11 Conway St

Greenfield, MA 01301

$2,100,000D+

12 bd · 12.0 ba · 7,920 sqft · Built 1920 · MultiFamily · Active · 197 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $19,068/mo
• Mortgage (P&I): −$11,013
• Tax + insurance: −$1,579
• HOA: −$0
• Vac / Maint / Mgmt: −$4,004
• Net cashflow: $2,472/mo
• Annual: $29,663/yr
• Cap rate: 7.71%
• Cash-on-cash: 5.04%
• DSCR: 1.22
• 1% rule: 0.91%
• Cash to close: $588,000

Investor read

• This is a 6×1bd/1ba + 6×2bd/1ba units multifamily listed at $2.10M.
• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $206/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 $1.91M (9.2% below list).
• It's been on market 197 days — a 12% lower offer ($1.85M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.85M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $15k of loan paydown is wiped out by about $63k 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 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 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 3y 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 $925k; list at $2.10M implies a 127% gain — meaningful room to come down on a strong offer.
• Cap rate 7.7% 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.
• At $19,068/mo this rent would consume 407% 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.

Questions for listing agent

• It's been on market 197 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — 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.