2 Stevens Rd · Worcester, MA 01603

$599,900

8 bd · 3.0 ba · 4,008 sqft · MultiFamily public records · 46 Days on market

Built 1900 4,711 sqft lot $150/sqft · 20% below area Est $678k · 12% under ↓ 7% since listing

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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 +12.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.4/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks MLS

Attention Contractors and Investors !!! Potential galore in this 15-8-3 Multi family Home. This vacant 3 family home awaits your finishing skills to make this home a moneymaker. The home has updated electrical with landlord meter, first floor gas heating system and is located near Clark University. Cash buyers only. Property is being sold "as is".

Key facts

• 4,711 sq ft lot
• 2 parking spots
• Built 1900

Property features AI

Finance

• Other: Listing status: Active
• HOA & community: Not a senior community

Exterior

• Parking: 2 off-street parking spaces
• Utilities: Public water; Public sewer
• Home design: 3-family property; 6 total stories; Above-grade finished area 3,624
• Construction: Built (per public records); Concrete perimeter foundation
• Exterior features: Corner lot; Lot size approximately 0.11 acres

Interior

• Bedrooms: Unit 1: 1 level; Unit 2: 2 levels; Unit 3: 3 levels
• Bathrooms: 6 full bathrooms
• Interior features: 24 total rooms; Concrete perimeter foundation

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/?-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $4k ($51k/yr) — positive. Per door: $844/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $600k).
• Recommended offer: $582k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.7% vs local median 4.1% in Worcester — 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 87/100 on livability (#9 in MA, #312 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: schools C-, cost of living D.
• Worcester (urban): math 17% / reading 30% proficiency, ranked #280 of 302 in MA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.2%/yr); 17 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $10,342/mo this rent would consume 188% of the median local household income ($66k/yr) (locally 1247% 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $168k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask is 33% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $418k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $581,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.72% ✓
• Cap rate: 14.73%
• Cash-on-cash: 30.14%
• DSCR: 2.34
• GRM: 4.8

CMA / ARV

• ARV (median comp): $677,899
• List price: $599,900
• Delta: -11.51%
• 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
72 Lovell St	0.20mi	9/3.5 (+1)	3,900 (-3%)	13mo	$830,000	$213	68
19 Woodbine St	0.25mi	9/3.0 (+1)	4,399 (+10%)	1mo	$799,900	$182	66
183 Lovell St	0.23mi	8/3.0	3,451 (-14%)	8mo	$620,000	$180	60
7 Wyman St	0.55mi	9/3.0 (+1)	4,161 (+4%)	9mo	$955,000	$230	56
4 Courtland St	0.70mi	9/3.0 (+1)	4,014 (+0%)	11mo	$825,000	$206	53
22 Ferdinand St	0.28mi	7/3.0 (-1)	3,435 (-14%)	10mo	$815,000	$237	50
10 Lucian St	0.43mi	9/4.0 (+1)	4,512 (+13%)	1mo	$900,000	$199	49
69 Hollis St	0.63mi	9/3.0 (+1)	3,723 (-7%)	7mo	$880,000	$236	48
132 Dewey St	0.48mi	9/3.0 (+1)	3,564 (-11%)	10mo	$810,000	$227	45
21 Hitchcock Rd	0.59mi	8/3.0	4,578 (+14%)	6mo	$620,000	$135	44
2 Carlisle St	0.75mi	9/3.0 (+1)	4,320 (+8%)	6mo	$825,000	$191	42
27 Wyman St	0.64mi	9/3.0 (+1)	3,530 (-12%)	8mo	$720,000	$204	39

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 · 4.18% rent growth · sell at horizon

5-year hold

• IRR: 26.1%
• Equity multiple: 2.10×
• Total profit: $183,951
• Equity at exit: $89,447

10-year hold

• IRR: 34.4%
• Equity multiple: 4.33×
• Total profit: $558,543
• Equity at exit: $51,868

Cash invested: $167,972 (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 01603

• Home prices YoY: -32.5%
• Rents YoY: 4.2%
• Active inventory: 17
• Price-to-rent: 24.2×

Monthly cashflow live

• Estimated rent: $10,342 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$555 /mo · $6,665/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,172
• Net cashflow: $4,219

Break-even live

Break-even rent $5,002

Max offer price $599,900

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	—	$10,340
Total (5 units)			$10,342

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-09
   days on market $599,900 Active 46 DOM
2. 2026-06-08
   days on market $599,900 Active 45 DOM
3. 2026-06-07
   days on market $599,900 Active 44 DOM
4. 2026-06-05
   days on market $599,900 Active 41 DOM
5. 2026-06-03
   days on market $599,900 Active 40 DOM
6. 2026-06-02
   days on market $599,900 Active 39 DOM
7. 2026-06-01
   days on market $599,900 Active 38 DOM
8. 2026-05-31
   days on market $599,900 Active 37 DOM
9. 2026-05-31
   days on market $599,900 Active 36 DOM
10. 2026-04-25
    listed $599,900 New 739-char remark
11. 2024-05-10
    soldstatus $418,000 Sold 360-char remark

    Show marketing remark (360 chars)

    Attention Contractors and Investors !!! Potential galore in this 15-8-3 Multi family Home. This vacant 3 family home awaits your finishing skills to make this home a moneymaker. The home has updated electrical with landlord meter, first floor gas heating system and is located near Clark University. Cash buyers only. Property is being sold "as is".

