3 Chelsea St · Worcester, MA 01610

$950,000

7 bd · 7.0 ba · 3,312 sqft · MultiFamily public records · 38 Days on market

Built 1887 8,976 sqft lot $287/sqft · 62% above area Est $648k · 47% over

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Why this score? — see what drove the C 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 +27.2/30.0
• DSCR +9.5/10.0
• 1% rule +6.4/10.0
• Appreciation +4.6/10.0
• Livability +4.4/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Rent growth +1.9/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This well located 7-unit property at 3 Chelsea St in Worcester, Massachusetts, consists of four studio apartments and two 2-bedroom/1-bathroom units on a 0.21-acre parcel. Each unit is separately metered for heat and electricity, and the owner is responsible for hot water and municipal water & sewer. The property also features two sources of parking income. The five front garage bays are rented to one operator for $700/month and there is a large contractor garage behind the property rented for $750/month. There is an opportunity to dramatically increase rents through systematic improvements to unit interiors. Additionally, the property is situated just .3 miles from the College of Holy Cross. Listed at a 7.8% cap rate at $142,857 per unit, this property represents a strong investment opportunity in the growing Worcester market.

Key facts

• Front garage bays
• Contractor garage
• Parking income

Tags

• 7 UNIT PROPERTY
• SEPARATELY METERED
• PARKING INCOME
• FRONT GARAGE BAYS
• CONTRACTOR GARAGE
• SYSTEMATIC IMPROVEMENTS

What this means for you Summary

Snapshot

• This is a 7 × 1-bed/?-bath units multifamily listed at $950k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $388/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $950k).
• Recommended offer: $922k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 4.1% in Worcester — 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 87/100 on livability (#9 in MA, #312 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: schools C-, cost of living D.
• Worcester (urban): math 17% / reading 30% proficiency, ranked #280 of 302 in MA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-2.2%/yr); 25 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $10,860/mo this rent would consume 253% of the median local household income ($51k/yr) (locally 2517% 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 (-0.7%/yr); year-one equity from $7k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-0.7% appreciation + 0.0% rent growth), your $266k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($922k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $50k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; list at $950k implies a 555% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $921,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1887 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.14% ✓
• Cap rate: 9.73%
• Cash-on-cash: 12.26%
• DSCR: 1.55
• GRM: 7.3

CMA / ARV

• ARV (median comp): $647,504
• List price: $950,000
• Delta: 46.72%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
56 Fairfax Rd	0.68mi	6/3.0 (-1)	3,387 (+2%)	10mo	$650,000	$192	36
184 Vernon St	0.74mi	6/3.0 (-1)	3,257 (-2%)	8mo	$620,000	$190	36
101 Sterling St	0.68mi	6/3.0 (-1)	3,231 (-2%)	10mo	$575,000	$178	36
17 5th Ave	0.63mi	6/3.0 (-1)	3,481 (+5%)	14mo	$725,000	$208	30
113 Sterling St	0.66mi	6/3.0 (-1)	3,465 (+5%)	22mo	$575,000	$166	23
198 Vernon St	0.75mi	8/3.0 (+1)	2,844 (-14%)	17mo	$690,000	$243	7
661 Millbury St	0.72mi	6/3.0 (-1)	2,838 (-14%)	20mo	$583,000	$205	6

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.73% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.31×
• Total profit: $81,222
• Equity at exit: $241,849

10-year hold

• IRR: 10.6%
• Equity multiple: 1.97×
• Total profit: $259,176
• Equity at exit: $264,799

Cash invested: $266,000 (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 01610

• Home prices YoY: -0.1%
• Rents YoY: -2.2%
• Active inventory: 25
• Price-to-rent: 51.0×

Monthly cashflow live

• Estimated rent: $10,860 high
• Mortgage (P&I): −$4,982
• Tax from tax record: −$484 /mo · $5,812/yr
• Insurance: −$396
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,281
• Net cashflow: $2,717

Break-even live

Break-even rent $7,420

Max offer price $950,000

Occupancy floor 70%

Sensitivity live

Price	-10% $3,255	-5% $2,986	+0% $2,717	+5% $2,448	+10% $2,180
Rent	-10% $1,859	-5% $2,288	+0% $2,717	+5% $3,146	+10% $3,575
Rate	-1.0pp $3,196	-0.5pp $2,959	base $2,717	+0.5pp $2,471	+1.0pp $2,221

