44-46 King St · Pittsfield, MA 01201

$235,000

6 bd · 4.0 ba · 2,448 sqft · MultiFamily public records · 1 Days on market

Built 1905 9,540 sqft lot Est $230k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.5/15.0
• 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

Investment or Owner occupied, this is a great deal! Solid tenants. Fish from your back yard, Both units 3 bedrooms and 2 full baths. Owner buying a larger project needs to sell that is why it is priced so well!

Key facts

• Separate utilities
• New boilers
• Water heater

Tags

• SOLAR PANELS
• SEPARATE UTILITIES
• NEW BOILERS
• WATER HEATER

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $772 ($9k/yr) — positive. Per door: $386/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $235k).
• Cap rate 12.6% 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+, 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: Silvio O Conte Community (math 8% / reading 27%, grade F, #819 of 938 statewide, top 88%, 357 students, 0% FRL); John T Reid Middle (math 7% / reading 17%, grade F, #283 of 305 statewide, top 93%, 450 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.
• Market conditions: Rents rising fast (+7.7%/yr); 278 active listings in the ZIP; 130 units permitted in Berkshire County in 2024 (10 in 5+ unit buildings).
• At $3,585/mo this rent would consume 61% 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 $66k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 25y 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 $170k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $235,000

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 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.53% ✓
• Cap rate: 12.58%
• Cash-on-cash: 22.47%
• DSCR: 2.00
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $230,112
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10-12 Hillside St	0.03mi	6/3.5	2,584 (+6%)	14mo	$268,000	$104	76
1-3 Hall Pl	0.42mi	6/3.0	2,646 (+8%)	9mo	$250,000	$94	56
218-220 Linden St	0.10mi	6/2.0	2,664 (+9%)	21mo	$223,500	$84	55
15 Atlantic Ave	0.25mi	6/2.0	2,120 (-13%)	5mo	$257,000	$121	54
21-23 Hillside St	0.05mi	7/2.0 (+1)	2,736 (+12%)	20mo	$230,000	$84	49
145-147 Robbins Ave	0.31mi	6/2.0	2,642 (+8%)	20mo	$105,000	$40	48
61 Seymour St	0.46mi	6/2.0	2,736 (+12%)	4mo	$210,000	$77	48
68 Daniels Ave	0.36mi	6/2.5	2,240 (-8%)	21mo	$250,000	$112	46
104 Linden	0.32mi	6/2.0	2,103 (-14%)	15mo	$115,000	$55	41
67-69 Seymour St	0.46mi	6/2.0	2,736 (+12%)	13mo	$195,000	$71	40
217-219 Bradford St	0.37mi	5/2.0 (-1)	2,160 (-12%)	12mo	$233,200	$108	40
41-43 Burbank St	0.74mi	6/2.0	2,760 (+13%)	20mo	$296,475	$107	20

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 · 7.72% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.44×
• Total profit: $29,217
• Equity at exit: $35,039

10-year hold

• IRR: 23.7%
• Equity multiple: 3.59×
• Total profit: $170,726
• Equity at exit: $20,319

Cash invested: $65,800 (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: 278
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $3,585 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$270 /mo · $3,239/yr
• Insurance: −$98
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$753
• Net cashflow: $772

Break-even live

Break-even rent $2,608

Max offer price $235,000

Occupancy floor 73%

Sensitivity live

Price	-10% $905	-5% $838	+0% $772	+5% $705	+10% $639
Rent	-10% $488	-5% $630	+0% $772	+5% $913	+10% $1,055
Rate	-1.0pp $890	-0.5pp $831	base $772	+0.5pp $711	+1.0pp $649

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,586
Total (2 units)			$3,585

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2025-08-13
   status Pending
2. 2025-08-12
   listed $235,000 Active
3. 2022-05-27
   soldstatus $170,000 Closed 215-char remark

   Show marketing remark (215 chars)

   Investment or Owner occupied, this is a great deal! Solid tenants. Fish from your back yard, Both units 3 bedrooms and 2 full baths. Owner buying a larger project needs to sell that is why it is priced so well!

