160 Washington #21

North Attleborough Town, MA 02762

$119,000B+

2 bd · 1.0 ba · 780 sqft · Built 1963 · Manufactured · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,526/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$198
• HOA: −$553
• Vac / Maint / Mgmt: −$530
• Net cashflow: $620/mo
• Annual: $7,444/yr
• Cap rate: 12.55%
• Cash-on-cash: 22.34%
• DSCR: 1.99
• 1% rule: 2.12%
• Cash to close: $33,320

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $119k.
• At list price, monthly cash flow is $620 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $119k).
• It's been on market 47 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Plainville (suburban): math 44% / reading 61% proficiency, ranked #99 of 302 in MA (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Anna Ware Jackson (math 47% / reading 72%, grade B-, #167 of 938 statewide, top 21%, 293 students, 0% FRL); Beatrice H Wood Elementary (math 43% / reading 59%, grade C-, #315 of 938 statewide, top 34%, 355 students, 0% FRL); King Philip Regional High (math 69% / reading 84%, grade A-, #58 of 343 statewide, top 17%, 1,142 students, 0% FRL).
• Watch-outs: HOA is 22% of rent.
• Market conditions: 14 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 958 units permitted in Norfolk County in 2024 (305 in 5+ unit buildings).
• Norfolk County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 7y 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 $40k; list at $119k implies a 198% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.5% vs local median 2.9% in North Attleborough 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.

Questions for listing agent

• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.