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56 Summer Dr
Southwick, MA

56 Summer Dr

$375,000
3 bd • 2 ba • 1,397 sf

This analysis was generated by artificial intelligence on 1/26/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$375,000

Price/Sq.Ft

$268

Year Built

1935

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• The property's location near Congamond Lakes provides access to recreational activities and could be attractive to those interested in waterfront living. This is a unique selling point compared to other properties in the area. • The presence of two separate homes on one lot offers rental income potential or the ability to house extended family. This feature increases the property's versatility and can appeal to various buyer types. • The massive garage with electricity and water is a significant added value, offering ample storage space, a workshop area, or boat storage. This is a unique feature not found in all properties. • The property's price per square foot is $268.43, which is competitive in the current market for a multi-unit property in Southwick. This could make the property attractive to investors or budget-conscious buyers. • The price was recently reduced by 11.8% from $425,000 to $375,000, indicating that the sellers are motivated and that the new price reflects a more realistic market value. • The flood risk and fire risk are minimal (1/10), which translates to lower insurance costs and reduced property damage concerns. This provides financial and peace-of-mind benefits for potential buyers. • The property has multiple desirable features like ceiling fans, a bathroom with a shower stall, a bathroom with a tub and shower, a living room, a dining room, a kitchen, and a laundry room, all adding to its appeal.

The Bad

• One of the two homes requires significant rehabilitation, which translates to additional costs and time investment. This may deter buyers looking for a turnkey property. • The property was built in 1935, suggesting that it may have outdated systems and potential maintenance concerns compared to newer constructions. The older building may require upgrades to meet modern energy efficiency standards. • The school ratings for Woodland Elementary (null/10) and Southwick-Tolland Regional High School (5/10) are below average, which could be a concern for families with school-aged children. • The limited commercial development in Southwick may be a drawback for buyers accustomed to having numerous shops and restaurants within walking distance. This impacts lifestyle convenience and may be a negative for some buyers. • The property's description mentions proximity to Bradley International Airport, which, although convenient for travel, may come with noise pollution and potential flight path issues.

The Ugly

• The property has a major wind risk of 6/10, which is considered critical for insurance purposes. This will likely lead to significantly higher insurance costs and a higher risk of property damage. The annual insurance cost of $1350/year may be significantly higher than other properties in the area due to this factor. • The need to rehabilitate one of the two homes translates to significant upfront costs and potential delays in making that home habitable. These expenses can be unpredictable and could cause budget overruns. • The property's age of 1935 means that it may have outdated systems (plumbing, electrical, HVAC) which could require extensive and expensive upgrades to meet current standards. Older homes often have hidden issues that may surface after purchase. • The school ratings are low, which may make the property less appealing to families with school-aged children. This can affect resale value and rental demand for family-oriented renters. • The property's reliance on oil for heating may be a concern, given the volatility of oil prices and the potential for higher operating costs compared to more energy-efficient alternatives. • The lack of specific room details in the listing makes it difficult to assess the interior layout and potential for renovations or improvements, which can be a significant drawback for potential buyers.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Investors seeking a multi-unit property with potential for rental income. The two separate homes offer flexibility in renting out one or both units, and the large garage adds storage or workshop potential, increasing appeal to tenants. The median income for the area is $100,337, indicating a solid rental market. • Homeowners looking for a property with in-law or guest house potential. The second home, though requiring rehabilitation, presents an opportunity for creating a separate living space for family or guests. • Buyers interested in a project property with the capacity to renovate the second home to their liking. The description notes that one home is move-in ready, while the second requires work, offering a balanced opportunity for those seeking both immediate living space and a renovation project. • Those valuing proximity to Congamond Lakes. The property's location near the lakes offers recreational benefits and could appeal to those seeking a vacation home or a primary residence with access to water activities. • Buyers who appreciate the rural character of Southwick but need proximity to amenities. The description notes that the property is "nestled in a peaceful location near the lakes yet close to amenities," suggesting a balance of privacy and convenience.

Not For

• Buyers seeking a single-family home. The property is a 2-family side-by-side unit, which may not appeal to those looking for a traditional single-family home. • Those unwilling to undertake a renovation project. The need to rehabilitate one of the two homes means that buyers need to be prepared to manage construction, repairs, and related expenses. • Buyers who prioritize modern, updated finishes. The property description suggests that one home is in original condition, and the other needs significant work, potentially requiring substantial updates to meet modern standards. • Individuals with limited tolerance for wind risks. The property has a major wind risk (6/10), which could lead to higher insurance premiums. • Those needing immediate rental income from both units. Since one unit needs rehabilitation, there may be a delay in generating rental income from both properties simultaneously.
Demographics
Area Median Income

$100,337

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Risk Assessment

Climate Risks

windMAJOR

Insurance: Required

heatMODERATE

7 extreme heat days per year

98th percentile: 98°F

airMINOR

1 bad air quality days per year

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

Risk Analysis

• Wind Risk: A major wind risk (6/10) indicates potential for property damage, requiring higher insurance costs and possible structural reinforcement. The property’s insurance is noted as “CRITICAL” for wind risk, meaning that coverage may be more expensive and harder to obtain. • Rehabilitation Costs: The second home needs significant work. This poses a risk of unexpected expenses and delays in making the home habitable, which should be factored into the budget and timeline. • Age of the Property: Built in 1935, the property may have outdated systems (plumbing, electrical) and may require additional maintenance and repairs. Older homes may also have issues with insulation and energy efficiency. • Rental Income Uncertainty: While the property has rental potential, the need to rehabilitate one unit will cause a delay in revenue. There may be additional effort to manage two separate tenants and their needs. • Rural Location: Southwick’s rural character may mean longer commutes and limited access to public transportation. This should be considered for tenants and owners alike. • Limited Public Transportation: The lack of public transportation options in Southwick means that tenants and owners will need reliable personal transportation, which can be a barrier for some. • Property Tax: Hampden County has relatively high property taxes, which can impact overall ownership costs. Understanding the town's mill rate is crucial for budgeting.
Insurance
Annual Cost

$1,350

$113 per month

Financials

Monthly Costs
Market Rent (3 bed)

$1,570

Get a detailed rental estimate on Zillow®

Price History

Property Taxes

$3,985
2024 Tax Assessment
4.9%from previous year
Assessed Value$257,600
Tax Rate1.55%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$425,875

13.6% above list price

Median Price

$392,500

Based on 4 recent sales

Price per Sq.Ft

$298

Comparable Properties

115 North Lake Avenue, Southwick, MA 01077
Price: $686,000
Sq.Ft: 1,488
Beds/Baths: 3/2
$/Sq.Ft:
$46171.7%
Sale Date: 8/30/2024
4 Woodside Cir, Southwick, MA 01077
Price: $392,500
Sq.Ft: 1,600
Beds/Baths: 4/3
$/Sq.Ft:
$2458.6%
Sale Date: 12/10/2024
109 N Lake Ave, Southwick, MA 01077
Price: $300,000
Sq.Ft: 1,257
Beds/Baths: 2/1
$/Sq.Ft:
$23911.1%
Sale Date: 9/3/2024
28 Lakemont St, Southwick, MA 01077
Price: $325,000
Sq.Ft: 1,306
Beds/Baths: 4/1
$/Sq.Ft:
$2497.3%
Sale Date: 8/6/2024

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