133 Oak St

Holyoke, MA 01040

$369,900C+

7 bd · 3.0 ba · 2,438 sqft · Built 1895 · MultiFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,592/mo
• Mortgage (P&I): −$1,940
• Tax + insurance: −$473
• HOA: −$0
• Vac / Maint / Mgmt: −$964
• Net cashflow: $1,215/mo
• Annual: $14,574/yr
• Cap rate: 10.23%
• Cash-on-cash: 14.07%
• DSCR: 1.63
• 1% rule: 1.24%
• Cash to close: $103,572

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $370k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $405/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $370k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 43 active listings in the ZIP; 453 units permitted in Hampden County in 2024 (116 in 5+ unit buildings).
• Hampden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 30y 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; list at $370k implies a 118% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $104k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wind risk, 23% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.2% vs local median 5.3% 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.
• At $4,592/mo this rent would consume 103% 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.