363 Concord St · Framingham, MA 01702

$599,000

6 bd · 2.0 ba · 2,410 sqft · MultiFamily public records · 13 Days on market

Built 1914 7,405 sqft lot Est $976k · 39% under

---

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 +16.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• 1% rule +4.3/10.0
• Livability +3.8/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• 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

Short-Term Rental Turn-Key Money Maker! Completely renovated inside 2 Unit building makes it easy to invest for Short-Term Rentals (STRs) or owner occupy and apply rent to your mortgage! Both units are 3bed/2bath, with in-unit laundry, primary suites, private entrances, central heat/AC, basement storage. Shared fenced side yard, plus 1 Garage and 4+ parking, Unit 2 has front porch. All separate systems. All new kitchens, baths, plumbing, electrical, heating/AC systems, spray foam insulation, layouts revised with all new sheetrock, trim, doors. Garage has had electric added. Currently used as STRs, furniture is available for purchase to truly make this turn-key. Unit 2 has solid 3 year rental history at $5,000+/mo and increasing already in 2025 now that 2nd bath was added. Both units almost fully booked until June. Super convenient location just 1 mile to commuter rail and close to shopping, restaurants, WholeFoods, Trader Joe's, Rt 9, 2 lakes and parks. See it and offer now!

Key facts

• Zoned multi-family
• Fenced side yard
• Garage with electric

Tags

• ZONED MULTI-FAMILY
• SEPARATE ENTRANCES
• BASEMENT STORAGE
• GARAGE WITH ELECTRIC
• OFF-STREET PARKING SPACES
• FENCED SIDE YARD

Property features AI

Finance

• Other: Above-grade finished area and below-grade finished area present; Full unfinished basement with bulkhead
• HOA & community: Access to public transportation, shopping, parks, tennis courts, medical facility, laundromat, highway access, house of worship, public school, and T-station

Exterior

• Parking: 2-car garage; 2 covered spaces; 6 open parking spaces; Paved drive and paved off-street parking; Total of 8 parking spaces
• Utilities: Public water; Public sewer; 200+ amp electric service; Gas hookups for range and oven; Icemaker connection
• Home design: 2-family (up/down) configuration; 2 stories; Light grey exterior; Has waterview of a pond
• Construction: Frame construction; Concrete perimeter foundation; Shingle roof; Built (year per public records)
• Exterior features: Fenced yard; Porch; Wood deck; Level lot; Walkable to nearby waterfront (pond) and 0–1/10 mile to beach; Public road frontage

Interior

• Kitchen: Range; Dishwasher; Refrigerator; Freezer; Plumbed for ice maker
• Flooring: Hardwood; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: 2 heating units; 2 cooling units
• Interior features: Living room; Kitchen; Laundry room; Insulated windows; Total of 14 rooms
• Laundry & utility: Washer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $599k.

Deal economics

• At list price, monthly cash flow is $354 ($4k/yr) — positive. Per door: $177/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 $559k (6.7% below list).
• Recommended offer: $559k (6.7% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 2.5% in Framingham — 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 76/100 on livability (#62 in MA, #3,443 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: amenities F, cost of living F.
• Framingham (urban): math 26% / reading 38% proficiency, ranked #242 of 302 in MA (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Barbieri Elementary (math 8% / reading 26%, grade F, #830 of 938 statewide, top 89%, 696 students, 0% FRL); Walsh Middle (math 40% / reading 47%, grade D, #118 of 305 statewide, top 39%, 789 students, 0% FRL); Framingham High School (math 59% / reading 68%, grade B-, #120 of 343 statewide, top 35%, 2,566 students, 0% FRL) — zoned schools average 0% FRL vs 36% district-wide (36 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-2.1%/yr); 51 active listings in the ZIP; solid renter incomes; 3,670 units permitted in Middlesex County in 2024 (2,611 in 5+ unit buildings).
• At $5,590/mo this rent would consume 81% of the median local household income ($82k/yr) (locally 2393% 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 $4k of loan paydown is wiped out by about $18k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 28y 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.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 51% 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 $559,000 (6.7% 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 1914 — 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. 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.
6. 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.
7. 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: 0.93% ✗
• Cap rate: 7.00%
• Cash-on-cash: 2.53%
• DSCR: 1.11
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $976,050
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
363 Concord St	0.00mi	6/4.0	2,410 (0%)	14mo	$1,130,000	$469	81
407 Concord St	0.10mi	5/2.5 (-1)	2,428 (+1%)	11mo	$720,000	$297	78
38 Clark St	0.22mi	6/3.0	2,560 (+6%)	22mo	$875,000	$342	57
44 Freeman St	0.38mi	6/3.5	2,160 (-10%)	19mo	$875,000	$405	43

