233 Cadwell Rd · Pittsfield, MA 01201

$219,900

4 bd · 2.0 ba · 1,440 sqft · MultiFamily public records · 102 Days on market

Built 1976 1.44 ac lot $153/sqft · 18% below area Est $269k · 18% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Two-family home set on just under 1.5 acres offering the perfect blend of country living and city convenience. Each unit features decks overlooking a spacious backyard, ideal for relaxing or entertaining. Enjoy the privacy and open space while still being just minutes from city amenities, shopping, and dining. A great opportunity for owner-occupants or investors--live in one unit and rent the other to help offset your monthly mortgage payment. Flood insurance is needed.

Key facts

• Spacious backyard
• Two-family home
• Shopping and dining

Tags

• TWO-FAMILY HOME
• SPACIOUS BACKYARD
• DECKS OVERLOOKING BACKYARD
• MINUTES FROM CITY AMENITIES
• SHOPPING AND DINING
• OWNER-OCCUPANTS OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $934 ($11k/yr) — positive. Per door: $467/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $220k).
• Recommended offer: $200k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.9% 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.

Location & tenants

• 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+, schools 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.
• Market conditions: Rents rising fast (+7.7%/yr); 276 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• At $3,680/mo this rent would consume 62% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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 $62k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $30k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $158k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,109 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% 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 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.67% ✓
• Cap rate: 13.90%
• Cash-on-cash: 27.18%
• DSCR: 2.21
• GRM: 5.0

CMA / ARV

• ARV (median comp): $268,867
• List price: $219,900
• Delta: -18.21%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.72% rent growth · sell at horizon

5-year hold

• IRR: 16.1%
• Equity multiple: 1.69×
• Total profit: $42,500
• Equity at exit: $32,788

10-year hold

• IRR: 28.4%
• Equity multiple: 4.21×
• Total profit: $197,808
• Equity at exit: $19,013

Cash invested: $61,572 (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 01201

• Rents YoY: 7.7%
• Active inventory: 276
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $3,680 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$268 /mo · $3,215/yr
• Insurance: −$92
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$773
• Net cashflow: $934

Break-even live

Break-even rent $2,498

Max offer price $219,900

Occupancy floor 70%

Sensitivity live

Price	-10% $1,059	-5% $996	+0% $934	+5% $872	+10% $810
Rent	-10% $643	-5% $789	+0% $934	+5% $1,079	+10% $1,225
Rate	-1.0pp $1,045	-0.5pp $990	base $934	+0.5pp $877	+1.0pp $819

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,680
Total (2 units)			$3,680

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19 Atwood Ave Pittsfield, MA	3.0	1.0	1350	$1,600	$1.19	44d	1	1.29mi

Listing history 27 events

1. 2026-06-19
   days on market $219,900 Active 102 DOM
2. 2026-06-18
   days on market $219,900 Active 101 DOM
3. 2026-06-17
   days on market $219,900 Active 100 DOM
4. 2026-06-16
   days on market $219,900 Active 99 DOM
5. 2026-06-15
   days on market $219,900 Active 98 DOM
6. 2026-06-14
   days on market $219,900 Active 96 DOM
7. 2026-06-12
   days on market $219,900 Active 95 DOM
8. 2026-06-09
   days on market $219,900 Active 92 DOM
9. 2026-06-08
   days on market $219,900 Active 91 DOM
10. 2026-06-07
    days on market $219,900 Active 90 DOM
11. 2026-06-05
    days on market $219,900 Active 87 DOM
12. 2026-06-02
    days on market $219,900 Active 85 DOM
13. 2026-06-01
    days on market $219,900 Active 84 DOM
14. 2026-05-31
    days on market $219,900 Active 83 DOM
15. 2026-05-30
    days on market $219,900 Active 82 DOM
16. 2026-04-02
    price $219,900 474-char remark

    Show marketing remark (474 chars)

    Two-family home set on just under 1.5 acres offering the perfect blend of country living and city convenience. Each unit features decks overlooking a spacious backyard, ideal for relaxing or entertaining. Enjoy the privacy and open space while still being just minutes from city amenities, shopping, and dining. A great opportunity for owner-occupants or investors--live in one unit and rent the other to help offset your monthly mortgage payment. Flood insurance is needed.

