22 Elm St #310 · Worcester, MA 01608

$261,650

3 bd · 2.0 ba · 1,484 sqft · Condo · 135 Days on market

Built 2026 Excellent condition $176/sqft · 5% below area Est $277k · 5% under $392/mo HOA · 15% of rent

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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 +10.8/30.0
• ARV discount +9.9/15.0
• Appreciation +6.1/10.0
• 1% rule +5.1/10.0
• Condition / age +5.0/5.0
• Rent growth +4.5/5.0
• Livability +4.4/5.0
• DSCR +3.1/10.0
• Schools +2.7/10.0

Listing remarks

22 Elm is a residential development in Worcester consisting of 22 units. All 22 units will be sold to households earning at or below 80% AMI (Area Median Income) for the Worcester, MA HUD Metro FMR Area. 1HH $73,750, 2HH $84,300, 3HH $94,850, Asset Limit: $155,000. This exciting new condominium development in the heart of downtown is housed in a beautifully reimagined historic building. 22 brand-new condominiums including one, two, and three bedroom units and offers first-time homebuyers a rare opportunity to put down roots in this vibrant urban core.

Key facts

• Fitness center
• Premium amenities
• Historic building

Tags

• HISTORIC BUILDING
• PREMIUM AMENITIES
• ON-SITE ELEVATOR
• STORAGE LOCKERS
• BIKE STORAGE
• FITNESS CENTER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $262k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (6.5% below list).
• Meets the 1% rule at list price ($3k rent vs $262k).
• Recommended offer: $230k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.8% vs local median 4.2% 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: 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.
• Zoned schools: Elm Park Community (math 4% / reading 24%, grade F, #881 of 938 statewide, top 94%, 415 students, 0% FRL); Forest Grove Middle (math 19% / reading 31%, grade F, #234 of 305 statewide, top 77%, 897 students, 0% FRL); Doherty Memorial High (math 37% / reading 47%, grade F, #214 of 343 statewide, top 65%, 1,344 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+7.8%/yr); 16 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $2,635/mo this rent would consume 69% of the median local household income ($46k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $8k of equity ($2k loan paydown + $6k appreciation (2.3% local appreciation)).
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($230k) is reasonable based on typical stale-listing flexibility.

Recommended offer $230,252 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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: 1.01% ✓
• Cap rate: 5.75%
• Cash-on-cash: -1.94%
• DSCR: 0.91
• GRM: 8.3

CMA / ARV

• ARV (median comp): $276,593
• List price: $261,650
• Delta: -5.40%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
69 Orient St	1.07mi	4/2.0 (+1)	1,492 (+0%)	0mo	$670,000	$449	59
51 Chilmark St	1.21mi	3/2.0	1,416 (-5%)	0mo	$325,000	$230	57
55 Chilmark St	1.23mi	2/2.0 (-1)	1,424 (-4%)	0mo	$415,000	$291	53
3 Franconia St	1.26mi	3/2.0	1,392 (-6%)	2mo	$385,000	$277	53
32 Shelby St	0.64mi	4/1.5 (+1)	1,385 (-7%)	2mo	$255,000	$184	51
5 Breck St	1.28mi	3/1.0	1,582 (+7%)	2mo	$405,000	$256	48
19 Walworth St	1.38mi	3/1.5	1,350 (-9%)	1mo	$435,000	$322	47
132 May St	1.38mi	3/1.0	1,648 (+11%)	1mo	$425,000	$258	41
14 Mount Vernon St Unit A	1.07mi	3/2.5	1,748 (+18%)	1mo	$415,000	$237	37
14 Mount Vernon St Unit A	1.07mi	3/2.5	1,748 (+18%)	1mo	$415,000	$237	37
156 Pilgrim Ave	1.48mi	4/2.0 (+1)	1,844 (+24%)	3mo	$530,000	$287	33
5 Princeton St #5	1.38mi	2/1.5 (-1)	1,152 (-22%)	2mo	$310,000	$269	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.29% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 6.7%
• Equity multiple: 1.38×
• Total profit: $27,975
• Equity at exit: $107,400

10-year hold

• IRR: 12.9%
• Equity multiple: 3.01×
• Total profit: $147,505
• Equity at exit: $157,949