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

Units	Beds	Baths	Est. rent
▸ 7× units	1	—	$10,857
Total (7 units)			$10,860

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: $237,500
• Closing costs: $28,500
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $950,000 Active 38 DOM
2. 2026-06-17
   days on market $950,000 Active 37 DOM
3. 2026-06-16
   days on market $950,000 Active 36 DOM
4. 2026-06-15
   days on market $950,000 Active 35 DOM
5. 2026-06-14
   days on market $950,000 Active 33 DOM
6. 2026-06-10
   days on market $950,000 Active 30 DOM
7. 2026-06-09
   days on market $950,000 Active 29 DOM
8. 2026-06-08
   days on market $950,000 Active 28 DOM
9. 2026-06-07
   statusdays on market $950,000 Active 27 DOM
10. 2026-06-05
    days on market $950,000 Price Changed 24 DOM
11. 2026-06-03
    days on market $950,000 Price Changed 23 DOM
12. 2026-06-03
    pricestatus $950,000 Price Changed 22 DOM
13. 2026-06-02
    days on market $1,000,000 Active 22 DOM
14. 2026-06-01
    days on market $1,000,000 Active 21 DOM
15. 2026-05-31
    days on market $1,000,000 Active 20 DOM
16. 2026-05-31
    days on market $1,000,000 Active 19 DOM
17. 2026-05-11
    listed $1,000,000 New 843-char remark

    Show marketing remark (843 chars)

    This well located 7-unit property at 3 Chelsea St in Worcester, Massachusetts, consists of four studio apartments and two 2-bedroom/1-bathroom units on a 0.21-acre parcel. Each unit is separately metered for heat and electricity, and the owner is responsible for hot water and municipal water & sewer. The property also features two sources of parking income. The five front garage bays are rented to one operator for $700/month and there is a large contractor garage behind the property rented for $750/month. There is an opportunity to dramatically increase rents through systematic improvements to unit interiors. Additionally, the property is situated just .3 miles from the College of Holy Cross. Listed at a 7.8% cap rate at $142,857 per unit, this property represents a strong investment opportunity in the growing Worcester market.

18. 2015-05-22
    soldstatus $145,000 Sold 266-char remark

    Show marketing remark (266 chars)

    Great investment opportunity. 11.5% CAP currently, potential for 14.5%! Updates include windows, siding, electric, heating systems and water heaters. Only 0.5 miles to the College of Holy Cross. 7 garage spaces and tons of off street parking. Right off of I-290.

19. 2015-04-10
    status Under Agreement 266-char remark

    Show marketing remark (266 chars)

    Great investment opportunity. 11.5% CAP currently, potential for 14.5%! Updates include windows, siding, electric, heating systems and water heaters. Only 0.5 miles to the College of Holy Cross. 7 garage spaces and tons of off street parking. Right off of I-290.

20. 2015-04-08
    status Back On Market 266-char remark

    Show marketing remark (266 chars)

    Great investment opportunity. 11.5% CAP currently, potential for 14.5%! Updates include windows, siding, electric, heating systems and water heaters. Only 0.5 miles to the College of Holy Cross. 7 garage spaces and tons of off street parking. Right off of I-290.

21. 2015-04-07
    price $190,000 266-char remark

    Show marketing remark (266 chars)

    Great investment opportunity. 11.5% CAP currently, potential for 14.5%! Updates include windows, siding, electric, heating systems and water heaters. Only 0.5 miles to the College of Holy Cross. 7 garage spaces and tons of off street parking. Right off of I-290.

22. 2015-04-04
    status Contingent 266-char remark

    Show marketing remark (266 chars)

    Great investment opportunity. 11.5% CAP currently, potential for 14.5%! Updates include windows, siding, electric, heating systems and water heaters. Only 0.5 miles to the College of Holy Cross. 7 garage spaces and tons of off street parking. Right off of I-290.

