115 Mill St · New Bedford, MA 02740

$675,000

4 bd · 3.5 ba · 3,427 sqft · MultiFamily public records · 38 Days on market

Built 1900 4,700 sqft lot $197/sqft · 18% above area Est $550k · 23% 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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +7.2/10.0
• Rent growth +5.0/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• 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

$20,900 PRICE REDUCTION by MOTIVATED SELLER. Built as a Colonial, converted to a 3 family maintains original charm and elegance with a beautiful spacious first floor has approximately 2,125 SFof living space including part of 2nd floor with 2 spacious bedrooms and full bathroom. The 2nd apartment has kitchen, living room and one good size bedroom, gleaming hardwood floors, in move in condition. The 3rd floor is spacious comfortable attic apartment with high ceilings w one bedroom, HWD oak floors. The roof is recent and some replacement vinyl windows There are 3 newer heating systems and separate electric and gas meters. Driveway parking for 3 cars and private backyard. The property is in good condition in and out. This property is within walking distance to the MBTA train station located in the North Bedford Historic District

Key facts

• Vinyl windows
• Private backyard
• Updated roof

Tags

• THREE FAMILY PROPERTY
• IN UNIT LAUNDRY CONNECTION
• PRIVATE BACKYARD
• NEWER HEATING SYSTEMS
• UPDATED ROOF
• VINYL WINDOWS

Property features AI

Finance

• Financial info: Multifamily investment property (3 units) with leased units
• HOA & community: Community amenities include public transportation, shopping, tennis courts, parks, golf, medical facility, laundromat, highway access, houses of worship, and schools

Exterior

• Parking: Paved driveway with off-street parking; 3 open parking spaces (3 total spaces)
• Utilities: Public water; Public sewer; 200+ amp electric service with circuit breakers
• Home design: 3-family property; 4 total stories
• Construction: Frame construction; Shingle roof; Granite foundation; Built (year per public records)
• Exterior features: Fenced lot; Stone wall; Cleared, level lot; City views; Public road frontage

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bedrooms: Bedrooms located across multiple units (multifamily layout)
• Flooring: Wood; Hardwood; Stone/ceramic tile; Varied flooring types
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Baseboard heating; Individual unit controls
• Interior features: Crown molding; Bathroom with tub & shower; Living room; Dining room; Kitchen; Living room / dining room combo; Mudroom; Skylights; Total of 13 rooms; Full basement
• Laundry & utility: Unit-controlled heating (see Heating & Cooling); Utilities available for gas range

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.5-bath units multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $734/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $675k).
• Recommended offer: $655k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 3.8% in New Bedford — 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 67/100 on livability (#155 in MA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing B+; Watch: cost of living C-, employment D, amenities F.
• New Bedford (suburban): math 17% / reading 28% proficiency, ranked #287 of 302 in MA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sgt Wm H Carney Academy (math 18% / reading 34%, grade F, #711 of 938 statewide, top 76%, 611 students, 0% FRL); Keith Middle School (math 16% / reading 25%, grade F, #252 of 305 statewide, top 83%, 870 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+10.8%/yr); 60 active listings in the ZIP; 760 units permitted in Bristol County in 2024 (142 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Bristol County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $189k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($655k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $530k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $654,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.22% ✓
• Cap rate: 10.21%
• Cash-on-cash: 13.98%
• DSCR: 1.62
• GRM: 6.9

CMA / ARV

• ARV (median comp): $550,444
• List price: $675,000
• Delta: 22.63%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
65 Chestnut St	0.16mi	4/2.0	3,072 (-10%)	15mo	$565,000	$184	57
126 Park St	0.46mi	4/2.0	3,720 (+8%)	7mo	$435,000	$117	52
221-223 Walnut St	0.49mi	4/5.0	3,748 (+9%)	18mo	$540,000	$144	41
99 Florence St	0.70mi	4/2.5	3,592 (+5%)	18mo	$420,000	$117	40
295-297 Pleasant St	0.63mi	5/4.0 (+1)	3,088 (-10%)	11mo	$560,000	$181	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 9.4%
• Equity multiple: 1.39×
• Total profit: $74,177
• Equity at exit: $100,645

10-year hold

• IRR: 22.3%
• Equity multiple: 3.34×
• Total profit: $442,270
• Equity at exit: $58,362

Cash invested: $189,000 (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 02740

