731 Bay St · Fall River, MA 02724

$529,000

24 bd · 20.0 ba · 2,239 sqft · MultiFamily · 64 Days on market

Built 1910 Average condition 0.26 ac lot $236/sqft · 6% above area Est $501k · 6% over

---

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 +25.4/30.0
• DSCR +8.4/10.0
• 1% rule +6.7/10.0
• ARV discount +5.0/15.0
• Livability +3.1/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Opportunity for investors or owner-occupants alike. This income-producing 4-unit property with an additional unit in the rear offers strong upside potential. The building features three 1-bedroom units and one 2-bedroom unit, with the 2-bed currently vacant (previously rented for $1,175/month), creating immediate value-add opportunity. The property has a long-term tenant base in place and benefits from ample off-street parking—a major advantage for tenant appeal. With the right updates, this asset has the potential to perform well in today’s market. A great opportunity to step into a multi-family with income and upside.

Key facts

• 0.26 acre lot
• 5 parking spots
• Built 1910

Tags

• INCOME-PRODUCING PROPERTY
• STRONG UPSIDE POTENTIAL
• AMPLE OFF-STREET PARKING
• MULTI-FAMILY WITH INCOME

What this means for you Summary

Snapshot

• This is a 3×1bd/1ba + 1×2bd/1ba units multifamily listed at $529k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $304/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $529k).
• Recommended offer: $497k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.6% in Fall River — 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 61/100 on livability (#221 in MA) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: cost of living D+, schools D, crime F.
• Fall River (suburban): math 17% / reading 28% proficiency, ranked #288 of 302 in MA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 23 active listings in the ZIP; 760 units permitted in Bristol County in 2024 (142 in 5+ unit buildings).
• At $6,167/mo this rent would consume 133% of the median local household income ($56k/yr) (locally 1445% 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 $16k of value loss. Plan a longer hold.
• Bristol County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($497k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $497,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. Crime grade is F 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?
9. 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.
10. 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.
11. 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: 1.17% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.85%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (median comp): $500,753
• List price: $529,000
• Delta: 5.64%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.5%
• Equity multiple: 0.94×
• Total profit: $-8,172
• Equity at exit: $78,876

10-year hold

• IRR: 8.2%
• Equity multiple: 1.63×
• Total profit: $92,999
• Equity at exit: $45,738

Cash invested: $148,120 (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 02724

• Home prices YoY: -19.3%
• Active inventory: 23
• Price-to-rent: 29.1×

Monthly cashflow live

• Estimated rent: $6,167 high
• Mortgage (P&I): −$2,774
• Tax est. 1.5%: −$661 /mo · $7,935/yr
• Insurance: −$220
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,295
• Net cashflow: $1,216

Break-even live

Break-even rent $4,628

Max offer price $529,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,551
1× unit	2	1	$1,615
Total (4 units)			$6,167

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: $132,250
• Closing costs: $15,870
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $529,000 Active 64 DOM
2. 2026-06-17
   days on market $529,000 Active 63 DOM
3. 2026-06-16
   days on market $529,000 Active 62 DOM
4. 2026-06-15
   days on market $529,000 Active 61 DOM
5. 2026-06-13
   days on market $529,000 Active 59 DOM
6. 2026-06-09
   days on market $529,000 Active 55 DOM
7. 2026-06-08
   days on market $529,000 Active 54 DOM
8. 2026-06-07
   days on market $529,000 Active 53 DOM
9. 2026-06-05
   days on market $529,000 Active 50 DOM
10. 2026-06-03
    days on market $529,000 Active 49 DOM
11. 2026-06-02
    days on market $529,000 Active 48 DOM
12. 2026-06-01
    days on market $529,000 Active 47 DOM
13. 2026-05-31
    days on market $529,000 Active 46 DOM
14. 2026-04-15
    listed $529,000 New 639-char remark

    Show marketing remark (639 chars)

    Opportunity for investors or owner-occupants alike. This income-producing 4-unit property with an additional unit in the rear offers strong upside potential. The building features three 1-bedroom units and one 2-bedroom unit, with the 2-bed currently vacant (previously rented for $1,175/month), creating immediate value-add opportunity. The property has a long-term tenant base in place and benefits from ample off-street parking—a major advantage for tenant appeal. With the right updates, this asset has the potential to perform well in today’s market. A great opportunity to step into a multi-family with income and upside.

ⓘ 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

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $74,004
• − Mortgage interest: −$29,632
• − Property taxes: −$7,935
• − Insurance: −$2,645
• − Repairs & maintenance: −$5,920
• − Management: −$5,920
• − Depreciation: −$15,389
• Taxable income: $6,562
• Est. tax owed @ 24.0%: −$1,575
• After-tax cash flow: $13,019/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

Average 55/100 Moderate rehab

This 4-unit property offers moderate rehab potential with good kitchen and HVAC systems. Updates to exterior siding and windows would significantly enhance curb appeal and value.

Repairs flagged

• Minor exterior siding — light wear
• Minor windows — existing windows, could benefit from new ones

Value-add opportunities

• Both new windows — improves curb appeal and energy efficiency
• Both exterior siding — enhances curb appeal and durability
• Both HVAC system — improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · light wear	Minor	$500–3,000
windows · existing windows, could benefit from new ones	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both new windows — improves curb appeal and energy efficiency ↑
• Both exterior siding — enhances curb appeal and durability ↑
• Both HVAC system — improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Fall River
• NCES district ID: 2504830
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 28% ▼ -6.00%
• Median HH income: $35,773
• Composite: 18.59/100
• National rank: #8905
• State rank: #288 of 302 in MA

Livability — Fall River

• Score: 61/100
• State rank: #221
• US rank: #18220

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fall River, MA
• County: Bristol County · 342,083 people
• City population: 93,033
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 18,505
• Household income: $55,590
• Rent vs Own: 66.6% rent · 33.4% own
• Severe rent burden: 1445.0

Population outlook (Bristol County) Hauer SSP2

• Today (2025): 570,212 people
• By 2030: 571,181 · +0.2%
• By 2040: 565,389 · -0.8%
• By 2050: 552,141 · -3.2%
• By 2075: 520,923 · -8.6%
• By 2100: 474,363 · -16.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 16% Two or more races 10% Black 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 11%
• Common ancestry: Russian 31% Lithuanian 12% Estonian 3%
• Foreign-born: 21% · Canada, China
• Languages at home: 60% English-only · Other Indo-European 24% Spanish 13% French/Haitian/Cajun 2%

Political lean MEDSL · Bristol

• 2024 margin: Toss-up / Even · D 49.8% · R 48.5% · Other 1.8%
• 2008→2024 swing: -21.9pp toward R · 2008: 23.2pp · 2024: 1.3pp
• All cycles: 2024: D+1.3 2020: D+12.0 2016: D+9.3 2012: D+20.5 2008: D+23.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.40%
• Current HPI: 335.9466
• Rent YoY: —
• Metro: Providence-Warwick, RI-MA
• 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

• 2026-04-15 Listed $529,000 MLS PIN