23. 2015-03-25
    price $240,000 266-char remark

    Show marketing remark (266 chars)

    Great investment opportunity. 11.5% CAP currently, potential for 14.5%! Updates include windows, siding, electric, heating systems and water heaters. Only 0.5 miles to the College of Holy Cross. 7 garage spaces and tons of off street parking. Right off of I-290.

24. 2015-03-23
    price $245,000 266-char remark

    Show marketing remark (266 chars)

    Great investment opportunity. 11.5% CAP currently, potential for 14.5%! Updates include windows, siding, electric, heating systems and water heaters. Only 0.5 miles to the College of Holy Cross. 7 garage spaces and tons of off street parking. Right off of I-290.

25. 2015-03-17
    price $270,000 266-char remark

    Show marketing remark (266 chars)

    Great investment opportunity. 11.5% CAP currently, potential for 14.5%! Updates include windows, siding, electric, heating systems and water heaters. Only 0.5 miles to the College of Holy Cross. 7 garage spaces and tons of off street parking. Right off of I-290.

26. 2015-03-03
    price $290,000 266-char remark

    Show marketing remark (266 chars)

    Great investment opportunity. 11.5% CAP currently, potential for 14.5%! Updates include windows, siding, electric, heating systems and water heaters. Only 0.5 miles to the College of Holy Cross. 7 garage spaces and tons of off street parking. Right off of I-290.

27. 2015-02-24
    listed $300,000 New 266-char remark

    Show marketing remark (266 chars)

    Great investment opportunity. 11.5% CAP currently, potential for 14.5%! Updates include windows, siding, electric, heating systems and water heaters. Only 0.5 miles to the College of Holy Cross. 7 garage spaces and tons of off street parking. Right off of I-290.

28. 2004-09-29
    soldstatus $190,000
29. 1986-08-27
    soldstatus $155,000

ⓘ 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: $5,812 · $484/mo
• Projected year-2 tax: $8,748 · $729/mo
• Expected delta: +$2,936/yr (+$245/mo · 50.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $130,320
• − Mortgage interest: −$53,215
• − Property taxes: −$5,812
• − Insurance: −$4,750
• − Repairs & maintenance: −$10,426
• − Management: −$10,426
• − Depreciation: −$27,636
• Taxable income: $18,056
• Est. tax owed @ 24.0%: −$4,333
• After-tax cash flow: $28,275/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: Worcester
• NCES district ID: 2513230
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 30% ▼ -8.00%
• Median HH income: $45,063
• Composite: 20.3/100
• National rank: #8615
• State rank: #280 of 302 in MA

Livability — Worcester

• Score: 87/100
• State rank: #9
• US rank: #312

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Worcester, MA
• County: Worcester County · 487,911 people
• City population: 207,324
• Metro: Worcester, MA-CT
• Population (ZIP): 30,444
• Household income: $51,472
• Rent vs Own: 80.8% rent · 19.2% own
• Severe rent burden: 2517.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 42% White 34% Two or more races 21% Black 13% Asian 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 21% Dominican 8%
• Common ancestry: Romanian 4% Lithuanian 3% Hispanic 2%
• Foreign-born: 27% · Canada, Vietnam, China
• Languages at home: 48% English-only · Spanish 35% Other Indo-European 4% Vietnamese 2%

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: ▼ -0.73%
• Current HPI: 485.4378
• Rent YoY: ▼ -2.22%
• 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

+545.2% since first listed

13 events — show timeline

• 2026-05-11 Listed $1,000,000 MLS PIN
• 2015-05-22 Sold (MLS) $145,000 MLS PIN
• 2015-04-10 Pending — MLS PIN
• 2015-04-08 Relisted — MLS PIN
• 2015-04-07 Price Changed $190,000 MLS PIN
• 2015-04-04 Pending — MLS PIN
• 2015-03-25 Price Changed $240,000 MLS PIN
• 2015-03-23 Price Changed $245,000 MLS PIN
• 2015-03-17 Price Changed $270,000 MLS PIN
• 2015-03-03 Price Changed $290,000 MLS PIN
• 2015-02-24 Listed $300,000 MLS PIN
• 2004-09-29 Sold (Public Records) $190,000 Public Records
• 1986-08-27 Sold (Public Records) $155,000 Public Records

Property tax history

+3.7%/yr

Latest (2023): $5,812 · +7.7% YoY. Source: county tax records.