59-61 Conway St · Greenfield, MA 01301

$179,000

8 bd · 2.0 ba · 2,394 sqft · MultiFamily · 277 Days on market

Built 1910 Poor condition 3,955 sqft lot $75/sqft · 39% below area Est $291k · 39% under

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Why this score? — see what drove the B 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Schools +2.0/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Investors take notice! This is an excellent investment opportunity for someone who can restore this home. Located in downtown Greenfield, this spacious 2-family home features enclosed front and second floor front porches and two rear porches. The first floor unit has 4 bedrooms on the first floor and the second floor unit has 3 bedrooms. The property is equipped with efficient solar, gas heat and central air. The bulk of the electric is covered by the solar. Schedule your tour soon!

Key facts

• Downtown greenfield
• Two rear porches
• Efficient solar

Tags

• INVESTMENT OPPORTUNITY
• DOWNTOWN GREENFIELD
• ENCLOSED FRONT PORCHES
• SECOND FLOOR FRONT PORCHES
• TWO REAR PORCHES
• EFFICIENT SOLAR

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $179k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $179k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.0% vs local median 5.0% in Greenfield — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Greenfield (town): math 15% / reading 32% proficiency, ranked #279 of 302 in MA (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 18 active listings in the ZIP; 89 units permitted in Franklin County in 2024 (22 in 5+ unit buildings).
• At $4,905/mo this rent would consume 105% of the median local household income ($56k/yr) (locally 1270% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Franklin County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 277 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $21k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 277 days. Have you received any prior offers? Is the seller open to a 12% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 2.74% ✓
• Cap rate: 23.98%
• Cash-on-cash: 63.16%
• DSCR: 3.81
• GRM: 3.0

CMA / ARV

• ARV (median comp): $291,271
• List price: $179,000
• Delta: -38.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
124 Davis St	0.25mi	7/4.0 (-1)	2,619 (+9%)	16mo	$225,000	$86	46

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 62.2%
• Equity multiple: 3.77×
• Total profit: $139,079
• Equity at exit: $26,689

10-year hold

• IRR: 66.7%
• Equity multiple: 7.74×
• Total profit: $337,749
• Equity at exit: $15,477

Cash invested: $50,120 (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 01301

• Home prices YoY: -24.0%
• Active inventory: 18
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $4,905 medium
• Mortgage (P&I): −$939
• Tax est. 1.5%: −$224 /mo · $2,685/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,030
• Net cashflow: $2,638

Break-even live

Break-even rent $1,566

Max offer price $179,000

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$4,904
Total (2 units)			$4,905

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $179,000 Active 277 DOM
2. 2026-06-17
   days on market $179,000 Active 276 DOM
3. 2026-06-16
   days on market $179,000 Active 275 DOM
4. 2026-06-15
   days on market $179,000 Active 274 DOM
5. 2026-06-14
   days on market $179,000 Active 272 DOM
6. 2026-06-13
   days on market $179,000 Active 271 DOM
7. 2026-06-10
   days on market $179,000 Active 269 DOM
8. 2026-06-09
   days on market $179,000 Active 268 DOM
9. 2026-06-08
   days on market $179,000 Active 267 DOM
10. 2026-06-07
    days on market $179,000 Active 266 DOM
11. 2026-06-03
    days on market $179,000 Active 262 DOM
12. 2026-06-02
    days on market $179,000 Active 261 DOM
13. 2026-06-01
    days on market $179,000 Active 260 DOM
14. 2026-05-31
    days on market $179,000 Active 259 DOM
15. 2026-05-30
    days on market $179,000 Active 258 DOM
16. 2026-05-04
    status Reactivated 489-char remark

    Show marketing remark (489 chars)

    Investors take notice! This is an excellent investment opportunity for someone who can restore this home. Located in downtown Greenfield, this spacious 2-family home features enclosed front and second floor front porches and two rear porches. The first floor unit has 4 bedrooms on the first floor and the second floor unit has 3 bedrooms. The property is equipped with efficient solar, gas heat and central air. The bulk of the electric is covered by the solar. Schedule your tour soon!