• Rents YoY: 10.8%
• Active inventory: 60
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $8,211 medium
• Mortgage (P&I): −$3,540
• Tax from tax record: −$463 /mo · $5,559/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,724
• Net cashflow: $2,202

Break-even live

Break-even rent $5,423

Max offer price $675,000

Occupancy floor 68%

Sensitivity live

Price	-10% $2,585	-5% $2,393	+0% $2,202	+5% $2,011	+10% $1,820
Rent	-10% $1,554	-5% $1,878	+0% $2,202	+5% $2,527	+10% $2,851
Rate	-1.0pp $2,542	-0.5pp $2,374	base $2,202	+0.5pp $2,028	+1.0pp $1,850

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3.5	$8,211
Total (3 units)			$8,211

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $675,000 Active 38 DOM
2. 2026-06-17
   days on market $675,000 Active 37 DOM
3. 2026-06-16
   days on market $675,000 Active 36 DOM
4. 2026-06-15
   days on market $675,000 Active 35 DOM
5. 2026-06-13
   days on market $675,000 Active 33 DOM
6. 2026-06-09
   days on market $675,000 Active 29 DOM
7. 2026-06-08
   days on market $675,000 Active 28 DOM
8. 2026-06-07
   days on market $675,000 Active 27 DOM
9. 2026-06-05
   days on market $675,000 Active 24 DOM
10. 2026-06-03
    days on market $675,000 Active 23 DOM
11. 2026-06-02
    days on market $675,000 Active 22 DOM
12. 2026-06-01
    days on market $675,000 Active 21 DOM
13. 2026-05-31
    days on market $675,000 Active 20 DOM
14. 2026-05-11
    listed $675,000 New 999-char remark
15. 2025-06-16
    soldstatus $530,000 Sold 841-char remark

    Show marketing remark (841 chars)

    $20,900 PRICE REDUCTION by MOTIVATED SELLER. Built as a Colonial, converted to a 3 family maintains original charm and elegance with a beautiful spacious first floor has approximately 2,125 SFof living space including part of 2nd floor with 2 spacious bedrooms and full bathroom. The 2nd apartment has kitchen, living room and one good size bedroom, gleaming hardwood floors, in move in condition. The 3rd floor is spacious comfortable attic apartment with high ceilings w one bedroom, HWD oak floors. The roof is recent and some replacement vinyl windows There are 3 newer heating systems and separate electric and gas meters. Driveway parking for 3 cars and private backyard. The property is in good condition in and out. This property is within walking distance to the MBTA train station located in the North Bedford Historic District

16. 2025-05-29
    status Under Agreement 841-char remark

    Show marketing remark (841 chars)

    $20,900 PRICE REDUCTION by MOTIVATED SELLER. Built as a Colonial, converted to a 3 family maintains original charm and elegance with a beautiful spacious first floor has approximately 2,125 SFof living space including part of 2nd floor with 2 spacious bedrooms and full bathroom. The 2nd apartment has kitchen, living room and one good size bedroom, gleaming hardwood floors, in move in condition. The 3rd floor is spacious comfortable attic apartment with high ceilings w one bedroom, HWD oak floors. The roof is recent and some replacement vinyl windows There are 3 newer heating systems and separate electric and gas meters. Driveway parking for 3 cars and private backyard. The property is in good condition in and out. This property is within walking distance to the MBTA train station located in the North Bedford Historic District

17. 2025-05-21
    historical Contingent 841-char remark

    Show marketing remark (841 chars)

    $20,900 PRICE REDUCTION by MOTIVATED SELLER. Built as a Colonial, converted to a 3 family maintains original charm and elegance with a beautiful spacious first floor has approximately 2,125 SFof living space including part of 2nd floor with 2 spacious bedrooms and full bathroom. The 2nd apartment has kitchen, living room and one good size bedroom, gleaming hardwood floors, in move in condition. The 3rd floor is spacious comfortable attic apartment with high ceilings w one bedroom, HWD oak floors. The roof is recent and some replacement vinyl windows There are 3 newer heating systems and separate electric and gas meters. Driveway parking for 3 cars and private backyard. The property is in good condition in and out. This property is within walking distance to the MBTA train station located in the North Bedford Historic District

18. 2025-04-17
    price $579,000 841-char remark

    Show marketing remark (841 chars)