Cash invested: $73,262 (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 →

Active competition Active MLS

• For sale now: 0 active · 1 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 01608

• Home prices YoY: 0.7%
• Rents YoY: 7.8%
• Active inventory: 16
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,635 high
• Mortgage (P&I): −$1,372
• Tax est. 1.5%: −$327 /mo · $3,925/yr
• Insurance: −$109
• HOA: −$392
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $-118

Break-even live

Break-even rent $2,785

Max offer price $244,533

Occupancy floor 99%

Sensitivity live

Price	-10% $63	-5% $-28	+0% $-118	+5% $-209	+10% $-299
Rent	-10% $-326	-5% $-222	+0% $-118	+5% $-14	+10% $90
Rate	-1.0pp $13	-0.5pp $-52	base $-118	+0.5pp $-186	+1.0pp $-255

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: $65,412
• Closing costs: $7,850
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24 Elm St Worcester, MA	2.0	1.0–2.0	782	$4,100	$5.24	1d	40	0.01mi
8 Chestnut St Unit 521 Worcester, MA	2.0	2.0	1174	$3,225	$2.75	10d	1	0.02mi
8 Chestnut St Unit 221 Worcester, MA	2.0	2.0	1211	$2,795	$2.31	22d	1	0.02mi
8 Chestnut St Unit 824 Worcester, MA	2.0	2.0	1186	$3,380	$2.85	10d	1	0.02mi
8 Chestnut St Unit 721 Worcester, MA	2.0	2.0	1174	$3,305	$2.82	10d	1	0.02mi
8 Chestnut St Unit 1104 Worcester, MA	2.0	2.0	964	$3,800	$3.94	10d	1	0.02mi
8 Chestnut St Unit 221 Worcester, MA	2.0	2.0	1211	$2,795	$2.31	10d	1	0.02mi
8 Chestnut St Unit 803 Worcester, MA	2.0	2.0	1174	$3,380	$2.88	51d	1	0.02mi
8 Chestnut St Unit 404 Worcester, MA	2.0	2.0	1186	$3,190	$2.69	27d	1	0.02mi
8 Chestnut St Unit 324 Worcester, MA	2.0	2.0	1186	$3,010	$2.54	21d	1	0.02mi
44 Elm St Worcester, MA	1.0–2.0	1.0–2.0	1001	$2,300	$2.30	37d	2	0.08mi
44 Elm St Worcester, MA	1.0–2.0	1.0–2.0	1001	$2,300	$2.30	1d	2	0.08mi
80 Pleasant St Apt 1 Worcester, MA	2.0	1.0	926	$2,195	$2.37	0d	1	0.11mi
80 Pleasant St Apt 4 Worcester, MA	3.0	1.0	926	$2,695	$2.91	2d	1	0.11mi
16 Norwich St Unit 1 Worcester, MA	2.0	2.0	1280	$2,275	$1.78	164d	1	0.17mi
29 William St Worcester, MA	2.0	1.0	910	$1,850	$2.03	1d	1	0.21mi
29 William St Worcester, MA	2.0	1.0	910	$1,850	$2.03	32d	1	0.21mi
6 Chatham St Worcester, MA	2.0	1.0–2.0	995	$3,850	$3.87	51d	4	0.21mi
6 Chatham St Worcester, MA	2.0	1.0–2.0	1000	$2,800	$2.80	10d	4	0.21mi
26 John St Apt 2 Worcester, MA	3.0	1.0	1400	$2,050	$1.46	10d	1	0.25mi
36 Cedar St Unit 2A Worcester, MA	2.0	2.0	1500	$2,300	$1.53	164d	1	0.25mi
36 Cedar St Unit 2 Worcester, MA	2.0	2.0	1500	$2,650	$1.77	184d	1	0.25mi
204 Main St Worcester, MA	2.0	1.0	808	$3,275	$4.05	10d	17	0.25mi
4 Crown St Unit 2 Worcester, MA	4.0	1.0	1756	$2,500	$1.42	2d	1	0.27mi
50 Franklin St Worcester, MA	3.0	1.0	665	$2,295	$3.45	2d	47	0.29mi
7 Cottage St Apt 2 Worcester, MA	4.0	1.0	1000	$1,700	$1.70	164d	1	0.30mi
8 Cottage St Apt 1 Worcester, MA	4.0	1.0	1446	$2,400	$1.66	10d	1	0.31mi
8 Cottage St Apt 1 Worcester, MA	4.0	1.0	1446	$2,400	$1.66	15d	1	0.31mi
10 Cottage St Unit 1 Worcester, MA	3.0	1.0	1250	$2,500	$2.00	184d	1	0.32mi
230 Pleasant St Unit 2 Worcester, MA	3.0	1.0	1600	$2,150	$1.34	184d	1	0.32mi
230 Pleasant St Unit 1 Worcester, MA	4.0	1.0	1200	$2,350	$1.96	184d	1	0.32mi
600 Main St Worcester, MA	1.0–2.0	1.0	809	$2,075	$2.56	0d	11	0.33mi
26 Portland St Unit 111 Worcester, MA	2.0	2.0	1300	$2,395	$1.84	10d	1	0.34mi
17 Wachusett St Unit 3 Worcester, MA	3.0	1.0	1120	$2,150	$1.92	164d	1	0.34mi
26 Portland St Unit 104 Worcester, MA	2.0	1.5	1095	$2,195	$2.00	10d	1	0.37mi
17 Congress St Unit 2 Worcester, MA	3.0	1.0	1100	$1,849	$1.68	155d	1	0.37mi
83 Elm St Unit 4 Worcester, MA	3.0	1.0	1522	$2,450	$1.61	10d	1	0.38mi
23 Lancaster St Worcester, MA	3.0	1.5	1768	$2,800	$1.58	155d	1	0.39mi
50 Fruit St Unit 2 Worcester, MA	3.0	1.0	1300	$1,599	$1.23	10d	1	0.40mi
15 Goulding St Unit 3 Worcester, MA	3.0	1.0	1068	$1,690	$1.58	41d	1	0.40mi

