2 Water St · Greenfield, MA 01301

$250,000

5 bd · 2.0 ba · 1,826 sqft · MultiFamily public records · 106 Days on market

Built 1905 4,752 sqft lot $137/sqft · 8% below area Est $273k · 8% 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 +11.3/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

INVESTORS TAKE NOTICE! Fantastic opportunity to own a 2-unit multi-family property in a prime, walk-to-town location. Whether you’re looking to expand your portfolio or dive into your next value-add project, this property offers tremendous potential.Each unit provides solid layout possibilities with separate utilities, and the chance to renovate, update, and maximize rental income or resale value. Conveniently located just steps from shops, restaurants, and local amenities, the location alone makes this a smart long-term investment.Bring your vision and ideas—this property is being sold as-is and is ready for its next chapter. Don’t miss the chance to unlock its full potential!

Key facts

• Local amenities
• Layout possibilities
• 4,752 sq ft lot

Tags

• MULTI-FAMILY PROPERTY
• WALK-TO-TOWN LOCATION
• LAYOUT POSSIBILITIES
• MAXIMIZE RENTAL INCOME
• LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $228k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 5.0% in Greenfield — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Greenfield (town): math 15% / reading 32% proficiency, ranked #279 of 302 in MA (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 18 active listings in the ZIP; 89 units permitted in Franklin County in 2024 (22 in 5+ unit buildings).
• At $3,486/mo this rent would consume 74% of the median local household income ($56k/yr) (locally 1270% 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 $8k of value loss. Plan a longer hold.
• Franklin County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $30k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $158k; list at $250k implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $227,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.39% ✓
• Cap rate: 11.24%
• Cash-on-cash: 17.68%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (median comp): $273,006
• List price: $250,000
• Delta: -8.43%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33 Mill St	0.36mi	4/2.0 (-1)	1,816 (-0%)	21mo	$100,000	$55	60
35 Mill St	0.36mi	4/2.0 (-1)	1,880 (+3%)	17mo	$199,900	$106	59
98-100 Hope St	0.26mi	6/2.0 (+1)	2,013 (+10%)	9mo	$390,000	$194	58
231 Hope St	0.40mi	4/2.0 (-1)	1,664 (-9%)	11mo	$341,000	$205	52

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: 9.2%
• Equity multiple: 1.36×
• Total profit: $25,219
• Equity at exit: $37,276

10-year hold

• IRR: 18.3%
• Equity multiple: 2.52×
• Total profit: $106,736
• Equity at exit: $21,615

Cash invested: $70,000 (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 01301

• Home prices YoY: -24.0%
• Active inventory: 18
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $3,486 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$308 /mo · $3,690/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$732
• Net cashflow: $1,031

Break-even live

Break-even rent $2,181

Max offer price $250,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,486
Total (2 units)			$3,486

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $250,000 Active 106 DOM
2. 2026-06-17
   days on market $250,000 Active 105 DOM
3. 2026-06-16
   days on market $250,000 Active 104 DOM
4. 2026-06-15
   days on market $250,000 Active 103 DOM
5. 2026-06-14
   days on market $250,000 Active 101 DOM
6. 2026-06-13
   days on market $250,000 Active 100 DOM
7. 2026-06-10
   days on market $250,000 Active 98 DOM
8. 2026-06-09
   days on market $250,000 Active 97 DOM
9. 2026-06-08
   days on market $250,000 Active 96 DOM
10. 2026-06-07
    statusdays on market $250,000 Active 95 DOM
11. 2026-06-03
    days on market $250,000 Extended 91 DOM
12. 2026-06-02
    days on market $250,000 Extended 90 DOM
13. 2026-06-01
    days on market $250,000 Extended 89 DOM
14. 2026-06-01
    status $250,000 Extended 88 DOM
15. 2026-05-31
    days on market $250,000 Active 88 DOM
16. 2026-05-30
    days on market $250,000 Active 87 DOM
17. 2026-03-27
    price $250,000 704-char remark

    Show marketing remark (704 chars)

    INVESTORS TAKE NOTICE! Fantastic opportunity to own a 2-unit multi-family property in a prime, walk-to-town location. Whether you’re looking to expand your portfolio or dive into your next value-add project, this property offers tremendous potential.Each unit provides solid layout possibilities with separate utilities, and the chance to renovate, update, and maximize rental income or resale value. Conveniently located just steps from shops, restaurants, and local amenities, the location alone makes this a smart long-term investment.Bring your vision and ideas—this property is being sold as-is and is ready for its next chapter. Don’t miss the chance to unlock its full potential!

