83 Chestnut St · Gardner, MA 01440

$474,900

5 bd · 2.0 ba · 2,745 sqft · MultiFamily public records · 45 Days on market

Built 1900 9,556 sqft lot $173/sqft · 12% above area Est $426k · 12% 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 +25.6/30.0
• DSCR +8.5/10.0
• 1% rule +6.2/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Zoned a two family but it is a large home with an in-law in the finished attic. Enter the inviting foyer with a window seat and wide staircase to three levels of living space. First floor features large living room and dining room with high ceilings, fireplace and built in cabinet. Four bedrooms on the second floor with built in linen closet in hallway. Hardwood floors through out. Alot of room for all. Will not qualify for FHA

Key facts

• Double-sink vanity
• Updated kitchen
• Abundant cabinetry

Tags

• WRAPAROUND PORCH
• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• ABUNDANT CABINETRY
• REMODELED FULL BATH
• DOUBLE-SINK VANITY

Property features AI

Finance

• HOA & community: Community features include public transportation, shopping, pool, tennis courts, parks, walk/jog trails, stables, golf, medical facility, laundromat, bike path, conservation area, highway access, house of worship, private and public schools, sidewalks

Exterior

• Parking: Detached garage with garage door opener; Garage includes storage and workshop space; 1 garage space (covered); Off-street paved drive; Tandem parking; 2 open parking spaces; Total 3 parking spaces
• Utilities: Public water; Public sewer; Electric with circuit breakers; Electric range/oven hookups
• Home design: Single family residence; Yellow exterior; Above-grade finished area reported; Green energy features noted (see remarks); Workshop on property
• Construction: Frame construction; Shingle roof; Foundation described as irregular; Year built approximate (from public records)
• Exterior features: Porch; Rain gutters; Screens; Garden; Lake/pond nearby; Half to one mile to beach; Public beach access; Public road frontage (publicly maintained)

Interior

• Kitchen: Hardwood flooring; Dining area / breakfast nook; Stone/granite solid upgraded countertops; Breakfast bar; Exterior access; Recessed lighting; Remodeled kitchen; Range; Dishwasher; Microwave; Refrigerator; Water heater
• Bedrooms: Master bedroom on second floor (approx. 14 x 13); Bedroom 2 on second floor (approx. 13 x 12); Bedroom 3 on second floor (approx. 12 x 12); Bedroom 4 on second floor (approx. 10 x 9); Bedroom 5 on third floor (approx. 12 x 11)
• Flooring: Hardwood; Tile
• Bathrooms: One full bathroom on second floor; One half bathroom on first floor
• Heating & cooling: Baseboard heating (oil); Cooling present (type: Other)
• Interior features: Window seat; Entrance foyer; Exercise room; Home office; Ceiling fan(s); Cable hookup; Overhead lighting; Custom built cabinets; Wainscoting; Decorative molding; Recessed lighting; Remodeled
• Laundry & utility: Basement interior entry with walk-out access (concrete); Workshop (other structure) in garage

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $475k).
• Recommended offer: $461k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.6% in Gardner — 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 76/100 on livability (#61 in MA, #3,394 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute A-; Watch: employment C-, amenities F.
• Gardner (suburban): math 16% / reading 29% proficiency, ranked #284 of 302 in MA (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Gardner Elementary School (math 18% / reading 38%, grade F, #689 of 938 statewide, top 74%, 986 students, 0% FRL); Gardner Middle School (math 16% / reading 27%, grade F, #249 of 305 statewide, top 82%, 489 students, 0% FRL); Gardner High (math 15% / reading 27%, grade F, #305 of 343 statewide, top 89%, 804 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 29 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $5,339/mo this rent would consume 95% of the median local household income ($67k/yr) (locally 975% 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 $14k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $133k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 29y 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.
• Current owner paid $126k; list at $475k implies a 277% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $460,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 9.13%
• Cash-on-cash: 10.13%
• DSCR: 1.45
• GRM: 7.4

