188 Belleville Rd · New Bedford, MA 02745

$549,000

5 bd · 3.0 ba · 1,905 sqft · MultiFamily public records · 48 Days on market

Built 1908 2,705 sqft lot $288/sqft · at area comps Est $498k · 10% over

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Why this score? — see what drove the F 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 +9.8/30.0
• Livability +3.4/5.0
• ARV discount +2.9/15.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Nice north end location, this three family has two bedrooms on first and second floor, one on third. Central air conditioning on first floor, has off street parking needs updating but priced to sell. $129,900

Key facts

• Updated systems
• Major updates
• Coin-op laundry

Tags

• OFF-STREET PARKING
• COIN-OP LAUNDRY
• UPDATED SYSTEMS
• MAJOR UPDATES
• STRONG COMMUTER LOCATION

Property features AI

Finance

• Other: Tenant personal belongings excluded from sale
• HOA & community: No senior community; Nearby public transportation, shopping, laundromat, highway access, house of worship, T-Station, and sidewalks

Exterior

• Parking: 5 parking spaces; Paved driveway with off-street and common parking
• Utilities: Public water; Public sewer; Electric service with circuit breakers (100 amp service, varies per unit); Electric hookups for range, oven, and dryer
• Home design: 3-family property; 3 stories; Yellow exterior; Approximate year built; renovated since
• Construction: Frame construction; Block and stone foundation; Shingle roof
• Exterior features: Rain gutters; Level lot; Paved roads and paved driveway; Public road frontage; Publicly maintained road

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Multiple units with bedrooms across levels (unit-level details available)
• Flooring: Hardwood; Tile; Varies by area
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fans; Lead certification available; Bathrooms with tub and shower and separate shower stalls; Internet available; Living room; Open living/dining room layout; Total of 10 rooms
• Laundry & utility: Washer hookup; Electric dryer hookup; Sump pump in basement

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $549k.

Deal economics

• At list price, monthly cash flow is $-353 ($-4k/yr) — negative. Per door: $-118/mo.
• To cash-flow at today's rent, offer at most $487k (11.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $394k (28.3% below list).
• Recommended offer: $394k (28.3% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.7% in New Bedford — 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 67/100 on livability (#155 in MA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing B+; Watch: cost of living C-, employment D, amenities F.
• New Bedford (suburban): math 17% / reading 28% proficiency, ranked #287 of 302 in MA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Abraham Lincoln (math 29% / reading 40%, grade F, #577 of 938 statewide, top 65%, 641 students, 0% FRL); Normandin Middle School (math 13% / reading 27%, grade F, #254 of 305 statewide, top 84%, 1,051 students, 0% FRL); New Bedford High (math 13% / reading 25%, grade F, #313 of 343 statewide, top 92%, 2,898 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 33 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 760 units permitted in Bristol County in 2024 (142 in 5+ unit buildings).

Forward outlook

• 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.
• Bristol County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($533k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $122k; list at $549k implies a 350% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $393,500 (28.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.72% ✗
• Cap rate: 5.52%
• Cash-on-cash: -2.75%
• DSCR: 0.88
• GRM: 11.6

CMA / ARV

• ARV (median comp): $497,641
• List price: $549,000
• Delta: 10.32%
• 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
135-137 Query St	0.17mi	4/2.0 (-1)	1,990 (+4%)	3mo	$477,000	$240	73
10 Erics Way	0.19mi	4/2.0 (-1)	1,788 (-6%)	4mo	$459,000	$257	68
208 Princeton St	0.30mi	4/2.0 (-1)	1,943 (+2%)	8mo	$477,375	$246	67
362 Earle St	0.37mi	6/2.0 (+1)	1,865 (-2%)	6mo	$500,000	$268	65
18 Edison St	0.29mi	4/2.0 (-1)	2,003 (+5%)	5mo	$450,000	$225	65
99 Hatch St	0.50mi	4/2.0 (-1)	1,914 (+0%)	4mo	$470,000	$246	64
82 Query St	0.26mi	4/2.0 (-1)	2,076 (+9%)	6mo	$520,000	$250	59
128 Nash Rd	0.22mi	6/3.0 (+1)	2,162 (+14%)	7mo	$490,150	$227	56
4 Coffin Ave Ct	0.44mi	6/2.5 (+1)	2,000 (+5%)	11mo	$520,000	$260	55
114 Perry St	0.64mi	6/3.0 (+1)	2,039 (+7%)	10mo	$515,000	$253	45
64 Stanley St	0.60mi	6/3.0 (+1)	2,080 (+9%)	10mo	$540,000	$260	43
380 N Front St	0.51mi	6/2.0 (+1)	2,100 (+10%)	10mo	$442,000	$210	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -20.9%
• Equity multiple: 0.27×
• Total profit: $-111,570
• Equity at exit: $81,858

10-year hold

• IRR: -14.4%
• Equity multiple: 0.18×
• Total profit: $-126,668
• Equity at exit: $47,467

Cash invested: $153,720 (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 02745

• Home prices YoY: -12.9%
• Active inventory: 33
• Price-to-rent: 34.9×

Monthly cashflow live

• Estimated rent: $3,935 high
• Mortgage (P&I): −$2,879
• Tax from tax record: −$354 /mo · $4,243/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$826
• Net cashflow: $-353

