21 Park St

Athol, MA 01331

$89,990D

4 bd · 3.5 ba · 2,180 sqft · Built 1850 · MultiFamily · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,008/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$274
• HOA: −$0
• Vac / Maint / Mgmt: −$842
• Net cashflow: $2,420/mo
• Annual: $29,041/yr
• Cap rate: 38.56%
• Cash-on-cash: 115.25%
• DSCR: 6.13
• 1% rule: 4.45%
• Cash to close: $25,197

Investor read

• This is a 4-bed/3.5-bath multifamily listed at $90k.
• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $90k).
• It's been on market 58 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#84 in MA, #4,383 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: employment D, schools F, amenities F.
• Athol-Royalston (town): math 22% / reading 33% proficiency, ranked #265 of 302 in MA (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 3.2% of price; built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 42 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• 6 sale attempts since 33y ago; this cycle's ask has dropped $40k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 38.6% vs local median 4.0% in Athol — 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 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.