428 Boylston St

Brookline, MA 02445

$1,295,000D

3 bd · 1.5 ba · 1,488 sqft · Built 1920 · SingleFamily · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,822/mo
• Mortgage (P&I): −$6,791
• Tax + insurance: −$1,474
• HOA: −$0
• Vac / Maint / Mgmt: −$1,013
• Net cashflow: $-4,456/mo
• Annual: $-53,468/yr
• Cap rate: 2.16%
• Cash-on-cash: -14.75%
• DSCR: 0.34
• 1% rule: 0.37%
• Cash to close: $362,600

Investor read

• This is a 3-bed/1.5-bath single-family listed at $1.29M.
• At list price, monthly cash flow is $-4k ($-53k/yr) — negative.
• To cash-flow at today's rent, offer at most $508k (60.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $482k (62.8% below list).
• It's been on market 75 days — a 6% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $482k (62.8% below list) — sets the bar for 1% rule.
• In year one you build about $138k of equity ($9k loan paydown + $130k appreciation (10.0% local appreciation)).
• Location reads 84/100 on livability (#16 in MA, #704 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D+, cost of living F.
• Brookline (suburban): math 66% / reading 73% proficiency, ranked #29 of 302 in MA (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: William H Lincoln (math 61% / reading 71%, grade B+, #112 of 938 statewide, top 12%, 485 students, 0% FRL); Brookline High (math 79% / reading 83%, grade A, #41 of 343 statewide, top 12%, 2,087 students, 0% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.5%/yr); 97 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 3 sale attempts since 29y ago; this cycle's ask has dropped $105k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $212k; list at $1.29M implies a 511% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$223k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 58% 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.
• Cap rate 2.2% vs local median 1.2% in Brookline — 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 75 days. Have you received any prior offers? Is the seller open to a 63% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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.
• 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?
• 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.