32 Irwin St · Winthrop Town, MA 02152

$1,100,000

4 bd · 4.0 ba · 2,949 sqft · MultiFamily public records · 7 Days on market

Built 1900 4,075 sqft lot Est $793k · 39% over

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Why this score? — see what drove the C+ 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Rent growth +5.0/5.0
• Livability +3.8/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• 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

A rare opportunity to own a 4-unit multi-family investment property in one of Winthrop's most sought-after coastal locations, just minutes from downtown Boston and Logan Airport. This value-add asset offers an ideal mix for investors and owner-occupants alike. The property features one three-bedroom apartment, one two-bedroom apartment, and two studio units. The three-bedroom, two-bedroom, and one studio apartments are currently leased, and the remaining studio will be delivered vacant. Three off-street parking spaces come with the property. Set on a 4,075± sq ft lot in a supply-constrained market with strong, year-round rental demand, the property delivers a compelling blend of in-p

Key facts

• Coastal location
• Strong rental demand
• Steps to the beach

Tags

• COASTAL LOCATION
• OFF-STREET PARKING SPACES
• STEPS TO THE BEACH
• STRONG RENTAL DEMAND

Property features AI

Finance

• Other: Any tenant-owned appliances are excluded from the sale; Property currently listed as Active
• Financial info: Tax details not included per instructions
• HOA & community: Not a senior community; Community amenities nearby include public transportation, shopping, golf, laundromat, house of worship, marina, and public schools

Exterior

• Parking: Off-street paved parking; Open parking available for 3 vehicles
• Security: No specific security features listed
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: 4-family property; 4 total stories; Building area approximately 2,949 (above grade finished area 2,949); Has waterview (ocean)
• Construction: Frame construction; Block and brick/mortar foundation; Shingle roof; Built year per public records
• Exterior features: Porch; Rain gutters; Level lot; Ocean view; 0 to 1/10 mile to the beach; Public beach access nearby; Public road frontage; Publicly maintained road

Interior

• Kitchen: Range; Dishwasher; Microwave; Refrigerator
• Bedrooms: Multiple units with bedroom counts not specified
• Flooring: Hardwood floors
• Bathrooms: 4 full bathrooms
• Heating & cooling: Baseboard heating (natural gas); 3 heating units/zones; Window air conditioning units
• Interior features: Living room; Kitchen; Office/Den; Sunroom; Total of 14 rooms; Unfinished basement
• Laundry & utility: Washer/dryer details not provided

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $4k ($54k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.10M).
• Cap rate 11.6% vs local median 2.1% in Winthrop 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.

Location & tenants

• Location reads 75/100 on livability (#72 in MA, #3,946 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Winthrop (suburban): math 30% / reading 49% proficiency, ranked #200 of 302 in MA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Winthrop Middle School (math 30% / reading 44%, grade F, #162 of 305 statewide, top 55%, 425 students, 0% FRL); Winthrop High School (math 52% / reading 72%, grade B-, #121 of 343 statewide, top 36%, 594 students, 0% FRL) — zoned schools average 0% FRL vs 28% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+13.3%/yr); 58 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,207 units permitted in Suffolk County in 2024 (1,961 in 5+ unit buildings).
• At $14,760/mo this rent would consume 152% of the median local household income ($116k/yr) (locally 862% 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 $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• Suffolk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $308k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% 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 $1,100,000

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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.34% ✓
• Cap rate: 11.62%
• Cash-on-cash: 19.04%
• DSCR: 1.85
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $793,281
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
63 Terrace Ave	0.42mi	4/3.0	3,331 (+13%)	16mo	$895,000	$269	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 14.1%
• Equity multiple: 1.60×
• Total profit: $183,797
• Equity at exit: $164,014

10-year hold

• IRR: 26.3%
• Equity multiple: 3.86×
• Total profit: $880,754
• Equity at exit: $95,108

Cash invested: $308,000 (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 02152

• Home prices YoY: -18.7%
• Rents YoY: 13.3%
• Active inventory: 58
• Price-to-rent: 24.8×