4. 2022-03-06
   historical 215-char remark

   Show marketing remark (215 chars)

   Investment or Owner occupied, this is a great deal! Solid tenants. Fish from your back yard, Both units 3 bedrooms and 2 full baths. Owner buying a larger project needs to sell that is why it is priced so well!

5. 2022-02-16
   listed $175,000 215-char remark

   Show marketing remark (215 chars)

   Investment or Owner occupied, this is a great deal! Solid tenants. Fish from your back yard, Both units 3 bedrooms and 2 full baths. Owner buying a larger project needs to sell that is why it is priced so well!

6. 2020-12-22
   soldstatus $137,000 357-char remark

   Show marketing remark (357 chars)

   Great owner-occupied duplex with 3 beds/2 fbs on each side. walk up attic, full walkout basement, separate utilities, 2 heating systems, covered porches front and back, 2 car garage, fenced in yard. Roof, windows approx 10 years old, Gas hotwater '09, Gas furnace in #46 '09, new oil burner in #44 2018. *Current owner required to carry flood insurance.

7. 2020-07-24
   listed $145,000 357-char remark

   Show marketing remark (357 chars)

   Great owner-occupied duplex with 3 beds/2 fbs on each side. walk up attic, full walkout basement, separate utilities, 2 heating systems, covered porches front and back, 2 car garage, fenced in yard. Roof, windows approx 10 years old, Gas hotwater '09, Gas furnace in #46 '09, new oil burner in #44 2018. *Current owner required to carry flood insurance.

8. 2015-11-14
   historical
9. 2015-07-15
   listed $87,900
10. 2015-01-01
    historical
11. 2014-10-01
    listed $94,900
12. 2014-09-23
    historical
13. 2014-03-24
    listed $99,900
14. 2013-10-08
    historical
15. 2013-04-08
    listed $132,900
16. 2011-06-17
    historical
17. 2010-12-17
    listed $155,000
18. 2010-10-25
    historical
19. 2010-04-25
    listed $160,000
20. 2002-08-12
    soldstatus $68,000
21. 2002-08-09
    soldstatus $68,000
22. 2001-12-18
    listed $82,500

ⓘ 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: $3,239 · $270/mo
• Projected year-2 tax: $3,239 · $270/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 5/10 Major FEMA zone AE · 57% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $43,020
• − Mortgage interest: −$13,164
• − Property taxes: −$3,239
• − Insurance: −$6,700
• − Repairs & maintenance: −$3,442
• − Management: −$3,442
• − Depreciation: −$6,836
• Taxable income: $6,198
• Est. tax owed @ 24.0%: −$1,487
• After-tax cash flow: $7,771/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

+184.8% since first listed

22 events — show timeline

• 2025-08-13 Pending — BCMLS
• 2025-08-12 Listed $235,000 BCMLS
• 2022-05-27 Sold (MLS) $170,000 BCMLS
• 2022-03-06 Listing Removed — BCMLS
• 2022-02-16 Listed $175,000 BCMLS
• 2020-12-22 Sold (MLS) $137,000 BCMLS
• 2020-07-24 Listed $145,000 BCMLS
• 2015-11-14 Listing Removed — BCMLS
• 2015-07-15 Listed $87,900 BCMLS
• 2015-01-01 Listing Removed — BCMLS
• 2014-10-01 Listed $94,900 BCMLS
• 2014-09-23 Listing Removed — BCMLS
• 2014-03-24 Listed $99,900 BCMLS
• 2013-10-08 Listing Removed — BCMLS
• 2013-04-08 Listed $132,900 BCMLS
• 2011-06-17 Listing Removed — BCMLS
• 2010-12-17 Listed $155,000 BCMLS
• 2010-10-25 Listing Removed — BCMLS
• 2010-04-25 Listed $160,000 BCMLS
• 2002-08-12 Sold (Public Records) $68,000 Public Records
• 2002-08-09 Sold (MLS) $68,000 BCMLS
• 2001-12-18 Listed $82,500 BCMLS

Property tax history

+3.8%/yr

Latest (2023): $3,239 · +25.4% YoY. Source: county tax records.