110 Elizabeth St

Pittsfield, MA 01201

$189,000B-

15 bd · 9.0 ba · 2,074 sqft · Built 1910 · MultiFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,621/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$315
• HOA: −$0
• Vac / Maint / Mgmt: −$1,390
• Net cashflow: $3,924/mo
• Annual: $47,093/yr
• Cap rate: 31.21%
• Cash-on-cash: 88.99%
• DSCR: 4.96
• 1% rule: 3.50%
• Cash to close: $52,920

Investor read

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $189k. Condition is rated poor.
• At list price, monthly cash flow is $4k ($47k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $189k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#70 in MA, #3,820 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, amenities D+, crime D.
• Pittsfield (urban): math 19% / reading 34% proficiency, ranked #272 of 302 in MA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Robert T. Capeless Elementary School (math 32% / reading 52%, grade F, #462 of 938 statewide, top 52%, 181 students, 0% FRL); Taconic High (math 27% / reading 37%, grade F, #255 of 343 statewide, top 77%, 860 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.7%/yr); 275 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• Berkshire County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.7% rent growth), your $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 31.2% vs local median 3.6% in Pittsfield — 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.
• At $6,621/mo this rent would consume 112% of the median local household income ($71k/yr) (locally 1580% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is D 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: ceiling — Exposed beams and insulation
• Major: roof — Exposed beams and insulation
• Major: flooring — Exposed beams and insulation
• Major: interior walls — Exposed beams and insulation
• Major: kitchen cabinets — Exposed beams and insulation
• Major: bathroom cabinets — Exposed beams and insulation