230 Main St · Spencer, MA 01562

$370,000

4 bd · 3.0 ba · 1,731 sqft · MultiFamily public records · 59 Days on market

Built 1920 9,652 sqft lot Est $391k · 5% under

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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 +22.5/30.0
• ARV discount +9.9/15.0
• DSCR +7.2/10.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 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

Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

Key facts

• Private yard
• Updated kitchens
• 9,652 sq ft lot

Tags

• UPDATED KITCHENS
• STAINLESS STEEL APPLIANCES
• IN-UNIT WASHER DRYERS
• PRIVATE YARD
• FULL WALKOUT BASEMENT
• DETACHED CARRIAGE HOUSE

Property features AI

Finance

• HOA & community: Access to public transportation; Nearby shopping

Exterior

• Parking: Off-street paved parking; 4 open parking spaces (total 4 spaces)
• Utilities: Public water; Public sewer; Electric range utility availability
• Home design: Multi-family property; 2 stories
• Construction: Frame construction; Stone foundation; Shingle roof; Built (approximate year per public records)
• Exterior features: Porch; Wooded lot; Public road frontage

Interior

• Kitchen: Range; Dishwasher; Microwave; Refrigerator
• Flooring: Wood flooring; Tile flooring; Varied flooring types
• Bathrooms: 2 full bathrooms
• Interior features: Ceiling fans; Stone, granite or solid counters; Upgraded cabinets; Shower stall in bathroom; Living room; Kitchen; Laundry room; Total of 10 rooms
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $370k.

Deal economics

• At list price, monthly cash flow is $623 ($7k/yr) — positive. Per door: $311/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $370k).
• Recommended offer: $359k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.3% in Spencer — 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 77/100 on livability (#57 in MA, #3,021 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing A; Watch: employment C-, cost of living C-, schools F.
• Spencer-E Brookfield (suburban): math 15% / reading 36% proficiency, ranked #267 of 302 in MA (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 26 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $3,716/mo this rent would consume 55% of the median local household income ($81k/yr) (locally 599% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($359k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y 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 $110k; list at $370k implies a 236% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $358,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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 1920 — 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 F-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: 1.00% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.21%
• DSCR: 1.32
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $391,206
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Powers St	0.10mi	3/2.0 (-1)	1,664 (-4%)	13mo	$375,000	$225	68
28 Maple St	0.36mi	4/2.0	1,632 (-6%)	8mo	$365,000	$224	63
1 Dale St	0.19mi	5/2.0 (+1)	1,880 (+9%)	11mo	$485,000	$258	58
296 Main St	0.49mi	4/2.0	1,884 (+9%)	14mo	$425,000	$226	47

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: -5.3%
• Equity multiple: 0.80×
• Total profit: $-20,398
• Equity at exit: $55,168

10-year hold

• IRR: 4.3%
• Equity multiple: 1.32×
• Total profit: $32,915
• Equity at exit: $31,991

Cash invested: $103,600 (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 01562

• Home prices YoY: -18.1%
• Active inventory: 26
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $3,716 high
• Mortgage (P&I): −$1,940
• Tax from tax record: −$219 /mo · $2,623/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$780
• Net cashflow: $623

Break-even live

Break-even rent $2,928

Max offer price $370,000

Occupancy floor 78%

Sensitivity live

Price	-10% $832	-5% $727	+0% $623	+5% $518	+10% $413
Rent	-10% $329	-5% $476	+0% $623	+5% $769	+10% $916
Rate	-1.0pp $809	-0.5pp $717	base $623	+0.5pp $527	+1.0pp $429

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,716
Total (2 units)			$3,716

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: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Cottage St Unit A Spencer, MA	3.0	1.0	1300	$2,200	$1.69	14d	1	0.19mi

Listing history 28 events

1. 2026-06-18
   days on market $370,000 Active 59 DOM
2. 2026-06-17
   days on market $370,000 Active 58 DOM
3. 2026-06-16
   days on market $370,000 Active 57 DOM
4. 2026-06-15
   days on market $370,000 Active 56 DOM
5. 2026-06-14
   statusdays on market $370,000 Active 54 DOM
6. 2026-06-13
   days on market $370,000 Price Changed 53 DOM
7. 2026-06-10
   days on market $370,000 Price Changed 51 DOM
8. 2026-06-09
   pricestatusdays on market $370,000 Price Changed 50 DOM
9. 2026-06-08
   days on market $380,000 Active 49 DOM
10. 2026-06-07
    days on market $380,000 Active 48 DOM
11. 2026-06-05
    days on market $380,000 Active 45 DOM
12. 2026-06-03
    days on market $380,000 Active 44 DOM
13. 2026-06-02
    days on market $380,000 Active 43 DOM
14. 2026-06-01
    days on market $380,000 Active 42 DOM
15. 2026-05-31
    days on market $380,000 Active 41 DOM
16. 2026-05-31
    days on market $380,000 Active 40 DOM
17. 2026-04-20
    listed $380,000 New
18. 2016-12-02
    soldstatus $110,000 Sold 790-char remark

