38 Byers St · Springfield, MA 01105

$439,000

7 bd · 3.0 ba · 4,266 sqft · MultiFamily public records · 71 Days on market

Built 1899 3,550 sqft lot $103/sqft · 9% below area Est $328k · 34% 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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Appreciation +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 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

Beautiful Springfield Metro Center Three family (With a gutted fourth unit) Legally a four family. This magnificent beauty boasts high ceilings with large windows that allow a ton of natural sunlight. renovated units with Stainless Steel appliances and Granite Countertops.One unit is leased. Unit's #1 and #2 have Three Bedrooms, One Bathrooms. Units #3 is gutted open space and Unit#1B is a Two Bed. This property is situated Minutes from the Union Station. Moments to MGM Springfield and Minutes from Downtown Springfield.

Key facts

• Large windows
• Renovated units
• High ceilings

Tags

• HIGH CEILINGS
• LARGE WINDOWS
• RENOVATED UNITS
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• MINUTES FROM THE UNION STATION

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $439k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $481/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $439k).
• Recommended offer: $413k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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: 18 active listings in the ZIP; 453 units permitted in Hampden County in 2024 (116 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($3k loan paydown + $5k appreciation (1.1% local appreciation)).
• Hampden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $123k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($413k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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 $136k; list at $439k implies a 223% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $412,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% 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 1899 — 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. 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: 1.25% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.09%
• DSCR: 1.63
• GRM: 6.7

CMA / ARV

• ARV (median comp): $327,647
• List price: $439,000
• Delta: 33.99%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Terrence St	0.69mi	8/2.0 (+1)	3,753 (-12%)	22mo	$400,000	$107	20

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

Projected returns pro-forma

1.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.2%
• Equity multiple: 1.83×
• Total profit: $101,808
• Equity at exit: $151,691

10-year hold

• IRR: 19.5%
• Equity multiple: 3.37×
• Total profit: $291,486
• Equity at exit: $203,002

Cash invested: $122,920 (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 01105

• Home prices YoY: 0.3%
• Active inventory: 18
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $5,468 high
• Mortgage (P&I): −$2,302
• Tax from tax record: −$392 /mo · $4,701/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,148
• Net cashflow: $1,443

Break-even live

Break-even rent $3,642

Max offer price $439,000

Occupancy floor 69%

Sensitivity live

Price	-10% $1,691	-5% $1,567	+0% $1,443	+5% $1,319	+10% $1,194
Rent	-10% $1,011	-5% $1,227	+0% $1,443	+5% $1,659	+10% $1,875
Rate	-1.0pp $1,664	-0.5pp $1,555	base $1,443	+0.5pp $1,329	+1.0pp $1,213

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,469
Total (3 units)			$5,468

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: $109,750
• Closing costs: $13,170
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $439,000 Active 71 DOM
2. 2026-06-17
   days on market $439,000 Active 70 DOM
3. 2026-06-16
   days on market $439,000 Active 69 DOM
4. 2026-06-15
   days on market $439,000 Active 68 DOM
5. 2026-06-14
   days on market $439,000 Active 66 DOM
6. 2026-06-13
   days on market $439,000 Active 65 DOM
7. 2026-06-10
   days on market $439,000 Active 63 DOM
8. 2026-06-09
   days on market $439,000 Active 62 DOM
9. 2026-06-08
   days on market $439,000 Active 61 DOM
10. 2026-06-07
    days on market $439,000 Active 60 DOM
11. 2026-06-05
    days on market $439,000 Active 57 DOM
12. 2026-06-03
    days on market $439,000 Active 56 DOM
13. 2026-06-02
    days on market $439,000 Active 55 DOM
14. 2026-06-01
    days on market $439,000 Active 54 DOM
15. 2026-05-31
    days on market $439,000 Active 53 DOM
16. 2026-05-30
    days on market $439,000 Active 52 DOM
17. 2026-04-13
    status Back On Market 526-char remark

    Show marketing remark (526 chars)

    Beautiful Springfield Metro Center Three family (With a gutted fourth unit) Legally a four family. This magnificent beauty boasts high ceilings with large windows that allow a ton of natural sunlight. renovated units with Stainless Steel appliances and Granite Countertops.One unit is leased. Unit's #1 and #2 have Three Bedrooms, One Bathrooms. Units #3 is gutted open space and Unit#1B is a Two Bed. This property is situated Minutes from the Union Station. Moments to MGM Springfield and Minutes from Downtown Springfield.

