274 Pleasant St · Gardner, MA 01440

$450,000

7 bd · 3.0 ba · 2,402 sqft · MultiFamily public records · 52 Days on market

Built 1900 10,454 sqft lot $187/sqft · 39% above area Est $528k · 15% under

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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 +26.8/30.0
• ARV discount +14.2/15.0
• DSCR +9.2/10.0
• 1% rule +6.6/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Three family currently occupied,plenty of off street parking,subject to short sale approval by lender.

Key facts

• 0.24 acre lot
• 5 parking spots
• Community pool

Property features AI

Finance

• HOA & community: Community amenities nearby: public transportation, shopping, pool, park, walk/jog trails, golf, medical facility, laundromat, bike path, conservation area, highway access, house of worship, public school

Exterior

• Parking: 5 off-street/open parking spaces; Shared driveway
• Utilities: Public water; Public sewer; Electricity individually metered
• Home design: 3-family (3 units up/down); 3 stories; Total building area approximately 3,914
• Construction: Frame construction; Concrete perimeter, stone and brick/mortar foundation; Shingle roof; Originally built (year per public records)
• Exterior features: Gentle sloping lot; Paved public road frontage with public maintenance

Interior

• Kitchen: Range; Refrigerator
• Flooring: Varies
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heating; Natural gas heating; Electric heating
• Interior features: 15 total rooms; Full unfinished walk-out basement with concrete floor; Varied flooring

What this means for you Summary

Snapshot

• This is a 1×3bd/1ba + 1×2bd/1ba + 1×1bd/1ba units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $411/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Recommended offer: $436k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.6% in Gardner — 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 (#61 in MA, #3,394 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute A-; Watch: employment C-, amenities F.
• Gardner (suburban): math 16% / reading 29% proficiency, ranked #284 of 302 in MA (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Gardner Elementary School (math 18% / reading 38%, grade F, #689 of 938 statewide, top 74%, 986 students, 0% FRL); Gardner Middle School (math 16% / reading 27%, grade F, #249 of 305 statewide, top 82%, 489 students, 0% FRL); Gardner High (math 15% / reading 27%, grade F, #305 of 343 statewide, top 89%, 804 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 34 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $5,200/mo this rent would consume 93% of the median local household income ($67k/yr) (locally 975% 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 $14k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $126k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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 $75k; list at $450k implies a 500% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $436,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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. 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?
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: 1.16% ✓
• Cap rate: 9.58%
• Cash-on-cash: 11.74%
• DSCR: 1.52
• GRM: 7.2

CMA / ARV

• ARV (median comp): $528,050
• List price: $450,000
• Delta: -14.78%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
46 Wright St	0.11mi	8/2.0 (+1)	2,286 (-5%)	16mo	$399,000	$175	64
105 Conant St	0.53mi	6/2.0 (-1)	2,400 (-0%)	4mo	$450,000	$188	62
24 Greenwood St	0.33mi	7/2.0	2,204 (-8%)	6mo	$300,000	$136	62
56 Baker St	0.12mi	6/3.5 (-1)	2,600 (+8%)	16mo	$445,000	$171	61
183 Connors St	0.13mi	6/4.0 (-1)	2,586 (+8%)	14mo	$580,000	$224	60
65 School St	0.56mi	6/2.0 (-1)	2,424 (+1%)	6mo	$455,000	$188	58
38 Baker St	0.10mi	6/4.0 (-1)	2,670 (+11%)	12mo	$510,000	$191	58
149 Cross St	0.46mi	6/3.0 (-1)	2,648 (+10%)	1mo	$512,500	$194	56
220 Pine St	0.20mi	6/2.0 (-1)	2,176 (-9%)	18mo	$475,000	$218	51
91 Regan St	0.29mi	7/4.0	2,128 (-11%)	18mo	$510,000	$240	49
29 Osgood St	0.50mi	6/4.0 (-1)	2,306 (-4%)	24mo	$436,000	$189	41