18. 2026-03-04
    listed $280,000 New 704-char remark

    Show marketing remark (704 chars)

    INVESTORS TAKE NOTICE! Fantastic opportunity to own a 2-unit multi-family property in a prime, walk-to-town location. Whether you’re looking to expand your portfolio or dive into your next value-add project, this property offers tremendous potential.Each unit provides solid layout possibilities with separate utilities, and the chance to renovate, update, and maximize rental income or resale value. Conveniently located just steps from shops, restaurants, and local amenities, the location alone makes this a smart long-term investment.Bring your vision and ideas—this property is being sold as-is and is ready for its next chapter. Don’t miss the chance to unlock its full potential!

19. 2009-12-04
    soldstatus $157,500 375-char remark

    Show marketing remark (375 chars)

    Here is one of the finest two family homes available on the market. Impeccable condition both inside and out, newer systems throughout, 2 high efficency Buderus boilers installed new in 2006. Over $39,000 in improvements completed within the last five years. Within walking distance to downtown, public transportation, Green River and 2 playgrounds. Great off street parking.

20. 2009-12-04
    soldstatus $157,500

    Show marketing remark (375 chars)

    Here is one of the finest two family homes available on the market. Impeccable condition both inside and out, newer systems throughout, 2 high efficency Buderus boilers installed new in 2006. Over $39,000 in improvements completed within the last five years. Within walking distance to downtown, public transportation, Green River and 2 playgrounds. Great off street parking.

21. 2009-08-14
    listed $162,500 375-char remark

    Show marketing remark (375 chars)

    Here is one of the finest two family homes available on the market. Impeccable condition both inside and out, newer systems throughout, 2 high efficency Buderus boilers installed new in 2006. Over $39,000 in improvements completed within the last five years. Within walking distance to downtown, public transportation, Green River and 2 playgrounds. Great off street parking.

22. 2003-05-30
    soldstatus $106,250

ⓘ 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: $3,690 · $308/mo
• Projected year-2 tax: $3,690 · $308/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,832
• − Mortgage interest: −$14,004
• − Property taxes: −$3,690
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,347
• − Management: −$3,347
• − Depreciation: −$7,273
• Taxable income: $8,922
• Est. tax owed @ 24.0%: −$2,141
• After-tax cash flow: $10,234/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: Greenfield
• NCES district ID: 2505490
• Math proficiency: 15% ▼ -15.00%
• Reading proficiency: 32% ▼ -1.00%
• Median HH income: $46,910
• Composite: 20.45/100
• National rank: #8580
• State rank: #279 of 302 in MA

Livability — Greenfield

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Greenfield, MA
• County: Franklin County · 17,876 people
• City population: 17,876
• Metro: Springfield, MA
• Population (ZIP): 17,876
• Household income: $56,176
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 1270.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 68,566 people
• By 2030: 66,543 · -3.0%
• By 2040: 60,766 · -11.4%
• By 2050: 54,971 · -19.8%
• By 2075: 42,642 · -37.8%
• By 2100: 31,861 · -53.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 4% Black 2% Asian 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Lithuanian 9% Romanian 7% Slovak 2%
• Foreign-born: 6% · Canada, China, Jamaica
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Franklin

• 2024 margin: Solid D (+37.8) · D 67.3% · R 29.6% · Other 3.1%
• 2008→2024 swing: -9.9pp toward R · 2008: 47.7pp · 2024: 37.8pp
• All cycles: 2024: D+37.8 2020: D+44.4 2016: D+37.0 2012: D+47.0 2008: D+47.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.80%
• Current HPI: 272.1354
• 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

+135.3% since first listed

6 events — show timeline

• 2026-03-27 Price Changed $250,000 MLS PIN
• 2026-03-04 Listed $280,000 MLS PIN
• 2009-12-04 Sold (Public Records) $157,500 Public Records
• 2009-12-04 Sold (MLS) $157,500 MLS PIN
• 2009-08-14 Listed $162,500 MLS PIN
• 2003-05-30 Sold (Public Records) $106,250 Public Records

Property tax history

+2.9%/yr

Latest (2023): $3,690 · +1.7% YoY. Source: county tax records.