103 Railroad Ave · Salisbury, MA 01952

$599,000

8 bd · 4.5 ba · 2,323 sqft · MultiFamily public records · 361 Days on market

Built 1910 4,051 sqft lot $258/sqft · 21% below area Est $754k · 21% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Schools +3.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

ATTENTION DEVELOPERS / BUILDERS / INVESTORS: Prime Salisbury Beach three unit lot Prime opportunity to build your choice of an amazing single family, duplex or three new condominiums. Raze existing legal three family (currently with fourth in-law unit) structure and construct new units. Very nice rectangular flat lot a short distance south of the center. New construction could have incredible 360 views. Salisbury Big Block / One Oceanfront South is in its final stages of approval and will forever change the center bringing yet more higher end, upscale residential units to the center. This is one of the last remaining legal three unit lots prime for redevelopment. Short distance to Beach Public Access 3, a pretty section situated between the State Beach Reservation and the center. Seller intended to redevelop the lot but may be leaving this area and offering this great opportunity. Seller may consider a partnership or creative buyer financing.

Key facts

• Flat lot
• 360 views
• 4,051 sq ft lot

Tags

• FLAT LOT
• 360 VIEWS
• LEGAL THREE UNIT LOTS

What this means for you Summary

Snapshot

• This is a 8-bed/4.5-bath multifamily listed at $599k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $599k).
• Recommended offer: $527k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 1.9% in Salisbury — 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 61/100 on livability (#222 in MA) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, housing A; Watch: amenities F, commute F, cost of living F.
• Triton (rural): math 32% / reading 50% proficiency, ranked #182 of 302 in MA (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Triton Regional Middle School (math 34% / reading 43%, grade F, #152 of 305 statewide, top 50%, 320 students, 0% FRL); Triton Regional High School (math 47% / reading 72%, grade C+, #131 of 343 statewide, top 41%, 647 students, 0% FRL) — zoned schools average 0% FRL vs 19% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 45 active listings in the ZIP; 1,032 units permitted in Essex County in 2024 (590 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Essex County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 361 days — a 12% lower offer ($527k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 27y 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 $290k; list at $599k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $186/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $527,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 361 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.35% ✓
• Cap rate: 11.58%
• Cash-on-cash: 18.90%
• DSCR: 1.84
• GRM: 6.2

CMA / ARV

• ARV (median comp): $754,054
• List price: $599,000
• Delta: -20.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Fowler St	0.05mi	8/4.0	2,560 (+10%)	21mo	$758,500	$296	61

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 9.0%
• Equity multiple: 1.35×
• Total profit: $59,314
• Equity at exit: $89,313

10-year hold

• IRR: 18.2%
• Equity multiple: 2.51×
• Total profit: $253,025
• Equity at exit: $51,791

Cash invested: $167,720 (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 01952

• Home prices YoY: -34.3%
• Active inventory: 45
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $8,107 medium
• Mortgage (P&I): −$3,141
• Tax from tax record: −$373 /mo · $4,471/yr
• Insurance: −$250
• Flood insurance flood zone: −$186 /mo · $2,232/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,702
• Net cashflow: $2,455

Break-even live

Break-even rent $4,999

Max offer price $599,000

Occupancy floor 65%

Sensitivity live

Price	-10% $2,794	-5% $2,625	+0% $2,455	+5% $2,286	+10% $2,116
Rent	-10% $1,815	-5% $2,135	+0% $2,455	+5% $2,775	+10% $3,096
Rate	-1.0pp $2,757	-0.5pp $2,608	base $2,455	+0.5pp $2,300	+1.0pp $2,142

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$8,106
Total (3 units)			$8,107

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $599,000 Active 361 DOM
2. 2026-06-18
   days on market $599,000 Active 358 DOM
3. 2026-06-17
   days on market $599,000 Active 357 DOM
4. 2026-06-16
   days on market $599,000 Active 356 DOM
5. 2026-06-15
   days on market $599,000 Active 355 DOM
6. 2026-06-13
   days on market $599,000 Active 353 DOM
7. 2026-06-13
   days on market $599,000 Active 352 DOM
8. 2026-06-09
   days on market $599,000 Active 349 DOM
9. 2026-06-08
   days on market $599,000 Active 348 DOM
10. 2026-06-07
    days on market $599,000 Active 347 DOM
11. 2026-06-04
    days on market $599,000 Active 344 DOM
12. 2026-06-03
    days on market $599,000 Active 343 DOM
13. 2026-06-02
    days on market $599,000 Active 342 DOM
14. 2026-06-01
    days on market $599,000 Active 341 DOM
15. 2026-05-31
    days on market $599,000 Active 340 DOM
16. 2025-06-26
    listed $599,000 New 963-char remark

    Show marketing remark (963 chars)

    ATTENTION DEVELOPERS / BUILDERS / INVESTORS: Prime Salisbury Beach three unit lot Prime opportunity to build your choice of an amazing single family, duplex or three new condominiums. Raze existing legal three family (currently with fourth in-law unit) structure and construct new units. Very nice rectangular flat lot a short distance south of the center. New construction could have incredible 360 views. Salisbury Big Block / One Oceanfront South is in its final stages of approval and will forever change the center bringing yet more higher end, upscale residential units to the center. This is one of the last remaining legal three unit lots prime for redevelopment. Short distance to Beach Public Access 3, a pretty section situated between the State Beach Reservation and the center. Seller intended to redevelop the lot but may be leaving this area and offering this great opportunity. Seller may consider a partnership or creative buyer financing.