CMA / ARV

• ARV (median comp): $425,645
• List price: $474,900
• Delta: 11.57%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
149 Cross St	0.18mi	6/3.0 (+1)	2,648 (-4%)	1mo	$512,500	$194	76
96 Chestnut St	0.03mi	5/3.0	2,387 (-13%)	0mo	$200,000	$84	73
65 School St	0.10mi	6/2.0 (+1)	2,424 (-12%)	6mo	$455,000	$188	66
120 Grant St	0.28mi	6/3.0 (+1)	2,781 (+1%)	13mo	$469,900	$169	65
154 Oak St	0.61mi	5/2.0	2,887 (+5%)	0mo	$535,000	$185	63
132 Washington St	0.44mi	6/3.0 (+1)	2,880 (+5%)	12mo	$560,000	$194	52
18 Osgood St	0.52mi	6/3.0 (+1)	2,771 (+1%)	19mo	$521,500	$188	49
38 Baker St	0.67mi	6/4.0 (+1)	2,670 (-3%)	12mo	$510,000	$191	41
183 Connors St	0.62mi	6/4.0 (+1)	2,586 (-6%)	14mo	$580,000	$224	36
56 Baker St	0.70mi	6/3.5 (+1)	2,600 (-5%)	16mo	$445,000	$171	34
208 Connors St	0.64mi	4/2.0 (-1)	2,464 (-10%)	17mo	$285,000	$116	34
74 Abbott	0.67mi	5/3.0	2,492 (-9%)	20mo	$450,000	$181	33

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 · 5.15% rent growth · sell at horizon

5-year hold

• IRR: 1.2%
• Equity multiple: 1.05×
• Total profit: $6,307
• Equity at exit: $70,809

10-year hold

• IRR: 12.8%
• Equity multiple: 2.11×
• Total profit: $148,006
• Equity at exit: $41,061

Cash invested: $132,972 (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 01440

• Home prices YoY: -25.8%
• Rents YoY: 5.2%
• Active inventory: 29
• Price-to-rent: 22.2×

Monthly cashflow live

• Estimated rent: $5,339 high
• Mortgage (P&I): −$2,490
• Tax from tax record: −$407 /mo · $4,883/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,121
• Net cashflow: $1,123

Break-even live

Break-even rent $3,918

Max offer price $474,900

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,340
Total (3 units)			$5,339

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: $118,725
• Closing costs: $14,247
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-18
   days on market $474,900 Active 45 DOM
2. 2026-06-17
   days on market $474,900 Active 44 DOM
3. 2026-06-16
   days on market $474,900 Active 43 DOM
4. 2026-06-15
   days on market $474,900 Active 42 DOM
5. 2026-06-14
   days on market $474,900 Active 40 DOM
6. 2026-06-13
   days on market $474,900 Active 39 DOM
7. 2026-06-10
   days on market $474,900 Active 37 DOM
8. 2026-06-09
   days on market $474,900 Active 36 DOM
9. 2026-06-08
   days on market $474,900 Active 35 DOM
10. 2026-06-07
    statusdays on market $474,900 Active 34 DOM
11. 2026-06-05
    days on market $474,900 Price Changed 31 DOM
12. 2026-06-03
    days on market $474,900 Price Changed 30 DOM
13. 2026-06-03
    pricestatus $474,900 Price Changed 29 DOM
14. 2026-06-02
    days on market $490,000 Active 29 DOM
15. 2026-06-01
    days on market $490,000 Active 28 DOM
16. 2026-05-31
    days on market $490,000 Active 27 DOM
17. 2026-05-31
    days on market $490,000 Active 26 DOM
18. 2026-05-04
    listed $490,000 New 820-char remark
19. 2017-04-17
    soldstatus $126,000 Sold 432-char remark

    Show marketing remark (432 chars)

    Zoned a two family but it is a large home with an in-law in the finished attic. Enter the inviting foyer with a window seat and wide staircase to three levels of living space. First floor features large living room and dining room with high ceilings, fireplace and built in cabinet. Four bedrooms on the second floor with built in linen closet in hallway. Hardwood floors through out. Alot of room for all. Will not qualify for FHA

20. 2017-02-15
    status Contingent 432-char remark

    Show marketing remark (432 chars)

    Zoned a two family but it is a large home with an in-law in the finished attic. Enter the inviting foyer with a window seat and wide staircase to three levels of living space. First floor features large living room and dining room with high ceilings, fireplace and built in cabinet. Four bedrooms on the second floor with built in linen closet in hallway. Hardwood floors through out. Alot of room for all. Will not qualify for FHA

21. 2017-02-07
    price $127,500 432-char remark

    Show marketing remark (432 chars)

