300 Falmouth Rd Apt 21E

Mashpee Neck, MA 02649

$380,000D+

2 bd · 2.0 ba · 1,080 sqft · Built 1983 · Condo · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,000/mo
• Mortgage (P&I): −$1,993
• Tax + insurance: −$310
• HOA: −$500
• Vac / Maint / Mgmt: −$840
• Net cashflow: $357/mo
• Annual: $4,281/yr
• Cap rate: 7.42%
• Cash-on-cash: 4.02%
• DSCR: 1.18
• 1% rule: 1.05%
• Cash to close: $106,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $380k.
• At list price, monthly cash flow is $357 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $380k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#180 in MA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Mashpee (suburban): math 34% / reading 51% proficiency, ranked #183 of 302 in MA (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 144 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 8 sale attempts since 23y 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.