165-167 Appleton Ave · Pittsfield, MA 01201

$259,900

6 bd · 2.0 ba · 3,200 sqft · MultiFamily public records · 87 Days on market

Built 1920 0.28 ac lot $81/sqft · 43% below area Est $452k · 43% under · waterfront

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• 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

Classic two family brick colonial with many possibilities! Including a front/rear porch, two separate yards on each side, and off street parking. Enter each side into a wide, open hallway with the original hardwood floors throughout. The left side has four bedrooms and one bathroom with potential for a second bathroom off the kitchen. The right side has been split into two smaller units with separate kitchens and bathrooms but originally was a three bedroom apartment. Each unit has its own heating, hot water, and electrical systems.

Key facts

• Off street parking
• Two separate yards
• Separate kitchens

Tags

• FRONT REAR PORCH
• TWO SEPARATE YARDS
• OFF STREET PARKING
• ORIGINAL HARDWOOD FLOORS
• SEPARATE KITCHENS
• SEPARATE BATHROOMS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $632/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $260k).
• Recommended offer: $244k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 4.0% in Pittsfield — 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 75/100 on livability (#70 in MA, #3,820 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, amenities D+, crime D.
• Pittsfield (urban): math 19% / reading 34% proficiency, ranked #272 of 302 in MA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Egremont (math 37% / reading 52%, grade F, #421 of 938 statewide, top 48%, 382 students, 0% FRL); Theodore Herberg Middle (math 17% / reading 34%, grade F, #232 of 305 statewide, top 76%, 496 students, 0% FRL); Pittsfield High (math 32% / reading 57%, grade F, #203 of 343 statewide, top 60%, 651 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+7.7%/yr); 278 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• At $3,804/mo this rent would consume 64% of the median local household income ($71k/yr) (locally 1580% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Berkshire County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.7% rent growth), your $73k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $244,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% 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. 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. 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?
8. 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?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 1.46% ✓
• Cap rate: 12.13%
• Cash-on-cash: 20.83%
• DSCR: 1.93
• GRM: 5.7

CMA / ARV

• ARV (median comp): $452,444
• List price: $259,900
• Delta: -42.56%
• 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
36-38 Chickering St	0.25mi	6/2.5	3,200 (0%)	6mo	$365,000	$114	81
61 Pomeroy Ave	0.29mi	6/2.0	3,081 (-4%)	8mo	$295,500	$96	73
14 Bay State Rd	0.50mi	6/2.5	3,224 (+1%)	6mo	$189,950	$59	68
17 Copley Ter	0.36mi	6/2.0	3,185 (-0%)	19mo	$325,000	$102	67
203-205 Pomeroy Ave	0.15mi	6/2.0	3,040 (-5%)	22mo	$300,000	$99	66
75 Pomeroy Ave	0.26mi	6/2.5	3,276 (+2%)	20mo	$363,000	$111	66
25-27 Root Pl	0.44mi	6/2.0	2,946 (-8%)	11mo	$135,000	$46	57
1 Rostone Pl	0.62mi	7/3.0 (+1)	3,180 (-1%)	6mo	$380,000	$119	56
41-43 Reed St	0.49mi	5/5.0 (-1)	2,976 (-7%)	2mo	$325,000	$109	46
148-150 Mill St	0.73mi	6/3.5	3,042 (-5%)	20mo	$290,000	$95	36
47 Atwood Ave	0.57mi	6/3.0	2,728 (-15%)	12mo	$280,000	$103	35
19-21 Worthington St	0.60mi	7/3.0 (+1)	2,834 (-11%)	22mo	$150,000	$53	26

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 · 7.72% rent growth · sell at horizon

5-year hold

• IRR: 18.4%
• Equity multiple: 1.79×
• Total profit: $57,302
• Equity at exit: $38,752

10-year hold

• IRR: 29.9%
• Equity multiple: 4.29×
• Total profit: $239,240
• Equity at exit: $22,471

Cash invested: $72,772 (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 01201

• Rents YoY: 7.7%
• Active inventory: 278
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $3,804 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$270 /mo · $3,246/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$799
• Net cashflow: $1,263

