14-16 Dean St · Worcester, MA 01609

$1,200,000

10 bd · 5.0 ba · 5,205 sqft · MultiFamily public records · 16 Days on market

Built 1940 10,005 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Livability +4.4/5.0
• Rent growth +3.3/5.0
• 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 (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Fully rented 8 unit multi-family property available in WPI area of Worcester! Offering a driveway and a two car garage for off street parking, as well as a small yard area. The building has been cared for by the same owner for decades and it shows! Well maintained, cash flowing investment property only steps to the heart of the WPI campus, close to the Worcester Art Museum and minutes from the highway!

Key facts

• Off street parking
• Small yard area
• Steps to wpi campus

Tags

• MULTI-FAMILY PROPERTY
• OFF STREET PARKING
• SMALL YARD AREA
• STEPS TO WPI CAMPUS
• CLOSE TO WORCESTER ART MUSEUM

Property features AI

Finance

• Other: Listing status: Active
• Financial info: No investor-specific income or expense details provided
• HOA & community: Not a senior community; Nearby public transportation, shopping, parks, medical facilities, highway access, houses of worship, and a university

Exterior

• Parking: 2-car garage; 2 covered parking spaces; 4 open parking spaces; Total of 6 parking spaces; Paved driveway and off-street paved parking
• Security: No security features provided
• Utilities: Public water; Public sewer; Electric with circuit breakers; Individually metered electric
• Home design: 5-9 family multiunit property; 5 stories total; Above-grade finished area reported; Property faces unspecified direction
• Construction: Frame construction; Stone and irregular foundation; Lead paint present and certified treated; Year built per public records
• Exterior features: Deck; Rain gutters; Level lot

Interior

• Kitchen: No kitchen appliance specifics provided
• Bedrooms: Units include multiple bedroom levels across units (unit-level details available): Units 1 and 2 are single-level; Units 3 and 4 include two floors
• Flooring: No flooring details provided
• Bathrooms: 8 full bathrooms
• Heating & cooling: Hot water heating; Steam heating
• Interior features: Total of 20 rooms; Full basement; 4 fireplaces
• Laundry & utility: No laundry appliance specifics provided

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1-bath units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $6k ($77k/yr) — positive. Per door: $799/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.20M).
• Recommended offer: $1.18M (1.5% below list) — sets the bar for market timing.
• Cap rate 12.7% 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 (+3.4%/yr); 44 active listings in the ZIP; 2,293 units permitted in Worcester County in 2024 (1,205 in 5+ unit buildings).
• At $17,935/mo this rent would consume 315% of the median local household income ($68k/yr) (locally 1183% 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 $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $336k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($1.18M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $1,182,000 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.49% ✓
• Cap rate: 12.69%
• Cash-on-cash: 22.83%
• DSCR: 2.02
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $780,750
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19 Elizabeth St	0.70mi	10/5.0	4,965 (-5%)	6mo	$825,000	$166	54
144 West St	0.22mi	9/3.0 (-1)	4,956 (-5%)	18mo	$725,000	$146	54
126 Lincoln St	0.59mi	10/6.0	5,580 (+7%)	6mo	$980,000	$176	51
27 Shelby St	0.70mi	11/4.0 (+1)	5,149 (-1%)	9mo	$910,000	$177	49
84 Chatham St	0.71mi	11/4.0 (+1)	4,845 (-7%)	10mo	$600,000	$124	38
8 Hooper St	0.75mi	9/5.0 (-1)	4,914 (-6%)	19mo	$735,000	$150	35
7 Shawmut St	0.75mi	11/3.0 (+1)	5,082 (-2%)	18mo	$665,000	$131	33
106 Elm St	0.65mi	10/3.0	4,824 (-7%)	20mo	$645,000	$134	33
8 West St	0.61mi	9/5.5 (-1)	4,608 (-12%)	16mo	$765,000	$166	32
70 Mount Carmel Way	0.74mi	11/4.0 (+1)	5,768 (+11%)	13mo	$805,000	$140	28
30 Elliot St	0.68mi	9/3.0 (-1)	4,434 (-15%)	17mo	$750,000	$169	16

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 · 3.38% rent growth · sell at horizon

5-year hold

• IRR: 16.2%
• Equity multiple: 1.65×
• Total profit: $219,572
• Equity at exit: $178,924

10-year hold

• IRR: 25.0%
• Equity multiple: 3.21×
• Total profit: $743,789
• Equity at exit: $103,754

Cash invested: $336,000 (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 01609

• Home prices YoY: -15.9%
• Rents YoY: 3.4%
• Active inventory: 44
• Price-to-rent: 44.6×

Monthly cashflow live

• Estimated rent: $17,935 high
• Mortgage (P&I): −$6,293
• Tax from tax record: −$982 /mo · $11,790/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,766
• Net cashflow: $6,393

Break-even live

Break-even rent $9,842

Max offer price $1,200,000

Occupancy floor 59%

Sensitivity live

Price	-10% $7,073	-5% $6,733	+0% $6,393	+5% $6,054	+10% $5,714
Rent	-10% $4,976	-5% $5,685	+0% $6,393	+5% $7,102	+10% $7,810
Rate	-1.0pp $6,998	-0.5pp $6,698	base $6,393	+0.5pp $6,082	+1.0pp $5,766

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$17,936
Total (8 units)			$17,935

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $1,200,000 Active 16 DOM
2. 2026-06-17
   days on market $1,200,000 Active 15 DOM
3. 2026-06-16
   days on market $1,200,000 Active 14 DOM
4. 2026-06-15
   days on market $1,200,000 Active 13 DOM
5. 2026-06-14
   days on market $1,200,000 Active 11 DOM
6. 2026-06-10
   days on market $1,200,000 Active 8 DOM
7. 2026-06-09
   days on market $1,200,000 Active 7 DOM
8. 2026-06-08
   days on market $1,200,000 Active 6 DOM
9. 2026-06-07
   statusdays on market $1,200,000 Active 5 DOM
10. 2026-06-05
    days on market $1,200,000 New 2 DOM
11. 2026-06-03
    remarks 406-char remark
12. 2026-06-03
    listed $1,200,000 New 1 DOM

ⓘ 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: $11,790 · $982/mo
• Projected year-2 tax: $13,275 · $1,106/mo
• Expected delta: +$1,485/yr (+$124/mo · 12.6%)

ⓘ 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 (unshaded) · 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: $215,220
• − Mortgage interest: −$67,219
• − Property taxes: −$11,790
• − Insurance: −$6,000
• − Repairs & maintenance: −$17,218
• − Management: −$17,218
• − Depreciation: −$34,909
• Taxable income: $60,867
• Est. tax owed @ 24.0%: −$14,608
• After-tax cash flow: $62,111/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): 22,047
• Household income: $68,381
• Rent vs Own: 59.9% rent · 40.1% own
• Severe rent burden: 1183.0

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 0.58)
• Race & ethnicity: White 61% Hispanic / Latino 18% Two or more races 11% Asian 10% Black 7%
• Hispanic origin (detail): Puerto Rican 10%
• Common ancestry: Lithuanian 7% Romanian 4% Estonian 1%
• Foreign-born: 22% · Canada, China, Vietnam
• Languages at home: 66% English-only · Spanish 15% Other Indo-European 8% Vietnamese 3%

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: ▼ -51.84%
• Current HPI: 274.8097
• Rent YoY: ▲ 3.38%
• 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

1 event — show timeline

• 2026-06-02 Listed $1,200,000 MLS PIN

Property tax history

+6.4%/yr

Latest (2023): $11,790 · +13.3% YoY. Source: county tax records.