42-44 Summer St · Leominster, MA 01453

$1,079,000

9 bd · 6.0 ba · 5,406 sqft · MultiFamily public records · 92 Days on market

Built 1900 10,019 sqft lot $200/sqft · 43% above area Est $757k · 43% over

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Why this score? — see what drove the D+ 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 +23.5/30.0
• DSCR +7.6/10.0
• 1% rule +5.4/10.0
• Rent growth +3.7/5.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

We are proud to present the exclusive opportunity to acquire 42-44 Summer Street in Leominster, MA. This 6-unit multifamily asset offers a diverse unit mix of one, two and three-bedroom apartments, with the majority of units having been previously upgraded or fully renovated. The property includes at least one dedicated parking space per unit - a meaningful amenity in the Central Massachusetts market - and presents a compelling blend of stabilized, in-place income with a clear defined value-add path through the renovation of the property's one remaining unrenovated unit.

Key facts

• Fully renovated
• 0.23 acre lot
• Built 1900

Tags

• DEDICATED PARKING SPACE
• FULLY RENOVATED

What this means for you Summary

Snapshot

• This is a 3×1bd/1ba + 2×2bd/1ba + 1×3bd/1ba units multifamily listed at $1.08M.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $336/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $1.08M).
• Recommended offer: $982k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.2% in Leominster — 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 69/100 on livability (#139 in MA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+; Watch: schools C-, commute D+, cost of living D+.
• Leominster (suburban): math 25% / reading 38% proficiency, ranked #247 of 302 in MA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.8%/yr); 56 active listings in the ZIP; solid renter incomes; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $11,228/mo this rent would consume 160% of the median local household income ($84k/yr) (locally 1633% 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 $7k of loan paydown is wiped out by about $32k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $302k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($982k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $71k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $614k; list at $1.08M implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $981,890 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 1.04% ✓
• Cap rate: 8.53%
• Cash-on-cash: 8.00%
• DSCR: 1.36
• GRM: 8.0

CMA / ARV

• ARV (median comp): $756,907
• List price: $1,079,000
• Delta: 42.55%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17 Laurel St	0.33mi	10/3.0 (+1)	5,021 (-7%)	9mo	$800,000	$159	48
200 Main St	0.33mi	8/3.0 (-1)	4,905 (-9%)	13mo	$635,000	$129	42
187 Mechanic St	0.46mi	9/4.0	4,680 (-13%)	20mo	$725,000	$155	32

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 · 4.83% rent growth · sell at horizon

5-year hold

• IRR: -2.2%
• Equity multiple: 0.92×
• Total profit: $-25,644
• Equity at exit: $160,882

10-year hold

• IRR: 9.3%
• Equity multiple: 1.77×
• Total profit: $231,800
• Equity at exit: $93,292

Cash invested: $302,120 (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 01453

• Rents YoY: 4.8%
• Active inventory: 56
• Price-to-rent: 50.4×

Monthly cashflow live

• Estimated rent: $11,228 high
• Mortgage (P&I): −$5,658
• Tax from tax record: −$747 /mo · $8,963/yr
• Insurance: −$450
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,358
• Net cashflow: $2,015

Break-even live

Break-even rent $8,677

Max offer price $1,079,000

Occupancy floor 77%

Sensitivity live

Price	-10% $2,626	-5% $2,321	+0% $2,015	+5% $1,710	+10% $1,404
Rent	-10% $1,128	-5% $1,572	+0% $2,015	+5% $2,459	+10% $2,902
Rate	-1.0pp $2,559	-0.5pp $2,290	base $2,015	+0.5pp $1,736	+1.0pp $1,451

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$5,349
▸ 2× units	2	1	$3,758
1× unit	3	1	$2,121
Total (6 units)			$11,228

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: $269,750
• Closing costs: $32,370
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $1,079,000 Active 92 DOM
2. 2026-06-17
   days on market $1,079,000 Active 91 DOM
3. 2026-06-16
   days on market $1,079,000 Active 90 DOM
4. 2026-06-15
   days on market $1,079,000 Active 89 DOM
5. 2026-06-14
   days on market $1,079,000 Active 87 DOM
6. 2026-06-13
   days on market $1,079,000 Active 86 DOM
7. 2026-06-10
   days on market $1,079,000 Active 84 DOM
8. 2026-06-09
   days on market $1,079,000 Active 83 DOM
9. 2026-06-08
   days on market $1,079,000 Active 82 DOM
10. 2026-06-07
    days on market $1,079,000 Active 81 DOM
11. 2026-06-05
    days on market $1,079,000 Active 78 DOM
12. 2026-06-03
    days on market $1,079,000 Active 77 DOM
13. 2026-06-02
    days on market $1,079,000 Active 76 DOM
14. 2026-06-01
    days on market $1,079,000 Active 75 DOM
15. 2026-05-31
    days on market $1,079,000 Active 74 DOM
16. 2026-05-31
    days on market $1,079,000 Active 73 DOM
17. 2026-04-20
    price $1,079,000 577-char remark

    Show marketing remark (577 chars)

    We are proud to present the exclusive opportunity to acquire 42-44 Summer Street in Leominster, MA. This 6-unit multifamily asset offers a diverse unit mix of one, two and three-bedroom apartments, with the majority of units having been previously upgraded or fully renovated. The property includes at least one dedicated parking space per unit - a meaningful amenity in the Central Massachusetts market - and presents a compelling blend of stabilized, in-place income with a clear defined value-add path through the renovation of the property's one remaining unrenovated unit.

