47 Morris St · Southbridge Town, MA 01550

$549,900

6 bd · 3.0 ba · 2,074 sqft · MultiFamily public records · 16 Days on market

Built 1890 6,098 sqft lot Est $386k · 43% over

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Why this score? — see what drove the D- 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 +19.0/30.0
• DSCR +6.0/10.0
• 1% rule +4.1/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• 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

ATTENTION INVESTORS/LANDLORDS - OPPORTUNITY KNOCKS! Desirable location - delivered empty! First time ever on the market! Public Record lists this home as a 3 family. The 3rd floor is set up as an apartment or could be an extension of the 2nd floor if desired. Property does need some work (roof & electrical) - WILL NOT qualify for all types of financing.

Key facts

• New panels
• New meters
• New roof

Tags

• EXTENSIVELY RENOVATED
• NEW ROOF
• NEW WINDOWS
• UPGRADED ELECTRICAL SERVICE
• NEW PANELS
• NEW METERS

Property features AI

Finance

• Other: Approximately 2,074 above-grade finished square feet; Lot about 0.14 acres; Built year per public records (actual)
• HOA & community: Not a senior community

Exterior

• Parking: Off-street parking; 4 open parking spaces (total 4 spaces)
• Utilities: Public water; Public sewer; 100 amp electric service; Gas available for range and oven
• Home design: 3-family, up/down configuration; 3 stories
• Construction: Frame construction; Block and brick/mortar foundation; Shingle roof; White exterior
• Exterior features: Deck (wood); Balcony; Rain gutters; Level lot; Public road frontage

Interior

• Flooring: Wood flooring; Vinyl flooring
• Bathrooms: 3 full bathrooms
• Interior features: Insulated doors; Insulated windows; 12 total rooms

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $523 ($6k/yr) — positive. Per door: $174/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $502k (8.7% below list).
• Recommended offer: $502k (8.7% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 3.7% in Southbridge Town — 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 56/100 on livability (#235 in MA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: cost of living C-, employment D, amenities F.
• Southbridge (suburban): math 5% / reading 17% proficiency, ranked #301 of 302 in MA (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Southbridge Middle School (math 4% / reading 11%, grade F, #298 of 305 statewide, top 98%, 405 students, 0% FRL) — zoned schools average 0% FRL vs 63% district-wide (63 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 41 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $5,023/mo this rent would consume 91% of the median local household income ($66k/yr) (locally 1217% 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 $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($542k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $325k; list at $550k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $502,300 (8.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-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. 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?
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: 0.91% ✗
• Cap rate: 7.56%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $385,764
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
51 Warren St	0.22mi	5/2.0 (-1)	2,028 (-2%)	5mo	$387,000	$191	73
105 North St	0.36mi	6/2.0	2,099 (+1%)	7mo	$447,000	$213	72
32 Roger St	0.23mi	6/2.0	1,976 (-5%)	9mo	$435,000	$220	70
56 Main St	0.19mi	6/2.0	1,894 (-9%)	16mo	$470,000	$248	59
37 Crystal St	0.21mi	6/2.0	2,240 (+8%)	18mo	$372,000	$166	58
99 North St	0.37mi	6/2.0	1,826 (-12%)	6mo	$315,000	$173	54
20 Golf St	0.53mi	6/2.0	2,304 (+11%)	1mo	$421,500	$183	52
64-66 Worcester St	0.61mi	6/2.0	1,960 (-6%)	13mo	$360,000	$184	48
60 Taft St	0.74mi	5/2.0 (-1)	2,039 (-2%)	13mo	$415,000	$204	43
236 Charlton St	0.72mi	6/2.0	2,296 (+11%)	8mo	$412,000	$179	38
65 Green Ave	0.68mi	6/2.0	2,352 (+13%)	6mo	$420,000	$179	37
89 Worcester St	0.66mi	5/2.0 (-1)	2,364 (+14%)	3mo	$440,000	$186	34

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: -10.0%
• Equity multiple: 0.64×
• Total profit: $-55,944
• Equity at exit: $81,992

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-6,406
• Equity at exit: $47,545

Cash invested: $153,972 (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 01550

