131 Thomas St · Fall River, MA 02723

$979,000

12 bd · 6.0 ba · 4,704 sqft · MultiFamily public records · 28 Days on market

Built 1900 4,173 sqft lot Est $847k · 16% over

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Why this score? — see what drove the C- 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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +6.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.5/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Attention Investors! Turn key 6 unit currently fully occupied. All utilities are separated and paid for by the tenants. Two of the six units already have de-lead certificates. Many updates throughout the years including brand new fire panel and roof approximately 10 years ago. Driveway could easily be extended to offer even more off-street parking. Rents are currently below market. Do not miss out on this great investment in a community on the rise! Open House this Saturday, May 30th from 12:30 PM to 1:30 PM.

Key facts

• De-lead certificates
• Utilities separated
• Off-street parking

Tags

• UTILITIES SEPARATED
• DE-LEAD CERTIFICATES
• FIRE PANEL
• OFF-STREET PARKING

Property features AI

Finance

• HOA & community: Not a senior community

Exterior

• Parking: Open parking for 4 vehicles
• Utilities: Public water; Public sewer; Electric with circuit breakers; Gas available for range
• Home design: 5-9 family building; 5 total stories; Approximately built and renovated since (per public records)
• Construction: Frame construction; Granite foundation; Rubber roof; Certified treated for lead paint
• Exterior features: Public road frontage; Paved driveway and off-street open parking

Interior

• Flooring: Tile; Carpet; Varies
• Bathrooms: 6 full bathrooms
• Interior features: 29 total rooms; Full, unfinished basement with interior entry and concrete construction; Varied flooring including tile and carpet

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1.0-bath units multifamily listed at $979k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $442/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $979k).
• Recommended offer: $964k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.6% in Fall River — 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 61/100 on livability (#221 in MA) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: cost of living D+, schools D, crime F.
• Fall River (suburban): math 17% / reading 28% proficiency, ranked #288 of 302 in MA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 35 active listings in the ZIP; 760 units permitted in Bristol County in 2024 (142 in 5+ unit buildings).
• At $10,956/mo this rent would consume 276% of the median local household income ($48k/yr) (locally 1335% 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 $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Bristol County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $274k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($964k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $964,315 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.12% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.61%
• DSCR: 1.52
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $846,720
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31 Choate St	0.29mi	11/3.0 (-1)	4,977 (+6%)	3mo	$840,000	$169	57
48 Thomas St	0.08mi	11/3.0 (-1)	4,169 (-11%)	13mo	$750,000	$180	49
105 16th St	0.59mi	11/4.0 (-1)	4,158 (-12%)	3mo	$800,000	$192	38

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: 0.9%
• Equity multiple: 1.04×
• Total profit: $9,912
• Equity at exit: $145,972

10-year hold

• IRR: 10.6%
• Equity multiple: 1.82×
• Total profit: $224,829
• Equity at exit: $84,646

Cash invested: $274,120 (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 02723

• Home prices YoY: -16.9%
• Active inventory: 35
• Price-to-rent: 44.7×

Monthly cashflow live

• Estimated rent: $10,956 high
• Mortgage (P&I): −$5,134
• Tax from tax record: −$462 /mo · $5,546/yr
• Insurance: −$408
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,301
• Net cashflow: $2,651

Break-even live

Break-even rent $7,600

Max offer price $979,000

Occupancy floor 71%

Sensitivity live

Price	-10% $3,205	-5% $2,928	+0% $2,651	+5% $2,374	+10% $2,097
Rent	-10% $1,786	-5% $2,218	+0% $2,651	+5% $3,084	+10% $3,517
Rate	-1.0pp $3,144	-0.5pp $2,900	base $2,651	+0.5pp $2,397	+1.0pp $2,139

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	1	$10,956
Total (6 units)			$10,956

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: $244,750
• Closing costs: $29,370
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $979,000 Active 28 DOM
2. 2026-06-17
   days on market $979,000 Active 27 DOM
3. 2026-06-16
   days on market $979,000 Active 26 DOM
4. 2026-06-15
   days on market $979,000 Active 25 DOM
5. 2026-06-13
   days on market $979,000 Active 23 DOM
6. 2026-06-09
   days on market $979,000 Active 19 DOM
7. 2026-06-08
   days on market $979,000 Active 18 DOM
8. 2026-06-07
   days on market $979,000 Active 17 DOM
9. 2026-06-05
   days on market $979,000 Active 14 DOM
10. 2026-06-03
    days on market $979,000 Active 13 DOM
11. 2026-06-02
    days on market $979,000 Active 12 DOM
12. 2026-06-01
    days on market $979,000 Active 11 DOM
13. 2026-05-31
    days on market $979,000 Active 10 DOM
14. 2026-05-21
    listed $979,000 New

ⓘ 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: $5,546 · $462/mo
• Projected year-2 tax: $8,794 · $733/mo
• Expected delta: +$3,248/yr (+$271/mo · 58.6%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $131,472
• − Mortgage interest: −$54,839
• − Property taxes: −$5,546
• − Insurance: −$4,895
• − Repairs & maintenance: −$10,518
• − Management: −$10,518
• − Depreciation: −$28,480
• Taxable income: $16,676
• Est. tax owed @ 24.0%: −$4,002
• After-tax cash flow: $27,812/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: Fall River
• NCES district ID: 2504830
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 28% ▼ -6.00%
• Median HH income: $35,773
• Composite: 18.59/100
• National rank: #8905
• State rank: #288 of 302 in MA

Livability — Fall River

• Score: 61/100
• State rank: #221
• US rank: #18220

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fall River, MA
• County: Bristol County · 342,083 people
• City population: 93,033
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 17,067
• Household income: $47,633
• Rent vs Own: 68.2% rent · 31.8% own
• Severe rent burden: 1335.0

Population outlook (Bristol County) Hauer SSP2

• Today (2025): 570,212 people
• By 2030: 571,181 · +0.2%
• By 2040: 565,389 · -0.8%
• By 2050: 552,141 · -3.2%
• By 2075: 520,923 · -8.6%
• By 2100: 474,363 · -16.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 16% Two or more races 14% Black 4% Asian 2%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Russian 34% Lithuanian 6% Estonian 3%
• Foreign-born: 24% · Canada, Vietnam, China
• Languages at home: 58% English-only · Other Indo-European 26% Spanish 13% French/Haitian/Cajun 1%

Political lean MEDSL · Bristol

• 2024 margin: Toss-up / Even · D 49.8% · R 48.5% · Other 1.8%
• 2008→2024 swing: -21.9pp toward R · 2008: 23.2pp · 2024: 1.3pp
• All cycles: 2024: D+1.3 2020: D+12.0 2016: D+9.3 2012: D+20.5 2008: D+23.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.57%
• Current HPI: 347.6737
• Rent YoY: —
• Metro: Providence-Warwick, RI-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

1 event — show timeline

• 2026-05-21 Listed $979,000 MLS PIN

Property tax history

+5.6%/yr

Latest (2023): $5,546 · +13.3% YoY. Source: county tax records.