191 Bonney St · New Bedford, MA 02740

$689,900

7 bd · 4.0 ba · 2,837 sqft · MultiFamily public records · 90 Days on market

Built 1891 4,461 sqft lot $243/sqft · 18% above area Est $561k · 23% over ↓ 13% since listing

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Why this score? — see what drove the D 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 +20.1/30.0
• DSCR +6.4/10.0
• Rent growth +5.0/5.0
• 1% rule +4.3/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

NEW PRICE! **FAMILY OWNED & WELL MAINTAINED!** Welcome to New Bedford! Newly Offered OWNER OCCUPIED Nearly 3000 SF 4 UNIT Property in the Heart of NB! Wonderful Investment Opportunity, Featuring Off Street Parking w/ Driveway, Backyard & More! Prime Tenant/Commuter Location, Just Minutes to Highway Access, Shopping, Dining, Parks & More! Great for the Investor or Owner Occupant Alike! Pride of Ownership Shown Here, Seller Has Owner Occupied 2 Units over Nearly 15 Years! Offering a Fully Vinyl Sided Exterior, 4 Legal Units w/ ALL 2 BEDROOM UNITS. Units are Great Condition, Full Kitchens, Baths, Light & Bright Bedrooms & Convenient Floor Plans. Rare Opportunity to Own a Legal 4 Unit in a BOOMING City - ACT FAST!

Key facts

• Off street parking
• Vinyl sided exterior
• Backyard

Tags

• OFF STREET PARKING
• BACKYARD
• HIGHWAY ACCESS
• VINYL SIDED EXTERIOR
• LEGAL 4 UNIT

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $690k.

Deal economics

• At list price, monthly cash flow is $855 ($10k/yr) — positive. Per door: $214/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 $644k (6.7% below list).
• Recommended offer: $644k (6.7% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 3.7% in New Bedford — 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 67/100 on livability (#155 in MA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing B+; Watch: cost of living C-, employment D, amenities F.
• New Bedford (suburban): math 17% / reading 28% proficiency, ranked #287 of 302 in MA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: John B Devalles (math 17% / reading 27%, grade F, #757 of 938 statewide, top 82%, 304 students, 0% FRL); Roosevelt Middle School (math 11% / reading 20%, grade F, #273 of 305 statewide, top 89%, 778 students, 0% FRL); New Bedford High (math 13% / reading 25%, grade F, #313 of 343 statewide, top 92%, 2,898 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+10.8%/yr); 69 active listings in the ZIP; 760 units permitted in Bristol County in 2024 (142 in 5+ unit buildings).
• At $6,436/mo this rent would consume 140% of the median local household income ($55k/yr) (locally 2883% 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 $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Bristol County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $193k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($649k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $643,600 (6.7% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.93% ✗
• Cap rate: 7.78%
• Cash-on-cash: 5.31%
• DSCR: 1.24
• GRM: 8.9

CMA / ARV

• ARV (median comp): $561,074
• List price: $689,900
• Delta: 22.96%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
168 Bonney St	0.06mi	8/3.0 (+1)	2,832 (-0%)	15mo	$540,000	$191	76
33 Crapo St	0.17mi	6/3.0 (-1)	2,691 (-5%)	0mo	$645,000	$240	74
119 Division St	0.30mi	6/3.0 (-1)	2,828 (-0%)	11mo	$565,000	$200	67
531 Rivet St	0.30mi	6/3.0 (-1)	2,750 (-3%)	10mo	$570,000	$207	64
27-29 Larch	0.19mi	8/3.0 (+1)	3,003 (+6%)	13mo	$675,000	$225	61
86 Mosher St	0.23mi	8/3.0 (+1)	2,636 (-7%)	15mo	$600,000	$228	56
230 Frank St	0.62mi	8/3.0 (+1)	2,735 (-4%)	1mo	$599,000	$219	55
276 Hemlock St	0.57mi	8/3.0 (+1)	2,720 (-4%)	6mo	$620,000	$228	52
368 Allen St	0.61mi	6/3.0 (-1)	2,891 (+2%)	12mo	$673,350	$233	50
186 Division St	0.27mi	8/3.5 (+1)	3,236 (+14%)	9mo	$650,000	$201	49
95 Scott St	0.36mi	8/3.0 (+1)	3,198 (+13%)	12mo	$615,000	$192	43
117 Grinnell St	0.40mi	6/3.0 (-1)	2,421 (-15%)	12mo	$527,000	$218	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-23,565
• Equity at exit: $102,866

