23 Catherine Dr · Marlborough, MA 01752

$169,900

2 bd · 1.0 ba · 1,050 sqft · Manufactured · 36 Days on market

Built 1985 Fair condition $162/sqft · at area comps Est $173k · at est. $802/mo HOA · 32% of rent ↓ 6% since listing

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Why this score? — see what drove the D+ 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 +12.6/30.0
• 1% rule +9.6/10.0
• ARV discount +8.3/15.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• Rent growth +2.8/5.0
• Schools +2.7/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Make a date to see this long and lovely mobile home in Gulbankian's, a popular east side park in a country setting abutting Callahan State Park. Cabinet packed kitchen flows into entertainment size double living room w/ dining area and home office area w/ built in cabinets-2 good size bedrooms w/ lots of closets. Full bathroom w/ laundry area. All appliances included. Welcoming sunroom offers more living space plus a big back porch for enjoying the sights/sounds of nature. Private backyard w/ a storage shed and plenty of room for a garden and grill. Easy access to major routes-shopping-dining-entertainment. Short distance to Memorial Beach. Marlborough Country Club and across town from the

Key facts

• Private backyard
• Welcoming sunroom
• Storage shed

Tags

• CABINET PACKED KITCHEN
• HOME OFFICE AREA
• WELCOMING SUNROOM
• PRIVATE BACKYARD
• STORAGE SHED
• EASY ACCESS TO MAJOR ROUTES

Property features AI

Finance

• HOA & community: Homeowners association membership required; Association fee of $802

Exterior

• Parking: Off-street paved parking; 2 open parking spaces
• Utilities: Public water; Public sewer; Electric service with circuit breakers; Electric range hookup
• Home design: Mobile home with an addition; Beige exterior; Shingle roof
• Construction: Modular construction; Year built approximate (owner provided)
• Exterior features: Porch; Exterior storage; Paved road frontage on a private road; Lake/pond nearby; beach access is public (unknown distance to beach)

Interior

• Kitchen: Vinyl flooring; Range; Refrigerator
• Bedrooms: Master bedroom on the first floor with closet and wall-to-wall carpet; Second bedroom on the first floor with closet and wall-to-wall carpet
• Flooring: Vinyl flooring; Wall-to-wall carpet
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Electric baseboard heating
• Interior features: Sun room; Total of 5 rooms
• Laundry & utility: Laundry on the first floor

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $170k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-23 ($-272/yr) — negative.
• To cash-flow at today's rent, offer at most $167k (1.9% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 3.4% in Marlborough — 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 (#59 in MA, #3,372 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, amenities F, cost of living F.
• Marlborough (suburban): math 23% / reading 34% proficiency, ranked #250 of 302 in MA (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.2%/yr); 62 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,670 units permitted in Middlesex County in 2024 (2,611 in 5+ unit buildings).
• This rent runs 32% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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

• It's been on market 36 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• Climate carrying-cost: major wind risk, 27% 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 $164,803 (3.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.46% ✓
• Cap rate: 6.13%
• Cash-on-cash: -0.57%
• DSCR: 0.97
• GRM: 5.7

CMA / ARV

• ARV (median comp): $173,037
• List price: $169,900
• Delta: -1.81%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Sonia Dr	0.18mi	2/1.0	1,000 (-5%)	1mo	$184,900	$185	83
19 Catherine Dr	0.01mi	2/1.0	1,120 (+7%)	12mo	$169,000	$151	78
32 Ethel Ave	0.18mi	2/2.0	1,000 (-5%)	2mo	$175,000	$175	78
29 Ethel Ave	0.20mi	2/2.0	1,056 (+1%)	10mo	$180,000	$170	77
31 Sonia Dr	0.17mi	2/1.0	1,120 (+7%)	6mo	$155,000	$138	76
82 Sonia Dr	0.21mi	2/1.0	1,000 (-5%)	9mo	$149,900	$150	75
25 Tavitian Blvd	0.11mi	2/1.0	1,104 (+5%)	21mo	$115,900	$105	68
79 Sonia Dr	0.19mi	2/1.0	980 (-7%)	14mo	$100,000	$102	68
29 Eldorado	0.30mi	2/2.0	1,100 (+5%)	8mo	$203,000	$185	68
62 Sonia Dr	0.20mi	2/1.5	1,125 (+7%)	16mo	$194,000	$172	64
30 Eldorado Dr	0.30mi	3/2.0 (+1)	1,100 (+5%)	18mo	$196,500	$179	54
10 Eldorado Dr	0.23mi	3/2.0 (+1)	900 (-14%)	5mo	$103,000	$114	53

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 · 1.16% rent growth · sell at horizon

5-year hold

• IRR: -20.4%
• Equity multiple: 0.31×
• Total profit: $-32,938
• Equity at exit: $25,333

10-year hold

• IRR: -21.7%
• Equity multiple: 0.03×
• Total profit: $-46,163
• Equity at exit: $14,690

Cash invested: $47,572 (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 01752