Break-even live

Break-even rent $2,205

Max offer price $259,900

Occupancy floor 62%

Sensitivity live

Price	-10% $1,411	-5% $1,337	+0% $1,263	+5% $1,190	+10% $1,116
Rent	-10% $963	-5% $1,113	+0% $1,263	+5% $1,414	+10% $1,564
Rate	-1.0pp $1,394	-0.5pp $1,330	base $1,263	+0.5pp $1,196	+1.0pp $1,128

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,804
Total (2 units)			$3,804

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   statusdays on market $259,900 Pending 87 DOM
2. 2026-06-17
   days on market $259,900 Active 86 DOM
3. 2026-06-16
   days on market $259,900 Active 85 DOM
4. 2026-06-15
   days on market $259,900 Active 84 DOM
5. 2026-06-14
   days on market $259,900 Active 82 DOM
6. 2026-06-12
   days on market $259,900 Active 81 DOM
7. 2026-06-09
   days on market $259,900 Active 78 DOM
8. 2026-06-08
   days on market $259,900 Active 77 DOM
9. 2026-06-07
   days on market $259,900 Active 76 DOM
10. 2026-06-05
    days on market $259,900 Active 73 DOM
11. 2026-06-02
    days on market $259,900 Active 71 DOM
12. 2026-06-01
    days on market $259,900 Active 70 DOM
13. 2026-05-31
    days on market $259,900 Active 69 DOM
14. 2026-05-30
    days on market $259,900 Active 68 DOM
15. 2026-03-23
    listed $259,900 Active 538-char remark

    Show marketing remark (538 chars)

    Classic two family brick colonial with many possibilities! Including a front/rear porch, two separate yards on each side, and off street parking. Enter each side into a wide, open hallway with the original hardwood floors throughout. The left side has four bedrooms and one bathroom with potential for a second bathroom off the kitchen. The right side has been split into two smaller units with separate kitchens and bathrooms but originally was a three bedroom apartment. Each unit has its own heating, hot water, and electrical systems.

ⓘ 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: $3,246 · $270/mo
• Projected year-2 tax: $3,246 · $270/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% 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: $45,648
• − Mortgage interest: −$14,558
• − Property taxes: −$3,246
• − Insurance: −$1,300
• − Repairs & maintenance: −$3,652
• − Management: −$3,652
• − Depreciation: −$7,561
• Taxable income: $11,680
• Est. tax owed @ 24.0%: −$2,803
• After-tax cash flow: $12,358/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: Pittsfield
• NCES district ID: 2509630
• Math proficiency: 19% ▼ -10.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $44,032
• Composite: 22.67/100
• National rank: #8046
• State rank: #272 of 302 in MA

Livability — Pittsfield

• Score: 75/100
• State rank: #70
• US rank: #3820

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pittsfield, MA
• County: Berkshire County · 44,848 people
• City population: 44,848
• Metro: Pittsfield, MA
• Population (ZIP): 44,848
• Household income: $71,093
• Rent vs Own: 36.5% rent · 63.5% own
• Severe rent burden: 1580.0

Population outlook (Berkshire County) Hauer SSP2

• Today (2025): 119,723 people
• By 2030: 114,608 · -4.3%
• By 2040: 102,806 · -14.1%
• By 2050: 91,305 · -23.7%
• By 2075: 71,517 · -40.3%
• By 2100: 57,988 · -51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 10% Hispanic / Latino 9% Black 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Lithuanian 8% Romanian 6% Slovak 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Berkshire

• 2024 margin: Solid D (+39.9) · D 68.9% · R 29.0% · Other 2.1%
• 2008→2024 swing: -12.5pp toward R · 2008: 52.4pp · 2024: 39.9pp
• All cycles: 2024: D+39.9 2020: D+47.1 2016: D+41.5 2012: D+53.7 2008: D+52.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -199.88%
• Current HPI: 283.3421
• Rent YoY: ▲ 7.72%
• Metro: Pittsfield, 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

1 event — show timeline

• 2026-03-23 Listed $259,900 BCMLS

Property tax history

+2.6%/yr

Latest (2023): $3,246 · +0.8% YoY. Source: county tax records.