    Zoned a two family but it is a large home with an in-law in the finished attic. Enter the inviting foyer with a window seat and wide staircase to three levels of living space. First floor features large living room and dining room with high ceilings, fireplace and built in cabinet. Four bedrooms on the second floor with built in linen closet in hallway. Hardwood floors through out. Alot of room for all. Will not qualify for FHA

22. 2017-01-05
    price $137,500 432-char remark

    Show marketing remark (432 chars)

    Zoned a two family but it is a large home with an in-law in the finished attic. Enter the inviting foyer with a window seat and wide staircase to three levels of living space. First floor features large living room and dining room with high ceilings, fireplace and built in cabinet. Four bedrooms on the second floor with built in linen closet in hallway. Hardwood floors through out. Alot of room for all. Will not qualify for FHA

23. 2016-12-16
    status Back On Market 432-char remark

    Show marketing remark (432 chars)

    Zoned a two family but it is a large home with an in-law in the finished attic. Enter the inviting foyer with a window seat and wide staircase to three levels of living space. First floor features large living room and dining room with high ceilings, fireplace and built in cabinet. Four bedrooms on the second floor with built in linen closet in hallway. Hardwood floors through out. Alot of room for all. Will not qualify for FHA

24. 2016-12-06
    status Contingent 432-char remark

    Show marketing remark (432 chars)

    Zoned a two family but it is a large home with an in-law in the finished attic. Enter the inviting foyer with a window seat and wide staircase to three levels of living space. First floor features large living room and dining room with high ceilings, fireplace and built in cabinet. Four bedrooms on the second floor with built in linen closet in hallway. Hardwood floors through out. Alot of room for all. Will not qualify for FHA

25. 2016-11-19
    price $147,500 432-char remark

    Show marketing remark (432 chars)

    Zoned a two family but it is a large home with an in-law in the finished attic. Enter the inviting foyer with a window seat and wide staircase to three levels of living space. First floor features large living room and dining room with high ceilings, fireplace and built in cabinet. Four bedrooms on the second floor with built in linen closet in hallway. Hardwood floors through out. Alot of room for all. Will not qualify for FHA

26. 2016-10-20
    price $162,500 432-char remark

    Show marketing remark (432 chars)

    Zoned a two family but it is a large home with an in-law in the finished attic. Enter the inviting foyer with a window seat and wide staircase to three levels of living space. First floor features large living room and dining room with high ceilings, fireplace and built in cabinet. Four bedrooms on the second floor with built in linen closet in hallway. Hardwood floors through out. Alot of room for all. Will not qualify for FHA

27. 2016-09-15
    listed $172,500 New 432-char remark

    Show marketing remark (432 chars)

    Zoned a two family but it is a large home with an in-law in the finished attic. Enter the inviting foyer with a window seat and wide staircase to three levels of living space. First floor features large living room and dining room with high ceilings, fireplace and built in cabinet. Four bedrooms on the second floor with built in linen closet in hallway. Hardwood floors through out. Alot of room for all. Will not qualify for FHA

28. 2006-11-30
    soldstatus $262,500

    Show marketing remark (311 chars)

    This remarkable home offers 3 levels of living space with over 3300 sq. ft of space to spread out in. Home is in wonderful condition, including refinished wood floors, built-ins, chestnut doors. Just Gorgeous ! Large fenced-in backyard. 3rdfloor offers potential in-law or au-pair living quarters. Call TODAY !

29. 2006-11-30
    soldstatus $262,500

    Show marketing remark (311 chars)

    This remarkable home offers 3 levels of living space with over 3300 sq. ft of space to spread out in. Home is in wonderful condition, including refinished wood floors, built-ins, chestnut doors. Just Gorgeous ! Large fenced-in backyard. 3rdfloor offers potential in-law or au-pair living quarters. Call TODAY !

30. 2006-11-07
    historical

    Show marketing remark (311 chars)

    This remarkable home offers 3 levels of living space with over 3300 sq. ft of space to spread out in. Home is in wonderful condition, including refinished wood floors, built-ins, chestnut doors. Just Gorgeous ! Large fenced-in backyard. 3rdfloor offers potential in-law or au-pair living quarters. Call TODAY !

31. 2006-10-02
    listed $269,900

    Show marketing remark (311 chars)

    This remarkable home offers 3 levels of living space with over 3300 sq. ft of space to spread out in. Home is in wonderful condition, including refinished wood floors, built-ins, chestnut doors. Just Gorgeous ! Large fenced-in backyard. 3rdfloor offers potential in-law or au-pair living quarters. Call TODAY !

