47-49 Lake St · Pittsfield, MA 01201

$211,000

3 bd · 2.0 ba · 1,923 sqft · MultiFamily public records · 31 Days on market

Built 1888 5,663 sqft lot Est $244k · 14% 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 +13.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.4/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Great investment property!

Key facts

• 5,663 sq ft lot
• Garage
• Built 1888

Property features AI

Finance

• Financial info: Unit #47 reported rent: $1,200

Exterior

• Parking: 1 garage space
• Utilities: Public sewer
• Home design: Multi-unit building
• Construction: Asphalt roof; Total building area approximately 1923

Interior

• Bedrooms: Unit #47: 2 bedrooms
• Flooring: Wood
• Bathrooms: 2 full bathrooms; Unit #47: 1 bathroom
• Heating & cooling: Oil heating
• Interior features: Wood flooring; Has heating

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $211k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $626/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $211k).
• Recommended offer: $205k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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: Crosby (math 2% / reading 17%, grade F, #914 of 938 statewide, top 98%, 270 students, 0% FRL); Pittsfield High (math 32% / reading 57%, grade F, #203 of 343 statewide, top 60%, 651 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• At $3,274/mo this rent would consume 55% 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 $1k of loan paydown is wiped out by about $6k 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 $59k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y 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 $60k; list at $211k implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $204,670 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1888 — 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: 1.55% ✓
• Cap rate: 13.41%
• Cash-on-cash: 25.42%
• DSCR: 2.13
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $244,221
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5-7 Wallace Pl	0.13mi	4/2.0 (+1)	1,964 (+2%)	12mo	$250,000	$127	75
70-72 Elm St	0.47mi	4/2.0 (+1)	1,780 (-7%)	4mo	$282,710	$159	57
500 Fenn St	0.18mi	4/3.0 (+1)	2,208 (+15%)	5mo	$285,000	$129	54
171 Francis Ave	0.63mi	4/2.0 (+1)	2,045 (+6%)	11mo	$100,000	$49	45
75 Wellington Ave	0.39mi	4/2.0 (+1)	1,712 (-11%)	21mo	$163,000	$95	41
509 Tyler St	0.53mi	4/2.0 (+1)	1,701 (-12%)	13mo	$185,000	$109	41
44 Pine St	0.59mi	4/2.0 (+1)	2,070 (+8%)	18mo	$283,000	$137	40
790 North St	0.69mi	4/2.0 (+1)	2,186 (+14%)	13mo	$270,000	$124	30

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: 24.0%
• Equity multiple: 2.05×
• Total profit: $61,787
• Equity at exit: $31,461

10-year hold

• IRR: 34.6%
• Equity multiple: 4.89×
• Total profit: $230,042
• Equity at exit: $18,243

Cash invested: $59,080 (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: 10.7×

Monthly cashflow live

• Estimated rent: $3,274 high
• Mortgage (P&I): −$1,107
• Tax from tax record: −$140 /mo · $1,685/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$688
• Net cashflow: $1,252

Break-even live

Break-even rent $1,690

Max offer price $211,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,371	-5% $1,311	+0% $1,252	+5% $1,192	+10% $1,132
Rent	-10% $993	-5% $1,122	+0% $1,252	+5% $1,381	+10% $1,510
Rate	-1.0pp $1,358	-0.5pp $1,305	base $1,252	+0.5pp $1,197	+1.0pp $1,141

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,274
Total (2 units)			$3,274

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: $52,750
• Closing costs: $6,330
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 Lincoln St Unit 117 Pittsfield, MA	4.0	2.0	1500	$2,000	$1.33	45d	1	0.26mi
76 Stoddard Ave Unit 78 Pittsfield, MA	4.0	1.5	1560	$2,000	$1.28	45d	1	0.55mi
88 Wahconah St Pittsfield, MA	4.0	1.5	1292	$2,300	$1.78	45d	1	0.77mi
19 Atwood Ave Pittsfield, MA	3.0	1.0	1350	$1,600	$1.19	45d	1	0.93mi

Listing history 21 events

1. 2026-06-21
   days on market $211,000 Active 31 DOM
2. 2026-06-19
   days on market $211,000 Active 29 DOM
3. 2026-06-18
   days on market $211,000 Active 28 DOM
4. 2026-06-17
   days on market $211,000 Active 27 DOM
5. 2026-06-16
   days on market $211,000 Active 26 DOM
6. 2026-06-15
   days on market $211,000 Active 25 DOM
7. 2026-06-14
   days on market $211,000 Active 23 DOM
8. 2026-06-12
   days on market $211,000 Active 22 DOM
9. 2026-06-09
   days on market $211,000 Active 19 DOM
10. 2026-06-08
    days on market $211,000 Active 18 DOM
11. 2026-06-07
    days on market $211,000 Active 17 DOM
12. 2026-06-05
    days on market $211,000 Active 14 DOM
13. 2026-06-02
    days on market $211,000 Active 12 DOM
14. 2026-06-01
    days on market $211,000 Active 11 DOM
15. 2026-05-31
    days on market $211,000 Active 10 DOM
16. 2026-05-30
    days on market $211,000 Active 9 DOM
17. 2026-05-19
    listed $211,000 Active
18. 2017-10-10
    historical
19. 2017-04-21
    listed $125,000
20. 2012-03-14
    soldstatus $60,000 26-char remark

    Show marketing remark (26 chars)

    Great investment property!

21. 2011-12-02
    listed $74,900 26-char remark

    Show marketing remark (26 chars)

    Great investment property!

ⓘ 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: $1,685 · $140/mo
• Projected year-2 tax: $2,140 · $178/mo
• Expected delta: +$455/yr (+$38/mo · 27.0%)

ⓘ 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 7 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $39,288
• − Mortgage interest: −$11,819
• − Property taxes: −$1,685
• − Insurance: −$1,055
• − Repairs & maintenance: −$3,143
• − Management: −$3,143
• − Depreciation: −$6,138
• Taxable income: $12,304
• Est. tax owed @ 24.0%: −$2,953
• After-tax cash flow: $12,066/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

+181.7% since first listed

5 events — show timeline

• 2026-05-19 Listed $211,000 BCMLS
• 2017-10-10 Listing Removed — BCMLS
• 2017-04-21 Listed $125,000 BCMLS
• 2012-03-14 Sold (MLS) $60,000 BCMLS
• 2011-12-02 Listed $74,900 BCMLS

Property tax history

+0.9%/yr

Latest (2023): $1,685 · +7.2% YoY. Source: county tax records.