66 Cutler St · Worcester, MA 01604

$649,900

8 bd · 3.5 ba · 3,116 sqft · MultiFamily public records · 22 Days on market

Built 1890 3,569 sqft lot Est $657k · at est.

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Why this score? — see what drove the C 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 +23.5/30.0
• ARV discount +8.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.6/10.0
• Livability +4.4/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

HIGHEST AND BEST DUE MONDAY 3/11 AT 5PM! Investors, take notice!! This fully rented three family building off of Grafton St in Worcester is just waiting for its new owner. Great highway access and convenient to downtown Worcester. Three bedrooms in first and second floor, 2 bedrooms on the third floor; Separate utilities for all units and a landlord meter. Garage parking for 1 car plus off street parking for 2 additional cars. This property has been well maintained with updates including new furnace for the first floor installed in 2017. The roof is 10 years old. The siding of the property and gutters were done in 2007 and replacement windows in 2002. The heater in the third floor living room is about 10 years old. The rugs on the third floor were installed 2.5 years ago. Great opportunity!!

Key facts

• Fresh paint
• Recently refreshed
• Off-street parking

Tags

• DETACHED 2-CAR GARAGE
• RECENTLY REFRESHED
• NEWLY FINISHED HARDWOOD FLOORS
• FRESH PAINT
• PRIMARY BEDROOM HALF BATH
• OFF-STREET PARKING

Property features AI

Finance

• HOA & community: Access to public transportation, shopping, parks, medical facility, highway, schools, university, sidewalks, and tennis courts

Exterior

• Parking: 1-car garage (covered); 2 open parking spaces; 3 total parking spaces
• Utilities: Public water; Public sewer; Electric range varies per unit; Utilities vary by unit
• Home design: 3-family building (3 units, up/down configuration); 3 stories total; Approximate year built
• Construction: Stone foundation
• Exterior features: Level lot; Public road frontage; Shingle roof; Paved off-street parking

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Flooring: Wood; Vinyl; Hardwood
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Baseboard heating; Natural gas heating; Forced air
• Interior features: Ceiling fans; Remodeled; Living room; Kitchen; 16 total rooms
• Laundry & utility: Washer hookup; Dryer hookup; Washer hookup may vary by unit

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $404/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• Recommended offer: $640k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.1% in Worcester — 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 87/100 on livability (#9 in MA, #312 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: schools C-, cost of living D.
• Worcester (urban): math 17% / reading 30% proficiency, ranked #280 of 302 in MA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.2%/yr); 61 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $6,914/mo this rent would consume 113% of the median local household income ($74k/yr) (locally 2232% 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 $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($640k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y 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 $274k; list at $650k implies a 137% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $640,151 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 8.53%
• Cash-on-cash: 8.00%
• DSCR: 1.36
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $657,476
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Vale St	0.05mi	9/3.0 (+1)	3,333 (+7%)	8mo	$600,000	$180	72
70 Vale St	0.17mi	9/3.0 (+1)	3,480 (+12%)	1mo	$735,000	$211	65
17 Plantation St	0.27mi	7/3.0 (-1)	3,339 (+7%)	7mo	$650,000	$195	63
86 Arthur St	0.18mi	9/3.5 (+1)	3,372 (+8%)	16mo	$680,000	$202	59
5 Winthrop St	0.44mi	9/3.0 (+1)	2,916 (-6%)	8mo	$835,000	$286	55
103 Hamilton St	0.45mi	9/3.0 (+1)	3,275 (+5%)	13mo	$710,000	$217	53
15 Groton Pl	0.46mi	8/4.0	2,962 (-5%)	20mo	$699,990	$236	52
18 Worth St	0.67mi	9/3.0 (+1)	3,006 (-4%)	16mo	$325,000	$108	43
10 Lamartine St	0.64mi	9/3.0 (+1)	3,369 (+8%)	9mo	$780,000	$232	42
17 H Ward St	0.52mi	7/4.0 (-1)	3,388 (+9%)	14mo	$840,000	$248	42
21 Puritan Ave	0.48mi	9/3.0 (+1)	3,357 (+8%)	21mo	$655,000	$195	41
194 Hamilton St	0.68mi	8/4.0	3,516 (+13%)	13mo	$707,000	$201	34

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 · 2.17% rent growth · sell at horizon

