The numbers for Fall River
| Measure | Fall River | Massachusetts |
|---|---|---|
| Units in 2-unit buildings | 5,012 | 282,603 |
| Units in 3- and 4-unit buildings | 15,033 | 323,934 |
| All units in 2-4 unit buildings | 20,045 (rank 5 of 351) | 606,537 |
| Share of all housing units | 45.0% (rank 3 among the 30 places with 20,000+ units) | 20.0% |
| Units built 1939 or earlier | 46.1% | 30.5% |
| Units built 1979 or earlier | 78.2% | 67.4% |
| Households that rent | 64.7% | 37.5% |
| Median value, owner-occupied homes (all types) | $395,500 | n/a |
| Median gross rent | $1,155 a month | n/a |
Counts are housing units in buildings with 2, 3 or 4 units (Census table B25024), not buildings and not parcels; a three-family counts as three units. They are survey estimates with a margin of error (for large cities about 1 to 8 percent of the 2-4 unit count). The median value is what owners say their home is worth across all home types, not a sale price and not the price of a two- or three-family.
What this means if you own one in Fall River
Fall River ranks 3rd in the state for units in three- and four-unit buildings (15,033), ahead of Springfield and Lowell, so the triple-decker is the building a buyer expects. With a median owner-occupied value of $395,500, the whole deal is priced below Boston or Somerville, which makes the net proceeds math more sensitive to lead work and repairs.
64.7% of households rent (4th among places with 20,000+ units), so plan on tenants in place and a rent roll the buyer will read closely.
Steps that apply in Fall River
- Fire department certificate. The Fall River Fire Department inspects smoke and carbon monoxide alarms before a sale or transfer (MGL c.148 s.26F and s.26F1/2). Ask for the date as soon as you have a closing date. See the smoke and CO certificate.
- Lead notice. For a building built before 1978, give the buyer the Property Transfer Lead Paint Notification before the buyer signs the purchase and sale agreement. See lead paint when you sell.
- Tenants and deposits. Deposits and last month's rent move to the buyer, who must notify each tenant in writing within 45 days (MGL c.186 s.15B). See selling with tenants in place.
- Rent roll first. Put leases, deposits and where they are held on one page before you call a buyer or an agent.