91 Fox St

Worcester, MA 01604

$549,000B

6 bd · 3.0 ba · 3,042 sqft · Built 1914 · MultiFamily · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,829/mo
• Mortgage (P&I): −$2,879
• Tax + insurance: −$671
• HOA: −$0
• Vac / Maint / Mgmt: −$1,434
• Net cashflow: $1,844/mo
• Annual: $22,134/yr
• Cap rate: 10.32%
• Cash-on-cash: 14.40%
• DSCR: 1.64
• 1% rule: 1.24%
• Cash to close: $153,720

Investor read

• This is a 3 × 3-bed/1-bath units multifamily listed at $549k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $615/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $549k).
• It's been on market 103 days — a 9% lower offer ($500k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $500k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#9 in MA, #312 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living D.
• Worcester (urban): math 17% / reading 30% proficiency, ranked #280 of 302 in MA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Chandler Magnet (math 12% / reading 17%, grade F, #873 of 938 statewide, top 94%, 402 students, 0% FRL); Worcester East Middle (math 9% / reading 14%, grade F, #286 of 305 statewide, top 95%, 740 students, 0% FRL); North High (math 10% / reading 28%, grade F, #313 of 343 statewide, top 92%, 1,377 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.2%/yr); 140 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• 3 sale attempts since 2y ago; this cycle's ask has dropped $30k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $154k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.3% vs local median 4.2% in Worcester — 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.
• This rent per unit runs 37% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1914 — 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.

Repairs flagged (vision-AI assessment)

• Moderate: Exterior siding — Weathered and may need repainting.
• Moderate: Roof — May need inspection for any potential issues.
• Minor: Interior walls — May need touch-ups for a fresh look.
• Minor: Landscaping — Could be improved with some updates for better curb appeal.