827-831 Armory St · Springfield, MA 01107

$430,000

15 bd · 9.0 ba · 2,860 sqft · MultiFamily · 37 Days on market

Built 1904 Fair condition 8,847 sqft lot $150/sqft · 15% above area Est $375k · 15% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• ARV discount +0.9/15.0
• 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

Buyer to verify the zoning and usage of this multi-unit building.Possible owner fianacing available!Unit#827 has a KT/LR combo,1 BR,1 BA 1st floor and#829 is a 4rm,2BR,1BA 2nd floor.#831 is an attached 1 level unit(formerly a store)converted to a modern 4rm,2BR,1 BA apt.with all CT flrs!This home offers vinyl+alumn siding,replacement windows,economical gas HT + HWT's,all separate utilities and other updates.All this is located on an oversized lot with garage.

Key facts

• Separate utilities
• Off street parking
• Use of garage

Tags

• SEPARATE UTILITIES
• OFF STREET PARKING
• IN UNIT LAUNDRY
• BACKYARD AREA
• BACKYARD DECK
• USE OF GARAGE

Property features AI

Finance

• Other: Unit 829 washer and dryer belong to the tenant
• HOA & community: Community near public transportation, shopping, tennis courts, parks, medical facilities, and highway access; Not a senior community

Exterior

• Parking: Detached garage with 1 garage space; 1 covered parking space; 4 off-street open parking spaces (5 total parking spaces)
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: 3-family property; 3 stories
• Construction: Frame construction; Brick/mortar foundation; Shingle and rubber roof; Approximately built (year from public records)
• Exterior features: Corner lot; Paved road access; Deck; Gazebo

Interior

• Kitchen: Range; Refrigerator; Microwave
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heating; Natural gas heating; 3 heating units
• Interior features: Total of 12 rooms; Living room; Dining room; Kitchen; Bathroom with tub; Laundry room
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $430k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $624/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $430k).
• Recommended offer: $417k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 5.1% in Springfield — 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 73/100 on livability (#97 in MA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, amenities A; Watch: schools D, crime F, employment D-.
• Springfield (urban): math 13% / reading 25% proficiency, ranked #296 of 302 in MA (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 4 active listings in the ZIP; 453 units permitted in Hampden County in 2024 (116 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Hampden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $120k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($417k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $118k; list at $430k implies a 266% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $417,100 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.43% ✓
• Cap rate: 11.51%
• Cash-on-cash: 18.65%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (median comp): $374,879
• List price: $430,000
• Delta: 14.70%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 10.4%
• Equity multiple: 1.41×
• Total profit: $49,583
• Equity at exit: $64,114

10-year hold

• IRR: 19.5%
• Equity multiple: 2.64×
• Total profit: $197,001
• Equity at exit: $37,179

Cash invested: $120,400 (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 01107

• Home prices YoY: -19.0%
• Active inventory: 4
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $6,130 medium
• Mortgage (P&I): −$2,255
• Tax est. 1.5%: −$538 /mo · $6,450/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,287
• Net cashflow: $1,871

Break-even live

Break-even rent $3,762

Max offer price $430,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$6,129
Total (3 units)			$6,130

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: $107,500
• Closing costs: $12,900
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $430,000 Active 37 DOM
2. 2026-06-17
   days on market $430,000 Active 36 DOM
3. 2026-06-16
   days on market $430,000 Active 35 DOM
4. 2026-06-15
   days on market $430,000 Active 34 DOM
5. 2026-06-14
   days on market $430,000 Active 32 DOM
6. 2026-06-13
   days on market $430,000 Active 31 DOM
7. 2026-06-10
   days on market $430,000 Active 29 DOM
8. 2026-06-09
   days on market $430,000 Active 28 DOM
9. 2026-06-08
   days on market $430,000 Active 27 DOM
10. 2026-06-07
    days on market $430,000 Active 26 DOM
11. 2026-06-05
    days on market $430,000 Active 23 DOM
12. 2026-06-03
    days on market $430,000 Active 22 DOM
13. 2026-06-02
    days on market $430,000 Active 21 DOM
14. 2026-06-01
    days on market $430,000 Active 20 DOM
15. 2026-05-31
    days on market $430,000 Active 19 DOM
16. 2026-05-30
    statusdays on market $430,000 Active 18 DOM
17. 2026-05-12
    listed $430,000 New 877-char remark
18. 2014-02-08
    soldstatus $117,500 465-char remark

