37 Cleveland St

Greenfield, MA 01301

$274,500D-

2 bd · 2.0 ba · 1,668 sqft · Built 1900 · MultiFamily · Active · 141 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,092/mo
• Mortgage (P&I): −$1,440
• Tax + insurance: −$478
• HOA: −$0
• Vac / Maint / Mgmt: −$439
• Net cashflow: $-265/mo
• Annual: $-3,175/yr
• Cap rate: 5.14%
• Cash-on-cash: -4.13%
• DSCR: 0.82
• 1% rule: 0.76%
• Cash to close: $76,860

Investor read

• This is a 2-bed/2.0-bath multifamily listed at $274k.
• 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).
• It's been on market 141 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (23.8% below list) — sets the bar for 1% rule.
• 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.
• 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.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Franklin County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• This rent runs 45% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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?
• 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.
• 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?
• 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.