5-year hold

• IRR: -5.0%
• Equity multiple: 0.81×
• Total profit: $-33,829
• Equity at exit: $96,902

10-year hold

• IRR: 3.7%
• Equity multiple: 1.26×
• Total profit: $46,728
• Equity at exit: $56,191

Cash invested: $181,972 (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 01604

• Home prices YoY: -26.9%
• Rents YoY: 2.2%
• Active inventory: 61
• Price-to-rent: 23.5×

Monthly cashflow live

• Estimated rent: $6,914 high
• Mortgage (P&I): −$3,408
• Tax from tax record: −$570 /mo · $6,842/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,452
• Net cashflow: $1,213

Break-even live

Break-even rent $5,379

Max offer price $649,900

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$6,915
Total (3 units)			$6,914

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $649,900 Active 22 DOM
2. 2026-06-17
   days on market $649,900 Active 21 DOM
3. 2026-06-16
   days on market $649,900 Active 20 DOM
4. 2026-06-15
   days on market $649,900 Active 19 DOM
5. 2026-06-14
   days on market $649,900 Active 17 DOM
6. 2026-06-10
   days on market $649,900 Active 14 DOM
7. 2026-06-09
   days on market $649,900 Active 13 DOM
8. 2026-06-08
   days on market $649,900 Active 12 DOM
9. 2026-06-07
   days on market $649,900 Active 11 DOM
10. 2026-06-05
    days on market $649,900 Active 8 DOM
11. 2026-06-03
    days on market $649,900 Active 7 DOM
12. 2026-06-02
    days on market $649,900 Active 6 DOM
13. 2026-06-01
    days on market $649,900 Active 5 DOM
14. 2026-05-31
    statusdays on market $649,900 Active 4 DOM
15. 2026-05-31
    days on market $649,900 New 3 DOM
16. 2026-05-27
    listed $649,900 New
17. 2019-05-01
    soldstatus $274,000 Sold 804-char remark

    Show marketing remark (804 chars)

    HIGHEST AND BEST DUE MONDAY 3/11 AT 5PM! Investors, take notice!! This fully rented three family building off of Grafton St in Worcester is just waiting for its new owner. Great highway access and convenient to downtown Worcester. Three bedrooms in first and second floor, 2 bedrooms on the third floor; Separate utilities for all units and a landlord meter. Garage parking for 1 car plus off street parking for 2 additional cars. This property has been well maintained with updates including new furnace for the first floor installed in 2017. The roof is 10 years old. The siding of the property and gutters were done in 2007 and replacement windows in 2002. The heater in the third floor living room is about 10 years old. The rugs on the third floor were installed 2.5 years ago. Great opportunity!!

18. 2019-03-12
    status Under Agreement 804-char remark

    Show marketing remark (804 chars)

    HIGHEST AND BEST DUE MONDAY 3/11 AT 5PM! Investors, take notice!! This fully rented three family building off of Grafton St in Worcester is just waiting for its new owner. Great highway access and convenient to downtown Worcester. Three bedrooms in first and second floor, 2 bedrooms on the third floor; Separate utilities for all units and a landlord meter. Garage parking for 1 car plus off street parking for 2 additional cars. This property has been well maintained with updates including new furnace for the first floor installed in 2017. The roof is 10 years old. The siding of the property and gutters were done in 2007 and replacement windows in 2002. The heater in the third floor living room is about 10 years old. The rugs on the third floor were installed 2.5 years ago. Great opportunity!!

19. 2019-03-06
    listed $274,900 New 804-char remark

    Show marketing remark (804 chars)

    HIGHEST AND BEST DUE MONDAY 3/11 AT 5PM! Investors, take notice!! This fully rented three family building off of Grafton St in Worcester is just waiting for its new owner. Great highway access and convenient to downtown Worcester. Three bedrooms in first and second floor, 2 bedrooms on the third floor; Separate utilities for all units and a landlord meter. Garage parking for 1 car plus off street parking for 2 additional cars. This property has been well maintained with updates including new furnace for the first floor installed in 2017. The roof is 10 years old. The siding of the property and gutters were done in 2007 and replacement windows in 2002. The heater in the third floor living room is about 10 years old. The rugs on the third floor were installed 2.5 years ago. Great opportunity!!

