220 Martins Lndg #104 · Wilmington, MA 01864

$445,000

1 bd · 1.0 ba · 955 sqft · Condo public records · 37 Days on market

Built 2018 $466/sqft · 14% below area Est $516k · 14% under $381/mo HOA · 17% of rent ↓ 5% 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).

• ARV discount +13.7/15.0
• Appreciation +10.0/10.0
• Schools +6.2/10.0
• Livability +3.5/5.0
• Cash flow +2.5/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.1/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Stop by to see why this is the premier address for your next home. Great value on this home. The active adult 55+ homes are located IN A MODERN, SECURE ELEVATOR BUILDING! This Sunlight Filled, southeast exposure, 956+sf, single level Jensen style home features an open eat-in granite kitchen, large living room w/private balcony, separate den/office, spacious master suite w/walk-in closet, full bath with stall shower, full sized side by side washer & dryer, hardwood flooring plus lots of crown & panel moldings. Quaint, quiet community close to all major highways shopping, recreation & more! Please Visit our Sales Office Open Tuesday - Sunday 10-4, Monday's by Appointment.

Key facts

• Quartz countertops
• Walk-in closet
• Upgraded kitchen

Tags

• NATURAL WOOD FLOORING
• UPGRADED KITCHEN
• QUARTZ COUNTERTOPS
• PRIVATE PATIO
• WALK-IN CLOSET
• ENHANCED WALK-IN SHOWER

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $445k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (61.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (49.1% below list).
• Recommended offer: $172k (61.4% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 69/100 on livability (#142 in MA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, cost of living F.
• North Reading (suburban): math 62% / reading 72% proficiency, ranked #31 of 302 in MA (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: J Turner Hood (math 62% / reading 72%, grade B+, #95 of 938 statewide, top 12%, 383 students, 0% FRL); North Reading Middle (math 59% / reading 67%, grade B+, #32 of 305 statewide, top 11%, 541 students, 0% FRL); North Reading High (math 67% / reading 82%, grade B+, #60 of 343 statewide, top 19%, 644 students, 0% FRL).
• Market conditions: 38 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 3,670 units permitted in Middlesex County in 2024 (2,611 in 5+ unit buildings).

Forward outlook

• In year one you build about $48k of equity ($3k loan paydown + $44k appreciation (10.0% local appreciation)).
• Middlesex County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$76k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $340k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,599 (61.4% 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 37 days. Have you received any prior offers? Is the seller open to a 61% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.51% ✗
• Cap rate: 2.12%
• Cash-on-cash: -14.91%
• DSCR: 0.34
• GRM: 16.4

CMA / ARV

• ARV (median comp): $516,158
• List price: $445,000
• Delta: -13.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 2.16×
• Total profit: $143,983
• Equity at exit: $400,891

10-year hold

• IRR: 14.0%
• Equity multiple: 5.03×
• Total profit: $501,911
• Equity at exit: $864,537

Cash invested: $124,600 (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 01864

• Home prices YoY: 3.7%
• Active inventory: 38
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $2,266 medium
• Mortgage (P&I): −$2,334
• Tax from tax record: −$438 /mo · $5,255/yr
• Insurance: −$185
• HOA: −$381
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $-1,548

Break-even live

Break-even rent $4,225

Max offer price $171,599

Occupancy floor —

Sensitivity live

Price	-10% $-1,296	-5% $-1,422	+0% $-1,548	+5% $-1,674	+10% $-1,800
Rent	-10% $-1,727	-5% $-1,637	+0% $-1,548	+5% $-1,458	+10% $-1,369
Rate	-1.0pp $-1,324	-0.5pp $-1,434	base $-1,548	+0.5pp $-1,663	+1.0pp $-1,780

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: $111,250
• Closing costs: $13,350
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
40 Main St #15 North Reading, MA	2.0	1.0	738	$2,300	$3.12	7d	1	1.38mi
A1 Colonial Dr #5 Andover, MA	2.0	1.0	792	$2,300	$2.90	45d	1	1.39mi
1 Avalon Dr Wilmington, MA	1.0–3.0	1.0–2.0	1194	$2,565	$2.15	0d	1	1.47mi

HOA detail condo

• Monthly dues: $381 · $4,572/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-21
   days on market $445,000 Active 37 DOM
2. 2026-06-18
   days on market $445,000 Active 34 DOM
3. 2026-06-17
   days on market $445,000 Active 33 DOM
4. 2026-06-16
   days on market $445,000 Active 32 DOM
5. 2026-06-15
   days on market $445,000 Active 31 DOM
6. 2026-06-13
   days on market $445,000 Active 29 DOM
7. 2026-06-09
   days on market $445,000 Active 25 DOM
8. 2026-06-08
   days on market $445,000 Active 24 DOM
9. 2026-06-08
   status $445,000 Active 23 DOM
10. 2026-06-07
    days on market $445,000 Back On Market 23 DOM
11. 2026-06-04
    days on market $445,000 Back On Market 20 DOM
12. 2026-06-03
    statusdays on market $445,000 Back On Market 19 DOM
13. 2020-05-05
    soldstatus $340,000 Sold 691-char remark

