468 Salem St · Malden, MA 02148

$1,375,000

5 bd · 6.0 ba · 2,671 sqft · MultiFamily public records · 20 Days on market

Built 1930 5,750 sqft lot Est $921k · 49% over

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.3/30.0
• DSCR +7.5/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Property is being sold occupied with any and all occupants. Malden 4 Family with Great Potential! Sold As Is.All offers are contingent upon receipt of a fully executed and mutually acceptable purchase & sale agreement. Including any and all of the sellers addendums. All information is gathered from public record and should be verified by buyer. Buyer to perform any/all due diligence.

Key facts

• Updated finishes
• Modern systems
• 5,750 sq ft lot

Tags

• MODERN SYSTEMS
• UPDATED FINISHES
• LOW MAINTENANCE OWNERSHIP
• STRONG RENTAL STABILITY
• SOLID IN PLACE INCOME
• EASY ACCESS TO MALDEN CENTER

Property features AI

Finance

• Other: Building total area approximately 2,671; Lot approximately 0.13 acres; Directions: Use GPS
• HOA & community: Community near public transportation, T-station, shopping, parks, walk/jog trails, bike path, highway access, laundromat, and public schools; Not a senior community

Exterior

• Parking: Paved driveway; Open parking available
• Utilities: Public water; Public sewer; Electric with circuit breakers; Individually metered electric
• Home design: 4-family building; 4 stories
• Construction: Frame construction; Concrete perimeter foundation; Built approximately (public records)
• Exterior features: Shingle roof; Public road frontage

Interior

• Flooring: Hardwood
• Bathrooms: 4 full bathrooms
• Interior features: Total of 16 rooms; Hardwood flooring

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $1.38M.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $627/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.38M).
• Recommended offer: $1.35M (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.2% in Malden — 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.

Location & tenants

• Location reads 81/100 on livability (#29 in MA, #1,360 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• Malden (suburban): math 26% / reading 42% proficiency, ranked #238 of 302 in MA (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.8%/yr); 54 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,670 units permitted in Middlesex County in 2024 (2,611 in 5+ unit buildings).
• At $14,132/mo this rent would consume 169% of the median local household income ($101k/yr) (locally 3600% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $41k of value loss. Plan a longer hold.
• Middlesex County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($1.35M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y 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 $235k; list at $1.38M implies a 485% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,354,375 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.82%
• DSCR: 1.35
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $921,495
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
70-72 Bainbridge St	0.29mi	4/2.0 (-1)	2,656 (-1%)	1mo	$990,000	$373	65
40 Clark St	0.43mi	4/4.0 (-1)	2,523 (-6%)	1mo	$870,000	$345	57
222 Harvard St	0.41mi	4/2.0 (-1)	2,552 (-4%)	1mo	$825,000	$323	53
117-119 Rockwell St	0.37mi	6/3.0 (+1)	2,796 (+5%)	7mo	$870,000	$311	52
22 Porter St	0.39mi	6/2.0 (+1)	2,551 (-4%)	2mo	$910,000	$357	52
37-39 Reserve St	0.71mi	5/3.0	2,780 (+4%)	1mo	$980,000	$353	47
154 Mount Vernon St	0.53mi	5/2.0	2,780 (+4%)	9mo	$950,000	$342	45
93-95 Pierce St	0.37mi	4/3.0 (-1)	2,424 (-9%)	10mo	$980,000	$404	42
235 Lebanon St	0.51mi	5/3.0	2,310 (-14%)	0mo	$760,000	$329	41
69 Warren Ave	0.62mi	6/2.0 (+1)	2,513 (-6%)	1mo	$685,000	$273	40
188-190 Sylvan St	0.57mi	6/3.0 (+1)	2,277 (-15%)	6mo	$1,060,000	$466	27
34 Page St	0.52mi	4/2.0 (-1)	3,067 (+15%)	9mo	$950,000	$310	24

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.73×
• Total profit: $-104,740
• Equity at exit: $205,017

10-year hold

• IRR: -2.0%
• Equity multiple: 0.88×
• Total profit: $-46,750
• Equity at exit: $118,885

Cash invested: $385,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 20 Strongly Tenant-Friendly
• State Massachusetts: 20 Strongly Tenant-Friendly · D+15
• County: — inherits STATE
• City: — inherits STATE

Cambridge / Boston historically rent-controlled (preempted 1994 but consideration ongoing); strong tenant protections; court backlogs.

Methodology + full state rankings →

ZIP-level market 02148

• Rents YoY: -0.8%
• Active inventory: 54
• Price-to-rent: 32.4×

Monthly cashflow live

• Estimated rent: $14,132 medium
• Mortgage (P&I): −$7,211
• Tax from tax record: −$872 /mo · $10,462/yr
• Insurance: −$573
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,968
• Net cashflow: $2,509

Break-even live

Break-even rent $10,956

Max offer price $1,375,000

Occupancy floor 77%

Sensitivity live

Price	-10% $3,287	-5% $2,898	+0% $2,509	+5% $2,120	+10% $1,731
Rent	-10% $1,392	-5% $1,951	+0% $2,509	+5% $3,067	+10% $3,625
Rate	-1.0pp $3,201	-0.5pp $2,859	base $2,509	+0.5pp $2,153	+1.0pp $1,790

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$14,132
Total (4 units)			$14,132

