500 Loop Rd

North Adams, MA 01256

$229,000D

2 bd · 1.5 ba · 980 sqft · Built 1982 · Manufactured · Pending · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,668/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$215
• HOA: −$0
• Vac / Maint / Mgmt: −$350
• Net cashflow: $-99/mo
• Annual: $-1,183/yr
• Cap rate: 5.78%
• Cash-on-cash: -1.84%
• DSCR: 0.92
• 1% rule: 0.73%
• Cash to close: $64,120

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $229k.
• At list price, monthly cash flow is $-99 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (7.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (27.2% below list).
• It's been on market 28 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (27.2% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($2k loan paydown + $6k appreciation (2.5% local appreciation)).
• Location reads 55/100 on livability (#242 in MA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A-; Watch: employment C-, health & safety D, crime F.
• Savoy (rural): math 0% / reading 40% proficiency, ranked #365 of 371 in MA (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Emma L Miller Elementary School (math 30% / reading 30%, grade F, #657 of 938 statewide, top 70%, 40 students, 0% FRL) — zoned schools average 0% FRL vs 38% district-wide (38 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 6 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• Berkshire County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts 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.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.