1104 Main St

Warren, MA 01083

$349,989D+

3 bd · 2.0 ba · 2,243 sqft · Built 1860 · MultiFamily · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,485/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$422
• HOA: −$0
• Vac / Maint / Mgmt: −$732
• Net cashflow: $496/mo
• Annual: $5,954/yr
• Cap rate: 7.99%
• Cash-on-cash: 6.08%
• DSCR: 1.27
• 1% rule: 1.00%
• Cash to close: $97,997

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $350k.
• At list price, monthly cash flow is $496 ($6k/yr) — positive. Per door: $248/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 $348k (0.4% below list).
• It's been on market 68 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 54/100 on livability (#243 in MA) — a working-class tenant base; expect higher turnover. Strengths: crime A, cost of living A, health & safety B+; Watch: amenities F, commute F, employment F.
• Quaboag Regional (rural): math 31% / reading 51% proficiency, ranked #196 of 302 in MA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Quaboag Regional Middle Innovation School (math 27% / reading 52%, grade F, #148 of 305 statewide, top 49%, 203 students, 0% FRL); Quaboag Regional High (math 52% / reading 77%, grade B-, #110 of 343 statewide, top 34%, 354 students, 0% FRL) — zoned schools average 0% FRL vs 36% district-wide (36 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• 4 sale attempts since 30y 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 $10k; list at $350k implies a 3400% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.0% vs local median 3.6% in Warren — 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 68 days. Have you received any prior offers? Is the seller open to a 6% 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 1860 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?