28 Church St

North Attleborough Town, MA 02760

$1,525,000B-

7 bd · 7.0 ba · 4,798 sqft · Built 1910 · MultiFamily · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $21,993/mo
• Mortgage (P&I): −$7,997
• Tax + insurance: −$1,478
• HOA: −$0
• Vac / Maint / Mgmt: −$4,619
• Net cashflow: $7,900/mo
• Annual: $94,796/yr
• Cap rate: 12.51%
• Cash-on-cash: 22.20%
• DSCR: 1.99
• 1% rule: 1.44%
• Cash to close: $427,000

Investor read

• This is a 7 × 8-bed/6.0-bath units multifamily listed at $1.52M.
• At list price, monthly cash flow is $8k ($95k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.52M).
• It's been on market 77 days — a 6% lower offer ($1.43M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.43M (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $46k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• North Attleborough (suburban): math 46% / reading 60% proficiency, ranked #98 of 302 in MA (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.9%/yr); 37 active listings in the ZIP; high-income renter base; 760 units permitted in Bristol County in 2024 (142 in 5+ unit buildings).
• Bristol County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 18y ago; this cycle's ask has dropped $100k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $525k; list at $1.52M implies a 190% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $427k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.5% vs local median 2.8% in North Attleborough Town — 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 $21,993/mo this rent would consume 236% of the median local household income ($112k/yr) (locally 681% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.