223 Elm · Holyoke, MA 01040

$190,000

6 bd · 5.0 ba · 6,470 sqft · MultiFamily public records · 24 Days on market

Built 1910 8,799 sqft lot Est $168k · 13% over

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Why this score? — see what drove the D- 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 +15.0/30.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.7/15.0
• Schools +0.8/10.0
• 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 MLS

Amazing opportunity to own a large 4-family home located near the center of Holyoke. Bring this fixer-upper back to life, which was once a combination of 4 apartments plus an office space used as a medical office. There used to be central A/C as well. The basement was partially finished and it has exterior access, and there is a great parking area for ''about'' 20 cars. The building features vinyl siding and its connected to city water & sewer. Bring your vision and make this your new project!

Key facts

• Walkout basement
• Large property
• Additional lot

Tags

• LARGE PROPERTY
• ADDITIONAL LOT
• TWO LEVEL STRUCTURE
• WALKOUT BASEMENT
• INTERIOR IS DOWN TO STUDS
• EASY ACCESS TO HIGHWAY

Property features AI

Finance

• Other: Located between Appleton and Hampshire; Address: 223 Elm, Holyoke MA 01040; Listing status: Active
• HOA & community: Not a senior community

Exterior

• Parking: Paved driveway; Open parking available for about 20 cars; Other parking features
• Utilities: Public water; Public sewer
• Home design: 4-family property; Building spans 4 stories; Total building area about 6,470 (unit of measure as provided)
• Construction: Year built per public records (actual); Multiple-level units (combination of 1- and 2-floor units)
• Exterior features: Public road frontage; Lot approximately 0.2 acres

Interior

• Bedrooms: Multiple units with varied floor counts (see unit breakdown)
• Bathrooms: 4 full bathrooms
• Interior features: Total of 15 rooms; Four full bathrooms

What this means for you Summary

Snapshot

• This is a 8 × 6-bed/4.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $12k ($146k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $190k).
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.
• Cap rate 82.9% vs local median 4.9% in Holyoke — 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 62/100 on livability (#203 in MA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing B; Watch: schools F, crime F, amenities F.
• Holyoke (suburban): math 5% / reading 14% proficiency, ranked #302 of 302 in MA (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 43 active listings in the ZIP; 453 units permitted in Hampden County in 2024 (116 in 5+ unit buildings).
• At $17,322/mo this rent would consume 388% of the median local household income ($54k/yr) (locally 2404% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Hampden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $165k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 23% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $187,150 (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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-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. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 9.12% ✓
• Cap rate: 82.89%
• Cash-on-cash: 273.55%
• DSCR: 13.17
• GRM: 0.9

CMA / ARV

• ARV (on-the-fly): $168,220
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
223 Elm St	0.00mi	6/5.0	6,470 (0%)	16mo	$165,000	$26	87

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 14.95×
• Total profit: $742,030
• Equity at exit: $28,330

10-year hold

• IRR: —
• Equity multiple: 31.87×
• Total profit: $1,642,414
• Equity at exit: $16,428

Cash invested: $53,200 (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 01040

• Home prices YoY: -33.2%
• Active inventory: 43
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $17,322 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$481 /mo · $5,776/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,638
• Net cashflow: $12,127

Break-even live

Break-even rent $1,971

Max offer price $190,000

Occupancy floor 25%

Sensitivity live

Price	-10% $12,235	-5% $12,181	+0% $12,127	+5% $12,074	+10% $12,020
Rent	-10% $10,759	-5% $11,443	+0% $12,127	+5% $12,812	+10% $13,496
Rate	-1.0pp $12,223	-0.5pp $12,176	base $12,127	+0.5pp $12,078	+1.0pp $12,028