20. 2001-08-28
    soldstatus $135,000 169-char remark

    Show marketing remark (169 chars)

    HOUSE NEEDS EXTERIOR WORK. SOME NEW WINDOWS. ROOF IS 1 YEAR 1ST FLOOR HAS NEW FURNACES,NEW CARPETING AND 1 1/2 BATHS, BOTH NEW. 1 CAR GARAGE MAYBE 2 GREAT OWNER OCCUPIED

21. 2001-08-28
    soldstatus $135,000

    Show marketing remark (169 chars)

    HOUSE NEEDS EXTERIOR WORK. SOME NEW WINDOWS. ROOF IS 1 YEAR 1ST FLOOR HAS NEW FURNACES,NEW CARPETING AND 1 1/2 BATHS, BOTH NEW. 1 CAR GARAGE MAYBE 2 GREAT OWNER OCCUPIED

22. 2001-05-15
    listed $135,000 169-char remark

    Show marketing remark (169 chars)

    HOUSE NEEDS EXTERIOR WORK. SOME NEW WINDOWS. ROOF IS 1 YEAR 1ST FLOOR HAS NEW FURNACES,NEW CARPETING AND 1 1/2 BATHS, BOTH NEW. 1 CAR GARAGE MAYBE 2 GREAT OWNER OCCUPIED

23. 1985-08-21
    soldstatus $105,000

ⓘ 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: $6,842 · $570/mo
• Projected year-2 tax: $7,418 · $618/mo
• Expected delta: +$576/yr (+$48/mo · 8.4%)

ⓘ 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 4/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $82,968
• − Mortgage interest: −$36,405
• − Property taxes: −$6,842
• − Insurance: −$3,250
• − Repairs & maintenance: −$6,637
• − Management: −$6,637
• − Depreciation: −$18,906
• Taxable income: $4,291
• Est. tax owed @ 24.0%: −$1,030
• After-tax cash flow: $13,526/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: Worcester
• NCES district ID: 2513230
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 30% ▼ -8.00%
• Median HH income: $45,063
• Composite: 20.3/100
• National rank: #8615
• State rank: #280 of 302 in MA

Livability — Worcester

• Score: 87/100
• State rank: #9
• US rank: #312

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Worcester, MA
• County: Worcester County · 487,911 people
• City population: 207,324
• Metro: Worcester, MA-CT
• Population (ZIP): 39,812
• Household income: $73,505
• Rent vs Own: 55.9% rent · 44.1% own
• Severe rent burden: 2232.0

Population outlook (Worcester County) Hauer SSP2

• Today (2025): 850,858 people
• By 2030: 860,403 · +1.1%
• By 2040: 869,902 · +2.2%
• By 2050: 869,110 · +2.1%
• By 2075: 870,120 · +2.3%
• By 2100: 829,703 · -2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 51% Hispanic / Latino 19% Black 14% Two or more races 12% Asian 7%
• Hispanic origin (detail): Puerto Rican 10% Dominican 3%
• Common ancestry: Lithuanian 6% Estonian 6% Romanian 4%
• Foreign-born: 27% · Canada, Vietnam, China
• Languages at home: 62% English-only · Spanish 13% Other Indo-European 10% Vietnamese 3%

Political lean MEDSL · Worcester

• 2024 margin: D (+10.0) · D 53.9% · R 43.9% · Other 2.2%
• 2008→2024 swing: -3.8pp toward R · 2008: 13.8pp · 2024: 10.0pp
• All cycles: 2024: D+10.0 2020: D+17.8 2016: D+10.5 2012: D+9.2 2008: D+13.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.38%
• Current HPI: 295.03
• Rent YoY: ▲ 2.17%
• Metro: Worcester, MA-CT
• 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

+519.0% since first listed

8 events — show timeline

• 2026-05-27 Listed $649,900 MLS PIN
• 2019-05-01 Sold (MLS) $274,000 MLS PIN
• 2019-03-12 Pending — MLS PIN
• 2019-03-06 Listed $274,900 MLS PIN
• 2001-08-28 Sold (Public Records) $135,000 Public Records
• 2001-08-28 Sold (MLS) $135,000 MLS PIN
• 2001-05-15 Listed $135,000 MLS PIN
• 1985-08-21 Sold (Public Records) $105,000 Public Records

Property tax history

+7.5%/yr

Latest (2023): $6,842 · +10.4% YoY. Source: county tax records.