120 Dolphin · Revere, MA 02151

$1,945,000

8 bd · 6.5 ba · 3,734 sqft · MultiFamily public records · 25 Days on market

Built 1970 8,224 sqft lot

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Why this score? — see what drove the C+ 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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Livability +3.6/5.0
• Rent growth +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

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

Presenting a rare opportunity to acquire a fully occupied 6-unit multifamily property just moments from Revere Beach. Situated on a level lot with two driveway entrances and ample off-street parking, this investment offers strong in-place income with future upside. Current monthly rent roll is $12,100 with as-is pro forma rents projected to be at least $14,400/month, plus there is an approximately $2,000 annually in laundry income. Property features potential expansion for 2 additional units on the top level. Conveniently located near public transit with train access to Boston, major highways, shopping, dining, and a playground 1 block away on the same street. Excellent opportunity for inve

Key facts

• Near public transit
• 8,224 sq ft lot
• 7 parking spots

Tags

• TWO DRIVEWAY ENTRANCES
• AMPLE OFF-STREET PARKING
• NEAR PUBLIC TRANSIT
• TRAIN ACCESS TO BOSTON
• SHOPPING DINING AND PLAYGROUND

Property features AI

Finance

• HOA & community: Community near public transportation, shopping, parks, medical facility, laundromat, conservation area, highway access, house of worship, marina, and T-station; Not a senior community

Exterior

• Parking: Paved off-street parking; 7 open parking spaces (total 7 spaces)
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: 5–9 family building; 5 stories; 5 levels
• Construction: Frame construction; Concrete perimeter foundation; Shingle roof; Built (year per public records)
• Exterior features: Porch; Cleared, level lot; Public road frontage; Ocean access within walking distance (0.1–0.3 miles to beach)

Interior

• Bathrooms: 6 full bathrooms
• Interior features: Total of 21 rooms; Six full bathrooms

What this means for you Summary

Snapshot

• This is a 6 × 9-bed/6.0-bath units multifamily listed at $1.95M.

Deal economics

• At list price, monthly cash flow is $5k ($58k/yr) — positive. Per door: $812/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.95M).
• Recommended offer: $1.92M (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 3.4% in Revere — 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 72/100 on livability (#122 in MA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment B+; Watch: schools D+, crime D+, amenities F.
• Revere (suburban): math 19% / reading 37% proficiency, ranked #261 of 302 in MA (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.9%/yr); 104 active listings in the ZIP; solid renter incomes; 2,207 units permitted in Suffolk County in 2024 (1,961 in 5+ unit buildings).
• At $21,528/mo this rent would consume 297% of the median local household income ($87k/yr) (locally 3586% 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 $13k of loan paydown is wiped out by about $58k of value loss. Plan a longer hold.
• Suffolk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($1.92M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $170k; list at $1.95M implies a 1044% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $192/mo.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); major wind risk, 68% 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 $1,915,825 (1.5% below list)

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 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D 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?
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: 1.11% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.16%
• DSCR: 1.50
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $1,191,146
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Walden St	0.75mi	8/3.0	3,684 (-1%)	12mo	$1,175,000	$319	39
419 Revere St	0.74mi	8/4.0	4,260 (+14%)	1mo	$1,331,000	$312	31

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 · 1.91% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-28,594
• Equity at exit: $290,006

10-year hold

• IRR: 7.1%
• Equity multiple: 1.51×
• Total profit: $279,101
• Equity at exit: $168,168

Cash invested: $544,600 (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 02151

• Rents YoY: 1.9%
• Active inventory: 104
• Price-to-rent: 45.2×

Monthly cashflow live

• Estimated rent: $21,528 medium
• Mortgage (P&I): −$10,200
• Tax from tax record: −$931 /mo · $11,168/yr
• Insurance: −$810
• Flood insurance flood zone: −$192 /mo · $2,309/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,521
• Net cashflow: $4,874

Break-even live

Break-even rent $15,359

Max offer price $1,945,000

Occupancy floor 72%

Sensitivity live

Price	-10% $5,975	-5% $5,424	+0% $4,874	+5% $4,323	+10% $3,773
Rent	-10% $3,173	-5% $4,023	+0% $4,874	+5% $5,724	+10% $6,575
Rate	-1.0pp $5,853	-0.5pp $5,369	base $4,874	+0.5pp $4,370	+1.0pp $3,857

