1359 Purchase St · New Bedford, MA 02740

$399,900

2 bd · 2.0 ba · 2,128 sqft · MultiFamily public records · 10 Days on market

Built 1870 1,960 sqft lot

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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 +20.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• Rent growth +5.0/5.0
• 1% rule +4.4/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

LARGE 2 FAMILY, SECOND FLOOR COTTAGE SET-UP, COULD BE 5 BEDROOMS, VIEW OF WATER, NEW KITCHEN ON SECOND FLOOR.

Key facts

• Create 3 units
• Vinyl-sided
• Walkup attic

Tags

• WALKUP ATTIC
• CREATE 3 UNITS
• VINYL-SIDED
• MAINTENANCE-FREE EXTERIOR
• 3 LEVELS

Property features AI

Finance

• HOA & community: Community amenities nearby: public transportation, shopping, pool, tennis courts, park, walk/jog trails, golf, medical facility, laundromat, bike path, conservation area, highway access, house of worship, private and public schools, T-Station

Exterior

• Parking: 2 open parking spaces (2 total parking spaces)
• Utilities: Public water; Public sewer
• Home design: Multi-family property; 2 stories
• Construction: Frame construction; Shingle roof; Concrete perimeter foundation; Built (approximate year per public records)
• Exterior features: Wood deck; Level lot; Paved, public road frontage on a publicly maintained road

Interior

• Flooring: Wood flooring; Carpet flooring
• Bathrooms: 2 full bathrooms
• Interior features: Total of 8 rooms; Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $487 ($6k/yr) — positive. Per door: $244/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $377k (5.7% below list).
• Recommended offer: $377k (5.7% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 3.8% in New Bedford — 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 67/100 on livability (#155 in MA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing B+; Watch: cost of living C-, schools D, employment D.
• New Bedford (suburban): math 17% / reading 28% proficiency, ranked #287 of 302 in MA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+10.8%/yr); 60 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 760 units permitted in Bristol County in 2024 (142 in 5+ unit buildings).
• At $3,771/mo this rent would consume 82% of the median local household income ($55k/yr) (locally 2883% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Bristol County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $112k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 26y 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 $65k; list at $400k implies a 515% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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.

Recommended offer $377,100 (5.7% 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 1870 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 0.94% ✗
• Cap rate: 7.75%
• Cash-on-cash: 5.22%
• DSCR: 1.23
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.2%
• Equity multiple: 0.88×
• Total profit: $-13,959
• Equity at exit: $59,626

10-year hold

• IRR: 11.1%
• Equity multiple: 2.05×
• Total profit: $118,050
• Equity at exit: $34,576

Cash invested: $111,972 (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 02740

• Rents YoY: 10.8%
• Active inventory: 60
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $3,771 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$228 /mo · $2,739/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$792
• Net cashflow: $487

Break-even live

Break-even rent $3,154

Max offer price $399,900

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,770
Total (2 units)			$3,771

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
475 Cottage St New Bedford, MA	3.0	1.0	1400	$1,875	$1.34	43d	1	0.37mi
75 Wamsutta St New Bedford, MA	1.0–3.0	1.0–2.0	1550	$2,435	$1.57	1d	7	0.46mi
12 Market St Unit 5 New Bedford, MA	2.0	2.5	1910	$2,750	$1.44	43d	1	0.65mi
109 Reynolds St New Bedford, MA	3.0	1.0	1600	$1,700	$1.06	43d	1	0.75mi
107 Ash St Unit 1 New Bedford, MA	3.0	1.0	1400	$2,500	$1.79	11d	1	1.02mi

Listing history 7 events

1. 2026-06-18
   days on market $399,900 Active 10 DOM
2. 2026-06-17
   days on market $399,900 Active 9 DOM
3. 2026-06-16
   days on market $399,900 Active 8 DOM
4. 2026-06-15
   days on market $399,900 Active 7 DOM
5. 2026-06-13
   statusdays on market $399,900 Active 5 DOM
6. 2026-06-08
   remarks 661-char remark
7. 2026-06-08
   listed $399,900 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: $2,739 · $228/mo
• Projected year-2 tax: $3,829 · $319/mo
• Expected delta: +$1,090/yr (+$91/mo · 39.8%)

ⓘ 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 5/10 Major 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,252
• − Mortgage interest: −$22,401
• − Property taxes: −$2,739
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,620
• − Management: −$3,620
• − Depreciation: −$11,633
• Taxable loss: −$761
• Est. tax savings @ 24.0%: +$183
• After-tax cash flow: $6,028/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: New Bedford
• NCES district ID: 2508430
• Math proficiency: 17% ▼ -14.00%
• Reading proficiency: 28% ▼ -6.00%
• Median HH income: $37,901
• Composite: 18.79/100
• National rank: #8869
• State rank: #287 of 302 in MA

Livability — New Bedford

• Score: 67/100
• State rank: #155
• US rank: #10150

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Bedford, MA
• County: Bristol County · 342,083 people
• City population: 76,528
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 46,281
• Household income: $55,237
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 2883.0

Population outlook (Bristol County) Hauer SSP2

• Today (2025): 570,212 people
• By 2030: 571,181 · +0.2%
• By 2040: 565,389 · -0.8%
• By 2050: 552,141 · -3.2%
• By 2075: 520,923 · -8.6%
• By 2100: 474,363 · -16.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 52% Hispanic / Latino 23% Two or more races 17% Black 8% Asian 2% Native American 1%
• Hispanic origin (detail): Puerto Rican 14% Dominican 2%
• Common ancestry: Russian 27% Lithuanian 5% Romanian 2%
• Foreign-born: 19% · Canada, China
• Languages at home: 65% English-only · Other Indo-European 15% Spanish 15% French/Haitian/Cajun 3%

Political lean MEDSL · Bristol

• 2024 margin: Toss-up / Even · D 49.8% · R 48.5% · Other 1.8%
• 2008→2024 swing: -21.9pp toward R · 2008: 23.2pp · 2024: 1.3pp
• All cycles: 2024: D+1.3 2020: D+12.0 2016: D+9.3 2012: D+20.5 2008: D+23.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -270.36%
• Current HPI: 388.4115
• Rent YoY: ▲ 10.79%
• Metro: Providence-Warwick, RI-MA
• 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

+472.1% since first listed

5 events — show timeline

• 2026-06-08 Listed $399,900 MLS PIN
• 2002-05-14 Sold (MLS) $65,000 MLS PIN
• 2002-05-10 Sold (Public Records) $65,000 Public Records
• 2001-12-10 Listing Removed — MLS PIN
• 2000-07-06 Listed $69,900 MLS PIN

Property tax history

+2.0%/yr

Latest (2023): $2,739 · +12.3% YoY. Source: county tax records.