1 Pondview Dr Unit C3

Pittsfield, MA 01201

$189,900D

2 bd · 1.0 ba · 1,040 sqft · Built 1987 · Condo · Pending · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,903/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$316
• HOA: −$400
• Vac / Maint / Mgmt: −$400
• Net cashflow: $-209/mo
• Annual: $-2,504/yr
• Cap rate: 4.97%
• Cash-on-cash: -4.71%
• DSCR: 0.79
• 1% rule: 1.00%
• Cash to close: $53,172

Investor read

• This is a 2-bed/1.0-bath condo listed at $190k. Condition is rated fair.
• At list price, monthly cash flow is $-209 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (15.9% below list).
• Meets the 1% rule at list price ($2k rent vs $190k).
• It's been on market 122 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (15.9% below list) — sets the bar for cash-flow.
• 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.
• 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: Williams (math 37% / reading 67%, grade C-, #287 of 938 statewide, top 33%, 256 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.
• Zoned-school proficiency averages 41% at this address vs 26% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Pittsfield average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising fast (+7.7%/yr); 278 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• Berkshire County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $40k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.0% vs local median 4.0% in Pittsfield — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 32% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 122 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Weathered and in need of replacement
• Major: Carpeted floors — Worn and in need of replacement
• Major: Paint — Faded and in need of repainting