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

Units	Beds	Baths	Est. rent
▸ 6× units	9	6	$21,528
Total (6 units)			$21,528

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: $486,250
• Closing costs: $58,350
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $1,945,000 Active 25 DOM
2. 2026-06-18
   days on market $1,945,000 Active 22 DOM
3. 2026-06-17
   days on market $1,945,000 Active 21 DOM
4. 2026-06-16
   days on market $1,945,000 Active 20 DOM
5. 2026-06-15
   days on market $1,945,000 Active 19 DOM
6. 2026-06-13
   days on market $1,945,000 Active 17 DOM
7. 2026-06-09
   days on market $1,945,000 Active 13 DOM
8. 2026-06-08
   days on market $1,945,000 Active 12 DOM
9. 2026-06-07
   days on market $1,945,000 Active 11 DOM
10. 2026-06-04
    days on market $1,945,000 Active 8 DOM
11. 2026-06-03
    days on market $1,945,000 Active 7 DOM
12. 2026-06-02
    days on market $1,945,000 Active 6 DOM
13. 2026-06-01
    days on market $1,945,000 Active 5 DOM
14. 2026-05-31
    statusdays on market $1,945,000 Active 4 DOM
15. 2026-05-27
    listed $1,945,000 New
16. 1999-03-16
    soldstatus $170,000
17. 1988-02-02
    soldstatus $325,000

ⓘ 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: $11,168 · $931/mo
• Projected year-2 tax: $17,546 · $1,462/mo
• Expected delta: +$6,378/yr (+$531/mo · 57.1%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AH · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $258,336
• − Mortgage interest: −$108,950
• − Property taxes: −$11,168
• − Insurance: −$12,034
• − Repairs & maintenance: −$20,667
• − Management: −$20,667
• − Depreciation: −$56,582
• Taxable income: $28,268
• Est. tax owed @ 24.0%: −$6,784
• After-tax cash flow: $51,702/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: Revere
• NCES district ID: 2510050
• Math proficiency: 19% ▼ -25.00%
• Reading proficiency: 37% ▼ -11.00%
• Median HH income: $51,159
• Composite: 24.59/100
• National rank: #7637
• State rank: #261 of 302 in MA

Livability — Revere

• Score: 72/100
• State rank: #122
• US rank: #6460

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Revere, MA
• County: Suffolk County · 777,335 people
• City population: 60,012
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 60,012
• Household income: $86,969
• Rent vs Own: 54.4% rent · 45.6% own
• Severe rent burden: 3586.0

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 915,464 people
• By 2030: 983,798 · +7.5%
• By 2040: 1,119,602 · +22.3%
• By 2050: 1,255,187 · +37.1%
• By 2075: 1,534,434 · +67.6%
• By 2100: 1,748,505 · +91.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 48% Hispanic / Latino 39% Two or more races 21% Black 4% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 2%
• Common ancestry: Estonian 4% Romanian 2% Russian 2%
• Foreign-born: 44% · Canada, Jamaica, China
• Languages at home: 43% English-only · Spanish 35% Other Indo-European 11% Arabic 4%

Political lean MEDSL · Suffolk

• 2024 margin: Solid D (+52.5) · D 74.8% · R 22.4% · Other 2.8%
• 2008→2024 swing: -3.2pp toward R · 2008: 55.7pp · 2024: 52.5pp
• All cycles: 2024: D+52.5 2020: D+63.2 2016: D+63.0 2012: D+56.7 2008: D+55.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -285.62%
• Current HPI: 358.7286
• Rent YoY: ▲ 1.91%
• 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

+498.5% since first listed

3 events — show timeline

• 2026-05-27 Listed $1,945,000 MLS PIN
• 1999-03-16 Sold (Public Records) $170,000 Public Records
• 1988-02-02 Sold (Public Records) $325,000 Public Records

Property tax history

+3.7%/yr

Latest (2023): $11,168 · +8.4% YoY. Source: county tax records.