658 Union St · Springfield, MA 01109

$425,000

5 bd · 3.0 ba · 2,801 sqft · MultiFamily public records · 20 Days on market

Built 1905 3,890 sqft lot Est $420k · at est.

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +7.0/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Large vinyl sided two family fixer upper has extra rooms on the Third Floor , Roof replaced within last 10 years and property is being sold "as-is"

Key facts

• Separate utilities
• Updated electrical
• Functional layouts

Tags

• SEPARATE UTILITIES
• SEPARATE METERS
• FUNCTIONAL LAYOUTS
• LAUNDRY HOOKUPS
• UPDATED ELECTRICAL
• WOOD LAMINATE FLOORING

Property features AI

Finance

• Financial info: Property is a multi-family investment (3 units); units have active leases
• HOA & community: Neighborhood sidewalks

Exterior

• Parking: Open paved parking for 4 vehicles
• Utilities: Public water; Public sewer; Electric with circuit breakers and 100 amp service; Electric connections for range; Gas hookup for dryer
• Home design: 3-family up/down multiunit; 3 stories; Blue exterior
• Construction: Frame construction; Brick/mortar foundation; Shingle roof; Built (year per public records)
• Exterior features: Porch (covered); Balcony/deck; Paved road frontage; Easements; Publicly maintained road

Interior

• Kitchen: Range; Refrigerator
• Flooring: Tile; Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Natural gas and electric heating; 2 heating units; No cooling units reported
• Interior features: Ceiling fans; Pantry; Bathroom with tub and shower; Bathroom with shower stall; Living room; Kitchen; Laundry room; Insulated doors; Insulated windows; Total of 15 rooms
• Laundry & utility: Washer hookup; Washer & dryer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $529/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $425k).
• Recommended offer: $419k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 5.1% in Springfield — 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 73/100 on livability (#97 in MA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, amenities A; Watch: schools D, crime F, employment D-.
• Springfield (urban): math 13% / reading 25% proficiency, ranked #296 of 302 in MA (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 32 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 453 units permitted in Hampden County in 2024 (116 in 5+ unit buildings).
• At $5,331/mo this rent would consume 132% of the median local household income ($48k/yr) (locally 1322% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Hampden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $119k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $62k; list at $425k implies a 585% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $418,625 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F 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?
7. 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.
8. 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.
9. 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: 1.25% ✓
• Cap rate: 10.78%
• Cash-on-cash: 16.02%
• DSCR: 1.71
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $420,150
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
188-190 Northampton Ave	0.40mi	6/3.0 (+1)	2,879 (+3%)	8mo	$250,000	$87	65
140 Northampton Ave	0.36mi	6/3.0 (+1)	2,976 (+6%)	4mo	$215,000	$72	64
79 Oak St	0.36mi	5/4.0	2,620 (-6%)	7mo	$430,000	$164	62
16-20 Cambridge St	0.73mi	6/3.0 (+1)	2,800 (-0%)	1mo	$540,000	$193	60
107 Tyler St	0.20mi	6/2.0 (+1)	3,203 (+14%)	4mo	$410,000	$128	55
113-117 Cedar St	0.51mi	6/3.0 (+1)	2,456 (-12%)	1mo	$450,000	$183	50
162 Northampton Ave	0.38mi	6/2.0 (+1)	2,465 (-12%)	6mo	$205,000	$83	48
89 Cedar St	0.56mi	6/2.0 (+1)	2,538 (-9%)	3mo	$278,000	$110	47
283 Wilbraham Rd	0.72mi	6/3.0 (+1)	3,073 (+10%)	1mo	$240,000	$78	45
118-120 Westford Cir	0.65mi	6/2.0 (+1)	2,673 (-5%)	10mo	$400,000	$150	45
91-93 Melrose St	0.66mi	6/3.0 (+1)	2,486 (-11%)	9mo	$525,000	$211	38
97-99 Melrose St	0.67mi	6/3.0 (+1)	2,486 (-11%)	9mo	$515,000	$207	38

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: 6.9%
• Equity multiple: 1.27×
• Total profit: $32,170
• Equity at exit: $63,369

10-year hold

• IRR: 16.2%
• Equity multiple: 2.33×
• Total profit: $157,805
• Equity at exit: $36,746

Cash invested: $119,000 (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 01109

• Home prices YoY: -22.8%
• Active inventory: 32
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $5,331 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$218 /mo · $2,610/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,120
• Net cashflow: $1,588

Break-even live

Break-even rent $3,321

Max offer price $425,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,331
Total (3 units)			$5,331

