96 Songbird Ln

Fall River, MA 02878

$269,000D+

2 bd · 2.0 ba · 1,434 sqft · Built 2002 · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,064/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$324
• HOA: −$710
• Vac / Maint / Mgmt: −$644
• Net cashflow: $-23/mo
• Annual: $-281/yr
• Cap rate: 6.19%
• Cash-on-cash: -0.37%
• DSCR: 0.98
• 1% rule: 1.14%
• Cash to close: $75,320

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $269k.
• At list price, monthly cash flow is $-23 ($-281/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (1.5% below list).
• Meets the 1% rule at list price ($3k rent vs $269k).
• It's been on market 20 days — a 2% lower offer ($265k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $265k (1.5% 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 $8k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#221 in MA) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: cost of living D+, crime F, commute F.
• Tiverton (rural): math 35% / reading 49% proficiency, ranked #14 of 39 in RI (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ranger School (math 47% / reading 62%, grade C, #22 of 167 statewide, top 15%, 230 students, 16% FRL); Tiverton Middle School (math 30% / reading 43%, grade F, #14 of 57 statewide, top 23%, 509 students, 22% FRL); Tiverton High School (math 37% / reading 52%, grade F, #17 of 58 statewide, top 33%, 469 students, 22% FRL) — zoned schools at 20% FRL track the district average.
• Watch-outs: HOA is 23% of rent.
• Market conditions: 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).
• Newport County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: severe wind risk, 80% 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 6.2% vs local median 3.5% in Fall River — 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.
• This rent runs 35% of the median local income ($106k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.