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 · 5.15% rent growth · sell at horizon

5-year hold

• IRR: 3.4%
• Equity multiple: 1.14×
• Total profit: $17,023
• Equity at exit: $67,096

10-year hold

• IRR: 14.8%
• Equity multiple: 2.31×
• Total profit: $164,932
• Equity at exit: $38,908

Cash invested: $126,000 (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 01440

• Home prices YoY: -25.8%
• Rents YoY: 5.2%
• Active inventory: 34
• Price-to-rent: 20.4×

Monthly cashflow live

• Estimated rent: $5,200 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$328 /mo · $3,934/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,092
• Net cashflow: $1,233

Break-even live

Break-even rent $3,639

Max offer price $450,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,488	-5% $1,360	+0% $1,233	+5% $1,105	+10% $978
Rent	-10% $822	-5% $1,027	+0% $1,233	+5% $1,438	+10% $1,644
Rate	-1.0pp $1,459	-0.5pp $1,347	base $1,233	+0.5pp $1,116	+1.0pp $998

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,836
1× unit	2	1	$1,738
1× unit	1	1	$1,626
Total (3 units)			$5,200

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-21
   days on market $450,000 Active 52 DOM
2. 2026-06-18
   days on market $450,000 Active 49 DOM
3. 2026-06-17
   days on market $450,000 Active 48 DOM
4. 2026-06-16
   days on market $450,000 Active 47 DOM
5. 2026-06-15
   days on market $450,000 Active 46 DOM
6. 2026-06-14
   days on market $450,000 Active 44 DOM
7. 2026-06-13
   days on market $450,000 Active 43 DOM
8. 2026-06-10
   days on market $450,000 Active 41 DOM
9. 2026-06-09
   days on market $450,000 Active 40 DOM
10. 2026-06-08
    days on market $450,000 Active 39 DOM
11. 2026-06-07
    days on market $450,000 Active 38 DOM
12. 2026-06-05
    days on market $450,000 Active 35 DOM
13. 2026-06-03
    days on market $450,000 Active 34 DOM
14. 2026-06-02
    days on market $450,000 Active 33 DOM
15. 2026-06-01
    days on market $450,000 Active 32 DOM
16. 2026-05-31
    days on market $450,000 Active 31 DOM
17. 2026-05-31
    days on market $450,000 Active 30 DOM
18. 2026-04-30
    listed $450,000 New 993-char remark
19. 2014-10-06
    soldstatus $75,000 Sold 102-char remark

    Show marketing remark (102 chars)

    Three family currently occupied,plenty of off street parking,subject to short sale approval by lender.

20. 2014-08-22
    historical Contingent 102-char remark

    Show marketing remark (102 chars)

    Three family currently occupied,plenty of off street parking,subject to short sale approval by lender.

21. 2013-12-18
    price $95,000 Price Changed 102-char remark

    Show marketing remark (102 chars)

    Three family currently occupied,plenty of off street parking,subject to short sale approval by lender.

22. 2013-12-18
    status Price Changed 102-char remark

    Show marketing remark (102 chars)

    Three family currently occupied,plenty of off street parking,subject to short sale approval by lender.

23. 2013-11-14
    historical Contingent 102-char remark

    Show marketing remark (102 chars)

    Three family currently occupied,plenty of off street parking,subject to short sale approval by lender.

24. 2013-08-09
    price $99,900 Back On Market 102-char remark

    Show marketing remark (102 chars)

    Three family currently occupied,plenty of off street parking,subject to short sale approval by lender.

25. 2013-08-09
    status Back On Market 102-char remark

    Show marketing remark (102 chars)

    Three family currently occupied,plenty of off street parking,subject to short sale approval by lender.

26. 2013-07-03
    historical Under Agreement 102-char remark

    Show marketing remark (102 chars)

    Three family currently occupied,plenty of off street parking,subject to short sale approval by lender.