10-year hold

• IRR: 11.1%
• Equity multiple: 2.05×
• Total profit: $203,449
• Equity at exit: $59,650

Cash invested: $193,172 (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 02740

• Rents YoY: 10.8%
• Active inventory: 69
• Price-to-rent: 35.7×

Monthly cashflow live

• Estimated rent: $6,436 high
• Mortgage (P&I): −$3,618
• Tax from tax record: −$324 /mo · $3,890/yr
• Insurance: −$287
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,352
• Net cashflow: $855

Break-even live

Break-even rent $5,354

Max offer price $689,900

Occupancy floor 82%

Sensitivity live

Price	-10% $1,245	-5% $1,050	+0% $855	+5% $660	+10% $464
Rent	-10% $346	-5% $601	+0% $855	+5% $1,109	+10% $1,363
Rate	-1.0pp $1,202	-0.5pp $1,030	base $855	+0.5pp $676	+1.0pp $494

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,436
Total (4 units)			$6,436

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: $172,475
• Closing costs: $20,697
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $689,900 Active 90 DOM
2. 2026-06-18
   days on market $689,900 Active 87 DOM
3. 2026-06-17
   days on market $689,900 Active 86 DOM
4. 2026-06-16
   days on market $689,900 Active 85 DOM
5. 2026-06-15
   days on market $689,900 Active 84 DOM
6. 2026-06-13
   statusdays on market $689,900 Active 82 DOM
7. 2026-06-09
   days on market $689,900 Price Changed 78 DOM
8. 2026-06-08
   pricestatusdays on market $689,900 Price Changed 77 DOM
9. 2026-06-07
   days on market $699,900 Active 76 DOM
10. 2026-06-05
    days on market $699,900 Active 73 DOM
11. 2026-06-03
    days on market $699,900 Active 72 DOM
12. 2026-06-02
    days on market $699,900 Active 71 DOM
13. 2026-06-01
    days on market $699,900 Active 70 DOM
14. 2026-05-31
    days on market $699,900 Active 69 DOM
15. 2026-05-19
    price $699,900 739-char remark

    Show marketing remark (739 chars)

    NEW PRICE! **FAMILY OWNED & WELL MAINTAINED!** Welcome to New Bedford! Newly Offered OWNER OCCUPIED Nearly 3000 SF 4 UNIT Property in the Heart of NB! Wonderful Investment Opportunity, Featuring Off Street Parking w/ Driveway, Backyard & More! Prime Tenant/Commuter Location, Just Minutes to Highway Access, Shopping, Dining, Parks & More! Great for the Investor or Owner Occupant Alike! Pride of Ownership Shown Here, Seller Has Owner Occupied 2 Units over Nearly 15 Years! Offering a Fully Vinyl Sided Exterior, 4 Legal Units w/ ALL 2 BEDROOM UNITS. Units are Great Condition, Full Kitchens, Baths, Light & Bright Bedrooms & Convenient Floor Plans. Rare Opportunity to Own a Legal 4 Unit in a BOOMING City - ACT FAST!

16. 2026-05-19
    price $730,000 739-char remark

    Show marketing remark (739 chars)

    NEW PRICE! **FAMILY OWNED & WELL MAINTAINED!** Welcome to New Bedford! Newly Offered OWNER OCCUPIED Nearly 3000 SF 4 UNIT Property in the Heart of NB! Wonderful Investment Opportunity, Featuring Off Street Parking w/ Driveway, Backyard & More! Prime Tenant/Commuter Location, Just Minutes to Highway Access, Shopping, Dining, Parks & More! Great for the Investor or Owner Occupant Alike! Pride of Ownership Shown Here, Seller Has Owner Occupied 2 Units over Nearly 15 Years! Offering a Fully Vinyl Sided Exterior, 4 Legal Units w/ ALL 2 BEDROOM UNITS. Units are Great Condition, Full Kitchens, Baths, Light & Bright Bedrooms & Convenient Floor Plans. Rare Opportunity to Own a Legal 4 Unit in a BOOMING City - ACT FAST!