17. 2026-05-01
    historical 489-char remark

    Show marketing remark (489 chars)

    Investors take notice! This is an excellent investment opportunity for someone who can restore this home. Located in downtown Greenfield, this spacious 2-family home features enclosed front and second floor front porches and two rear porches. The first floor unit has 4 bedrooms on the first floor and the second floor unit has 3 bedrooms. The property is equipped with efficient solar, gas heat and central air. The bulk of the electric is covered by the solar. Schedule your tour soon!

18. 2026-04-01
    price $179,000 489-char remark

    Show marketing remark (489 chars)

    Investors take notice! This is an excellent investment opportunity for someone who can restore this home. Located in downtown Greenfield, this spacious 2-family home features enclosed front and second floor front porches and two rear porches. The first floor unit has 4 bedrooms on the first floor and the second floor unit has 3 bedrooms. The property is equipped with efficient solar, gas heat and central air. The bulk of the electric is covered by the solar. Schedule your tour soon!

19. 2026-04-01
    status Reactivated 489-char remark

    Show marketing remark (489 chars)

    Investors take notice! This is an excellent investment opportunity for someone who can restore this home. Located in downtown Greenfield, this spacious 2-family home features enclosed front and second floor front porches and two rear porches. The first floor unit has 4 bedrooms on the first floor and the second floor unit has 3 bedrooms. The property is equipped with efficient solar, gas heat and central air. The bulk of the electric is covered by the solar. Schedule your tour soon!

20. 2026-03-30
    historical 489-char remark

    Show marketing remark (489 chars)

    Investors take notice! This is an excellent investment opportunity for someone who can restore this home. Located in downtown Greenfield, this spacious 2-family home features enclosed front and second floor front porches and two rear porches. The first floor unit has 4 bedrooms on the first floor and the second floor unit has 3 bedrooms. The property is equipped with efficient solar, gas heat and central air. The bulk of the electric is covered by the solar. Schedule your tour soon!

21. 2026-02-06
    status Extended 489-char remark

    Show marketing remark (489 chars)

    Investors take notice! This is an excellent investment opportunity for someone who can restore this home. Located in downtown Greenfield, this spacious 2-family home features enclosed front and second floor front porches and two rear porches. The first floor unit has 4 bedrooms on the first floor and the second floor unit has 3 bedrooms. The property is equipped with efficient solar, gas heat and central air. The bulk of the electric is covered by the solar. Schedule your tour soon!

22. 2026-02-01
    historical 489-char remark

    Show marketing remark (489 chars)

    Investors take notice! This is an excellent investment opportunity for someone who can restore this home. Located in downtown Greenfield, this spacious 2-family home features enclosed front and second floor front porches and two rear porches. The first floor unit has 4 bedrooms on the first floor and the second floor unit has 3 bedrooms. The property is equipped with efficient solar, gas heat and central air. The bulk of the electric is covered by the solar. Schedule your tour soon!

23. 2025-10-24
    price $189,000 489-char remark

    Show marketing remark (489 chars)

    Investors take notice! This is an excellent investment opportunity for someone who can restore this home. Located in downtown Greenfield, this spacious 2-family home features enclosed front and second floor front porches and two rear porches. The first floor unit has 4 bedrooms on the first floor and the second floor unit has 3 bedrooms. The property is equipped with efficient solar, gas heat and central air. The bulk of the electric is covered by the solar. Schedule your tour soon!

24. 2025-09-04
    listed $200,000 New 489-char remark

    Show marketing remark (489 chars)

    Investors take notice! This is an excellent investment opportunity for someone who can restore this home. Located in downtown Greenfield, this spacious 2-family home features enclosed front and second floor front porches and two rear porches. The first floor unit has 4 bedrooms on the first floor and the second floor unit has 3 bedrooms. The property is equipped with efficient solar, gas heat and central air. The bulk of the electric is covered by the solar. Schedule your tour soon!

25. 2007-09-18
    soldstatus $145,000 312-char remark

    Show marketing remark (312 chars)

    Walk to town. Very spacious 2-family. Enc. front and 2nd fl. front porches. Two rear porches. 4 bedrooms on 1st fl. 3 bedrooms on 2nd fl. Super large dining rooms. All natural woodwork. Very attractive. Well cared for. Handicap ramp to 1st fl. apt. Owners have occupied apts, hence, no rental history.