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $343,750
• Closing costs: $41,250
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39 Baker St Unit 41 Malden, MA	4.0	1.0	1800	$3,100	$1.72	45d	1	0.10mi
109 Walnut St Unit 109 Malden, MA	4.0	1.5	2338	$4,200	$1.80	12d	1	0.89mi
130 Linden Ave Unit 130 Malden, MA	4.0	2.5	2000	$4,250	$2.12	45d	1	0.97mi
8 Parsonage Rd Malden, MA	4.0	2.0	2400	$3,700	$1.54	19d	1	1.04mi
95 Waverly Ave Unit 2 Everett, MA	5.0	2.0	1800	$4,199	$2.33	45d	1	1.18mi
21 Converse Ave Unit 1 Malden, MA	4.0	1.5	2000	$3,500	$1.75	19d	1	1.27mi
1318 Salem St Unit SF Malden, MA	4.0	2.0	2182	$4,600	$2.11	12d	1	1.37mi
54 Hillside Ave Unit 2 Everett, MA	4.0	1.0	2444	$3,200	$1.31	6d	1	1.37mi
21-23 Rendall Pl Unit 2 Melrose, MA	4.0	2.0	1800	$3,950	$2.19	19d	1	1.44mi
47 Pleasant St Everett, MA	6.0	1.5	1814	$4,500	$2.48	45d	1	1.49mi

Listing history 14 events

1. 2026-06-21
   days on market $1,375,000 Active 20 DOM
2. 2026-06-18
   days on market $1,375,000 Active 17 DOM
3. 2026-06-17
   days on market $1,375,000 Active 16 DOM
4. 2026-06-16
   days on market $1,375,000 Active 15 DOM
5. 2026-06-15
   days on market $1,375,000 Active 14 DOM
6. 2026-06-13
   days on market $1,375,000 Active 12 DOM
7. 2026-06-13
   days on market $1,375,000 Active 11 DOM
8. 2026-06-09
   days on market $1,375,000 Active 8 DOM
9. 2026-06-08
   days on market $1,375,000 Active 7 DOM
10. 2026-06-07
    statusdays on market $1,375,000 Active 6 DOM
11. 2026-06-04
    days on market $1,375,000 New 3 DOM
12. 2026-06-03
    days on market $1,375,000 New 2 DOM
13. 2026-06-02
    remarks 699-char remark
14. 2026-06-02
    listed $1,375,000 New 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $10,462 · $872/mo
• Projected year-2 tax: $13,687 · $1,141/mo
• Expected delta: +$3,225/yr (+$269/mo · 30.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $169,584
• − Mortgage interest: −$77,021
• − Property taxes: −$10,462
• − Insurance: −$6,875
• − Repairs & maintenance: −$13,567
• − Management: −$13,567
• − Depreciation: −$40,000
• Taxable income: $8,092
• Est. tax owed @ 24.0%: −$1,942
• After-tax cash flow: $28,164/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Malden
• NCES district ID: 2507170
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 42% ▼ -8.00%
• Median HH income: $56,377
• Composite: 30.07/100
• National rank: #6346
• State rank: #238 of 302 in MA

Livability — Malden

• Score: 81/100
• State rank: #29
• US rank: #1360

Category grades

Amenities A+ Commute A+ Cost of living F Crime B- Employment A Housing B Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Malden, MA
• County: Middlesex County · 1,437,704 people
• City population: 65,906
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 65,906
• Household income: $100,606
• Rent vs Own: 58.7% rent · 41.3% own
• Severe rent burden: 3600.0

Population outlook (Middlesex County) Hauer SSP2

• Today (2025): 1,740,269 people
• By 2030: 1,817,187 · +4.4%
• By 2040: 1,963,195 · +12.8%
• By 2050: 2,087,461 · +20.0%
• By 2075: 2,344,036 · +34.7%
• By 2100: 2,383,776 · +37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 42% Asian 29% Black 13% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Hispanic 4% Estonian 4% Romanian 2%
• Foreign-born: 41% · Canada, China, Vietnam
• Languages at home: 51% English-only · Chinese 15% Other Indo-European 13% Spanish 5%

Political lean MEDSL · Middlesex

• 2024 margin: Solid D (+39.5) · D 68.5% · R 29.0% · Other 2.5%
• 2008→2024 swing: +9.3pp toward D · 2008: 30.1pp · 2024: 39.5pp
• All cycles: 2024: D+39.5 2020: D+45.2 2016: D+38.1 2012: D+26.9 2008: D+30.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -396.34%
• Current HPI: 336.6086
• Rent YoY: ▼ -0.77%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: ▲ 2.28%
• F500 in state: 38

Industry mix (Fortune 500 HQ in MA)

Industry	F500 HQs	Revenue
▸Technology	3	$17B
▸Insurance	2	$84B
▸Retail	2	$76B
▸Life Sciences	1	$43B
▸Energy Technology	1	$31B
▸Aerospace / Defense	1	$18B

Price history

+623.7% since first listed

12 events — show timeline

• 2026-06-01 Listed $1,375,000 MLS PIN
• 2025-07-31 Rental Removed $1,850 SHOWMOJO
• 2025-06-05 Listed for Rent $1,850 SHOWMOJO
• 2012-02-21 Sold (MLS) $235,000 MLS PIN
• 2012-01-03 Contingent — MLS PIN
• 2011-12-19 Price Changed $214,900 MLS PIN
• 2011-12-05 Relisted — MLS PIN
• 2011-11-30 Contingent — MLS PIN
• 2011-11-21 Price Changed $229,900 MLS PIN
• 2011-10-24 Price Changed $245,900 MLS PIN
• 2011-09-23 Listed $259,900 MLS PIN
• 1991-11-19 Sold (Public Records) $190,000 Public Records

Property tax history

+6.5%/yr

Latest (2025): $10,462 · +4.3% YoY. Source: county tax records.