Monthly cashflow live

• Estimated rent: $14,760 medium
• Mortgage (P&I): −$5,769
• Tax from tax record: −$547 /mo · $6,563/yr
• Insurance: −$458
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,100
• Net cashflow: $4,460

Break-even live

Break-even rent $9,114

Max offer price $1,100,000

Occupancy floor 65%

Sensitivity live

Price	-10% $5,083	-5% $4,771	+0% $4,460	+5% $4,149	+10% $3,837
Rent	-10% $3,294	-5% $3,877	+0% $4,460	+5% $5,043	+10% $5,626
Rate	-1.0pp $5,014	-0.5pp $4,740	base $4,460	+0.5pp $4,175	+1.0pp $3,885

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$14,760
Total (4 units)			$14,760

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
141 Grovers Ave Unit 141 Winthrop, MA	3.0	3.0	2400	$5,500	$2.29	25d	1	0.93mi
103 Summer St Revere, MA	4.0	3.5	4000	$12,500	$3.12	22d	1	1.47mi
285 Crescent Ave Unit 2 Revere, MA	3.0	2.0	2400	$3,700	$1.54	15d	1	1.49mi

Listing history 7 events

1. 2026-06-18
   days on market $1,100,000 Active 7 DOM
2. 2026-06-17
   days on market $1,100,000 Active 6 DOM
3. 2026-06-16
   days on market $1,100,000 Active 5 DOM
4. 2026-06-15
   statusdays on market $1,100,000 Active 4 DOM
5. 2026-06-13
   days on market $1,100,000 New 2 DOM
6. 2026-06-13
   remarks 692-char remark
7. 2026-06-13
   listed $1,100,000 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: $6,563 · $547/mo
• Projected year-2 tax: $10,046 · $837/mo
• Expected delta: +$3,484/yr (+$290/mo · 53.1%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 95% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $177,120
• − Mortgage interest: −$61,617
• − Property taxes: −$6,563
• − Insurance: −$10,618
• − Repairs & maintenance: −$14,170
• − Management: −$14,170
• − Depreciation: −$32,000
• Taxable income: $37,982
• Est. tax owed @ 24.0%: −$9,116
• After-tax cash flow: $44,405/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: Winthrop
• NCES district ID: 2513170
• Math proficiency: 30% ▼ -23.00%
• Reading proficiency: 49% ▼ -9.00%
• Median HH income: $63,859
• Composite: 35.33/100
• National rank: #4960
• State rank: #200 of 302 in MA

Livability — Winthrop Town

• Score: 75/100
• State rank: #72
• US rank: #3946

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winthrop Town, MA
• County: Suffolk County · 777,335 people
• City population: 18,807
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 18,759
• Household income: $116,167
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 862.0

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 915,464 people
• By 2030: 983,798 · +7.5%
• By 2040: 1,119,602 · +22.3%
• By 2050: 1,255,187 · +37.1%
• By 2075: 1,534,434 · +67.6%
• By 2100: 1,748,505 · +91.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 20% Two or more races 7% Black 3% Native American 2% Asian 2%
• Hispanic origin (detail): Puerto Rican 2% Cuban 3%
• Common ancestry: Romanian 3% Russian 2% Lithuanian 1%
• Foreign-born: 19% · Canada, Jamaica, China
• Languages at home: 70% English-only · Spanish 18% Other Indo-European 5% Arabic 3%

Political lean MEDSL · Suffolk

• 2024 margin: Solid D (+52.5) · D 74.8% · R 22.4% · Other 2.8%
• 2008→2024 swing: -3.2pp toward R · 2008: 55.7pp · 2024: 52.5pp
• All cycles: 2024: D+52.5 2020: D+63.2 2016: D+63.0 2012: D+56.7 2008: D+55.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -79.09%
• Current HPI: 344.6568
• Rent YoY: ▲ 13.35%
• 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

1 event — show timeline

• 2026-06-11 Listed $1,100,000 MLS PIN

Property tax history

+2.7%/yr

Latest (2023): $6,563 · +3.8% YoY. Source: county tax records.