17. 2026-03-22
    price $235,000 474-char remark

    Show marketing remark (474 chars)

    Two-family home set on just under 1.5 acres offering the perfect blend of country living and city convenience. Each unit features decks overlooking a spacious backyard, ideal for relaxing or entertaining. Enjoy the privacy and open space while still being just minutes from city amenities, shopping, and dining. A great opportunity for owner-occupants or investors--live in one unit and rent the other to help offset your monthly mortgage payment. Flood insurance is needed.

18. 2026-03-10
    historical
19. 2026-03-09
    listed $250,000 New 474-char remark

    Show marketing remark (474 chars)

    Two-family home set on just under 1.5 acres offering the perfect blend of country living and city convenience. Each unit features decks overlooking a spacious backyard, ideal for relaxing or entertaining. Enjoy the privacy and open space while still being just minutes from city amenities, shopping, and dining. A great opportunity for owner-occupants or investors--live in one unit and rent the other to help offset your monthly mortgage payment. Flood insurance is needed.

20. 2026-03-08
    listed $250,000 Active
21. 2009-09-04
    soldstatus $157,655
22. 2009-01-19
    listed $152,855
23. 2007-02-01
    soldstatus $197,000
24. 2005-07-22
    soldstatus $144,900
25. 2005-07-22
    soldstatus $144,900
26. 2005-07-22
    soldstatus $144,900
27. 2005-06-04
    listed $144,900

ⓘ 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: $3,215 · $268/mo
• Projected year-2 tax: $3,215 · $268/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 94% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% 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: $44,160
• − Mortgage interest: −$12,318
• − Property taxes: −$3,215
• − Insurance: −$6,625
• − Repairs & maintenance: −$3,533
• − Management: −$3,533
• − Depreciation: −$6,397
• Taxable income: $8,540
• Est. tax owed @ 24.0%: −$2,050
• After-tax cash flow: $9,159/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: Pittsfield
• NCES district ID: 2509630
• Math proficiency: 19% ▼ -10.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $44,032
• Composite: 22.67/100
• National rank: #8046
• State rank: #272 of 302 in MA

Livability — Pittsfield

• Score: 75/100
• State rank: #70
• US rank: #3820

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pittsfield, MA
• County: Berkshire County · 44,848 people
• City population: 44,848
• Metro: Pittsfield, MA
• Population (ZIP): 44,848
• Household income: $71,093
• Rent vs Own: 36.5% rent · 63.5% own
• Severe rent burden: 1580.0

Population outlook (Berkshire County) Hauer SSP2

• Today (2025): 119,723 people
• By 2030: 114,608 · -4.3%
• By 2040: 102,806 · -14.1%
• By 2050: 91,305 · -23.7%
• By 2075: 71,517 · -40.3%
• By 2100: 57,988 · -51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 10% Hispanic / Latino 9% Black 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Lithuanian 8% Romanian 6% Slovak 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Berkshire

• 2024 margin: Solid D (+39.9) · D 68.9% · R 29.0% · Other 2.1%
• 2008→2024 swing: -12.5pp toward R · 2008: 52.4pp · 2024: 39.9pp
• All cycles: 2024: D+39.9 2020: D+47.1 2016: D+41.5 2012: D+53.7 2008: D+52.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -199.88%
• Current HPI: 283.3421
• Rent YoY: ▲ 7.72%
• Metro: Pittsfield, 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

+51.8% since first listed

12 events — show timeline

• 2026-04-02 Price Changed $219,900 MLS PIN
• 2026-03-22 Price Changed $235,000 MLS PIN
• 2026-03-10 Listing Removed — BCMLS
• 2026-03-09 Listed $250,000 MLS PIN
• 2026-03-08 Listed $250,000 BCMLS
• 2009-09-04 Sold (MLS) $157,655 BCMLS
• 2009-01-19 Listed $152,855 BCMLS
• 2007-02-01 Sold (Public Records) $197,000 Public Records
• 2005-07-22 Sold (Public Records) $144,900 Public Records
• 2005-07-22 Sold (Public Records) $144,900 Public Records
• 2005-07-22 Sold (MLS) $144,900 BCMLS
• 2005-06-04 Listed $144,900 BCMLS

Property tax history

+2.1%/yr

Latest (2023): $3,215 · +2.3% YoY. Source: county tax records.