37 Cleveland St · Greenfield, MA 01301

$274,500

2 bd · 2.0 ba · 1,668 sqft · MultiFamily public records · 141 Days on market

Built 1900 8,712 sqft lot $165/sqft · 18% below area Est $333k · 18% under

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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).

• ARV discount +15.0/15.0
• Cash flow +8.1/30.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Once a single family home, this solid 2 family with walk up attic has vinyl siding and replacement windows. Roofs on both the house and garage were replaced under current ownership. There is a large 4 car garage, perfect for cars, storage or workshop space. It has a wonderful location, convenient to schools, shopping and highway access. Rents are below market. With some updates, you will have a great owner occupied or investment property. Open House Saturday, 1/31, from 11:00 to 1:00 p.m..

Key facts

• Walk up attic
• Large garage
• Vinyl siding

Tags

• VINYL SIDING
• REPLACEMENT WINDOWS
• WALK UP ATTIC
• LARGE GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $274k.

Deal economics

• At list price, monthly cash flow is $-265 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (17.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (23.8% below list).
• Recommended offer: $209k (23.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Greenfield (town): math 15% / reading 32% proficiency, ranked #279 of 302 in MA (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 18 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 89 units permitted in Franklin County in 2024 (22 in 5+ unit buildings).
• This rent runs 45% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Franklin County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y 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 $172k; list at $274k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $209,169 (23.8% 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 141 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.76% ✗
• Cap rate: 5.14%
• Cash-on-cash: -4.13%
• DSCR: 0.82
• GRM: 10.9

CMA / ARV

• ARV (median comp): $332,797
• List price: $274,500
• Delta: -17.52%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35-37 Shattuck St	0.06mi	3/2.0 (+1)	1,662 (-0%)	6mo	$342,500	$206	87
306 Davis St	0.33mi	3/2.0 (+1)	1,734 (+4%)	6mo	$317,000	$183	69
15 Pond St	0.62mi	3/2.0 (+1)	1,797 (+8%)	12mo	$220,000	$122	43
28-30 Walnut St	0.71mi	2/2.0	1,554 (-7%)	15mo	$281,056	$181	43

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: -23.2%
• Equity multiple: 0.20×
• Total profit: $-61,290
• Equity at exit: $40,929

10-year hold

• IRR: -17.9%
• Equity multiple: 0.03×
• Total profit: $-74,893
• Equity at exit: $23,734

Cash invested: $76,860 (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 01301

• Home prices YoY: -24.0%
• Active inventory: 18
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,092 medium
• Mortgage (P&I): −$1,440
• Tax from tax record: −$363 /mo · $4,358/yr
• Insurance: −$114
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $-265

Break-even live

Break-even rent $2,427

Max offer price $227,756

Occupancy floor —

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: $68,625
• Closing costs: $8,235
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
158 Main St Unit 9 Greenfield, MA	2.0	1.0	1500	$2,800	$1.87	13d	1	1.12mi

Listing history 20 events

1. 2026-06-18
   days on market $274,500 Active 141 DOM
2. 2026-06-17
   days on market $274,500 Active 140 DOM
3. 2026-06-16
   days on market $274,500 Active 139 DOM
4. 2026-06-15
   days on market $274,500 Active 138 DOM
5. 2026-06-14
   days on market $274,500 Active 136 DOM
6. 2026-06-13
   days on market $274,500 Active 135 DOM
7. 2026-06-10
   days on market $274,500 Active 133 DOM
8. 2026-06-09
   days on market $274,500 Active 132 DOM
9. 2026-06-08
   days on market $274,500 Active 131 DOM
10. 2026-06-07
    days on market $274,500 Active 130 DOM
11. 2026-06-03
    days on market $274,500 Active 126 DOM
12. 2026-06-02
    days on market $274,500 Active 125 DOM
13. 2026-06-01
    days on market $274,500 Active 124 DOM
14. 2026-05-31
    days on market $274,500 Active 123 DOM
15. 2026-05-30
    days on market $274,500 Active 122 DOM
16. 2026-04-13
    price $274,500 500-char remark

    Show marketing remark (500 chars)

    Once a single family home, this solid 2 family with walk up attic has vinyl siding and replacement windows. Roofs on both the house and garage were replaced under current ownership. There is a large 4 car garage, perfect for cars, storage or workshop space. It has a wonderful location, convenient to schools, shopping and highway access. Rents are below market. With some updates, you will have a great owner occupied or investment property. Open House Saturday, 1/31, from 11:00 to 1:00 p.m..

