18 Bliss

Bliss Corner, MA 02748

$494,900D

5 bd · 2.0 ba · 1,560 sqft · Built 1900 · MultiFamily · Active · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,429/mo
• Mortgage (P&I): −$2,595
• Tax + insurance: −$409
• HOA: −$0
• Vac / Maint / Mgmt: −$720
• Net cashflow: $-295/mo
• Annual: $-3,541/yr
• Cap rate: 5.58%
• Cash-on-cash: -2.56%
• DSCR: 0.89
• 1% rule: 0.69%
• Cash to close: $138,572

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $495k.
• At list price, monthly cash flow is $-295 ($-4k/yr) — negative. Per door: $-148/mo.
• To cash-flow at today's rent, offer at most $443k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $343k (30.7% below list).
• It's been on market 71 days — a 6% lower offer ($465k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $343k (30.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#219 in MA) — a middle-class / working-renter tenant base. Strengths: housing A, employment B+, crime B; Watch: schools C-, amenities F, commute F.
• Dartmouth (suburban): math 44% / reading 55% proficiency, ranked #128 of 302 in MA (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 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.
• Cap rate 5.6% vs local median 1.3% in Bliss Corner — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 71 days. Have you received any prior offers? Is the seller open to a 31% 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 1900 — 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.
• 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?