32. 1998-11-17
    soldstatus $130,000
33. 1998-11-16
    soldstatus $130,000
34. 1998-10-20
    historical
35. 1998-09-22
    listed $129,900
36. 1997-08-19
    soldstatus $109,900
37. 1997-08-18
    soldstatus $109,900
38. 1997-07-16
    historical
39. 1997-02-19
    listed $109,900

ⓘ 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: $4,883 · $407/mo
• Projected year-2 tax: $5,362 · $447/mo
• Expected delta: +$479/yr (+$40/mo · 9.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 22% 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: $64,068
• − Mortgage interest: −$26,602
• − Property taxes: −$4,883
• − Insurance: −$2,374
• − Repairs & maintenance: −$5,125
• − Management: −$5,125
• − Depreciation: −$13,815
• Taxable income: $6,143
• Est. tax owed @ 24.0%: −$1,474
• After-tax cash flow: $11,997/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: Gardner
• NCES district ID: 2505130
• Math proficiency: 16% ▼ -13.00%
• Reading proficiency: 29% ▬ 0.00%
• Median HH income: $47,019
• Composite: 19.65/100
• National rank: #8739
• State rank: #284 of 302 in MA

Livability — Gardner

• Score: 76/100
• State rank: #61
• US rank: #3394

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gardner, MA
• County: Worcester County · 487,911 people
• City population: 21,276
• Metro: Worcester, MA-CT
• Population (ZIP): 21,276
• Household income: $67,440
• Rent vs Own: 40.9% rent · 59.1% own
• Severe rent burden: 975.0

Population outlook (Worcester County) Hauer SSP2

• Today (2025): 850,858 people
• By 2030: 860,403 · +1.1%
• By 2040: 869,902 · +2.2%
• By 2050: 869,110 · +2.1%
• By 2075: 870,120 · +2.3%
• By 2100: 829,703 · -2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 9% Two or more races 8% Black 4% Asian 3%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Lithuanian 11% Romanian 4% Slovak 2%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 86% English-only · Spanish 6% French/Haitian/Cajun 3% Other Asian/Pacific 1%

Political lean MEDSL · Worcester

• 2024 margin: D (+10.0) · D 53.9% · R 43.9% · Other 2.2%
• 2008→2024 swing: -3.8pp toward R · 2008: 13.8pp · 2024: 10.0pp
• All cycles: 2024: D+10.0 2020: D+17.8 2016: D+10.5 2012: D+9.2 2008: D+13.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -100.35%
• Current HPI: 288.3218
• Rent YoY: ▲ 5.15%
• Metro: Worcester, MA-CT
• 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

+332.1% since first listed

23 events — show timeline

• 2026-06-02 Price Changed $474,900 MLS PIN
• 2026-05-04 Listed $490,000 MLS PIN
• 2017-04-17 Sold (MLS) $126,000 MLS PIN
• 2017-02-15 Pending — MLS PIN
• 2017-02-07 Price Changed $127,500 MLS PIN
• 2017-01-05 Price Changed $137,500 MLS PIN
• 2016-12-16 Relisted — MLS PIN
• 2016-12-06 Pending — MLS PIN
• 2016-11-19 Price Changed $147,500 MLS PIN
• 2016-10-20 Price Changed $162,500 MLS PIN
• 2016-09-15 Listed $172,500 MLS PIN
• 2006-11-30 Sold (Public Records) $262,500 Public Records
• 2006-11-30 Sold (MLS) $262,500 MLS PIN
• 2006-11-07 Listing Removed — MLS PIN
• 2006-10-02 Listed $269,900 MLS PIN
• 1998-11-17 Sold (Public Records) $130,000 Public Records
• 1998-11-16 Sold (MLS) $130,000 MLS PIN
• 1998-10-20 Listing Removed — MLS PIN
• 1998-09-22 Listed $129,900 MLS PIN
• 1997-08-19 Sold (Public Records) $109,900 Public Records
• 1997-08-18 Sold (MLS) $109,900 MLS PIN
• 1997-07-16 Listing Removed — MLS PIN
• 1997-02-19 Listed $109,900 MLS PIN

Property tax history

+2.2%/yr

Latest (2023): $4,883 · +6.7% YoY. Source: county tax records.