Property features AI

Finance

• Other: Not a senior community
• HOA & community: Monthly association fee of $392.33HOA covers insurance, building and grounds maintenance, snow removal, and reserve fundsBuilding amenities include elevator(s) and storage

Exterior

• Parking: Off-street parking (rented)
• Utilities: Public waterPublic sewer
• Home design: Condominium (attached)Mid-rise buildingSingle-story unitEntry at level 1Under construction (builder reported)
• Construction: 1,484 total building area
• Exterior features: Public waterPublic sewer

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: Total of 4 rooms

HOA detail $392/mo · $4,704/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $261,650 Active 135 DOM
2. 2026-09-23
   days on market $261,650 Active 134 DOM
3. 2026-09-22
   days on market $261,650 Active 133 DOM
4. 2026-09-21
   days on market $261,650 Active 132 DOM
5. 2026-09-20
   days on market $261,650 Active 131 DOM
6. 2026-09-19
   days on market $261,650 Active 130 DOM
7. 2026-09-18
   days on market $261,650 Active 129 DOM
8. 2026-09-17
   days on market $261,650 Active 128 DOM
9. 2026-09-16
   days on market $261,650 Active 127 DOM
10. 2026-09-15
    days on market $261,650 Active 126 DOM
11. 2026-09-14
    days on market $261,650 Active 125 DOM
12. 2026-09-13
    days on market $261,650 Active 124 DOM
13. 2026-09-12
    days on market $261,650 Active 123 DOM
14. 2026-09-11
    days on market $261,650 Active 122 DOM
15. 2026-09-05
    days on market $261,650 Active 116 DOM
16. 2026-09-04
    days on market $261,650 Active 115 DOM
17. 2026-09-03
    days on market $261,650 Active 114 DOM
18. 2026-08-31
    days on market $261,650 Active 111 DOM
19. 2026-08-30
    days on market $261,650 Active 110 DOM
20. 2026-08-29
    days on market $261,650 Active 109 DOM
21. 2026-08-28
    days on market $261,650 Active 108 DOM
22. 2026-08-27
    days on market $261,650 Active 107 DOM
23. 2026-08-25
    days on market $261,650 Active 105 DOM
24. 2026-08-24
    days on market $261,650 Active 104 DOM
25. 2026-08-23
    days on market $261,650 Active 103 DOM
26. 2026-08-22
    days on market $261,650 Active 102 DOM
27. 2026-08-21
    days on market $261,650 Active 101 DOM
28. 2026-08-20
    days on market $261,650 Active 100 DOM
29. 2026-08-19
    days on market $261,650 Active 99 DOM
30. 2026-08-18
    days on market $261,650 Active 98 DOM
31. 2026-08-17
    days on market $261,650 Active 97 DOM
32. 2026-08-16
    days on market $261,650 Active 96 DOM
33. 2026-08-15
    days on market $261,650 Active 95 DOM
34. 2026-08-15
    days on market $261,650 Active 94 DOM
35. 2026-08-13
    days on market $261,650 Active 93 DOM
36. 2026-08-12
    days on market $261,650 Active 92 DOM
37. 2026-08-11
    days on market $261,650 Active 91 DOM
38. 2026-08-10
    days on market $261,650 Active 90 DOM
39. 2026-08-09
    days on market $261,650 Active 89 DOM
40. 2026-08-08
    days on market $261,650 Active 88 DOM
41. 2026-08-07
    days on market $261,650 Active 87 DOM
42. 2026-08-06
    days on market $261,650 Active 86 DOM
43. 2026-08-05
    days on market $261,650 Active 85 DOM
44. 2026-08-04
