64-66 Pleasant St

Easthampton, MA 01027

$995,000C+

12 bd · 6.0 ba · 5,832 sqft · Built 1910 · MultiFamily · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $17,219/mo
• Mortgage (P&I): −$5,218
• Tax + insurance: −$1,658
• HOA: −$0
• Vac / Maint / Mgmt: −$3,616
• Net cashflow: $6,727/mo
• Annual: $80,721/yr
• Cap rate: 14.41%
• Cash-on-cash: 28.97%
• DSCR: 2.29
• 1% rule: 1.73%
• Cash to close: $278,600

Investor read

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $995k. Condition is rated fair.
• At list price, monthly cash flow is $7k ($81k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $995k).
• It's been on market 58 days — a 3% lower offer ($965k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $965k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Easthampton (suburban): math 27% / reading 47% proficiency, ranked #219 of 302 in MA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 active listings in the ZIP; 349 units permitted in Hampshire County in 2024 (185 in 5+ unit buildings).
• Hampshire County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 27y 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 $159k; list at $995k implies a 526% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $279k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely outdated and in poor condition
• Major: kitchen appliances — outdated and in poor condition
• Major: bathroom fixtures — dated and in poor condition
• Major: HVAC system — outdated and in poor condition