22 Elm St #401 · Worcester, MA 01608

$235,500

2 bd · 2.0 ba · 1,467 sqft · Condo · 37 Days on market

Built 2026 Excellent condition $161/sqft · 18% below area Est $289k · 18% under $353/mo HOA · 15% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +10.1/30.0
• Appreciation +6.1/10.0
• 1% rule +4.9/10.0
• Condition / age +4.8/5.0
• Rent growth +4.5/5.0
• Livability +4.4/5.0
• DSCR +2.9/10.0
• Schools +2.0/10.0

Listing remarks

22 Elm is a residential development in Worcester consisting of 22 units. All 22 units will be sold to households earning at or below 80% AMI (Area Median Income) for the Worcester, MA HUD Metro FMR Area. 1HH $69,850, 2HH $79,800, 3HH $89,800, Asset Limit: $155,000. This exciting new condominium development in the heart of downtown is housed in a beautifully reimagined historic building. 22 brand-new condominiums including one, two, and three bedroom units and offers first-time homebuyers a rare opportunity to put down roots in this vibrant urban core. Residents enjoy premium amenities including an on-site elevator, included storage lockers, bike storage, a fitness center, and a community ro

Key facts

• Fitness center
• Premium amenities
• Historic building

Tags

• HISTORIC BUILDING
• PREMIUM AMENITIES
• ON-SITE ELEVATOR
• INCLUDED STORAGE LOCKERS
• BIKE STORAGE
• FITNESS CENTER

Property features AI

Finance

• Other: Not a senior community
• HOA & community: Monthly association fee of $353.12; HOA covers insurance, structure maintenance, grounds maintenance, snow removal, and reserve funds; Building amenities include elevator(s) and storage

Exterior

• Parking: Off-street parking (rented)
• Utilities: Public water; Public sewer
• Home design: Condominium (attached); Mid-rise building; Entry on level 4; Under construction (builder provided year built)
• Construction: 1 story; Approximately 1,467 total building area

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Total of 3 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $236k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-139 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $215k (8.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $233k (1.0% below list).
• Recommended offer: $215k (8.5% below list) — sets the bar for cash-flow.
• Cap rate 5.6% 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 fast (+7.8%/yr); 9 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $2,331/mo this rent would consume 61% of the median local household income ($46k/yr) (locally 623% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $7k of equity ($2k loan paydown + $5k appreciation (2.3% local appreciation)).
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.

Recommended offer $215,402 (8.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 0.99% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.53%
• DSCR: 0.89
• GRM: 8.4

CMA / ARV

• ARV (median comp): $288,754
• List price: $235,500
• Delta: -18.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.29% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 6.1%
• Equity multiple: 1.35×
• Total profit: $22,907
• Equity at exit: $96,666

10-year hold

• IRR: 12.4%
• Equity multiple: 2.93×
• Total profit: $127,187
• Equity at exit: $142,163

Cash invested: $65,940 (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 01608

• Home prices YoY: 0.7%
• Rents YoY: 7.8%
• Active inventory: 9
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,331 high
• Mortgage (P&I): −$1,235
• Tax est. 1.5%: −$294 /mo · $3,532/yr
• Insurance: −$98
• HOA: −$353
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $-139