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

Units	Beds	Baths	Est. rent
▸ 8× units	6	4	$17,320
Total (8 units)			$17,322

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $190,000 Active 24 DOM
2. 2026-06-17
   days on market $190,000 Active 23 DOM
3. 2026-06-16
   days on market $190,000 Active 22 DOM
4. 2026-06-15
   days on market $190,000 Active 21 DOM
5. 2026-06-14
   days on market $190,000 Active 19 DOM
6. 2026-06-10
   days on market $190,000 Active 16 DOM
7. 2026-06-09
   days on market $190,000 Active 15 DOM
8. 2026-06-08
   days on market $190,000 Active 14 DOM
9. 2026-06-07
   days on market $190,000 Active 13 DOM
10. 2026-06-03
    days on market $190,000 Active 9 DOM
11. 2026-06-02
    days on market $190,000 Active 8 DOM
12. 2026-06-01
    days on market $190,000 Active 7 DOM
13. 2026-05-31
    days on market $190,000 Active 6 DOM
14. 2026-05-30
    days on market $190,000 Active 5 DOM
15. 2026-05-25
    listed $190,000 New
16. 2025-02-25
    soldstatus $165,000 Closed 503-char remark

    Show marketing remark (503 chars)

    Amazing opportunity to own a large 4-family home located near the center of Holyoke. Bring this fixer-upper back to life, which was once a combination of 4 apartments plus an office space used as a medical office. There used to be central A/C as well. The basement was partially finished and it has exterior access, and there is a great parking area for ''about'' 20 cars. The building features vinyl siding and its connected to city water & sewer. Bring your vision and make this your new project!

17. 2025-02-25
    soldstatus $165,000 Sold 503-char remark

    Show marketing remark (503 chars)

    Amazing opportunity to own a large 4-family home located near the center of Holyoke. Bring this fixer-upper back to life, which was once a combination of 4 apartments plus an office space used as a medical office. There used to be central A/C as well. The basement was partially finished and it has exterior access, and there is a great parking area for ''about'' 20 cars. The building features vinyl siding and its connected to city water & sewer. Bring your vision and make this your new project!

18. 2025-01-12
    status Under Agreement 503-char remark

    Show marketing remark (503 chars)

    Amazing opportunity to own a large 4-family home located near the center of Holyoke. Bring this fixer-upper back to life, which was once a combination of 4 apartments plus an office space used as a medical office. There used to be central A/C as well. The basement was partially finished and it has exterior access, and there is a great parking area for ''about'' 20 cars. The building features vinyl siding and its connected to city water & sewer. Bring your vision and make this your new project!

19. 2025-01-12
    status Pending 503-char remark

    Show marketing remark (503 chars)

    Amazing opportunity to own a large 4-family home located near the center of Holyoke. Bring this fixer-upper back to life, which was once a combination of 4 apartments plus an office space used as a medical office. There used to be central A/C as well. The basement was partially finished and it has exterior access, and there is a great parking area for ''about'' 20 cars. The building features vinyl siding and its connected to city water & sewer. Bring your vision and make this your new project!

20. 2024-12-30
    status Back On Market 503-char remark

    Show marketing remark (503 chars)

    Amazing opportunity to own a large 4-family home located near the center of Holyoke. Bring this fixer-upper back to life, which was once a combination of 4 apartments plus an office space used as a medical office. There used to be central A/C as well. The basement was partially finished and it has exterior access, and there is a great parking area for ''about'' 20 cars. The building features vinyl siding and its connected to city water & sewer. Bring your vision and make this your new project!

21. 2024-12-07
    status Under Agreement 503-char remark

    Show marketing remark (503 chars)

    Amazing opportunity to own a large 4-family home located near the center of Holyoke. Bring this fixer-upper back to life, which was once a combination of 4 apartments plus an office space used as a medical office. There used to be central A/C as well. The basement was partially finished and it has exterior access, and there is a great parking area for ''about'' 20 cars. The building features vinyl siding and its connected to city water & sewer. Bring your vision and make this your new project!

