118 Spring St · Winchendon, MA 01475

$200,000

4 bd · 1.5 ba · 1,393 sqft · SingleFamily public records · 59 Days on market

Built 1900 0.36 ac lot $144/sqft · 44% below area Est $357k · 44% 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 +21.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.5/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Back on market after frozen pipes this winter. This is now a short sale. All offers due by 4/15. This MUST be a cash or 203k loan purchase. The pictures do not depict the current condition. This charming cape-style home is priced to sell and features four bedrooms, a large kitchen with an open concept to the dining area that has sliders to a back deck, overlooking a spacious yard. The living room is ample in size and great for entertaining. One of the bedrooms upstairs passes through to another. There are two separate staircases to the upstairs bedrooms. The backyard is secluded, quiet, and offers great space for a play area and gardening. Centrally located and versatile, it’s an excellent opportunity for comfortable family living, or a small home-based business or office setup. . New windows in 2017.

Key facts

• Spacious yard
• Ample living room
• Open concept

Tags

• CAPE-STYLE HOME
• LARGE KITCHEN
• OPEN CONCEPT
• BACK DECK
• SPACIOUS YARD
• AMPLE LIVING ROOM

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $289 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 4.2% in Winchendon — 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 71/100 on livability (#125 in MA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: schools F, amenities F.
• Winchendon (rural): math 14% / reading 33% proficiency, ranked #274 of 302 in MA (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 17 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 32y 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; 47% 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 flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $194,000 (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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 8.03%
• Cash-on-cash: 6.20%
• DSCR: 1.28
• GRM: 8.0

CMA / ARV

• ARV (median comp): $356,799
• List price: $200,000
• Delta: -43.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31 Spring Pl	0.11mi	4/1.0	1,414 (+2%)	8mo	$390,000	$276	84
21 Cottage St	0.33mi	3/2.5 (-1)	1,400 (+0%)	4mo	$440,000	$314	71
27 Cottage St	0.34mi	3/2.5 (-1)	1,400 (+0%)	5mo	$415,000	$296	70
64 North St	0.70mi	4/1.5	1,428 (+2%)	12mo	$260,000	$182	54
16 Duval Ct	0.27mi	3/2.0 (-1)	1,512 (+8%)	16mo	$195,000	$129	53
14 Hyde Park St	0.69mi	3/1.5 (-1)	1,344 (-4%)	7mo	$369,900	$275	51
110 Mill St	0.69mi	3/1.5 (-1)	1,432 (+3%)	12mo	$352,000	$246	48
159 Benjamin St	0.72mi	3/2.0 (-1)	1,446 (+4%)	11mo	$395,000	$273	44
34 Highland St	0.67mi	3/1.5 (-1)	1,327 (-5%)	19mo	$347,000	$261	40
13 Woodlawn St	0.73mi	3/2.0 (-1)	1,567 (+12%)	7mo	$360,000	$230	32
83 Juniper St	0.68mi	3/2.0 (-1)	1,589 (+14%)	11mo	$360,000	$227	28
144 Mill St	0.74mi	3/2.0 (-1)	1,591 (+14%)	21mo	$390,000	$245	17

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: -6.7%
• Equity multiple: 0.75×
• Total profit: $-13,961
• Equity at exit: $29,821

10-year hold

• IRR: 2.9%
• Equity multiple: 1.21×
• Total profit: $11,657
• Equity at exit: $17,292

Cash invested: $56,000 (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 01475

• Home prices YoY: -11.4%
• Active inventory: 17
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,095 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$234 /mo · $2,805/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $289

Break-even live

Break-even rent $1,729

Max offer price $200,000

Occupancy floor 81%

Sensitivity live

Price	-10% $403	-5% $346	+0% $289	+5% $233	+10% $176
Rent	-10% $124	-5% $207	+0% $289	+5% $372	+10% $455
Rate	-1.0pp $390	-0.5pp $340	base $289	+0.5pp $237	+1.0pp $185

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
89 Spruce St Winchendon, MA	3.0	1.0	1000	$1,800	$1.80	24d	1	0.51mi
124 Lincoln Ave Unit 2 Winchendon, MA	3.0	1.0	1100	$2,500	$2.27	45d	1	0.55mi
322 Central St Unit 2 Winchendon, MA	3.0	1.0	1200	$1,800	$1.50	24d	1	0.58mi
80 Linden St Unit 2 Winchendon, MA	3.0	1.0	1000	$2,200	$2.20	24d	1	0.62mi
418 River St Unit 1 Winchendon, MA	3.0	1.0	1500	$2,300	$1.53	15d	1	1.25mi