26. 2006-02-08
    listed $149,900 312-char remark

    Show marketing remark (312 chars)

    Walk to town. Very spacious 2-family. Enc. front and 2nd fl. front porches. Two rear porches. 4 bedrooms on 1st fl. 3 bedrooms on 2nd fl. Super large dining rooms. All natural woodwork. Very attractive. Well cared for. Handicap ramp to 1st fl. apt. Owners have occupied apts, hence, no rental history.

ⓘ 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 6/10 Major FEMA zone X · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,860
• − Mortgage interest: −$10,027
• − Property taxes: −$2,685
• − Insurance: −$895
• − Repairs & maintenance: −$4,709
• − Management: −$4,709
• − Depreciation: −$5,207
• Taxable income: $30,628
• Est. tax owed @ 24.0%: −$7,351
• After-tax cash flow: $24,304/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 · 10 photos

Poor 20/100 Extensive rehab

This 2-family home requires extensive repairs and maintenance to improve its condition and increase its value.

Repairs flagged

• Major Exterior siding — Significant damage and overgrown lawn
• Major Electrical panel — Exposed and cluttered
• Major Flooring — Damaged and in poor condition
• Major HVAC unit — Exposed and in poor condition

Value-add opportunities

• Both Landscaping — Improves curb appeal and property value
• Both Exterior repairs — Enhances property value and rental appeal
• Both Interior repairs — Improves living conditions and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Significant damage and overgrown lawn	Major	$15,000–50,000
Electrical panel · Exposed and cluttered	Major	$15,000–50,000
Flooring · Damaged and in poor condition	Major	$15,000–50,000
HVAC unit · Exposed and in poor condition	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Landscaping — Improves curb appeal and property value ↑
• Both Exterior repairs — Enhances property value and rental appeal ↑
• Both Interior repairs — Improves living conditions and rental appeal ↑

ⓘ 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: Greenfield
• NCES district ID: 2505490
• Math proficiency: 15% ▼ -15.00%
• Reading proficiency: 32% ▼ -1.00%
• Median HH income: $46,910
• Composite: 20.45/100
• National rank: #8580
• State rank: #279 of 302 in MA

Livability — Greenfield

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Greenfield, MA
• County: Franklin County · 17,876 people
• City population: 17,876
• Metro: Springfield, MA
• Population (ZIP): 17,876
• Household income: $56,176
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 1270.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 68,566 people
• By 2030: 66,543 · -3.0%
• By 2040: 60,766 · -11.4%
• By 2050: 54,971 · -19.8%
• By 2075: 42,642 · -37.8%
• By 2100: 31,861 · -53.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 4% Black 2% Asian 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Lithuanian 9% Romanian 7% Slovak 2%
• Foreign-born: 6% · Canada, China, Jamaica
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Franklin

• 2024 margin: Solid D (+37.8) · D 67.3% · R 29.6% · Other 3.1%
• 2008→2024 swing: -9.9pp toward R · 2008: 47.7pp · 2024: 37.8pp
• All cycles: 2024: D+37.8 2020: D+44.4 2016: D+37.0 2012: D+47.0 2008: D+47.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.80%
• Current HPI: 272.1354
• Rent YoY: —
• Metro: Springfield, 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

+19.4% since first listed

11 events — show timeline

• 2026-05-04 Relisted — MLS PIN
• 2026-05-01 Listing Removed — MLS PIN
• 2026-04-01 Price Changed $179,000 MLS PIN
• 2026-04-01 Relisted — MLS PIN
• 2026-03-30 Listing Removed — MLS PIN
• 2026-02-06 Relisted — MLS PIN
• 2026-02-01 Listing Removed — MLS PIN
• 2025-10-24 Price Changed $189,000 MLS PIN
• 2025-09-04 Listed $200,000 MLS PIN
• 2007-09-18 Sold (MLS) $145,000 MLS PIN
• 2006-02-08 Listed $149,900 MLS PIN