308 Shaker Ridge Dr

Pittsfield, MA 12029

$840,000C+

4 bd · 3.0 ba · 2,189 sqft · Built 1982 · SingleFamily · Active · 166 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,000/mo
• Mortgage (P&I): −$4,405
• Tax + insurance: −$1,135
• HOA: −$42
• Vac / Maint / Mgmt: −$2,100
• Net cashflow: $2,318/mo
• Annual: $27,813/yr
• Cap rate: 9.60%
• Cash-on-cash: 11.83%
• DSCR: 1.53
• 1% rule: 1.19%
• Cash to close: $235,200

Investor read

• This is a 4-bed/3.0-bath single-family listed at $840k.
• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $840k).
• It's been on market 166 days — a 12% lower offer ($739k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $739k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.5%/yr); year-one equity from $6k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#70 in MA, #3,820 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, amenities D+, schools D.
• New Lebanon Central School District (rural): math 56% / reading 57% proficiency, ranked #313 of 755 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 1 comparable units currently listed for rent nearby; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts; this cycle's ask has dropped $85k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $251k; list at $840k implies a 234% gain — meaningful room to come down on a strong offer.
• At projected returns (-1.5% appreciation + 3.0% rent growth), your $235k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 9.6% vs local median 3.6% in Pittsfield — 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 166 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 D-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 D 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?
• 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.