10 Learned St · Framingham, MA 01702

$899,000

5 bd · 4.0 ba · 3,558 sqft · MultiFamily public records · 8 Days on market

Built 1867 4,356 sqft lot

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Why this score? — see what drove the B- 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).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Fabulous 4 family with a water view! Quiet street, yet walk to Metrowest Medical Center and Physician's offices, downtown T station, schools and more. Updated roof and windows. All tenants at will. Rents could be higher. Brokers, please do your due diligence.

Key facts

• Behind learned pond
• South north facing
• 4,356 sq ft lot

Tags

• CORNER OF TWO QUIET STREETS
• BEHIND LEARNED POND
• SOUTH NORTH FACING
• WATER VIEWS OUT THE KITCHENS
• WATER VIEWS OUT THE BEDROOMS
• RECENTLY UPDATED SYSTEMS

Property features AI

Finance

• HOA & community: Access to public transportation, shopping, walk/jog trails, medical facility, laundromat, conservation area, and T-Station

Exterior

• Parking: Open parking for 2 vehicles; Paved drive; Shared driveway; Off-street parking; Tandem parking; On-street parking
• Utilities: Public water; Public sewer; 200+ amp electric service
• Home design: 4-family building (4 side-by-side units); 4 stories
• Construction: Frame construction; Stone foundation; Shingle roof; Approximately built (year per public records)
• Exterior features: Enclosed patio/porch; Garden; Waterfront location with waterview; Public road frontage

Interior

• Kitchen: Range; Refrigerator; Freezer
• Flooring: Carpet; Hardwood; Wood
• Bathrooms: 4 full bathrooms
• Heating & cooling: Baseboard heating (natural gas); Window air conditioning units
• Interior features: Pantry; Bathroom with tub and shower; Living room; Kitchen; Office/Den; Dining room; Total of 21 rooms

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $899k).
• Cap rate 12.1% vs local median 2.6% in Framingham — 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.

Location & tenants

• Location reads 76/100 on livability (#62 in MA, #3,443 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: schools C-, amenities F, cost of living F.
• Framingham (urban): math 26% / reading 38% proficiency, ranked #242 of 302 in MA (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-2.1%/yr); 41 active listings in the ZIP; solid renter incomes; 3,670 units permitted in Middlesex County in 2024 (2,611 in 5+ unit buildings).
• At $12,982/mo this rent would consume 189% of the median local household income ($82k/yr) (locally 2393% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Middlesex County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $252k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 12y 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 $462k; list at $899k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1867 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 51% 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.

Recommended offer $899,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1867 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.44% ✓
• Cap rate: 12.07%
• Cash-on-cash: 20.65%
• DSCR: 1.92
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 9.6%
• Equity multiple: 1.37×
• Total profit: $92,135
• Equity at exit: $134,044

10-year hold

• IRR: 16.2%
• Equity multiple: 2.15×
• Total profit: $288,462
• Equity at exit: $77,729

Cash invested: $251,720 (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 01702

• Home prices YoY: -29.8%
• Rents YoY: -2.1%
• Active inventory: 41
• Price-to-rent: 23.1×

Monthly cashflow live

• Estimated rent: $12,982 medium
• Mortgage (P&I): −$4,714
• Tax from tax record: −$836 /mo · $10,030/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,726
• Net cashflow: $4,331

Break-even live

Break-even rent $7,500

Max offer price $899,000

Occupancy floor 62%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$12,980
Total (4 units)			$12,982

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $899,000 Active 8 DOM
2. 2026-06-17
   days on market $899,000 Active 7 DOM
3. 2026-06-16
   days on market $899,000 Active 6 DOM
4. 2026-06-15
   statusdays on market $899,000 Active 5 DOM
5. 2026-06-13
   days on market $899,000 New 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $899,000 New 2 DOM

ⓘ 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: $10,030 · $836/mo
• Projected year-2 tax: $10,544 · $879/mo
• Expected delta: +$514/yr (+$43/mo · 5.1%)

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 51% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $155,784
• − Mortgage interest: −$50,358
• − Property taxes: −$10,030
• − Insurance: −$4,495
• − Repairs & maintenance: −$12,463
• − Management: −$12,463
• − Depreciation: −$26,153
• Taxable income: $39,823
• Est. tax owed @ 24.0%: −$9,557
• After-tax cash flow: $42,413/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: Framingham
• NCES district ID: 2504980
• Math proficiency: 26% ▼ -14.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $68,594
• Composite: 29.59/100
• National rank: #6481
• State rank: #242 of 302 in MA

Livability — Framingham

• Score: 76/100
• State rank: #62
• US rank: #3443

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Framingham, MA
• County: Middlesex County · 1,437,704 people
• City population: 72,407
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 39,789
• Household income: $82,496
• Rent vs Own: 65.5% rent · 34.5% own
• Severe rent burden: 2393.0

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: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: White 39% Hispanic / Latino 25% Two or more races 22% Black 8% Asian 6%
• Hispanic origin (detail): Puerto Rican 7% Dominican 3%
• Common ancestry: Estonian 20% Lithuanian 2% Romanian 2%
• Foreign-born: 41% · Canada, China, Jamaica
• Languages at home: 43% English-only · Other Indo-European 26% Spanish 23% French/Haitian/Cajun 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: ▼ -165.85%
• Current HPI: 391.2673
• Rent YoY: ▼ -2.07%
• 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

+49.9% since first listed

5 events — show timeline

• 2026-06-10 Listed $899,000 MLS PIN
• 2015-02-11 Sold (MLS) $462,500 MLS PIN
• 2014-12-23 Contingent — MLS PIN
• 2014-12-17 Price Changed $499,900 MLS PIN
• 2014-10-18 Listed $599,900 MLS PIN

Property tax history

+5.1%/yr

Latest (2025): $10,030 · +9.2% YoY. Source: county tax records.