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: -15.7%
• Equity multiple: 0.46×
• Total profit: $-90,870
• Equity at exit: $89,313

10-year hold

• IRR: -13.4%
• Equity multiple: 0.32×
• Total profit: $-113,267
• Equity at exit: $51,791

Cash invested: $167,720 (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 01702

• Home prices YoY: -29.8%
• Rents YoY: -2.1%
• Active inventory: 51
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $5,590 high
• Mortgage (P&I): −$3,141
• Tax from tax record: −$671 /mo · $8,057/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,174
• Net cashflow: $354

Break-even live

Break-even rent $5,142

Max offer price $599,000

Occupancy floor 89%

Sensitivity live

Price	-10% $693	-5% $523	+0% $354	+5% $184	+10% $15
Rent	-10% $-88	-5% $133	+0% $354	+5% $575	+10% $795
Rate	-1.0pp $656	-0.5pp $506	base $354	+0.5pp $199	+1.0pp $41

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$5,590
Total (2 units)			$5,590

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-01
   days on market $599,000 Active 13 DOM
2. 2026-05-31
   days on market $599,000 Active 12 DOM
3. 2026-05-19
   listed $599,000 New
4. 2025-05-02
   soldstatus $1,130,000 Sold 990-char remark

   Show marketing remark (990 chars)

   Short-Term Rental Turn-Key Money Maker! Completely renovated inside 2 Unit building makes it easy to invest for Short-Term Rentals (STRs) or owner occupy and apply rent to your mortgage! Both units are 3bed/2bath, with in-unit laundry, primary suites, private entrances, central heat/AC, basement storage. Shared fenced side yard, plus 1 Garage and 4+ parking, Unit 2 has front porch. All separate systems. All new kitchens, baths, plumbing, electrical, heating/AC systems, spray foam insulation, layouts revised with all new sheetrock, trim, doors. Garage has had electric added. Currently used as STRs, furniture is available for purchase to truly make this turn-key. Unit 2 has solid 3 year rental history at $5,000+/mo and increasing already in 2025 now that 2nd bath was added. Both units almost fully booked until June. Super convenient location just 1 mile to commuter rail and close to shopping, restaurants, WholeFoods, Trader Joe's, Rt 9, 2 lakes and parks. See it and offer now!

5. 2025-03-02
   status Under Agreement 990-char remark

   Show marketing remark (990 chars)

   Short-Term Rental Turn-Key Money Maker! Completely renovated inside 2 Unit building makes it easy to invest for Short-Term Rentals (STRs) or owner occupy and apply rent to your mortgage! Both units are 3bed/2bath, with in-unit laundry, primary suites, private entrances, central heat/AC, basement storage. Shared fenced side yard, plus 1 Garage and 4+ parking, Unit 2 has front porch. All separate systems. All new kitchens, baths, plumbing, electrical, heating/AC systems, spray foam insulation, layouts revised with all new sheetrock, trim, doors. Garage has had electric added. Currently used as STRs, furniture is available for purchase to truly make this turn-key. Unit 2 has solid 3 year rental history at $5,000+/mo and increasing already in 2025 now that 2nd bath was added. Both units almost fully booked until June. Super convenient location just 1 mile to commuter rail and close to shopping, restaurants, WholeFoods, Trader Joe's, Rt 9, 2 lakes and parks. See it and offer now!

