17 Adams St

Easthampton, MA 01027

$1,195,000B-

80 bd · 64.0 ba · 5,434 sqft · Built 1885 · MultiFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $27,139/mo
• Mortgage (P&I): −$6,267
• Tax + insurance: −$1,133
• HOA: −$0
• Vac / Maint / Mgmt: −$5,699
• Net cashflow: $14,040/mo
• Annual: $168,478/yr
• Cap rate: 20.39%
• Cash-on-cash: 50.35%
• DSCR: 3.24
• 1% rule: 2.27%
• Cash to close: $334,600

Investor read

• This is a 8 × 10-bed/8.0-bath units multifamily listed at $1.20M.
• At list price, monthly cash flow is $14k ($168k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $1.20M).
• It's been on market 62 days — a 6% lower offer ($1.12M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.12M (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Easthampton (suburban): math 27% / reading 47% proficiency, ranked #219 of 302 in MA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 349 units permitted in Hampshire County in 2024 (185 in 5+ unit buildings).
• Hampshire County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 31y 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 $897k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $335k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.