    $20,900 PRICE REDUCTION by MOTIVATED SELLER. Built as a Colonial, converted to a 3 family maintains original charm and elegance with a beautiful spacious first floor has approximately 2,125 SFof living space including part of 2nd floor with 2 spacious bedrooms and full bathroom. The 2nd apartment has kitchen, living room and one good size bedroom, gleaming hardwood floors, in move in condition. The 3rd floor is spacious comfortable attic apartment with high ceilings w one bedroom, HWD oak floors. The roof is recent and some replacement vinyl windows There are 3 newer heating systems and separate electric and gas meters. Driveway parking for 3 cars and private backyard. The property is in good condition in and out. This property is within walking distance to the MBTA train station located in the North Bedford Historic District

19. 2025-03-18
    listed $599,000 New 841-char remark

    Show marketing remark (841 chars)

    $20,900 PRICE REDUCTION by MOTIVATED SELLER. Built as a Colonial, converted to a 3 family maintains original charm and elegance with a beautiful spacious first floor has approximately 2,125 SFof living space including part of 2nd floor with 2 spacious bedrooms and full bathroom. The 2nd apartment has kitchen, living room and one good size bedroom, gleaming hardwood floors, in move in condition. The 3rd floor is spacious comfortable attic apartment with high ceilings w one bedroom, HWD oak floors. The roof is recent and some replacement vinyl windows There are 3 newer heating systems and separate electric and gas meters. Driveway parking for 3 cars and private backyard. The property is in good condition in and out. This property is within walking distance to the MBTA train station located in the North Bedford Historic District

20. 2020-05-29
    soldstatus $185,000 Sold

    Show marketing remark (598 chars)

    New Bedford 3 Family. Property offers a perfect opportunity for owner occupants to live and collect rent. Large bedrooms, good size apartments and strong rental possibilities.3 units, Repairs exceed $10,000. Repairs may include but not limited to structure, electrical, roof, HVAC, and plumbing; Inspection recommended, Defective paint surfaces, Needed repairs: drywall, floor covering (2nd level bedrm 1) and wood rot around window (unit 3), Replace kitchen in 1st unit, Repair leak in bedroom unit 2. Commission: Selling Broker up to 3% of purchase price, Misc.: UI-Eligible for 203K Financing.

21. 2020-04-22
    status Under Agreement

    Show marketing remark (598 chars)

    New Bedford 3 Family. Property offers a perfect opportunity for owner occupants to live and collect rent. Large bedrooms, good size apartments and strong rental possibilities.3 units, Repairs exceed $10,000. Repairs may include but not limited to structure, electrical, roof, HVAC, and plumbing; Inspection recommended, Defective paint surfaces, Needed repairs: drywall, floor covering (2nd level bedrm 1) and wood rot around window (unit 3), Replace kitchen in 1st unit, Repair leak in bedroom unit 2. Commission: Selling Broker up to 3% of purchase price, Misc.: UI-Eligible for 203K Financing.

22. 2020-04-04
    status Back On Market

    Show marketing remark (598 chars)

    New Bedford 3 Family. Property offers a perfect opportunity for owner occupants to live and collect rent. Large bedrooms, good size apartments and strong rental possibilities.3 units, Repairs exceed $10,000. Repairs may include but not limited to structure, electrical, roof, HVAC, and plumbing; Inspection recommended, Defective paint surfaces, Needed repairs: drywall, floor covering (2nd level bedrm 1) and wood rot around window (unit 3), Replace kitchen in 1st unit, Repair leak in bedroom unit 2. Commission: Selling Broker up to 3% of purchase price, Misc.: UI-Eligible for 203K Financing.

23. 2020-03-04
    status Under Agreement

    Show marketing remark (598 chars)

    New Bedford 3 Family. Property offers a perfect opportunity for owner occupants to live and collect rent. Large bedrooms, good size apartments and strong rental possibilities.3 units, Repairs exceed $10,000. Repairs may include but not limited to structure, electrical, roof, HVAC, and plumbing; Inspection recommended, Defective paint surfaces, Needed repairs: drywall, floor covering (2nd level bedrm 1) and wood rot around window (unit 3), Replace kitchen in 1st unit, Repair leak in bedroom unit 2. Commission: Selling Broker up to 3% of purchase price, Misc.: UI-Eligible for 203K Financing.