12. 2024-03-27
    status Under Agreement 360-char remark

    Show marketing remark (360 chars)

    Attention Contractors and Investors !!! Potential galore in this 15-8-3 Multi family Home. This vacant 3 family home awaits your finishing skills to make this home a moneymaker. The home has updated electrical with landlord meter, first floor gas heating system and is located near Clark University. Cash buyers only. Property is being sold "as is".

13. 2024-03-26
    status Price Changed 360-char remark

    Show marketing remark (360 chars)

    Attention Contractors and Investors !!! Potential galore in this 15-8-3 Multi family Home. This vacant 3 family home awaits your finishing skills to make this home a moneymaker. The home has updated electrical with landlord meter, first floor gas heating system and is located near Clark University. Cash buyers only. Property is being sold "as is".

14. 2024-03-26
    price $425,000 360-char remark

    Show marketing remark (360 chars)

    Attention Contractors and Investors !!! Potential galore in this 15-8-3 Multi family Home. This vacant 3 family home awaits your finishing skills to make this home a moneymaker. The home has updated electrical with landlord meter, first floor gas heating system and is located near Clark University. Cash buyers only. Property is being sold "as is".

15. 2023-12-14
    status Under Agreement 360-char remark

    Show marketing remark (360 chars)

    Attention Contractors and Investors !!! Potential galore in this 15-8-3 Multi family Home. This vacant 3 family home awaits your finishing skills to make this home a moneymaker. The home has updated electrical with landlord meter, first floor gas heating system and is located near Clark University. Cash buyers only. Property is being sold "as is".

16. 2023-12-07
    status Back On Market 360-char remark

    Show marketing remark (360 chars)

    Attention Contractors and Investors !!! Potential galore in this 15-8-3 Multi family Home. This vacant 3 family home awaits your finishing skills to make this home a moneymaker. The home has updated electrical with landlord meter, first floor gas heating system and is located near Clark University. Cash buyers only. Property is being sold "as is".

17. 2023-10-19
    status Under Agreement 360-char remark

    Show marketing remark (360 chars)

    Attention Contractors and Investors !!! Potential galore in this 15-8-3 Multi family Home. This vacant 3 family home awaits your finishing skills to make this home a moneymaker. The home has updated electrical with landlord meter, first floor gas heating system and is located near Clark University. Cash buyers only. Property is being sold "as is".

18. 2023-10-05
    historical Contingent 360-char remark

    Show marketing remark (360 chars)

    Attention Contractors and Investors !!! Potential galore in this 15-8-3 Multi family Home. This vacant 3 family home awaits your finishing skills to make this home a moneymaker. The home has updated electrical with landlord meter, first floor gas heating system and is located near Clark University. Cash buyers only. Property is being sold "as is".

19. 2023-09-26
    listed $449,900 New 360-char remark

    Show marketing remark (360 chars)

    Attention Contractors and Investors !!! Potential galore in this 15-8-3 Multi family Home. This vacant 3 family home awaits your finishing skills to make this home a moneymaker. The home has updated electrical with landlord meter, first floor gas heating system and is located near Clark University. Cash buyers only. 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: $6,665 · $555/mo
• Projected year-2 tax: $7,022 · $585/mo
• Expected delta: +$357/yr (+$30/mo · 5.4%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 16 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $124,104
• − Mortgage interest: −$33,604
• − Property taxes: −$6,665
• − Insurance: −$3,000
• − Repairs & maintenance: −$9,928
• − Management: −$9,928
• − Depreciation: −$17,452
• Taxable income: $43,527
• Est. tax owed @ 24.0%: −$10,447
• After-tax cash flow: $40,180/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: Worcester
• NCES district ID: 2513230
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 30% ▼ -8.00%
• Median HH income: $45,063
• Composite: 20.3/100
• National rank: #8615
• State rank: #280 of 302 in MA

Livability — Worcester

• Score: 87/100
• State rank: #9
• US rank: #312

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Worcester, MA
• County: Worcester County · 487,911 people
• City population: 207,324
• Metro: Worcester, MA-CT
• Population (ZIP): 20,868
• Household income: $66,049
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1247.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 45% Hispanic / Latino 27% Two or more races 16% Asian 12% Black 11% Native American 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 15% Dominican 4%
• Common ancestry: Lithuanian 6% Romanian 3% Russian 1%
• Foreign-born: 25% · Canada, Vietnam, South Korea
• Languages at home: 56% English-only · Spanish 22% Vietnamese 6% Other Indo-European 6%

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: ▼ -156.46%
• Current HPI: 324.9678
• Rent YoY: ▲ 4.18%
• 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

-7.1% since first listed

9 events — show timeline

• 2024-05-10 Sold (MLS) $418,000 MLS PIN
• 2024-03-27 Pending — MLS PIN
• 2024-03-26 Relisted — MLS PIN
• 2024-03-26 Price Changed $425,000 MLS PIN
• 2023-12-14 Pending — MLS PIN
• 2023-12-07 Relisted — MLS PIN
• 2023-10-19 Pending — MLS PIN
• 2023-10-05 Contingent — MLS PIN
• 2023-09-26 Listed $449,900 MLS PIN

Property tax history

+5.5%/yr

Latest (2023): $6,665 · +14.9% YoY. Source: county tax records.