52-56 Green St

Athol, MA 01331

$499,000C

9 bd · 4.5 ba · 4,440 sqft · Built 1891 · MultiFamily · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,973/mo
• Mortgage (P&I): −$2,617
• Tax + insurance: −$557
• HOA: −$0
• Vac / Maint / Mgmt: −$1,254
• Net cashflow: $1,545/mo
• Annual: $18,542/yr
• Cap rate: 10.01%
• Cash-on-cash: 13.27%
• DSCR: 1.59
• 1% rule: 1.20%
• Cash to close: $139,720

Investor read

• This is a 3 × 2-bed/1.5-bath units multifamily listed at $499k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $515/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $499k).
• It's been on market 98 days — a 9% lower offer ($454k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $454k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#84 in MA, #4,383 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: employment D, amenities F.
• Athol-Royalston (town): math 22% / reading 33% proficiency, ranked #265 of 302 in MA (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Athol-Royalston Middle School (math 15% / reading 24%, grade F, #258 of 305 statewide, top 86%, 429 students, 0% FRL); Athol High (math 22% / reading 42%, grade F, #255 of 343 statewide, top 77%, 404 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 48 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.0% vs local median 4.0% in Athol — 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?
• 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 1891 — 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.
• 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?
• 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.