.6% 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+, schools 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.
• 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 $5,385/mo this rent would consume 91% 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 $4k of loan paydown is wiped out by about $17k 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.

Negotiation context

• It's been on market 341 days — a 12% lower offer ($510k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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.

Risks & watch-outs

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

Recommended offer $510,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 341 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.93% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.82%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (median comp): $356,452
• List price: $579,900
• Delta: 62.69%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.72% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.68×
• Total profit: $-51,391
• Equity at exit: $86,465

10-year hold

• IRR: 6.6%
• Equity multiple: 1.60×
• Total profit: $97,020
• Equity at exit: $50,139

Cash invested: $162,372 (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: 35.9×

Monthly cashflow live

• Estimated rent: $5,385 medium
• Mortgage (P&I): −$3,041
• Tax est. 1.5%: −$725 /mo · $8,698/yr
• Insurance: −$242
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,131
• Net cashflow: $247

Break-even live

Break-even rent $5,073

Max offer price $579,900

Occupancy floor 90%

Sensitivity live

Price	-10% $647	-5% $447	+0% $247	+5% $46	+10% $-154
Rent	-10% $-179	-5% $34	+0% $247	+5% $459	+10% $672
Rate	-1.0pp $539	-0.5pp $394	base $247	+0.5pp $96	+1.0pp $-57

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,384
Total (4 units)			$5,385

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: $144,975
• Closing costs: $17,397
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $579,900 Active 341 DOM
2. 2026-06-19
   days on market $579,900 Active 339 DOM
3. 2026-06-18
   days on market $579,900 Active 338 DOM
4. 2026-06-17
   days on market $579,900 Active 337 DOM
5. 2026-06-16
   days on market $579,900 Active 336 DOM
6. 2026-06-15
   days on market $579,900 Active 335 DOM
7. 2026-06-14
   days on market $579,900 Active 333 DOM
8. 2026-06-12
   days on market $579,900 Active 332 DOM
9. 2026-06-09
   days on market $579,900 Active 329 DOM
10. 2026-06-08
    days on market $579,900 Active 328 DOM
11. 2026-06-07
    days on market $579,900 Active 327 DOM
12. 2026-06-05
    days on market $579,900 Active 324 DOM
13. 2026-06-02
    days on market $579,900 Active 322 DOM
14. 2026-06-01
    days on market $579,900 Active 321 DOM
15. 2026-05-31
    days on market $579,900 Active 320 DOM
16. 2026-05-30
    days on market $579,900 Active 319 DOM
17. 2025-12-04
    status Active 863-char remark

    Show marketing remark (863 chars)

    Welcome to this exceptional mixed-use building that combines residential and commercial opportunities in one of the most sought after areas in Pittsfield. This property features 3 great apartments and two storefronts, making it ideal for investors or entrepreneurs looking to capitalize on a vibrant local community. The building is FULLY RENTED & offers 3 one bedroom apartments. Apartments are spacious and clean with natural gas heat & hot water, all utilities are separate and paid by tenants. Two commercial units are fully leased to long term commercial tenants providing solid rental income. With its unparalleled location and reliable tenancy, this property delivers a robust capitalization rate of eleven out of every one hundred dollars invested annually, making it a highly attractive addition to any portfolio. Schedule a viewing today.

18. 2025-12-04
    historical 863-char remark

    Show marketing remark (863 chars)

    Welcome to this exceptional mixed-use building that combines residential and commercial opportunities in one of the most sought after areas in Pittsfield. This property features 3 great apartments and two storefronts, making it ideal for investors or entrepreneurs looking to capitalize on a vibrant local community. The building is FULLY RENTED & offers 3 one bedroom apartments. Apartments are spacious and clean with natural gas heat & hot water, all utilities are separate and paid by tenants. Two commercial units are fully leased to long term commercial tenants providing solid rental income. With its unparalleled location and reliable tenancy, this property delivers a robust capitalization rate of eleven out of every one hundred dollars invested annually, making it a highly attractive addition to any portfolio. Schedule a viewing today.

19. 2025-07-15
    listed $579,900 Active 863-char remark

    Show marketing remark (863 chars)

    Welcome to this exceptional mixed-use building that combines residential and commercial opportunities in one of the most sought after areas in Pittsfield. This property features 3 great apartments and two storefronts, making it ideal for investors or entrepreneurs looking to capitalize on a vibrant local community. The building is FULLY RENTED & offers 3 one bedroom apartments. Apartments are spacious and clean with natural gas heat & hot water, all utilities are separate and paid by tenants. Two commercial units are fully leased to long term commercial tenants providing solid rental income. With its unparalleled location and reliable tenancy, this property delivers a robust capitalization rate of eleven out of every one hundred dollars invested annually, making it a highly attractive addition to any portfolio. Schedule a viewing today.

20. 2025-07-10
    historical $579,900 863-char remark

    Show marketing remark (863 chars)

    Welcome to this exceptional mixed-use building that combines residential and commercial opportunities in one of the most sought after areas in Pittsfield. This property features 3 great apartments and two storefronts, making it ideal for investors or entrepreneurs looking to capitalize on a vibrant local community. The building is FULLY RENTED & offers 3 one bedroom apartments. Apartments are spacious and clean with natural gas heat & hot water, all utilities are separate and paid by tenants. Two commercial units are fully leased to long term commercial tenants providing solid rental income. With its unparalleled location and reliable tenancy, this property delivers a robust capitalization rate of eleven out of every one hundred dollars invested annually, making it a highly attractive addition to any portfolio. Schedule a viewing today.

21. 2025-03-04
    historical
22. 2025-01-13
    historical
23. 2024-09-10
    listed $599,900 Active
24. 2024-01-16
    listed $599,900 Active
25. 2021-10-17
    historical
26. 2021-09-27
    listed $359,000

ⓘ 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

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,620
• − Mortgage interest: −$32,483
• − Property taxes: −$8,698
• − Insurance: −$2,900
• − Repairs & maintenance: −$5,170
• − Management: −$5,170
• − Depreciation: −$16,870
• Taxable loss: −$6,670
• Est. tax savings @ 24.0%: +$1,601
• After-tax cash flow: $4,560/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: 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

+61.5% since first listed

10 events — show timeline

• 2025-12-04 Relisted — BCMLS
• 2025-12-04 Listing Removed — BCMLS
• 2025-07-15 Listed $579,900 BCMLS
• 2025-07-10 Coming Soon $579,900 BCMLS
• 2025-03-04 Listing Removed — BCMLS
• 2025-01-13 Listing Removed — BCMLS
• 2024-09-10 Listed $599,900 BCMLS
• 2024-01-16 Listed $599,900 BCMLS
• 2021-10-17 Listing Removed — BCMLS
• 2021-09-27 Listed $359,000 BCMLS