    days on market $261,650 Active 84 DOM
45. 2026-08-03
    days on market $261,650 Active 83 DOM
46. 2026-07-31
    days on market $261,650 Active 80 DOM
47. 2026-07-29
    days on market $261,650 Active 78 DOM
48. 2026-07-27
    days on market $261,650 Active 76 DOM
49. 2026-07-25
    days on market $261,650 Active 74 DOM
50. 2026-07-24
    days on market $261,650 Active 73 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌡 Heat 4/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,624
• − Mortgage interest: −$14,656
• − Property taxes: −$3,925
• − Insurance: −$1,308
• − Repairs & maintenance: −$2,530
• − Management: −$2,530
• − HOA: −$4,704
• − Depreciation: −$7,612
• Taxable loss: −$5,641
• Est. tax savings @ 24.0%: +$1,354
• After-tax cash flow: $-66/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.

Condition & rehab AI · 12 photos

Excellent 100/100 None rehab

This property is in excellent condition with no visible repairs needed. It is move-in ready and offers a great opportunity for both resale and rental value.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Painting exterior — Fresh paint can improve curb appeal and value ↑
• Both Landscaping and curb appeal — Enhances curb appeal and adds value ↑

F Composite school gradezoned avg 27/100

Zoned Schools

Elementary Elm Park Community F MA #881/938 Nat'l #37,303/41,679 Middle Forest Grove Middle F MA #234/305 Nat'l #10,338/14,009 High Doherty Memorial High F MA #214/343 Nat'l #7,572/17,239

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

A Composite livability gradescore 87/100

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 · 850,858 people
• City population: 207,324
• Metro: Worcester, MA-CT
• Population (ZIP): 4,932
• Household income: $45,687
• Rent vs Own: 94.0% rent · 6.0% own
• Severe rent burden: 7% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Hispanic / Latino 48% White 26% Two or more races 22% Black 11% Asian 8% Native American 7%
• Hispanic origin (detail): Puerto Rican 31% Dominican 12%
• Languages at home: 46% English-only · Spanish 36% Chinese 3% French/Haitian/Cajun 3%

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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: ▲ 2.29%
• Current HPI: 341.6785
• Rent YoY: ▲ 7.80%
• Metro: Worcester, MA-CT
• State GDP YoY: ▲ 2.28%
• F500 in state: 38

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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

Property features AI

Finance

• Other: Not a senior community
• HOA & community: Monthly association fee of $392.33HOA covers insurance, building and grounds maintenance, snow removal, and reserve fundsBuilding amenities include elevator(s) and storage

Exterior

• Parking: Off-street parking (rented)
• Utilities: Public waterPublic sewer
• Home design: Condominium (attached)Mid-rise buildingSingle-story unitEntry at level 1Under construction (builder reported)
• Construction: 1,484 total building area
• Exterior features: Public waterPublic sewer

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: Total of 4 rooms

Price history

1 event — show timeline

• 2026-05-12 Listed $261,650 MLS PIN