6. 2025-02-19
   price $1,149,000 990-char remark

   Show marketing remark (990 chars)

   Short-Term Rental Turn-Key Money Maker! Completely renovated inside 2 Unit building makes it easy to invest for Short-Term Rentals (STRs) or owner occupy and apply rent to your mortgage! Both units are 3bed/2bath, with in-unit laundry, primary suites, private entrances, central heat/AC, basement storage. Shared fenced side yard, plus 1 Garage and 4+ parking, Unit 2 has front porch. All separate systems. All new kitchens, baths, plumbing, electrical, heating/AC systems, spray foam insulation, layouts revised with all new sheetrock, trim, doors. Garage has had electric added. Currently used as STRs, furniture is available for purchase to truly make this turn-key. Unit 2 has solid 3 year rental history at $5,000+/mo and increasing already in 2025 now that 2nd bath was added. Both units almost fully booked until June. Super convenient location just 1 mile to commuter rail and close to shopping, restaurants, WholeFoods, Trader Joe's, Rt 9, 2 lakes and parks. See it and offer now!

7. 2024-12-28
   price $1,165,000 990-char remark

   Show marketing remark (990 chars)

   Short-Term Rental Turn-Key Money Maker! Completely renovated inside 2 Unit building makes it easy to invest for Short-Term Rentals (STRs) or owner occupy and apply rent to your mortgage! Both units are 3bed/2bath, with in-unit laundry, primary suites, private entrances, central heat/AC, basement storage. Shared fenced side yard, plus 1 Garage and 4+ parking, Unit 2 has front porch. All separate systems. All new kitchens, baths, plumbing, electrical, heating/AC systems, spray foam insulation, layouts revised with all new sheetrock, trim, doors. Garage has had electric added. Currently used as STRs, furniture is available for purchase to truly make this turn-key. Unit 2 has solid 3 year rental history at $5,000+/mo and increasing already in 2025 now that 2nd bath was added. Both units almost fully booked until June. Super convenient location just 1 mile to commuter rail and close to shopping, restaurants, WholeFoods, Trader Joe's, Rt 9, 2 lakes and parks. See it and offer now!

8. 2024-11-19
   listed $1,175,000 New 990-char remark

   Show marketing remark (990 chars)

   Short-Term Rental Turn-Key Money Maker! Completely renovated inside 2 Unit building makes it easy to invest for Short-Term Rentals (STRs) or owner occupy and apply rent to your mortgage! Both units are 3bed/2bath, with in-unit laundry, primary suites, private entrances, central heat/AC, basement storage. Shared fenced side yard, plus 1 Garage and 4+ parking, Unit 2 has front porch. All separate systems. All new kitchens, baths, plumbing, electrical, heating/AC systems, spray foam insulation, layouts revised with all new sheetrock, trim, doors. Garage has had electric added. Currently used as STRs, furniture is available for purchase to truly make this turn-key. Unit 2 has solid 3 year rental history at $5,000+/mo and increasing already in 2025 now that 2nd bath was added. Both units almost fully booked until June. Super convenient location just 1 mile to commuter rail and close to shopping, restaurants, WholeFoods, Trader Joe's, Rt 9, 2 lakes and parks. See it and offer now!

9. 2021-04-28
   soldstatus $650,000 Sold 363-char remark

   Show marketing remark (363 chars)

   Amazing opportunity to own a nice and well maintained 2 family in convenient location. Each unit has 3 nice bedrooms and a full bath. Updates include newer kitchens and each unit has laundry access. Outdoor space is excellent with a nice flat lot and detached one car garage for storage. If you have been looking for a great investment hurry this wont last long!