24. 2020-02-19
    historical Contingent

    Show marketing remark (598 chars)

    New Bedford 3 Family. Property offers a perfect opportunity for owner occupants to live and collect rent. Large bedrooms, good size apartments and strong rental possibilities.3 units, Repairs exceed $10,000. Repairs may include but not limited to structure, electrical, roof, HVAC, and plumbing; Inspection recommended, Defective paint surfaces, Needed repairs: drywall, floor covering (2nd level bedrm 1) and wood rot around window (unit 3), Replace kitchen in 1st unit, Repair leak in bedroom unit 2. Commission: Selling Broker up to 3% of purchase price, Misc.: UI-Eligible for 203K Financing.

25. 2020-02-13
    listed $200,000 New

    Show marketing remark (598 chars)

    New Bedford 3 Family. Property offers a perfect opportunity for owner occupants to live and collect rent. Large bedrooms, good size apartments and strong rental possibilities.3 units, Repairs exceed $10,000. Repairs may include but not limited to structure, electrical, roof, HVAC, and plumbing; Inspection recommended, Defective paint surfaces, Needed repairs: drywall, floor covering (2nd level bedrm 1) and wood rot around window (unit 3), Replace kitchen in 1st unit, Repair leak in bedroom unit 2. Commission: Selling Broker up to 3% of purchase price, Misc.: UI-Eligible for 203K Financing.

26. 2003-08-08
    soldstatus $275,000

ⓘ 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: $5,559 · $463/mo
• Projected year-2 tax: $6,931 · $578/mo
• Expected delta: +$1,372/yr (+$114/mo · 24.7%)

ⓘ 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 6/10 Major 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $98,532
• − Mortgage interest: −$37,810
• − Property taxes: −$5,559
• − Insurance: −$3,375
• − Repairs & maintenance: −$7,883
• − Management: −$7,883
• − Depreciation: −$19,636
• Taxable income: $16,386
• Est. tax owed @ 24.0%: −$3,933
• After-tax cash flow: $22,496/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: New Bedford
• NCES district ID: 2508430
• Math proficiency: 17% ▼ -14.00%
• Reading proficiency: 28% ▼ -6.00%
• Median HH income: $37,901
• Composite: 18.79/100
• National rank: #8869
• State rank: #287 of 302 in MA

Livability — New Bedford

• Score: 67/100
• State rank: #155
• US rank: #10150

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Bedford, MA
• County: Bristol County · 342,083 people
• City population: 76,528
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 46,281
• Household income: $55,237
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 2883.0

Population outlook (Bristol County) Hauer SSP2

• Today (2025): 570,212 people
• By 2030: 571,181 · +0.2%
• By 2040: 565,389 · -0.8%
• By 2050: 552,141 · -3.2%
• By 2075: 520,923 · -8.6%
• By 2100: 474,363 · -16.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 52% Hispanic / Latino 23% Two or more races 17% Black 8% Asian 2% Native American 1%
• Hispanic origin (detail): Puerto Rican 14% Dominican 2%
• Common ancestry: Russian 27% Lithuanian 5% Romanian 2%
• Foreign-born: 19% · Canada, China
• Languages at home: 65% English-only · Other Indo-European 15% Spanish 15% French/Haitian/Cajun 3%

Political lean MEDSL · Bristol

• 2024 margin: Toss-up / Even · D 49.8% · R 48.5% · Other 1.8%
• 2008→2024 swing: -21.9pp toward R · 2008: 23.2pp · 2024: 1.3pp
• All cycles: 2024: D+1.3 2020: D+12.0 2016: D+9.3 2012: D+20.5 2008: D+23.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -270.36%
• Current HPI: 388.4115
• Rent YoY: ▲ 10.79%
• Metro: Providence-Warwick, RI-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

+145.5% since first listed

13 events — show timeline

• 2026-05-11 Listed $675,000 MLS PIN
• 2025-06-16 Sold (MLS) $530,000 MLS PIN
• 2025-05-29 Pending — MLS PIN
• 2025-05-21 Contingent — MLS PIN
• 2025-04-17 Price Changed $579,000 MLS PIN
• 2025-03-18 Listed $599,000 MLS PIN
• 2020-05-29 Sold (MLS) $185,000 MLS PIN
• 2020-04-22 Pending — MLS PIN
• 2020-04-04 Relisted — MLS PIN
• 2020-03-04 Pending — MLS PIN
• 2020-02-19 Contingent — MLS PIN
• 2020-02-13 Listed $200,000 MLS PIN
• 2003-08-08 Sold (Public Records) $275,000 Public Records

Property tax history

+3.3%/yr

Latest (2023): $5,559 · +8.4% YoY. Source: county tax records.