• Rents YoY: 1.2%
• Active inventory: 62
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,473 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$802
• Vacancy / Maint / Mgmt: −$519
• Net cashflow: $-23

Break-even live

Break-even rent $2,501

Max offer price $166,624

Occupancy floor 96%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
740 Farm Rd Marlborough, MA	2.0	1.0	619	$2,209	$3.57	1d	12	0.42mi
750 Farm Rd #128 Marlborough, MA	2.0	1.0	848	$2,800	$3.30	18d	1	0.43mi
586 Boston Post Rd E #6 Marlborough, MA	2.0	1.0	859	$2,050	$2.39	43d	1	0.47mi
447 Boston Post Rd E Marlborough, MA	1.0	1.0	750	$1,955	$2.61	1d	1	0.54mi
688 Boston Post Rd E #223 Marlborough, MA	2.0	1.0	924	$2,100	$2.27	43d	1	0.55mi
339 Boston Post Rd E Marlborough, MA	1.0–3.0	1.0–2.0	1160	$3,727	$3.21	1d	27	0.73mi

HOA detail

• Monthly dues: $802 · $9,624/yr

Listing history 14 events

1. 2026-06-18
   days on market $169,900 Active 36 DOM
2. 2026-06-17
   days on market $169,900 Active 35 DOM
3. 2026-06-16
   days on market $169,900 Active 34 DOM
4. 2026-06-15
   days on market $169,900 Active 33 DOM
5. 2026-06-13
   days on market $169,900 Active 31 DOM
6. 2026-06-09
   statusdays on market $169,900 Active 27 DOM
7. 2026-06-08
   days on market $169,900 Price Changed 26 DOM
8. 2026-06-07
   pricestatusdays on market $169,900 Price Changed 25 DOM
9. 2026-06-04
   days on market $180,000 Active 22 DOM
10. 2026-06-03
    days on market $180,000 Active 21 DOM
11. 2026-06-02
    days on market $180,000 Active 20 DOM
12. 2026-06-01
    days on market $180,000 Active 19 DOM
13. 2026-05-31
    days on market $180,000 Active 18 DOM
14. 2026-05-13
    listed $180,000 New 973-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $29,673
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$2,374
• − Management: −$2,374
• − HOA: −$9,624
• − Depreciation: −$4,943
• Taxable loss: −$2,556
• Est. tax savings @ 24.0%: +$613
• After-tax cash flow: $342/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.

Condition & rehab AI · 23 photos

Fair 45/100 Moderate rehab

This mobile home has a fair condition with moderate repairs needed, particularly in the kitchen and bathroom. Upgrading these areas will significantly increase its value for both resale and rental.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate kitchen appliances — outdated and in need of replacement
• Moderate bathroom fixtures — outdated and in need of replacement
• Minor kitchen flooring — vinyl flooring can be replaced with tile or laminate
• Minor interior walls — wallpaper can be removed and painted

Value-add opportunities

• Both update kitchen cabinets and appliances — modernizing the kitchen will increase both resale and rental value
• Both replace kitchen flooring — new flooring will improve the overall appearance and increase value
• Both replace bathroom fixtures — new fixtures will improve the bathroom's appearance and increase value
• Both paint interior walls — painting the walls will freshen up the interior and increase value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
kitchen appliances · outdated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · outdated and in need of replacement	Moderate	$3,000–15,000
kitchen flooring · vinyl flooring can be replaced with tile or laminate	Minor	$500–3,000
interior walls · wallpaper can be removed and painted	Minor	$500–3,000
Total estimated repair cost · 5 items		$10,000–51,000

Value-add ROI direction

• Both update kitchen cabinets and appliances — modernizing the kitchen will increase both resale and rental value ↑
• Both replace kitchen flooring — new flooring will improve the overall appearance and increase value ↑
• Both replace bathroom fixtures — new fixtures will improve the bathroom's appearance and increase value ↑
• Both paint interior walls — painting the walls will freshen up the interior and increase value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Marlborough
• NCES district ID: 2507320
• Math proficiency: 23% ▼ -14.00%
• Reading proficiency: 34% ▼ -9.00%
• Median HH income: $71,601
• Composite: 26.98/100
• National rank: #7072
• State rank: #250 of 302 in MA

Livability — Marlborough

• Score: 76/100
• State rank: #59
• US rank: #3372

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marlborough, MA
• County: Middlesex County · 1,437,704 people
• City population: 41,647
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 41,647
• Household income: $91,968
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 2171.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 59% Hispanic / Latino 17% Two or more races 16% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Estonian 11% Lithuanian 4% Russian 3%
• Foreign-born: 29% · Canada, China, Jamaica
• Languages at home: 60% English-only · Other Indo-European 20% Spanish 15% French/Haitian/Cajun 1%

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: ▼ -415.20%
• Current HPI: 269.0905
• Rent YoY: ▲ 1.16%
• 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

-5.6% since first listed

2 events — show timeline

• 2026-06-05 Price Changed $169,900 MLS PIN
• 2026-05-13 Listed $180,000 MLS PIN