18. 2026-03-18
    listed $1,150,000 New 577-char remark

    Show marketing remark (577 chars)

    We are proud to present the exclusive opportunity to acquire 42-44 Summer Street in Leominster, MA. This 6-unit multifamily asset offers a diverse unit mix of one, two and three-bedroom apartments, with the majority of units having been previously upgraded or fully renovated. The property includes at least one dedicated parking space per unit - a meaningful amenity in the Central Massachusetts market - and presents a compelling blend of stabilized, in-place income with a clear defined value-add path through the renovation of the property's one remaining unrenovated unit.

19. 2022-03-04
    soldstatus $613,500 Sold 587-char remark

    Show marketing remark (587 chars)

    6 Unit Multi-Family in Downtown Neighborhood. Fully Occupied Building, All Separate Utilities including Heat/Electric/3 Apts Pay for their Own Hot Water. Off Street Parking. 2 Three Bedrooms/3 One Bedrooms/1 Studio Apt. Full Unfinished Basement, Front Porches, Patio Area. Property Abuts the Brand New Rail Trail, Walk to Downtown and Carter Park. This is a Wonderful Investment Opportunity, BIG Demand & Top $$$ for Quality Rentals. The Leominster Rental Market is Red-Hot. Now is a Great Time to Invest. Come See...Group Showings Begin this Sat & Sun 12/11-12/12 from 12-130pm.

20. 2021-12-17
    status Under Agreement 587-char remark

    Show marketing remark (587 chars)

    6 Unit Multi-Family in Downtown Neighborhood. Fully Occupied Building, All Separate Utilities including Heat/Electric/3 Apts Pay for their Own Hot Water. Off Street Parking. 2 Three Bedrooms/3 One Bedrooms/1 Studio Apt. Full Unfinished Basement, Front Porches, Patio Area. Property Abuts the Brand New Rail Trail, Walk to Downtown and Carter Park. This is a Wonderful Investment Opportunity, BIG Demand & Top $$$ for Quality Rentals. The Leominster Rental Market is Red-Hot. Now is a Great Time to Invest. Come See...Group Showings Begin this Sat & Sun 12/11-12/12 from 12-130pm.

21. 2021-12-08
    listed $584,900 New 587-char remark

    Show marketing remark (587 chars)

    6 Unit Multi-Family in Downtown Neighborhood. Fully Occupied Building, All Separate Utilities including Heat/Electric/3 Apts Pay for their Own Hot Water. Off Street Parking. 2 Three Bedrooms/3 One Bedrooms/1 Studio Apt. Full Unfinished Basement, Front Porches, Patio Area. Property Abuts the Brand New Rail Trail, Walk to Downtown and Carter Park. This is a Wonderful Investment Opportunity, BIG Demand & Top $$$ for Quality Rentals. The Leominster Rental Market is Red-Hot. Now is a Great Time to Invest. Come See...Group Showings Begin this Sat & Sun 12/11-12/12 from 12-130pm.

22. 1985-07-01
    soldstatus $155,000

ⓘ 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: $8,963 · $747/mo
• Projected year-2 tax: $11,117 · $926/mo
• Expected delta: +$2,154/yr (+$180/mo · 24.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 17 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $134,736
• − Mortgage interest: −$60,441
• − Property taxes: −$8,963
• − Insurance: −$5,395
• − Repairs & maintenance: −$10,779
• − Management: −$10,779
• − Depreciation: −$31,389
• Taxable income: $6,990
• Est. tax owed @ 24.0%: −$1,678
• After-tax cash flow: $22,505/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: Leominster
• NCES district ID: 2506780
• Math proficiency: 25% ▼ -23.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $57,041
• Composite: 28.07/100
• National rank: #6836
• State rank: #247 of 302 in MA

Livability — Leominster

• Score: 69/100
• State rank: #139
• US rank: #8562

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leominster, MA
• County: Worcester County · 487,911 people
• City population: 43,851
• Metro: Worcester, MA-CT
• Population (ZIP): 43,851
• Household income: $84,296
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1633.0

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 (68%)
• Race & ethnicity: White 68% Hispanic / Latino 17% Two or more races 12% Black 5% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8% Dominican 1%
• Common ancestry: Lithuanian 9% Estonian 2% Romanian 2%
• Foreign-born: 15% · Canada, South Korea, Jamaica
• Languages at home: 76% English-only · Spanish 13% Other Indo-European 5% 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: ▼ -621.70%
• Current HPI: 296.2863
• Rent YoY: ▲ 4.83%
• 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

+596.1% since first listed

6 events — show timeline

• 2026-04-20 Price Changed $1,079,000 MLS PIN
• 2026-03-18 Listed $1,150,000 MLS PIN
• 2022-03-04 Sold (MLS) $613,500 MLS PIN
• 2021-12-17 Pending — MLS PIN
• 2021-12-08 Listed $584,900 MLS PIN
• 1985-07-01 Sold (Public Records) $155,000 Public Records

Property tax history

+5.8%/yr

Latest (2023): $8,963 · +27.2% YoY. Source: county tax records.