2 Franklin St

Buckland, MA 01338

$279,000A-

7 bd · 3.0 ba · 3,584 sqft · Built 1870 · MultiFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,550/mo
• Mortgage (P&I): −$1,463
• Tax + insurance: −$492
• HOA: −$0
• Vac / Maint / Mgmt: −$1,166
• Net cashflow: $2,430/mo
• Annual: $29,159/yr
• Cap rate: 16.74%
• Cash-on-cash: 37.33%
• DSCR: 2.66
• 1% rule: 1.99%
• Cash to close: $78,120

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $279k.
• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $810/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $279k).
• It's been on market 38 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $271k (3.0% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($2k loan paydown + $14k appreciation (5.0% local appreciation)).
• Location reads: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• Mohawk Trail (rural): math 25% / reading 45% proficiency, ranked #235 of 302 in MA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mohawk Trail Regional School (math 22% / reading 42%, grade F, #255 of 343 statewide, top 77%, 271 students, 0% FRL) — zoned schools average 0% FRL vs 29% district-wide (29 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 89 units permitted in Franklin County in 2024 (22 in 5+ unit buildings).
• Franklin County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 17y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $279k implies a 99% gain — meaningful room to come down on a strong offer.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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 1870 — 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.
• 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.
• 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.