310 Old Chatham Unit A-134

Dennis, MA 02660

$46,000B+

2 bd · 1.0 ba · 415 sqft · Built 2005 · Manufactured · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,483/mo
• Mortgage (P&I): −$241
• Tax + insurance: −$77
• HOA: −$0
• Vac / Maint / Mgmt: −$312
• Net cashflow: $854/mo
• Annual: $10,249/yr
• Cap rate: 28.57%
• Cash-on-cash: 79.57%
• DSCR: 4.54
• 1% rule: 3.22%
• Cash to close: $12,880

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $46k. Condition is rated fair.
• At list price, monthly cash flow is $854 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $46k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $318 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#231 in MA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, crime B+; Watch: housing C-, amenities F, commute F.
• Dennis-Yarmouth (suburban): math 31% / reading 42% proficiency, ranked #222 of 302 in MA (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dennis-Yarmouth Regional High (math 43% / reading 43%, grade F, #210 of 343 statewide, top 61%, 888 students, 0% FRL) — zoned schools average 0% FRL vs 39% district-wide (39 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 27 active listings in the ZIP; 657 units permitted in Barnstable County in 2024 (178 in 5+ unit buildings).
• Barnstable County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y 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 $30k; list at $46k implies a 53% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 28.6% vs local median 1.2% in Dennis — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen appliances — dated and worn
• Minor: bathroom fixtures — dated and worn
• Minor: exterior siding — weathered and faded
• Minor: deck — worn and needs refinishing