17. 2026-04-20
    price $749,900 739-char remark

    Show marketing remark (739 chars)

    NEW PRICE! **FAMILY OWNED & WELL MAINTAINED!** Welcome to New Bedford! Newly Offered OWNER OCCUPIED Nearly 3000 SF 4 UNIT Property in the Heart of NB! Wonderful Investment Opportunity, Featuring Off Street Parking w/ Driveway, Backyard & More! Prime Tenant/Commuter Location, Just Minutes to Highway Access, Shopping, Dining, Parks & More! Great for the Investor or Owner Occupant Alike! Pride of Ownership Shown Here, Seller Has Owner Occupied 2 Units over Nearly 15 Years! Offering a Fully Vinyl Sided Exterior, 4 Legal Units w/ ALL 2 BEDROOM UNITS. Units are Great Condition, Full Kitchens, Baths, Light & Bright Bedrooms & Convenient Floor Plans. Rare Opportunity to Own a Legal 4 Unit in a BOOMING City - ACT FAST!

18. 2026-03-23
    listed $799,900 New 739-char remark

    Show marketing remark (739 chars)

    NEW PRICE! **FAMILY OWNED & WELL MAINTAINED!** Welcome to New Bedford! Newly Offered OWNER OCCUPIED Nearly 3000 SF 4 UNIT Property in the Heart of NB! Wonderful Investment Opportunity, Featuring Off Street Parking w/ Driveway, Backyard & More! Prime Tenant/Commuter Location, Just Minutes to Highway Access, Shopping, Dining, Parks & More! Great for the Investor or Owner Occupant Alike! Pride of Ownership Shown Here, Seller Has Owner Occupied 2 Units over Nearly 15 Years! Offering a Fully Vinyl Sided Exterior, 4 Legal Units w/ ALL 2 BEDROOM UNITS. Units are Great Condition, Full Kitchens, Baths, Light & Bright Bedrooms & Convenient Floor Plans. Rare Opportunity to Own a Legal 4 Unit in a BOOMING City - ACT FAST!

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

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $3,890 · $324/mo
• Projected year-2 tax: $6,188 · $516/mo
• Expected delta: +$2,298/yr (+$191/mo · 59.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $77,232
• − Mortgage interest: −$38,645
• − Property taxes: −$3,890
• − Insurance: −$3,450
• − Repairs & maintenance: −$6,179
• − Management: −$6,179
• − Depreciation: −$20,070
• Taxable loss: −$1,180
• Est. tax savings @ 24.0%: +$283
• After-tax cash flow: $10,542/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.

Schools (NCES district)

• District: New Bedford
• NCES district ID: 2508430
• Math proficiency: 17% ▼ -14.00%
• Reading proficiency: 28% ▼ -6.00%
• Median HH income: $37,901
• Composite: 18.79/100
• National rank: #8869
• State rank: #287 of 302 in MA

Livability — New Bedford

• Score: 67/100
• State rank: #155
• US rank: #10150

Category grades

Amenities F Commute F Cost of living C- Crime C Employment D Housing B+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Bedford, MA
• County: Bristol County · 342,083 people
• City population: 76,528
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 46,281
• Household income: $55,237
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 2883.0

Population outlook (Bristol County) Hauer SSP2

• Today (2025): 570,212 people
• By 2030: 571,181 · +0.2%
• By 2040: 565,389 · -0.8%
• By 2050: 552,141 · -3.2%
• By 2075: 520,923 · -8.6%
• By 2100: 474,363 · -16.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 52% Hispanic / Latino 23% Two or more races 17% Black 8% Asian 2% Native American 1%
• Hispanic origin (detail): Puerto Rican 14% Dominican 2%
• Common ancestry: Russian 27% Lithuanian 5% Romanian 2%
• Foreign-born: 19% · Canada, China
• Languages at home: 65% English-only · Other Indo-European 15% Spanish 15% French/Haitian/Cajun 3%

Political lean MEDSL · Bristol

• 2024 margin: Toss-up / Even · D 49.8% · R 48.5% · Other 1.8%
• 2008→2024 swing: -21.9pp toward R · 2008: 23.2pp · 2024: 1.3pp
• All cycles: 2024: D+1.3 2020: D+12.0 2016: D+9.3 2012: D+20.5 2008: D+23.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -270.36%
• Current HPI: 388.4115
• Rent YoY: ▲ 10.79%
• Metro: Providence-Warwick, RI-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

-12.5% since first listed

4 events — show timeline

• 2026-05-19 Price Changed $699,900 MLS PIN
• 2026-05-19 Price Changed $730,000 MLS PIN
• 2026-04-20 Price Changed $749,900 MLS PIN
• 2026-03-23 Listed $799,900 MLS PIN

Property tax history

+2.9%/yr

Latest (2023): $3,890 · +14.2% YoY. Source: county tax records.