17. 2025-06-25
    listed $599,000 New 910-char remark

    Show marketing remark (910 chars)

    ATTENTION DEVELOPERS / BUILDERS / INVESTORS. Prime opportunity to build your choice of an amazing single family, duplex or three new condominiums. Raze existing legal three family (currently with fourth in-law unit) structure and construct new units. Very nice rectangular flat lot a short distance south of the center. New construction could have incredible 360 views. Salisbury Big Block / One Oceanfront is in its final stages of approval and will forever change the center bringing yet more higher end, upscale residential units to the center. This is one of the last remaining legal three unit lots. Short distance to Public Access 3, a pretty section situated between the State Beach Reservation and the center. Seller intended to redevelop the lot but may be leaving this area and offering this great opportunity. Seller may consider a partnership or creative buyer financing or to retain a unit.

18. 2005-04-10
    soldstatus $290,000
19. 2005-04-05
    soldstatus $290,000
20. 2005-03-07
    historical
21. 2004-05-05
    listed $290,000
22. 2002-04-17
    soldstatus $180,000
23. 2002-04-16
    soldstatus $180,000
24. 2002-02-15
    historical
25. 2001-07-20
    listed $189,900
26. 1999-06-14
    soldstatus $115,000
27. 1999-06-11
    soldstatus $115,000
28. 1999-04-14
    historical
29. 1999-02-01
    listed $133,500

ⓘ 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: $4,471 · $373/mo
• Projected year-2 tax: $5,919 · $493/mo
• Expected delta: +$1,448/yr (+$121/mo · 32.4%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AO · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $97,284
• − Mortgage interest: −$33,553
• − Property taxes: −$4,471
• − Insurance: −$5,226
• − Repairs & maintenance: −$7,783
• − Management: −$7,783
• − Depreciation: −$17,425
• Taxable income: $21,042
• Est. tax owed @ 24.0%: −$5,050
• After-tax cash flow: $24,412/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: Triton
• NCES district ID: 2511740
• Math proficiency: 32% ▼ -17.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $78,603
• Composite: 37.99/100
• National rank: #4292
• State rank: #182 of 302 in MA

Livability — Salisbury

• Score: 61/100
• State rank: #222
• US rank: #18328

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salisbury, MA
• City population: 9,217
• Population (ZIP): 9,217

Population outlook (Essex County) Hauer SSP2

• Today (2025): 840,920 people
• By 2030: 872,201 · +3.7%
• By 2040: 927,918 · +10.3%
• By 2050: 970,206 · +15.4%
• By 2075: 1,077,993 · +28.2%
• By 2100: 1,103,053 · +31.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 6% Asian 2% Black 1%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Lithuanian 11% Romanian 3% Italian 2%
• Foreign-born: 4% · China, Canada
• Languages at home: 93% English-only · Spanish 2% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Essex

• 2024 margin: Strong D (+20.3) · D 59.2% · R 38.9% · Other 1.9%
• 2008→2024 swing: 0.0pp no change · 2008: 20.3pp · 2024: 20.3pp
• All cycles: 2024: D+20.3 2020: D+29.1 2016: D+22.5 2012: D+16.2 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -154.88%
• Current HPI: 296.8302
• Rent YoY: —
• Metro: —
• 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

+348.7% since first listed

14 events — show timeline

• 2025-06-26 Listed $599,000 MLS PIN
• 2025-06-25 Listed $599,000 MLS PIN
• 2005-04-10 Sold (MLS) $290,000 MLS PIN
• 2005-04-05 Sold (Public Records) $290,000 Public Records
• 2005-03-07 Listing Removed — MLS PIN
• 2004-05-05 Listed $290,000 MLS PIN
• 2002-04-17 Sold (Public Records) $180,000 Public Records
• 2002-04-16 Sold (MLS) $180,000 MLS PIN
• 2002-02-15 Listing Removed — MLS PIN
• 2001-07-20 Listed $189,900 MLS PIN
• 1999-06-14 Sold (Public Records) $115,000 Public Records
• 1999-06-11 Sold (MLS) $115,000 MLS PIN
• 1999-04-14 Listing Removed — MLS PIN
• 1999-02-01 Listed $133,500 MLS PIN

Property tax history

+5.1%/yr

Latest (2023): $4,471 · +2.1% YoY. Source: county tax records.