38 Whitman St · Chicopee, MA 01013

$439,900

4 bd · 2.0 ba · 2,276 sqft · MultiFamily public records · 66 Days on market

Built 1920 6,944 sqft lot $193/sqft · 54% above area Est $411k · 7% 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 +16.4/30.0
• DSCR +5.1/10.0
• ARV discount +4.3/15.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• 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

OPEN HOUSE SATURDAY 5/2 11AM-12:30PM. Well-maintained two-family home in Chicopee offering a great opportunity for both owner-occupants and investors alike! The first-floor unit is currently vacant and ready for immediate occupancy or new tenants, featuring a spacious living room, eat-in kitchen, two bedrooms, and a bonus room off the back that flows into an oversized mudroom—perfect for added storage or flexible use. The second unit spans the second and third floors, offering a townhouse-style layout with a living room, eat-in kitchen, and additional rooms across both levels, providing plenty of space and versatility. Additional features include a full basement for storage, an oversized two-car garage, and a large attached shed—ideal for tools, equipment, or hobby space. Whether you’re looking to live in one unit and rent out the other or expand your investment portfolio, this property offers strong potential and functionality.

Key facts

• Eat in kitchen
• Bonus room
• Oversized mudroom

Tags

• SPACIOUS LIVING ROOM
• EAT IN KITCHEN
• BONUS ROOM
• OVERSIZED MUDROOM
• FULL BASEMENT
• OVERSIZED GARAGE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $440k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive. Per door: $125/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $391k (11.1% below list).
• Recommended offer: $391k (11.1% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 4.6% in Chicopee — 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 76/100 on livability (#66 in MA, #3,658 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Chicopee (suburban): math 20% / reading 33% proficiency, ranked #270 of 302 in MA (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Fairview Elementary (math 12% / reading 27%, grade F, #784 of 938 statewide, top 86%, 369 students, 0% FRL); Bellamy Middle (math 14% / reading 25%, grade F, #258 of 305 statewide, top 86%, 776 students, 0% FRL); Chicopee Comprehensive High School (math 37% / reading 51%, grade F, #207 of 343 statewide, top 61%, 1,206 students, 0% FRL) — zoned schools average 0% FRL vs 56% district-wide (56 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 13 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 453 units permitted in Hampden County in 2024 (116 in 5+ unit buildings).
• At $3,911/mo this rent would consume 79% of the median local household income ($60k/yr) (locally 895% 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.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($414k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 28y 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 $135k; list at $440k implies a 226% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; moderate wind risk, 23% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $391,100 (11.1% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 11% 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 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.89% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.43%
• DSCR: 1.11
• GRM: 9.4

CMA / ARV

• ARV (median comp): $411,060
• List price: $439,900
• Delta: 7.02%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
519 Chicopee St	0.68mi	4/2.0	2,217 (-3%)	1mo	$390,000	$176	63
92 Rivers Ave	0.30mi	5/3.0 (+1)	2,399 (+5%)	20mo	$382,500	$159	51
1201 Grattan St	0.37mi	5/2.0 (+1)	2,592 (+14%)	16mo	$335,000	$129	41
13-15 Meadow St	0.73mi	4/2.0	2,065 (-9%)	24mo	$270,000	$131	30

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: -12.5%
• Equity multiple: 0.55×
• Total profit: $-55,429
• Equity at exit: $65,591

10-year hold

• IRR: -3.4%
• Equity multiple: 0.77×
• Total profit: $-28,029
• Equity at exit: $38,035

Cash invested: $123,172 (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 01013

• Home prices YoY: -23.1%
• Active inventory: 13
• Price-to-rent: 18.7×

Monthly cashflow live

• Estimated rent: $3,911 high
• Mortgage (P&I): −$2,307
• Tax from tax record: −$350 /mo · $4,195/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$821
• Net cashflow: $250

Break-even live

Break-even rent $3,595

Max offer price $439,900

Occupancy floor 89%

Sensitivity live

Price	-10% $499	-5% $374	+0% $250	+5% $125	+10% $1
Rent	-10% $-59	-5% $95	+0% $250	+5% $404	+10% $559
Rate	-1.0pp $471	-0.5pp $362	base $250	+0.5pp $136	+1.0pp $20