18. 2026-04-01
    status Under Agreement 526-char remark

    Show marketing remark (526 chars)

    Beautiful Springfield Metro Center Three family (With a gutted fourth unit) Legally a four family. This magnificent beauty boasts high ceilings with large windows that allow a ton of natural sunlight. renovated units with Stainless Steel appliances and Granite Countertops.One unit is leased. Unit's #1 and #2 have Three Bedrooms, One Bathrooms. Units #3 is gutted open space and Unit#1B is a Two Bed. This property is situated Minutes from the Union Station. Moments to MGM Springfield and Minutes from Downtown Springfield.

19. 2026-03-27
    listed $439,000 New 526-char remark

    Show marketing remark (526 chars)

    Beautiful Springfield Metro Center Three family (With a gutted fourth unit) Legally a four family. This magnificent beauty boasts high ceilings with large windows that allow a ton of natural sunlight. renovated units with Stainless Steel appliances and Granite Countertops.One unit is leased. Unit's #1 and #2 have Three Bedrooms, One Bathrooms. Units #3 is gutted open space and Unit#1B is a Two Bed. This property is situated Minutes from the Union Station. Moments to MGM Springfield and Minutes from Downtown Springfield.

20. 2019-01-28
    soldstatus $136,000 279-char remark

    Show marketing remark (279 chars)

    Brick four family centrally located in downtown Springfield has replacement windows and all the units have their own utilities. Needs some TLC but great income potential and being sold "as-is". Seller is looking for back up offers and please schedule your showing today

21. 2018-05-20
    listed $159,900 279-char remark

    Show marketing remark (279 chars)

    Brick four family centrally located in downtown Springfield has replacement windows and all the units have their own utilities. Needs some TLC but great income potential and being sold "as-is". Seller is looking for back up offers and please schedule your showing today

22. 2003-03-28
    soldstatus $78,500
23. 2003-03-24
    soldstatus $81,370
24. 2003-02-18
    listed $84,900
25. 1985-10-20
    soldstatus $95,000

ⓘ 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: $4,701 · $392/mo
• Projected year-2 tax: $5,050 · $421/mo
• Expected delta: +$349/yr (+$29/mo · 7.4%)

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

Taxation est. · year 1

• Rental income: $65,616
• − Mortgage interest: −$24,591
• − Property taxes: −$4,701
• − Insurance: −$2,195
• − Repairs & maintenance: −$5,249
• − Management: −$5,249
• − Depreciation: −$12,771
• Taxable income: $10,860
• Est. tax owed @ 24.0%: −$2,606
• After-tax cash flow: $14,708/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: 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): 11,469

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 (74%)
• Race & ethnicity: Hispanic / Latino 74% Two or more races 37% Black 14% White 10%
• Hispanic origin (detail): Puerto Rican 63% Dominican 5%
• Common ancestry: Lithuanian 1% Romanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 44% English-only · Spanish 53% Other Indo-European 2% French/Haitian/Cajun 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: ▲ 1.08%
• Current HPI: 322.6127
• 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

+362.1% since first listed

9 events — show timeline

• 2026-04-13 Relisted — MLS PIN
• 2026-04-01 Pending — MLS PIN
• 2026-03-27 Listed $439,000 MLS PIN
• 2019-01-28 Sold (MLS) $136,000 MLS PIN
• 2018-05-20 Listed $159,900 MLS PIN
• 2003-03-28 Sold (MLS) $78,500 MLS PIN
• 2003-03-24 Sold (Public Records) $81,370 Public Records
• 2003-02-18 Listed $84,900 MLS PIN
• 1985-10-20 Sold (Public Records) $95,000 Public Records

Property tax history

+6.9%/yr

Latest (2023): $4,701 · -8.2% YoY. Source: county tax records.