Break-even live

Break-even rent $2,507

Max offer price $215,402

Occupancy floor —

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: $58,875
• Closing costs: $7,065
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Norwich St Unit 1 Worcester, MA	2.0	2.0	1280	$2,275	$1.78	23d	1	0.17mi
6 Chatham St Worcester, MA	2.0	1.0–2.0	943	$3,700	$3.92	43d	3	0.21mi
36 Cedar St Unit 2A Worcester, MA	2.0	2.0	1500	$2,300	$1.53	23d	1	0.25mi
36 Cedar St Unit 2 Worcester, MA	2.0	2.0	1500	$2,650	$1.77	43d	1	0.25mi
50 Franklin St Worcester, MA	3.0	1.0	690	$2,117	$3.07	14d	29	0.29mi
10 Cottage St Unit 1 Worcester, MA	3.0	1.0	1250	$2,500	$2.00	43d	1	0.32mi
230 Pleasant St Unit 2 Worcester, MA	3.0	1.0	1600	$2,150	$1.34	43d	1	0.32mi
600 Main St Worcester, MA	1.0–2.0	1.0	766	$1,951	$2.55	14d	17	0.33mi
17 Wachusett St Unit 3 Worcester, MA	3.0	1.0	1120	$2,150	$1.92	23d	1	0.34mi
17 Congress St Unit 2 Worcester, MA	3.0	1.0	1100	$1,849	$1.68	14d	1	0.37mi
23 Lancaster St Worcester, MA	3.0	1.5	1768	$2,800	$1.58	14d	1	0.39mi
145 Front St Worcester, MA	2.0	1.0–2.0	785	$3,156	$4.02	14d	15	0.41mi
2 Main St Worcester, MA	3.0	1.0–2.5	2046	$3,531	$1.73	23d	6	0.43mi
5 Madison St Worcester, MA	2.0	1.0–2.0	811	$3,720	$4.59	23d	1	0.43mi
1 Pelham St Unit B Worcester, MA	3.0	3.0	1656	$2,895	$1.75	43d	1	0.50mi
21 Sycamore St Unit 7 Worcester, MA	3.0	1.0	875	$1,725	$1.97	43d	1	0.53mi
36 Roxbury St Unit 1 Worcester, MA	3.0	1.5	1100	$2,450	$2.23	19d	1	0.53mi
70 Russell St Apt 6 Worcester, MA	3.0	1.0	950	$2,300	$2.42	23d	1	0.55mi
24 Somerset St Unit 2 Worcester, MA	2.0	1.0	1440	$1,900	$1.32	43d	1	0.56mi
85 Green St Worcester, MA	2.0	1.0–2.0	719	$4,400	$6.12	14d	22	0.57mi
17 Hermon St Worcester, MA	2.0	1.0–2.0	752	$2,800	$3.72	21d	11	0.57mi
22 Mount Carmel Way Worcester, MA	1.0–3.0	1.0–2.0	1000	$2,826	$2.83	14d	31	0.58mi
8 Grafton St Worcester, MA	2.0	1.0–2.5	955	$3,350	$3.51	14d	46	0.59mi
47 Piedmont St #2 Worcester, MA	3.0	1.0	1300	$2,100	$1.62	43d	1	0.60mi
47 Piedmont St Unit 1 Worcester, MA	3.0	1.0	1300	$2,200	$1.69	43d	1	0.60mi
136 Russell St Unit 1A Worcester, MA	1.0	1.0	1061	$2,650	$2.50	43d	1	0.61mi
21 Salisbury St Worcester, MA	1.0–3.0	1.0–2.0	935	$3,194	$3.41	43d	1	0.61mi
23 Bellevue St Apt 1 Worcester, MA	3.0	1.0	1100	$2,400	$2.18	23d	1	0.65mi
23 Bellevue St Unit 2 Worcester, MA	3.0	1.0	1100	$2,450	$2.23	23d	1	0.65mi
27 Shelby St Apt 3 Worcester, MA	2.0	1.0	1000	$2,000	$2.00	43d	1	0.66mi
27 Shelby St Apt 1 Worcester, MA	3.0	1.0	1400	$2,500	$1.79	21d	1	0.66mi
1 Green Island Blvd Worcester, MA	3.0	1.0–2.0	904	$3,112	$3.44	14d	27	0.67mi
80 Salisbury St #806 Worcester, MA	2.0	2.0	1064	$2,750	$2.58	43d	1	0.68mi
48 Water St #418 Worcester, MA	1.0	2.0	1300	$2,500	$1.92	23d	1	0.68mi
30 Elliot St Unit 3 Worcester, MA	3.0	1.0	1478	$2,000	$1.35	23d	1	0.69mi
62 Elliot St Unit 2 Worcester, MA	2.0	1.0	1038	$2,000	$1.93	43d	1	0.78mi
11 Shamrock St Apt 1 Worcester, MA	3.0	1.0	1100	$2,100	$1.91	43d	1	0.79mi
12 E Shelby St Unit 2 Worcester, MA	3.0	1.0	1000	$2,300	$2.30	14d	1	0.80mi
2 Benefit St Unit 2 Worcester, MA	2.0	1.0	900	$1,850	$2.06	43d	1	0.80mi
23 Millbury St Unit 25 Worcester, MA	3.0	1.0	1225	$1,895	$1.55	43d	1	0.82mi

HOA detail condo

• Monthly dues: $353 · $4,236/yr
• Likely covers: gym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $235,500 Active 37 DOM
2. 2026-06-17
   days on market $235,500 Active 36 DOM
3. 2026-06-16
   days on market $235,500 Active 35 DOM
4. 2026-06-15
   days on market $235,500 Active 34 DOM
5. 2026-06-14
   days on market $235,500 Active 32 DOM
6. 2026-06-10
   days on market $235,500 Active 29 DOM
7. 2026-06-09
   days on market $235,500 Active 28 DOM
8. 2026-06-08
   days on market $235,500 Active 27 DOM
9. 2026-06-07
   days on market $235,500 Active 26 DOM
10. 2026-06-05
    days on market $235,500 Active 23 DOM
11. 2026-06-03
    days on market $235,500 Active 22 DOM
12. 2026-06-02
    days on market $235,500 Active 21 DOM
13. 2026-06-01
    days on market $235,500 Active 20 DOM
14. 2026-05-31
    days on market $235,500 Active 19 DOM
15. 2026-05-31
    days on market $235,500 Active 18 DOM
16. 2026-05-12
    listed $235,500 New 937-char remark

ⓘ 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

• 🌡 Heat 4/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,974
• − Mortgage interest: −$13,192
• − Property taxes: −$3,532
• − Insurance: −$1,178
• − Repairs & maintenance: −$2,238
• − Management: −$2,238
• − HOA: −$4,236
• − Depreciation: −$6,851
• Taxable loss: −$5,491
• Est. tax savings @ 24.0%: +$1,318
• After-tax cash flow: $-349/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 · 1 photo

Excellent 95/100 None rehab

This beautifully reimagined historic townhouse is in excellent condition with no visible repairs needed. It offers a premium urban living experience with first-class amenities and is ready for immediate occupancy.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Interior paint touch-ups — Maintains a fresh and inviting appearance
• Both Window treatments — Improves privacy and aesthetic appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Interior paint touch-ups — Maintains a fresh and inviting appearance ↑
• Both Window treatments — Improves privacy and aesthetic 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: 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): 4,932
• Household income: $45,687
• Rent vs Own: 94.0% rent · 6.0% own
• Severe rent burden: 623.0

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: Hispanic / Latino 48% White 26% Two or more races 22% Black 11% Asian 8% Native American 7%
• Hispanic origin (detail): Puerto Rican 31% Dominican 12%
• Common ancestry: Lithuanian 3% Romanian 2% Hispanic 1%
• Foreign-born: 28% · Canada, China, Vietnam
• Languages at home: 46% English-only · Spanish 36% Chinese 3% French/Haitian/Cajun 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: ▲ 2.29%
• Current HPI: 341.6785
• Rent YoY: ▲ 7.80%
• 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

1 event — show timeline

• 2026-05-12 Listed $235,500 MLS PIN