Listing history 44 events

1. 2026-06-21
   days on market $200,000 Active 59 DOM
2. 2026-06-18
   days on market $200,000 Active 56 DOM
3. 2026-06-17
   days on market $200,000 Active 55 DOM
4. 2026-06-16
   days on market $200,000 Active 54 DOM
5. 2026-06-15
   days on market $200,000 Active 53 DOM
6. 2026-06-14
   days on market $200,000 Active 51 DOM
7. 2026-06-13
   days on market $200,000 Active 50 DOM
8. 2026-06-10
   days on market $200,000 Active 48 DOM
9. 2026-06-09
   days on market $200,000 Active 47 DOM
10. 2026-06-08
    days on market $200,000 Active 46 DOM
11. 2026-06-07
    days on market $200,000 Active 45 DOM
12. 2026-06-05
    days on market $200,000 Active 42 DOM
13. 2026-06-03
    days on market $200,000 Active 41 DOM
14. 2026-06-02
    days on market $200,000 Active 40 DOM
15. 2026-06-01
    days on market $200,000 Active 39 DOM
16. 2026-05-31
    days on market $200,000 Active 38 DOM
17. 2026-05-31
    days on market $200,000 Active 37 DOM
18. 2026-05-14
    status Back On Market 819-char remark

    Show marketing remark (819 chars)

    Back on market after frozen pipes this winter. This is now a short sale. All offers due by 4/15. This MUST be a cash or 203k loan purchase. The pictures do not depict the current condition. This charming cape-style home is priced to sell and features four bedrooms, a large kitchen with an open concept to the dining area that has sliders to a back deck, overlooking a spacious yard. The living room is ample in size and great for entertaining. One of the bedrooms upstairs passes through to another. There are two separate staircases to the upstairs bedrooms. The backyard is secluded, quiet, and offers great space for a play area and gardening. Centrally located and versatile, it’s an excellent opportunity for comfortable family living, or a small home-based business or office setup. . New windows in 2017.

19. 2026-05-02
    status Under Agreement 819-char remark

    Show marketing remark (819 chars)

    Back on market after frozen pipes this winter. This is now a short sale. All offers due by 4/15. This MUST be a cash or 203k loan purchase. The pictures do not depict the current condition. This charming cape-style home is priced to sell and features four bedrooms, a large kitchen with an open concept to the dining area that has sliders to a back deck, overlooking a spacious yard. The living room is ample in size and great for entertaining. One of the bedrooms upstairs passes through to another. There are two separate staircases to the upstairs bedrooms. The backyard is secluded, quiet, and offers great space for a play area and gardening. Centrally located and versatile, it’s an excellent opportunity for comfortable family living, or a small home-based business or office setup. . New windows in 2017.

20. 2026-04-19
    historical Contingent 819-char remark

    Show marketing remark (819 chars)

    Back on market after frozen pipes this winter. This is now a short sale. All offers due by 4/15. This MUST be a cash or 203k loan purchase. The pictures do not depict the current condition. This charming cape-style home is priced to sell and features four bedrooms, a large kitchen with an open concept to the dining area that has sliders to a back deck, overlooking a spacious yard. The living room is ample in size and great for entertaining. One of the bedrooms upstairs passes through to another. There are two separate staircases to the upstairs bedrooms. The backyard is secluded, quiet, and offers great space for a play area and gardening. Centrally located and versatile, it’s an excellent opportunity for comfortable family living, or a small home-based business or office setup. . New windows in 2017.

21. 2026-04-11
    listed $200,000 New 819-char remark

    Show marketing remark (819 chars)

    Back on market after frozen pipes this winter. This is now a short sale. All offers due by 4/15. This MUST be a cash or 203k loan purchase. The pictures do not depict the current condition. This charming cape-style home is priced to sell and features four bedrooms, a large kitchen with an open concept to the dining area that has sliders to a back deck, overlooking a spacious yard. The living room is ample in size and great for entertaining. One of the bedrooms upstairs passes through to another. There are two separate staircases to the upstairs bedrooms. The backyard is secluded, quiet, and offers great space for a play area and gardening. Centrally located and versatile, it’s an excellent opportunity for comfortable family living, or a small home-based business or office setup. . New windows in 2017.

22. 2016-07-01
    historical 327-char remark

    Show marketing remark (327 chars)

    Beautiful cape priced to sell..Will qualify for 100% FINANCING! Features 4 bedrooms an eat in Kitchen , Large leading to a large back deck overlooking a spacious back yard. A wonderful opportunity to own cheaper than renting with no money down.Could Make A Great Home Bussiness.. Sellers are very Motivated!!Bring your offers!!

23. 2016-06-30
    soldstatus $135,900 Sold 327-char remark

    Show marketing remark (327 chars)

    Beautiful cape priced to sell..Will qualify for 100% FINANCING! Features 4 bedrooms an eat in Kitchen , Large leading to a large back deck overlooking a spacious back yard. A wonderful opportunity to own cheaper than renting with no money down.Could Make A Great Home Bussiness.. Sellers are very Motivated!!Bring your offers!!