    Show marketing remark (691 chars)

    Stop by to see why this is the premier address for your next home. Great value on this home. The active adult 55+ homes are located IN A MODERN, SECURE ELEVATOR BUILDING! This Sunlight Filled, southeast exposure, 956+sf, single level Jensen style home features an open eat-in granite kitchen, large living room w/private balcony, separate den/office, spacious master suite w/walk-in closet, full bath with stall shower, full sized side by side washer & dryer, hardwood flooring plus lots of crown & panel moldings. Quaint, quiet community close to all major highways shopping, recreation & more! Please Visit our Sales Office Open Tuesday - Sunday 10-4, Monday's by Appointment.

14. 2020-03-01
    status Under Agreement 691-char remark

    Show marketing remark (691 chars)

    Stop by to see why this is the premier address for your next home. Great value on this home. The active adult 55+ homes are located IN A MODERN, SECURE ELEVATOR BUILDING! This Sunlight Filled, southeast exposure, 956+sf, single level Jensen style home features an open eat-in granite kitchen, large living room w/private balcony, separate den/office, spacious master suite w/walk-in closet, full bath with stall shower, full sized side by side washer & dryer, hardwood flooring plus lots of crown & panel moldings. Quaint, quiet community close to all major highways shopping, recreation & more! Please Visit our Sales Office Open Tuesday - Sunday 10-4, Monday's by Appointment.

15. 2020-01-20
    price $344,995 691-char remark

    Show marketing remark (691 chars)

    Stop by to see why this is the premier address for your next home. Great value on this home. The active adult 55+ homes are located IN A MODERN, SECURE ELEVATOR BUILDING! This Sunlight Filled, southeast exposure, 956+sf, single level Jensen style home features an open eat-in granite kitchen, large living room w/private balcony, separate den/office, spacious master suite w/walk-in closet, full bath with stall shower, full sized side by side washer & dryer, hardwood flooring plus lots of crown & panel moldings. Quaint, quiet community close to all major highways shopping, recreation & more! Please Visit our Sales Office Open Tuesday - Sunday 10-4, Monday's by Appointment.

16. 2019-06-30
    listed $358,000 New 691-char remark

    Show marketing remark (691 chars)

    Stop by to see why this is the premier address for your next home. Great value on this home. The active adult 55+ homes are located IN A MODERN, SECURE ELEVATOR BUILDING! This Sunlight Filled, southeast exposure, 956+sf, single level Jensen style home features an open eat-in granite kitchen, large living room w/private balcony, separate den/office, spacious master suite w/walk-in closet, full bath with stall shower, full sized side by side washer & dryer, hardwood flooring plus lots of crown & panel moldings. Quaint, quiet community close to all major highways shopping, recreation & more! Please Visit our Sales Office Open Tuesday - Sunday 10-4, Monday's by Appointment.

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

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $5,255 · $438/mo
• Projected year-2 tax: $5,364 · $447/mo
• Expected delta: +$109/yr (+$9/mo · 2.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,194
• − Mortgage interest: −$24,927
• − Property taxes: −$5,255
• − Insurance: −$2,225
• − Repairs & maintenance: −$2,176
• − Management: −$2,176
• − HOA: −$4,572
• − Depreciation: −$12,945
• Taxable loss: −$27,081
• Est. tax savings @ 24.0%: +$6,499
• After-tax cash flow: $-12,073/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.

Schools (NCES district)

• District: North Reading
• NCES district ID: 2508820
• Math proficiency: 62% ▼ -11.00%
• Reading proficiency: 72% ▼ -3.00%
• Median HH income: $108,803
• Composite: 62.47/100
• National rank: #690
• State rank: #31 of 302 in MA

Livability — Wilmington

• Score: 69/100
• State rank: #142
• US rank: #8640

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Middlesex County · 1,437,704 people
• City population: 23,336
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 15,765
• Household income: $147,768
• Rent vs Own: 15.7% rent · 84.3% own
• Severe rent burden: 411.0

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: Predominantly White (87%)
• Race & ethnicity: White 87% Asian 5% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 4% Romanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Other Indo-European 4% Chinese 2% Spanish 2%

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: ▲ 46.15%
• Current HPI: 1288.93
• Rent YoY: —
• 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

-5.0% since first listed

4 events — show timeline

• 2020-05-05 Sold (MLS) $340,000 MLS PIN
• 2020-03-01 Pending — MLS PIN
• 2020-01-20 Price Changed $344,995 MLS PIN
• 2019-06-30 Listed $358,000 MLS PIN

Property tax history

-0.4%/yr

Latest (2025): $5,255 · -11.2% YoY. Source: county tax records.