22. 2024-11-20
    listed $164,900 Active 503-char remark

    Show marketing remark (503 chars)

    Amazing opportunity to own a large 4-family home located near the center of Holyoke. Bring this fixer-upper back to life, which was once a combination of 4 apartments plus an office space used as a medical office. There used to be central A/C as well. The basement was partially finished and it has exterior access, and there is a great parking area for ''about'' 20 cars. The building features vinyl siding and its connected to city water & sewer. Bring your vision and make this your new project!

23. 2024-11-20
    listed $164,900 New 503-char remark

    Show marketing remark (503 chars)

    Amazing opportunity to own a large 4-family home located near the center of Holyoke. Bring this fixer-upper back to life, which was once a combination of 4 apartments plus an office space used as a medical office. There used to be central A/C as well. The basement was partially finished and it has exterior access, and there is a great parking area for ''about'' 20 cars. The building features vinyl siding and its connected to city water & sewer. Bring your vision and make this your new project!

24. 2003-10-22
    soldstatus $76,000
25. 1996-11-20
    soldstatus $83,000

ⓘ 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: $5,776 · $481/mo
• Projected year-2 tax: $5,776 · $481/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% 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: $207,864
• − Mortgage interest: −$10,643
• − Property taxes: −$5,776
• − Insurance: −$950
• − Repairs & maintenance: −$16,629
• − Management: −$16,629
• − Depreciation: −$5,527
• Taxable income: $151,710
• Est. tax owed @ 24.0%: −$36,410
• After-tax cash flow: $109,120/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: Holyoke
• NCES district ID: 2506270
• Math proficiency: 5% ▼ -7.00%
• Reading proficiency: 14% ▼ -5.00%
• Median HH income: $35,495
• Composite: 7.79/100
• National rank: #9934
• State rank: #302 of 302 in MA

Livability — Holyoke

• Score: 62/100
• State rank: #203
• US rank: #16308

Category grades

Amenities F Commute A+ Cost of living B- 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: Holyoke, MA
• County: Hampden County · 230,965 people
• City population: 37,813
• Metro: Springfield, MA
• Population (ZIP): 37,813
• Household income: $53,605
• Rent vs Own: 58.7% rent · 41.3% own
• Severe rent burden: 2404.0

Population outlook (Hampden County) Hauer SSP2

• Today (2025): 485,646 people
• By 2030: 491,517 · +1.2%
• By 2040: 500,539 · +3.1%
• By 2050: 508,827 · +4.8%
• By 2075: 539,167 · +11.0%
• By 2100: 545,698 · +12.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (52%)
• Race & ethnicity: Hispanic / Latino 52% White 43% Two or more races 23% Black 2%
• Hispanic origin (detail): Puerto Rican 45% Dominican 2%
• Common ancestry: Lithuanian 5% Romanian 4% Slovak 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 58% English-only · Spanish 39% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Hampden

• 2024 margin: Lean D (+8.9) · D 53.4% · R 44.5% · Other 2.1%
• 2008→2024 swing: -16.4pp toward R · 2008: 25.3pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+17.7 2016: D+16.0 2012: D+25.4 2008: D+25.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -146.03%
• Current HPI: 293.93
• Rent YoY: —
• Metro: Springfield, 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

+128.9% since first listed

11 events — show timeline

• 2026-05-25 Listed $190,000 MLS PIN
• 2025-02-25 Sold (MLS) $165,000 MLS PIN
• 2025-02-25 Sold (MLS) $165,000 BCMLS
• 2025-01-12 Pending — MLS PIN
• 2025-01-12 Pending — BCMLS
• 2024-12-30 Relisted — MLS PIN
• 2024-12-07 Pending — MLS PIN
• 2024-11-20 Listed $164,900 MLS PIN
• 2024-11-20 Listed $164,900 BCMLS
• 2003-10-22 Sold (Public Records) $76,000 Public Records
• 1996-11-20 Sold (Public Records) $83,000 Public Records

Property tax history

+5.2%/yr

Latest (2023): $5,776 · -0.3% YoY. Source: county tax records.