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
296 Hancock St Springfield, MA	6.0	2.0	2000	$2,900	$1.45	43d	1	0.55mi
38 Greenacre Sq Unit 2 Springfield, MA	4.0	2.0	2300	$2,400	$1.04	43d	1	0.87mi
15 Wigwam Pl Springfield, MA	5.0	2.0	2000	$2,800	$1.40	43d	1	1.16mi

Listing history 20 events

1. 2026-06-18
   days on market $425,000 Active 20 DOM
2. 2026-06-17
   days on market $425,000 Active 19 DOM
3. 2026-06-16
   days on market $425,000 Active 18 DOM
4. 2026-06-15
   days on market $425,000 Active 17 DOM
5. 2026-06-14
   days on market $425,000 Active 15 DOM
6. 2026-06-13
   days on market $425,000 Active 14 DOM
7. 2026-06-10
   days on market $425,000 Active 12 DOM
8. 2026-06-09
   days on market $425,000 Active 11 DOM
9. 2026-06-08
   remarks 699-char remark
10. 2026-06-08
    days on market $425,000 Active 10 DOM
11. 2026-06-07
    days on market $425,000 Active 9 DOM
12. 2026-06-05
    days on market $425,000 Active 6 DOM
13. 2026-06-03
    days on market $425,000 Active 5 DOM
14. 2026-06-02
    statusdays on market $425,000 Active 4 DOM
15. 2026-06-01
    days on market $425,000 New 3 DOM
16. 2026-05-31
    days on market $425,000 New 2 DOM
17. 2026-05-29
    listed $425,000 New
18. 2022-07-08
    price $1,100
19. 2018-05-25
    soldstatus $62,000 157-char remark

    Show marketing remark (157 chars)

    Large vinyl sided two family fixer upper has extra rooms on the Third Floor , Roof replaced within last 10 years and property is being sold "as-is"

20. 2018-04-04
    listed $80,000 157-char remark

    Show marketing remark (157 chars)

    Large vinyl sided two family fixer upper has extra rooms on the Third Floor , Roof replaced within last 10 years and property is being sold "as-is"

ⓘ 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: $2,610 · $218/mo
• Projected year-2 tax: $3,919 · $327/mo
• Expected delta: +$1,309/yr (+$109/mo · 50.1%)

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

Taxation est. · year 1

• Rental income: $63,972
• − Mortgage interest: −$23,807
• − Property taxes: −$2,610
• − Insurance: −$2,125
• − Repairs & maintenance: −$5,118
• − Management: −$5,118
• − Depreciation: −$12,364
• Taxable income: $12,831
• Est. tax owed @ 24.0%: −$3,079
• After-tax cash flow: $15,978/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: Springfield
• NCES district ID: 2511130
• Math proficiency: 13% ▼ -12.00%
• Reading proficiency: 25% ▼ -5.00%
• Median HH income: $34,938
• Composite: 15.6/100
• National rank: #9293
• State rank: #296 of 302 in MA

Livability — Springfield

• Score: 73/100
• State rank: #97
• US rank: #5195

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, MA
• County: Hampden County · 230,965 people
• City population: 61,006
• Metro: Springfield, MA
• Population (ZIP): 31,124
• Household income: $48,415
• Rent vs Own: 52.4% rent · 47.6% own
• Severe rent burden: 1322.0

Population outlook (Hampden County) Hauer SSP2

• Today (2025): 485,646 people
• By 2030: 491,517 · +1.2%
• By 2040: 500,539 · +3.1%
• By 2050: 508,827 · +4.8%
• By 2075: 539,167 · +11.0%
• By 2100: 545,698 · +12.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 45% Black 31% Two or more races 20% White 18% Asian 1% Native American 1%
• Hispanic origin (detail): Puerto Rican 39% Dominican 3%
• Common ancestry: Lithuanian 2% Romanian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 65% English-only · Spanish 32% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Hampden

• 2024 margin: Lean D (+8.9) · D 53.4% · R 44.5% · Other 2.1%
• 2008→2024 swing: -16.4pp toward R · 2008: 25.3pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+17.7 2016: D+16.0 2012: D+25.4 2008: D+25.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.11%
• Current HPI: 382.9038
• Rent YoY: —
• Metro: Springfield, 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

+431.2% since first listed

4 events — show timeline

• 2026-05-29 Listed $425,000 MLS PIN
• 2022-07-08 Price Changed $1,100 RENT.
• 2018-05-25 Sold (MLS) $62,000 MLS PIN
• 2018-04-04 Listed $80,000 MLS PIN

Property tax history

+3.0%/yr

Latest (2023): $2,610 · -17.7% YoY. Source: county tax records.