    Show marketing remark (465 chars)

    Buyer to verify the zoning and usage of this multi-unit building.Possible owner fianacing available!Unit#827 has a KT/LR combo,1 BR,1 BA 1st floor and#829 is a 4rm,2BR,1BA 2nd floor.#831 is an attached 1 level unit(formerly a store)converted to a modern 4rm,2BR,1 BA apt.with all CT flrs!This home offers vinyl+alumn siding,replacement windows,economical gas HT + HWT's,all separate utilities and other updates.All this is located on an oversized lot with garage.

19. 2013-09-26
    listed $119,900 465-char remark

    Show marketing remark (465 chars)

    Buyer to verify the zoning and usage of this multi-unit building.Possible owner fianacing available!Unit#827 has a KT/LR combo,1 BR,1 BA 1st floor and#829 is a 4rm,2BR,1BA 2nd floor.#831 is an attached 1 level unit(formerly a store)converted to a modern 4rm,2BR,1 BA apt.with all CT flrs!This home offers vinyl+alumn siding,replacement windows,economical gas HT + HWT's,all separate utilities and other updates.All this is located on an oversized lot with garage.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $73,560
• − Mortgage interest: −$24,087
• − Property taxes: −$6,450
• − Insurance: −$2,150
• − Repairs & maintenance: −$5,885
• − Management: −$5,885
• − Depreciation: −$12,509
• Taxable income: $16,595
• Est. tax owed @ 24.0%: −$3,983
• After-tax cash flow: $18,470/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and increase its value. The kitchen and bathrooms are in poor condition and need major repairs, while the exterior siding requires moderate maintenance.

Repairs flagged

• Major kitchen cabinets — outdated and worn
• Major bathroom fixtures — dated and cluttered
• Moderate exterior siding — weathered and some discoloration

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value
• Both bathroom updates — updating the bathrooms would increase both resale and rental value
• Both exterior painting — painting the exterior would improve curb appeal and increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · outdated and worn	Major	$15,000–50,000
bathroom fixtures · dated and cluttered	Major	$15,000–50,000
exterior siding · weathered and some discoloration	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$33,000–115,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value ↑
• Both bathroom updates — updating the bathrooms would increase both resale and rental value ↑
• Both exterior painting — painting the exterior would improve curb appeal and increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Springfield
• NCES district ID: 2511130
• Math proficiency: 13% ▼ -12.00%
• Reading proficiency: 25% ▼ -5.00%
• Median HH income: $34,938
• Composite: 15.6/100
• National rank: #9293
• State rank: #296 of 302 in MA

Livability — Springfield

• Score: 73/100
• State rank: #97
• US rank: #5195

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, MA
• City population: 61,006
• Population (ZIP): 12,270

Population outlook (Hampden County) Hauer SSP2

• Today (2025): 485,646 people
• By 2030: 491,517 · +1.2%
• By 2040: 500,539 · +3.1%
• By 2050: 508,827 · +4.8%
• By 2075: 539,167 · +11.0%
• By 2100: 545,698 · +12.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (81%)
• Race & ethnicity: Hispanic / Latino 81% Two or more races 32% White 11% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 62% Dominican 3%
• Common ancestry: Romanian 3% Lithuanian 3%
• Foreign-born: 10% · Canada, Jamaica, China
• Languages at home: 32% English-only · Spanish 66% Chinese 1%

Political lean MEDSL · Hampden

• 2024 margin: Lean D (+8.9) · D 53.4% · R 44.5% · Other 2.1%
• 2008→2024 swing: -16.4pp toward R · 2008: 25.3pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+17.7 2016: D+16.0 2012: D+25.4 2008: D+25.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.24%
• Current HPI: 291.2185
• Rent YoY: —
• Metro: —
• 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

+258.6% since first listed

5 events — show timeline

• 2026-05-27 Relisted — MLS PIN
• 2026-05-20 Contingent — MLS PIN
• 2026-05-12 Listed $430,000 MLS PIN
• 2014-02-08 Sold (MLS) $117,500 MLS PIN
• 2013-09-26 Listed $119,900 MLS PIN