501 Commerce Dr Unit 3-119

Braintree Town, MA 02184

$352,100F

2 bd · 2.5 ba · 910 sqft · Built 2004 · Condo · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,870/mo
• Mortgage (P&I): −$1,846
• Tax + insurance: −$338
• HOA: −$550
• Vac / Maint / Mgmt: −$603
• Net cashflow: $-467/mo
• Annual: $-5,603/yr
• Cap rate: 4.70%
• Cash-on-cash: -5.68%
• DSCR: 0.75
• 1% rule: 0.82%
• Cash to close: $98,588

Investor read

• This is a 2-bed/2.5-bath condo listed at $352k.
• At list price, monthly cash flow is $-467 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $270k (23.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $287k (18.5% below list).
• It's been on market 62 days — a 6% lower offer ($331k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $270k (23.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#21 in MA, #809 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: amenities D+, cost of living F.
• Braintree (suburban): math 47% / reading 60% proficiency, ranked #94 of 302 in MA (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Braintree High (math 64% / reading 72%, grade B, #93 of 343 statewide, top 28%, 1,706 students, 0% FRL) — zoned schools average 0% FRL vs 17% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 68% at this address vs 54% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Braintree average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.7%/yr); 46 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 11y 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 $207k; list at $352k implies a 70% gain — meaningful room to come down on a strong offer.
• Cap rate 4.7% vs local median 3.0% in Braintree 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

• 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 62 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• Schools are A-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?
• 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?