    Show marketing remark (790 chars)

    Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

19. 2016-09-12
    status Contingent 790-char remark

    Show marketing remark (790 chars)

    Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

20. 2016-07-31
    price $124,900 790-char remark

    Show marketing remark (790 chars)

    Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

21. 2016-05-16
    status Back On Market 790-char remark

    Show marketing remark (790 chars)

    Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

22. 2016-03-18
    status Under Agreement 790-char remark

    Show marketing remark (790 chars)

    Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

23. 2016-01-13
    price $130,000 790-char remark

    Show marketing remark (790 chars)

    Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

24. 2015-12-11
    price $132,000 790-char remark

    Show marketing remark (790 chars)

    Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

25. 2015-08-13
    price $134,900 790-char remark

    Show marketing remark (790 chars)

    Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

26. 2015-06-11
    price $139,900 790-char remark

    Show marketing remark (790 chars)

    Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

27. 2015-04-20
    price $150,000 790-char remark

    Show marketing remark (790 chars)

    Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

28. 2014-12-09
    listed $155,900 New 790-char remark

    Show marketing remark (790 chars)

    Buyer could not complete financing! Their loss is your gain! Here is a great opportunity with this first time offered, zoned for mixed use, property on Rt 9 .Very affordable! Great for professional office and generous sized rooms on both floors. Was an optometry business on the first floor with a 2nd floor, 4 room, 2 bedroom apartment (rent was 825.00 )to help pay the mortgage! New Roof in 2014, full walkout basement is perfect for storage. Fantastic 3 story, detached Carriage House with tons of storage, garage space and off street parking. Great Investment! Walking distance to shopping, bus line, park,schools & much more. Live on the 2nd floor and rent the space on the first! Convert back to a 2 family by installing a Kitchen on the 1st floor. Many possibilities here!

ⓘ 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: $2,623 · $219/mo
• Projected year-2 tax: $3,587 · $299/mo
• Expected delta: +$964/yr (+$80/mo · 36.8%)

ⓘ 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 3/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $44,592
• − Mortgage interest: −$20,726
• − Property taxes: −$2,623
• − Insurance: −$1,850
• − Repairs & maintenance: −$3,567
• − Management: −$3,567
• − Depreciation: −$10,764
• Taxable income: $1,495
• Est. tax owed @ 24.0%: −$359
• After-tax cash flow: $7,112/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: Spencer-E Brookfield
• NCES district ID: 2500002
• Math proficiency: 15% ▼ -21.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $63,627
• Composite: 23.69/100
• National rank: #7834
• State rank: #267 of 302 in MA

Livability — Spencer

• Score: 77/100
• State rank: #57
• US rank: #3021

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, MA
• County: Worcester County · 487,911 people
• City population: 12,008
• Metro: Worcester, MA-CT
• Population (ZIP): 12,008
• Household income: $80,533
• Rent vs Own: 37.0% rent · 63.0% own
• Severe rent burden: 599.0

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: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Lithuanian 13% Romanian 8% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% French/Haitian/Cajun 1%

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: ▼ -59.69%
• Current HPI: 270.1395
• Rent YoY: —
• 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

+143.7% since first listed

12 events — show timeline

• 2026-04-20 Listed $380,000 MLS PIN
• 2016-12-02 Sold (MLS) $110,000 MLS PIN
• 2016-09-12 Pending — MLS PIN
• 2016-07-31 Price Changed $124,900 MLS PIN
• 2016-05-16 Relisted — MLS PIN
• 2016-03-18 Pending — MLS PIN
• 2016-01-13 Price Changed $130,000 MLS PIN
• 2015-12-11 Price Changed $132,000 MLS PIN
• 2015-08-13 Price Changed $134,900 MLS PIN
• 2015-06-11 Price Changed $139,900 MLS PIN
• 2015-04-20 Price Changed $150,000 MLS PIN
• 2014-12-09 Listed $155,900 MLS PIN

Property tax history

+2.8%/yr

Latest (2023): $2,623 · -0.6% YoY. Source: county tax records.