73 Christian Hill Rd

Great Barrington, MA 01230

$650,000C

5 bd · 4.0 ba · 2,499 sqft · Built 1900 · MultiFamily · Pending · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,580/mo
• Mortgage (P&I): −$3,409
• Tax + insurance: −$667
• HOA: −$0
• Vac / Maint / Mgmt: −$1,592
• Net cashflow: $1,913/mo
• Annual: $22,950/yr
• Cap rate: 9.82%
• Cash-on-cash: 12.61%
• DSCR: 1.56
• 1% rule: 1.17%
• Cash to close: $182,000

Investor read

• This is a 5-bed/4.0-bath multifamily listed at $650k.
• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $650k).
• It's been on market 98 days — a 9% lower offer ($592k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $592k (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 $20k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#50 in MA, #2,550 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime A-, commute A-; Watch: schools C-, employment C-, cost of living F.
• Berkshire Hills (rural): math 33% / reading 49% proficiency, ranked #197 of 302 in MA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 121 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• Berkshire County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 22y 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 $355k; list at $650k implies a 83% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.8% vs local median 1.4% in Great Barrington — 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.

Questions for listing agent

• It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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.