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,912
Total (2 units)			$3,911

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: $109,975
• Closing costs: $13,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
297 Beech St Unit 3 Holyoke, MA	4.0	1.0	1600	$2,500	$1.56	45d	1	1.23mi

Listing history 24 events

1. 2026-06-21
   days on market $439,900 Active 66 DOM
2. 2026-06-18
   days on market $439,900 Active 63 DOM
3. 2026-06-17
   days on market $439,900 Active 62 DOM
4. 2026-06-16
   days on market $439,900 Active 61 DOM
5. 2026-06-15
   days on market $439,900 Active 60 DOM
6. 2026-06-14
   days on market $439,900 Active 58 DOM
7. 2026-06-13
   days on market $439,900 Active 57 DOM
8. 2026-06-10
   days on market $439,900 Active 55 DOM
9. 2026-06-09
   days on market $439,900 Active 54 DOM
10. 2026-06-08
    days on market $439,900 Active 53 DOM
11. 2026-06-07
    days on market $439,900 Active 52 DOM
12. 2026-06-03
    days on market $439,900 Active 48 DOM
13. 2026-06-02
    days on market $439,900 Active 47 DOM
14. 2026-06-01
    days on market $439,900 Active 46 DOM
15. 2026-05-31
    days on market $439,900 Active 45 DOM
16. 2026-05-30
    days on market $439,900 Active 44 DOM
17. 2026-04-28
    status Back On Market 960-char remark

    Show marketing remark (960 chars)

    OPEN HOUSE SATURDAY 5/2 11AM-12:30PM. Well-maintained two-family home in Chicopee offering a great opportunity for both owner-occupants and investors alike! The first-floor unit is currently vacant and ready for immediate occupancy or new tenants, featuring a spacious living room, eat-in kitchen, two bedrooms, and a bonus room off the back that flows into an oversized mudroom—perfect for added storage or flexible use. The second unit spans the second and third floors, offering a townhouse-style layout with a living room, eat-in kitchen, and additional rooms across both levels, providing plenty of space and versatility. Additional features include a full basement for storage, an oversized two-car garage, and a large attached shed—ideal for tools, equipment, or hobby space. Whether you’re looking to live in one unit and rent out the other or expand your investment portfolio, this property offers strong potential and functionality.

18. 2026-04-28
    historical Contingent 960-char remark

    Show marketing remark (960 chars)

    OPEN HOUSE SATURDAY 5/2 11AM-12:30PM. Well-maintained two-family home in Chicopee offering a great opportunity for both owner-occupants and investors alike! The first-floor unit is currently vacant and ready for immediate occupancy or new tenants, featuring a spacious living room, eat-in kitchen, two bedrooms, and a bonus room off the back that flows into an oversized mudroom—perfect for added storage or flexible use. The second unit spans the second and third floors, offering a townhouse-style layout with a living room, eat-in kitchen, and additional rooms across both levels, providing plenty of space and versatility. Additional features include a full basement for storage, an oversized two-car garage, and a large attached shed—ideal for tools, equipment, or hobby space. Whether you’re looking to live in one unit and rent out the other or expand your investment portfolio, this property offers strong potential and functionality.

19. 2026-04-16
    listed $439,900 New 960-char remark

    Show marketing remark (960 chars)

    OPEN HOUSE SATURDAY 5/2 11AM-12:30PM. Well-maintained two-family home in Chicopee offering a great opportunity for both owner-occupants and investors alike! The first-floor unit is currently vacant and ready for immediate occupancy or new tenants, featuring a spacious living room, eat-in kitchen, two bedrooms, and a bonus room off the back that flows into an oversized mudroom—perfect for added storage or flexible use. The second unit spans the second and third floors, offering a townhouse-style layout with a living room, eat-in kitchen, and additional rooms across both levels, providing plenty of space and versatility. Additional features include a full basement for storage, an oversized two-car garage, and a large attached shed—ideal for tools, equipment, or hobby space. Whether you’re looking to live in one unit and rent out the other or expand your investment portfolio, this property offers strong potential and functionality.