27. 2013-04-04
    price $94,900 Price Changed 102-char remark

    Show marketing remark (102 chars)

    Three family currently occupied,plenty of off street parking,subject to short sale approval by lender.

28. 2013-02-14
    listed $99,900 New 102-char remark

    Show marketing remark (102 chars)

    Three family currently occupied,plenty of off street parking,subject to short sale approval by lender.

29. 2006-09-28
    soldstatus $229,000
30. 2006-09-27
    soldstatus $229,000

    Show marketing remark (150 chars)

    Money making 3-Family. Coin operated washer & dryer convey. Tile floors in kitchens and baths. Many recent improvements. Frontage on two streets.

31. 2006-08-25
    soldstatus $162,500
32. 2006-07-24
    historical

    Show marketing remark (150 chars)

    Money making 3-Family. Coin operated washer & dryer convey. Tile floors in kitchens and baths. Many recent improvements. Frontage on two streets.

33. 2005-09-09
    listed $259,000

    Show marketing remark (150 chars)

    Money making 3-Family. Coin operated washer & dryer convey. Tile floors in kitchens and baths. Many recent improvements. Frontage on two streets.

34. 1989-09-01
    soldstatus $132,000

ⓘ 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: $3,934 · $328/mo
• Projected year-2 tax: $4,734 · $395/mo
• Expected delta: +$800/yr (+$67/mo · 20.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $62,400
• − Mortgage interest: −$25,207
• − Property taxes: −$3,934
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,992
• − Management: −$4,992
• − Depreciation: −$13,091
• Taxable income: $7,934
• Est. tax owed @ 24.0%: −$1,904
• After-tax cash flow: $12,890/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: Gardner
• NCES district ID: 2505130
• Math proficiency: 16% ▼ -13.00%
• Reading proficiency: 29% ▬ 0.00%
• Median HH income: $47,019
• Composite: 19.65/100
• National rank: #8739
• State rank: #284 of 302 in MA

Livability — Gardner

• Score: 76/100
• State rank: #61
• US rank: #3394

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gardner, MA
• County: Worcester County · 487,911 people
• City population: 21,276
• Metro: Worcester, MA-CT
• Population (ZIP): 21,276
• Household income: $67,440
• Rent vs Own: 40.9% rent · 59.1% own
• Severe rent burden: 975.0

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: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 9% Two or more races 8% Black 4% Asian 3%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Lithuanian 11% Romanian 4% Slovak 2%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 86% English-only · Spanish 6% French/Haitian/Cajun 3% Other Asian/Pacific 1%

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: ▼ -100.35%
• Current HPI: 288.3218
• Rent YoY: ▲ 5.15%
• 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

+240.9% since first listed

17 events — show timeline

• 2026-04-30 Listed $450,000 MLS PIN
• 2014-10-06 Sold (MLS) $75,000 MLS PIN
• 2014-08-22 Contingent — MLS PIN
• 2013-12-18 Relisted — MLS PIN
• 2013-12-18 Price Changed $95,000 MLS PIN
• 2013-11-14 Contingent — MLS PIN
• 2013-08-09 Relisted — MLS PIN
• 2013-08-09 Price Changed $99,900 MLS PIN
• 2013-07-03 Contingent — MLS PIN
• 2013-04-04 Price Changed $94,900 MLS PIN
• 2013-02-14 Listed $99,900 MLS PIN
• 2006-09-28 Sold (Public Records) $229,000 Public Records
• 2006-09-27 Sold (MLS) $229,000 MLS PIN
• 2006-08-25 Sold (Public Records) $162,500 Public Records
• 2006-07-24 Listing Removed — MLS PIN
• 2005-09-09 Listed $259,000 MLS PIN
• 1989-09-01 Sold (Public Records) $132,000 Public Records

Property tax history

+2.4%/yr

Latest (2023): $3,934 · +15.1% YoY. Source: county tax records.