10. 2021-04-11
    status Under Agreement 363-char remark

    Show marketing remark (363 chars)

    Amazing opportunity to own a nice and well maintained 2 family in convenient location. Each unit has 3 nice bedrooms and a full bath. Updates include newer kitchens and each unit has laundry access. Outdoor space is excellent with a nice flat lot and detached one car garage for storage. If you have been looking for a great investment hurry this wont last long!

11. 2021-04-07
    listed $599,900 New 363-char remark

    Show marketing remark (363 chars)

    Amazing opportunity to own a nice and well maintained 2 family in convenient location. Each unit has 3 nice bedrooms and a full bath. Updates include newer kitchens and each unit has laundry access. Outdoor space is excellent with a nice flat lot and detached one car garage for storage. If you have been looking for a great investment hurry this wont last long!

12. 2003-01-03
    soldstatus $370,100
13. 2003-01-03
    soldstatus $370,100
14. 2002-11-13
    historical
15. 2002-10-10
    listed $369,999
16. 1998-10-05
    soldstatus $180,000
17. 1998-09-28
    soldstatus $180,000
18. 1998-07-28
    historical
19. 1998-07-05
    listed $189,900
20. 1993-12-27
    soldstatus $115,000

ⓘ 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: $8,057 · $671/mo
• Projected year-2 tax: $8,057 · $671/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 51% 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: $67,080
• − Mortgage interest: −$33,553
• − Property taxes: −$8,057
• − Insurance: −$2,995
• − Repairs & maintenance: −$5,366
• − Management: −$5,366
• − Depreciation: −$17,425
• Taxable loss: −$5,684
• Est. tax savings @ 24.0%: +$1,364
• After-tax cash flow: $5,611/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: Framingham
• NCES district ID: 2504980
• Math proficiency: 26% ▼ -14.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $68,594
• Composite: 29.59/100
• National rank: #6481
• State rank: #242 of 302 in MA

Livability — Framingham

• Score: 76/100
• State rank: #62
• US rank: #3443

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Framingham, MA
• County: Middlesex County · 1,437,704 people
• City population: 72,407
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 39,789
• Household income: $82,496
• Rent vs Own: 65.5% rent · 34.5% own
• Severe rent burden: 2393.0

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 0.77)
• Race & ethnicity: White 39% Hispanic / Latino 25% Two or more races 22% Black 8% Asian 6%
• Hispanic origin (detail): Puerto Rican 7% Dominican 3%
• Common ancestry: Estonian 20% Lithuanian 2% Romanian 2%
• Foreign-born: 41% · Canada, China, Jamaica
• Languages at home: 43% English-only · Other Indo-European 26% Spanish 23% French/Haitian/Cajun 2%

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: ▼ -165.85%
• Current HPI: 391.2673
• Rent YoY: ▼ -2.07%
• 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

+420.9% since first listed

18 events — show timeline

• 2026-05-19 Listed $599,000 MLS PIN
• 2025-05-02 Sold (MLS) $1,130,000 MLS PIN
• 2025-03-02 Pending — MLS PIN
• 2025-02-19 Price Changed $1,149,000 MLS PIN
• 2024-12-28 Price Changed $1,165,000 MLS PIN
• 2024-11-19 Listed $1,175,000 MLS PIN
• 2021-04-28 Sold (MLS) $650,000 MLS PIN
• 2021-04-11 Pending — MLS PIN
• 2021-04-07 Listed $599,900 MLS PIN
• 2003-01-03 Sold (Public Records) $370,100 Public Records
• 2003-01-03 Sold (MLS) $370,100 MLS PIN
• 2002-11-13 Listing Removed — MLS PIN
• 2002-10-10 Listed $369,999 MLS PIN
• 1998-10-05 Sold (Public Records) $180,000 Public Records
• 1998-09-28 Sold (MLS) $180,000 MLS PIN
• 1998-07-28 Listing Removed — MLS PIN
• 1998-07-05 Listed $189,900 MLS PIN
• 1993-12-27 Sold (Public Records) $115,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $8,057 · +9.0% YoY. Source: county tax records.