17. 2026-01-27
    listed $284,500 New 500-char remark

    Show marketing remark (500 chars)

    Once a single family home, this solid 2 family with walk up attic has vinyl siding and replacement windows. Roofs on both the house and garage were replaced under current ownership. There is a large 4 car garage, perfect for cars, storage or workshop space. It has a wonderful location, convenient to schools, shopping and highway access. Rents are below market. With some updates, you will have a great owner occupied or investment property. Open House Saturday, 1/31, from 11:00 to 1:00 p.m..

18. 2007-01-05
    soldstatus $172,000 288-char remark

    Show marketing remark (288 chars)

    Enjoy relaxing on the wrap around porch of this nicely maintained home. Easy maintenance with vinyl siding, replacement windows and blown-in insulation. There are in-law apartment possibilities and a large 4 stall garage for workshop space and storage. Convenient to schools and shopping.

19. 2007-01-05
    soldstatus $172,000

    Show marketing remark (288 chars)

    Enjoy relaxing on the wrap around porch of this nicely maintained home. Easy maintenance with vinyl siding, replacement windows and blown-in insulation. There are in-law apartment possibilities and a large 4 stall garage for workshop space and storage. Convenient to schools and shopping.

20. 2006-05-16
    listed $182,000 288-char remark

    Show marketing remark (288 chars)

    Enjoy relaxing on the wrap around porch of this nicely maintained home. Easy maintenance with vinyl siding, replacement windows and blown-in insulation. There are in-law apartment possibilities and a large 4 stall garage for workshop space and storage. Convenient to schools and shopping.

ⓘ 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: $4,358 · $363/mo
• Projected year-2 tax: $4,358 · $363/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,100
• − Mortgage interest: −$15,376
• − Property taxes: −$4,358
• − Insurance: −$1,372
• − Repairs & maintenance: −$2,008
• − Management: −$2,008
• − Depreciation: −$7,985
• Taxable loss: −$8,008
• Est. tax savings @ 24.0%: +$1,922
• After-tax cash flow: $-1,253/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: Greenfield
• NCES district ID: 2505490
• Math proficiency: 15% ▼ -15.00%
• Reading proficiency: 32% ▼ -1.00%
• Median HH income: $46,910
• Composite: 20.45/100
• National rank: #8580
• State rank: #279 of 302 in MA

Livability — Greenfield

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Greenfield, MA
• County: Franklin County · 17,876 people
• City population: 17,876
• Metro: Springfield, MA
• Population (ZIP): 17,876
• Household income: $56,176
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 1270.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 68,566 people
• By 2030: 66,543 · -3.0%
• By 2040: 60,766 · -11.4%
• By 2050: 54,971 · -19.8%
• By 2075: 42,642 · -37.8%
• By 2100: 31,861 · -53.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 4% Black 2% Asian 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Lithuanian 9% Romanian 7% Slovak 2%
• Foreign-born: 6% · Canada, China, Jamaica
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Franklin

• 2024 margin: Solid D (+37.8) · D 67.3% · R 29.6% · Other 3.1%
• 2008→2024 swing: -9.9pp toward R · 2008: 47.7pp · 2024: 37.8pp
• All cycles: 2024: D+37.8 2020: D+44.4 2016: D+37.0 2012: D+47.0 2008: D+47.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.80%
• Current HPI: 272.1354
• Rent YoY: —
• Metro: Springfield, MA
• 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

+50.8% since first listed

5 events — show timeline

• 2026-04-13 Price Changed $274,500 MLS PIN
• 2026-01-27 Listed $284,500 MLS PIN
• 2007-01-05 Sold (Public Records) $172,000 Public Records
• 2007-01-05 Sold (MLS) $172,000 MLS PIN
• 2006-05-16 Listed $182,000 MLS PIN

Property tax history

+3.7%/yr

Latest (2023): $4,358 · +1.8% YoY. Source: county tax records.