Break-even live

Break-even rent $4,381

Max offer price $486,694

Occupancy floor —

Sensitivity live

Price	-10% $-42	-5% $-197	+0% $-353	+5% $-508	+10% $-663
Rent	-10% $-664	-5% $-508	+0% $-353	+5% $-197	+10% $-42
Rate	-1.0pp $-76	-0.5pp $-213	base $-353	+0.5pp $-495	+1.0pp $-640

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,622
1× unit	1	1	$1,313
Total (3 units)			$3,935

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: $137,250
• Closing costs: $16,470
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
539-541 N Front St Unit 2 New Bedford, MA	4.0	1.0	1400	$2,250	$1.61	45d	1	0.13mi
150 Deane St New Bedford, MA	4.0	1.0	1429	$3,000	$2.10	5d	1	0.49mi
150-152 Deane St Unit 1 New Bedford, MA	4.0	1.0	1429	$3,000	$2.10	19d	1	0.50mi

Listing history 19 events

1. 2026-06-21
   days on market $549,000 Active 48 DOM
2. 2026-06-18
   days on market $549,000 Active 45 DOM
3. 2026-06-17
   days on market $549,000 Active 44 DOM
4. 2026-06-16
   days on market $549,000 Active 43 DOM
5. 2026-06-15
   days on market $549,000 Active 42 DOM
6. 2026-06-13
   days on market $549,000 Active 40 DOM
7. 2026-06-09
   days on market $549,000 Active 36 DOM
8. 2026-06-08
   days on market $549,000 Active 35 DOM
9. 2026-06-07
   days on market $549,000 Active 34 DOM
10. 2026-06-05
    days on market $549,000 Active 31 DOM
11. 2026-06-03
    days on market $549,000 Active 30 DOM
12. 2026-06-02
    days on market $549,000 Active 29 DOM
13. 2026-06-01
    days on market $549,000 Active 28 DOM
14. 2026-05-31
    days on market $549,000 Active 27 DOM
15. 2026-05-06
    status Under Agreement 991-char remark
16. 2026-04-20
    listed $549,000 New 991-char remark
17. 2015-09-29
    soldstatus $122,000 Sold 209-char remark

    Show marketing remark (209 chars)

    Nice north end location, this three family has two bedrooms on first and second floor, one on third. Central air conditioning on first floor, has off street parking needs updating but priced to sell. $129,900

18. 2015-08-20
    status Under Agreement 209-char remark

    Show marketing remark (209 chars)

    Nice north end location, this three family has two bedrooms on first and second floor, one on third. Central air conditioning on first floor, has off street parking needs updating but priced to sell. $129,900

19. 2015-07-21
    listed $129,900 New 209-char remark

    Show marketing remark (209 chars)

    Nice north end location, this three family has two bedrooms on first and second floor, one on third. Central air conditioning on first floor, has off street parking needs updating but priced to sell. $129,900

ⓘ 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: $4,243 · $354/mo
• Projected year-2 tax: $5,498 · $458/mo
• Expected delta: +$1,255/yr (+$105/mo · 29.6%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,220
• − Mortgage interest: −$30,753
• − Property taxes: −$4,243
• − Insurance: −$2,745
• − Repairs & maintenance: −$3,778
• − Management: −$3,778
• − Depreciation: −$15,971
• Taxable loss: −$14,047
• Est. tax savings @ 24.0%: +$3,371
• After-tax cash flow: $-861/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: New Bedford
• NCES district ID: 2508430
• Math proficiency: 17% ▼ -14.00%
• Reading proficiency: 28% ▼ -6.00%
• Median HH income: $37,901
• Composite: 18.79/100
• National rank: #8869
• State rank: #287 of 302 in MA

Livability — New Bedford

• Score: 67/100
• State rank: #155
• US rank: #10150

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Bedford, MA
• City population: 76,528
• Population (ZIP): 25,013

Population outlook (Bristol County) Hauer SSP2

• Today (2025): 570,212 people
• By 2030: 571,181 · +0.2%
• By 2040: 565,389 · -0.8%
• By 2050: 552,141 · -3.2%
• By 2075: 520,923 · -8.6%
• By 2100: 474,363 · -16.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 16% Two or more races 14% Asian 1% Black 1%
• Hispanic origin (detail): Puerto Rican 8% Dominican 2%
• Common ancestry: Russian 40% Lithuanian 11% Romanian 3%
• Foreign-born: 16% · Canada, Jamaica
• Languages at home: 70% English-only · Other Indo-European 17% Spanish 11% French/Haitian/Cajun 1%

Political lean MEDSL · Bristol

• 2024 margin: Toss-up / Even · D 49.8% · R 48.5% · Other 1.8%
• 2008→2024 swing: -21.9pp toward R · 2008: 23.2pp · 2024: 1.3pp
• All cycles: 2024: D+1.3 2020: D+12.0 2016: D+9.3 2012: D+20.5 2008: D+23.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.18%
• Current HPI: 367.1219
• Rent YoY: —
• Metro: —
• 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

+322.6% since first listed

6 events — show timeline

• 2026-05-20 Relisted — MLS PIN
• 2026-05-06 Pending — MLS PIN
• 2026-04-20 Listed $549,000 MLS PIN
• 2015-09-29 Sold (MLS) $122,000 MLS PIN
• 2015-08-20 Pending — MLS PIN
• 2015-07-21 Listed $129,900 MLS PIN

Property tax history

+3.5%/yr

Latest (2023): $4,243 · +12.3% YoY. Source: county tax records.