427-429 Deerfield St · Greenfield, MA 01301

$225,000

4 bd · 2.0 ba · 2,668 sqft · MultiFamily · 101 Days on market

Built 1841 Good condition 0.25 ac lot $84/sqft · 55% below area ↓ 10% since listing

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Why this score? — see what drove the B- 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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• 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

Opportunity awaits at this spacious property conveniently located on Deerfield Street in Greenfield! Currently marketed as a single-family home, this versatile property offers 4 bedrooms and 2 full bathrooms with tall ceilings that create an open, airy feel throughout the living spaces. The layout provides flexibility for a variety of living arrangements and could potentially be utilized as a two-family property with the addition of a second egress, offering future possibilities for the next owner. Situated in a prime location with easy access to major routes, this home is ideal for commuters or anyone looking to be close to area amenities while still enjoying the charm of Greenfield. Whether you’re looking for a spacious single-family home or exploring options for multi-generational living or investment potential, this property offers a great opportunity to make it your own. Bring your vision and unlock the possibilities!

Key facts

• Spacious property
• Prime location
• 0.25 acre lot

Tags

• SPACIOUS PROPERTY
• PRIME LOCATION
• EASY ACCESS TO MAJOR ROUTES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $225k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $703 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $205k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 5.0% in Greenfield — 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: area grade B — 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).
• At $2,928/mo this rent would consume 63% of the median local household income ($56k/yr) (locally 1270% 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 (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1841 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $204,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1841 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.30% ✓
• Cap rate: 10.34%
• Cash-on-cash: 14.45%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $496,533
• List price: $225,000
• Delta: -54.69%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.13×
• Total profit: $8,387
• Equity at exit: $33,548

10-year hold

• IRR: 13.0%
• Equity multiple: 2.04×
• Total profit: $65,268
• Equity at exit: $19,454

Cash invested: $63,000 (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 01301

• Home prices YoY: -24.0%
• Active inventory: 18
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,928 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $703

Break-even live

Break-even rent $2,039

Max offer price $225,000

Occupancy floor 71%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
48 Congress St Greenfield, MA	5.0	3.0	3134	$4,500	$1.44	13d	1	0.84mi

Listing history 18 events

1. 2026-06-18
   days on market $225,000 Active 101 DOM
2. 2026-06-17
   days on market $225,000 Active 100 DOM
3. 2026-06-16
   days on market $225,000 Active 99 DOM
4. 2026-06-15
   days on market $225,000 Active 98 DOM
5. 2026-06-14
   days on market $225,000 Active 96 DOM
6. 2026-06-13
   days on market $225,000 Active 95 DOM
7. 2026-06-10
   days on market $225,000 Active 93 DOM
8. 2026-06-09
   days on market $225,000 Active 92 DOM
9. 2026-06-08
   days on market $225,000 Active 91 DOM
10. 2026-06-07
    days on market $225,000 Active 90 DOM
11. 2026-06-03
    days on market $225,000 Active 86 DOM
12. 2026-06-02
    days on market $225,000 Active 85 DOM
13. 2026-06-01
    days on market $225,000 Active 84 DOM
14. 2026-05-31
    days on market $225,000 Active 83 DOM
15. 2026-05-30
    days on market $225,000 Active 82 DOM
16. 2026-05-19
    price $225,000 942-char remark

    Show marketing remark (942 chars)

    Opportunity awaits at this spacious property conveniently located on Deerfield Street in Greenfield! Currently marketed as a single-family home, this versatile property offers 4 bedrooms and 2 full bathrooms with tall ceilings that create an open, airy feel throughout the living spaces. The layout provides flexibility for a variety of living arrangements and could potentially be utilized as a two-family property with the addition of a second egress, offering future possibilities for the next owner. Situated in a prime location with easy access to major routes, this home is ideal for commuters or anyone looking to be close to area amenities while still enjoying the charm of Greenfield. Whether you’re looking for a spacious single-family home or exploring options for multi-generational living or investment potential, this property offers a great opportunity to make it your own. Bring your vision and unlock the possibilities!

17. 2026-04-07
    price $240,000 942-char remark

    Show marketing remark (942 chars)

    Opportunity awaits at this spacious property conveniently located on Deerfield Street in Greenfield! Currently marketed as a single-family home, this versatile property offers 4 bedrooms and 2 full bathrooms with tall ceilings that create an open, airy feel throughout the living spaces. The layout provides flexibility for a variety of living arrangements and could potentially be utilized as a two-family property with the addition of a second egress, offering future possibilities for the next owner. Situated in a prime location with easy access to major routes, this home is ideal for commuters or anyone looking to be close to area amenities while still enjoying the charm of Greenfield. Whether you’re looking for a spacious single-family home or exploring options for multi-generational living or investment potential, this property offers a great opportunity to make it your own. Bring your vision and unlock the possibilities!

18. 2026-03-09
    listed $250,000 New 942-char remark

    Show marketing remark (942 chars)

    Opportunity awaits at this spacious property conveniently located on Deerfield Street in Greenfield! Currently marketed as a single-family home, this versatile property offers 4 bedrooms and 2 full bathrooms with tall ceilings that create an open, airy feel throughout the living spaces. The layout provides flexibility for a variety of living arrangements and could potentially be utilized as a two-family property with the addition of a second egress, offering future possibilities for the next owner. Situated in a prime location with easy access to major routes, this home is ideal for commuters or anyone looking to be close to area amenities while still enjoying the charm of Greenfield. Whether you’re looking for a spacious single-family home or exploring options for multi-generational living or investment potential, this property offers a great opportunity to make it your own. Bring your vision and unlock the possibilities!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 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: $35,140
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,792
• − Repairs & maintenance: −$2,811
• − Management: −$2,811
• − Depreciation: −$6,545
• Taxable income: $5,202
• Est. tax owed @ 24.0%: −$1,248
• After-tax cash flow: $7,186/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with cosmetic updates needed. It offers a spacious layout and is located in a prime location, making it an attractive investment opportunity.

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value
• Both paint trim — Improves curb appeal and resale value
• Both landscaping — Enhances curb appeal and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both paint trim — Improves curb appeal and resale value ↑
• Both landscaping — Enhances curb appeal and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-10.0% since first listed

3 events — show timeline

• 2026-05-19 Price Changed $225,000 MLS PIN
• 2026-04-07 Price Changed $240,000 MLS PIN
• 2026-03-09 Listed $250,000 MLS PIN