• Home prices YoY: -7.8%
• Active inventory: 41
• Price-to-rent: 27.4×

Monthly cashflow live

• Estimated rent: $5,023 medium
• Mortgage (P&I): −$2,884
• Tax from tax record: −$277 /mo · $3,322/yr
• Insurance: −$229
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,055
• Net cashflow: $523

Break-even live

Break-even rent $4,361

Max offer price $549,900

Occupancy floor 85%

Sensitivity live

Price	-10% $834	-5% $679	+0% $523	+5% $367	+10% $212
Rent	-10% $126	-5% $325	+0% $523	+5% $721	+10% $920
Rate	-1.0pp $800	-0.5pp $663	base $523	+0.5pp $380	+1.0pp $235

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,022
Total (3 units)			$5,023

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: $137,475
• Closing costs: $16,497
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $549,900 Active 16 DOM
2. 2026-06-18
   days on market $549,900 Active 13 DOM
3. 2026-06-17
   days on market $549,900 Active 12 DOM
4. 2026-06-16
   days on market $549,900 Active 11 DOM
5. 2026-06-15
   days on market $549,900 Active 10 DOM
6. 2026-06-14
   days on market $549,900 Active 8 DOM
7. 2026-06-10
   days on market $549,900 Active 5 DOM
8. 2026-06-09
   statusdays on market $549,900 Active 4 DOM
9. 2026-06-08
   days on market $549,900 New 3 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $549,900 New 2 DOM

ⓘ 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: $3,322 · $277/mo
• Projected year-2 tax: $5,043 · $420/mo
• Expected delta: +$1,721/yr (+$143/mo · 51.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $60,276
• − Mortgage interest: −$30,803
• − Property taxes: −$3,322
• − Insurance: −$3,416
• − Repairs & maintenance: −$4,822
• − Management: −$4,822
• − Depreciation: −$15,997
• Taxable loss: −$2,906
• Est. tax savings @ 24.0%: +$697
• After-tax cash flow: $6,973/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: Southbridge
• NCES district ID: 2511010
• Math proficiency: 5% ▼ -5.00%
• Reading proficiency: 17% ▼ -1.00%
• Median HH income: $45,438
• Composite: 9.97/100
• National rank: #9814
• State rank: #301 of 302 in MA

Livability — Southbridge Town

• Score: 56/100
• State rank: #235
• US rank: #22429

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Southbridge Town, MA
• County: Worcester County · 487,911 people
• City population: 17,806
• Metro: Worcester, MA-CT
• Population (ZIP): 17,928
• Household income: $66,287
• Rent vs Own: 57.3% rent · 42.7% own
• Severe rent burden: 1217.0

Population outlook (Worcester County) Hauer SSP2

• Today (2025): 850,858 people
• By 2030: 860,403 · +1.1%
• By 2040: 869,902 · +2.2%
• By 2050: 869,110 · +2.1%
• By 2075: 870,120 · +2.3%
• By 2100: 829,703 · -2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (54%)
• Race & ethnicity: White 54% Hispanic / Latino 40% Two or more races 21% Black 3%
• Hispanic origin (detail): Puerto Rican 35% Dominican 2%
• Common ancestry: Lithuanian 13% Romanian 4% German 1%
• Foreign-born: 4% · Canada
• Languages at home: 65% English-only · Spanish 31% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Worcester

• 2024 margin: D (+10.0) · D 53.9% · R 43.9% · Other 2.2%
• 2008→2024 swing: -3.8pp toward R · 2008: 13.8pp · 2024: 10.0pp
• All cycles: 2024: D+10.0 2020: D+17.8 2016: D+10.5 2012: D+9.2 2008: D+13.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.80%
• Current HPI: 280.5379
• Rent YoY: —
• Metro: Worcester, MA-CT
• 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

+37.5% since first listed

5 events — show timeline

• 2026-06-05 Listed $549,900 MLS PIN
• 2025-11-18 Sold (MLS) $325,000 MLS PIN
• 2025-03-26 Pending — MLS PIN
• 2025-03-19 Contingent — MLS PIN
• 2025-03-11 Listed $399,900 MLS PIN

Property tax history

+3.4%/yr

Latest (2023): $3,322 · +5.6% YoY. Source: county tax records.