20. 2014-06-27
    soldstatus $135,000 819-char remark

    Show marketing remark (819 chars)

    Immaculate! Brand New Roof! Owner occupied two family unit. There is a half bath and three more rooms on the third level. Two car garage has separate electric box and an additional side room for outdoor gatherings. Updated baths in both units including the vanities/sinks, medicine cabinets and toilets. Electric fireplace in first floor unit to remain for the buyer's enjoyment. There is hardwood, and newer tile and vinyl flooring throughout both units. The second floor has it's own laundry room and an additional exit/staircase to the rear. The front storm door is new as well as the exterior yard and garage entry doors. The owner has the lead certificate for the buyer with newer windows installed throughout. Carefree maintenance and painting in some areas due to paneling and stone work! Call for your showing!

21. 2014-01-21
    listed $144,900 819-char remark

    Show marketing remark (819 chars)

    Immaculate! Brand New Roof! Owner occupied two family unit. There is a half bath and three more rooms on the third level. Two car garage has separate electric box and an additional side room for outdoor gatherings. Updated baths in both units including the vanities/sinks, medicine cabinets and toilets. Electric fireplace in first floor unit to remain for the buyer's enjoyment. There is hardwood, and newer tile and vinyl flooring throughout both units. The second floor has it's own laundry room and an additional exit/staircase to the rear. The front storm door is new as well as the exterior yard and garage entry doors. The owner has the lead certificate for the buyer with newer windows installed throughout. Carefree maintenance and painting in some areas due to paneling and stone work! Call for your showing!

22. 1998-12-23
    soldstatus $71,000
23. 1998-12-22
    soldstatus $71,000
24. 1998-09-28
    listed $74,000

ⓘ 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: $4,195 · $350/mo
• Projected year-2 tax: $4,803 · $400/mo
• Expected delta: +$608/yr (+$51/mo · 14.5%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% 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: $46,932
• − Mortgage interest: −$24,641
• − Property taxes: −$4,195
• − Insurance: −$2,200
• − Repairs & maintenance: −$3,755
• − Management: −$3,755
• − Depreciation: −$12,797
• Taxable loss: −$4,410
• Est. tax savings @ 24.0%: +$1,058
• After-tax cash flow: $4,058/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: Chicopee
• NCES district ID: 2503660
• Math proficiency: 20% ▼ -22.00%
• Reading proficiency: 33% ▼ -10.00%
• Median HH income: $46,414
• Composite: 22.91/100
• National rank: #7997
• State rank: #270 of 302 in MA

Livability — Chicopee

• Score: 76/100
• State rank: #66
• US rank: #3658

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chicopee, MA
• County: Hampden County · 230,965 people
• City population: 53,451
• Metro: Springfield, MA
• Population (ZIP): 23,284
• Household income: $59,759
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 895.0

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: Majority White (58%)
• Race & ethnicity: White 58% Hispanic / Latino 34% Two or more races 13% Black 3% Asian 2%
• Hispanic origin (detail): Puerto Rican 29% Dominican 2%
• Common ancestry: Romanian 16% Lithuanian 11% Russian 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 70% English-only · Spanish 21% Russian/Polish/Slavic 4% Other Indo-European 3%

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: ▼ -89.92%
• Current HPI: 298.8896
• 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

+494.5% since first listed

8 events — show timeline

• 2026-04-28 Relisted — MLS PIN
• 2026-04-28 Contingent — MLS PIN
• 2026-04-16 Listed $439,900 MLS PIN
• 2014-06-27 Sold (MLS) $135,000 MLS PIN
• 2014-01-21 Listed $144,900 MLS PIN
• 1998-12-23 Sold (MLS) $71,000 MLS PIN
• 1998-12-22 Sold (Public Records) $71,000 Public Records
• 1998-09-28 Listed $74,000 MLS PIN

Property tax history

+4.0%/yr

Latest (2023): $4,195 · +2.0% YoY. Source: county tax records.