24. 2016-03-21
    status Contingent 327-char remark

    Show marketing remark (327 chars)

    Beautiful cape priced to sell..Will qualify for 100% FINANCING! Features 4 bedrooms an eat in Kitchen , Large leading to a large back deck overlooking a spacious back yard. A wonderful opportunity to own cheaper than renting with no money down.Could Make A Great Home Bussiness.. Sellers are very Motivated!!Bring your offers!!

25. 2016-03-15
    listed $133,900 New 327-char remark

    Show marketing remark (327 chars)

    Beautiful cape priced to sell..Will qualify for 100% FINANCING! Features 4 bedrooms an eat in Kitchen , Large leading to a large back deck overlooking a spacious back yard. A wonderful opportunity to own cheaper than renting with no money down.Could Make A Great Home Bussiness.. Sellers are very Motivated!!Bring your offers!!

26. 2010-10-12
    soldstatus $118,000
27. 2010-10-08
    soldstatus $118,000 Sold
28. 2010-09-17
    historical Under Agreement
29. 2010-09-01
    listed $114,000 New
30. 2010-02-28
    historical
31. 2010-02-26
    soldstatus $56,600 Sold
32. 2010-01-14
    historical Active (Accepted Offer to Purchase)
33. 2010-01-05
    listed $46,900 New
34. 2003-11-26
    soldstatus $110,000
35. 2003-11-26
    soldstatus $110,000
36. 2003-10-30
    historical
37. 2003-10-17
    listed $110,000
38. 2002-11-01
    soldstatus $107,000
39. 2002-09-30
    soldstatus $106,900
40. 2002-09-10
    historical
41. 2002-08-01
    listed $105,899
42. 1994-10-24
    soldstatus $49,900
43. 1994-09-21
    historical
44. 1994-04-17
    listed $49,900

ⓘ 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: $2,805 · $234/mo
• Projected year-2 tax: $2,805 · $234/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 16% 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: $25,142
• − Mortgage interest: −$11,203
• − Property taxes: −$2,805
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,011
• − Management: −$2,011
• − Depreciation: −$5,818
• Taxable income: $293
• Est. tax owed @ 24.0%: −$70
• After-tax cash flow: $3,401/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: Winchendon
• NCES district ID: 2513080
• Math proficiency: 14% ▼ -12.00%
• Reading proficiency: 33% ▼ -4.00%
• Median HH income: $60,396
• Composite: 21.73/100
• National rank: #8265
• State rank: #274 of 302 in MA

Livability — Winchendon

• Score: 71/100
• State rank: #125
• US rank: #6726

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winchendon, MA
• Population (ZIP): 10,194

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 (85%)
• Race & ethnicity: White 85% Two or more races 6% Hispanic / Latino 4% Asian 3% Black 1%
• Common ancestry: Lithuanian 16% Romanian 3% Russian 3%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Other Asian/Pacific 3% Spanish 2% 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: ▼ -39.00%
• Current HPI: 302.4052
• 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

+300.8% since first listed

27 events — show timeline

• 2026-05-14 Relisted — MLS PIN
• 2026-05-02 Pending — MLS PIN
• 2026-04-19 Contingent — MLS PIN
• 2026-04-11 Listed $200,000 MLS PIN
• 2016-07-01 Listing Removed — MLS PIN
• 2016-06-30 Sold (MLS) $135,900 MLS PIN
• 2016-03-21 Pending — MLS PIN
• 2016-03-15 Listed $133,900 MLS PIN
• 2010-10-12 Sold (Public Records) $118,000 Public Records
• 2010-10-08 Sold (MLS) $118,000 MLS PIN
• 2010-09-17 Contingent — MLS PIN
• 2010-09-01 Listed $114,000 MLS PIN
• 2010-02-28 Listing Removed — MLS PIN
• 2010-02-26 Sold (MLS) $56,600 MLS PIN
• 2010-01-14 Contingent — MLS PIN
• 2010-01-05 Listed $46,900 MLS PIN
• 2003-11-26 Sold (Public Records) $110,000 Public Records
• 2003-11-26 Sold (MLS) $110,000 MLS PIN
• 2003-10-30 Listing Removed — MLS PIN
• 2003-10-17 Listed $110,000 MLS PIN
• 2002-11-01 Sold (Public Records) $107,000 Public Records
• 2002-09-30 Sold (MLS) $106,900 MLS PIN
• 2002-09-10 Listing Removed — MLS PIN
• 2002-08-01 Listed $105,899 MLS PIN
• 1994-10-24 Sold (MLS) $49,900 MLS PIN
• 1994-09-21 Listing Removed — MLS PIN
• 1994-04-17 Listed $49,900 MLS PIN

Property tax history

+4.1%/yr

Latest (2023): $2,805 · +4.4% YoY. Source: county tax records.