16 Garrison Rd #7

Brookline, MA 02445

$869,000C-

5 bd · 2.0 ba · 1,413 sqft · Built 1915 · Condo · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,303/mo
• Mortgage (P&I): −$4,557
• Tax + insurance: −$974
• HOA: −$681
• Vac / Maint / Mgmt: −$1,324
• Net cashflow: $-1,233/mo
• Annual: $-14,794/yr
• Cap rate: 4.59%
• Cash-on-cash: -6.08%
• DSCR: 0.73
• 1% rule: 0.73%
• Cash to close: $243,320

Investor read

• This is a 5-bed/2.0-bath condo listed at $869k.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $651k (25.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $630k (27.5% below list).
• It's been on market 49 days — a 3% lower offer ($843k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $630k (27.5% below list) — sets the bar for 1% rule.
• In year one you build about $93k of equity ($6k loan paydown + $87k 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: John D Runkle (math 65% / reading 72%, grade B+, #91 of 938 statewide, top 10%, 508 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 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.5%/yr); 83 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 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.
• 3 sale attempts since 10y 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 $660k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$149k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.6% 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.
• At $6,303/mo this rent would consume 54% of the median local household income ($140k/yr) (locally 1138% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 49 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1915 — 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?
• 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?
• 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?
• 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.