23 Netherlands Rd #1 · Brookline, MA 02445

$1,350,000

3 bd · 2.0 ba · 1,120 sqft · Condo public records · 36 Days on market

Built 1930 $1205/sqft · 112% above area Est $1275k · 6% over $500/mo HOA · 11% of rent

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• Schools +6.4/10.0
• ARV discount +4.8/15.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Cash flow +0.9/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Incredible Brookline Village location, convenient to the Longwood Medical Area and the street with the historic Dutch House. This stunning brick row house duplex offers the flexibility to be utilized as an investment or as one single unit! First floor features 3 bedrooms, 1-bathroom, gorgeous high ceilings, ample natural light, lovely original hardwood floors throughout, exposed brick, and a thoughtful layout. The condo has so much character with built-in bookshelves in the hallways, French doors leading to the formal dining room, an updated kitchen, and a bathroom. Off the kitchen is a back staircase leading to the finished in-law suite, which has 4 bedrooms, an office, a full kitchen, a l

Key facts

• Historic dutch house
• French doors
• Updated kitchen

Tags

• BROOKLINE VILLAGE LOCATION
• HISTORIC DUTCH HOUSE
• BRICK ROW HOUSE DUPLEX
• BUILT-IN BOOKSHELVES
• FRENCH DOORS
• UPDATED KITCHEN

Property features AI

Finance

• HOA & community: Monthly association fee of $500 covering water and insurance; Pets allowed with restrictions; Community amenities include public transportation, shopping, pool, tennis courts, parks, walk/jog trails, golf, medical facility, laundromat, bike path, highway access, house of worship, private and public schools, T-Station, and university access

Exterior

• Parking: 1 open parking space (rented)
• Security: Intercom
• Utilities: Public water; Public sewer; Gas connection for range
• Home design: Condominium; Rowhouse; Single-story; Entry at front unit
• Construction: Rubber roof; Year built per public records
• Exterior features: Porch; Patio; Garden

Interior

• Kitchen: Range; Dishwasher; Disposal; Microwave; Refrigerator
• Flooring: Wood; Tile; Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Window air conditioning units
• Interior features: 11 total rooms; Basement present; Intercom entry
• Laundry & utility: In-unit washer and dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $1.35M.

Deal economics

• At list price, monthly cash flow is $-6k ($-67k/yr) — negative.
• To cash-flow at today's rent, offer at most $357k (73.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $435k (67.8% below list).
• Recommended offer: $357k (73.6% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 84/100 on livability (#16 in MA, #704 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D+, cost of living F.
• Brookline (suburban): math 66% / reading 73% proficiency, ranked #29 of 302 in MA (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Lawrence (math 69% / reading 74%, grade A-, #50 of 938 statewide, top 5%, 621 students, 0% FRL); Brookline High (math 79% / reading 83%, grade A, #41 of 343 statewide, top 12%, 2,087 students, 0% FRL).
• Market conditions: Rents rising (+1.5%/yr); 83 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 958 units permitted in Norfolk County in 2024 (305 in 5+ unit buildings).
• This rent runs 37% of the median local income ($140k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $144k of equity ($9k loan paydown + $135k appreciation (10.0% local appreciation)).
• Norfolk County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$232k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($1.31M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $64k; list at $1.35M implies a 1993% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $356,794 (73.6% below list)

Questions for the listing agent

1. 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?
2. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 74% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 0.32% ✗
• Cap rate: 1.30%
• Cash-on-cash: -17.85%
• DSCR: 0.21
• GRM: 25.8

CMA / ARV

• ARV (median comp): $1,274,814
• List price: $1,350,000
• Delta: 5.90%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 1.47% rent growth · sell at horizon

5-year hold

• IRR: 11.8%
• Equity multiple: 1.98×
• Total profit: $370,458
• Equity at exit: $1,216,187

10-year hold

• IRR: 12.3%
• Equity multiple: 4.60×
• Total profit: $1,359,765
• Equity at exit: $2,622,753

Cash invested: $378,000 (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 02445

• Home prices YoY: 5.5%
• Rents YoY: 1.5%
• Active inventory: 83
• Price-to-rent: 25.8×

Monthly cashflow live

• Estimated rent: $4,353 high
• Mortgage (P&I): −$7,080
• Tax from tax record: −$919 /mo · $11,025/yr
• Insurance: −$562
• HOA: −$500
• Vacancy / Maint / Mgmt: −$914
• Net cashflow: $-5,622

Break-even live

Break-even rent $11,469

Max offer price $356,794

Occupancy floor —

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: $337,500
• Closing costs: $40,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19 Netherlands Rd Brookline, MA	3.0	2.0	1196	$4,500	$3.76	24d	1	0.01mi
260 Aspinwall Ave Apt 1 Brookline, MA	3.0	1.0	1300	$4,200	$3.23	18d	1	0.06mi
260 Aspinwall Ave Apt 2 Brookline, MA	3.0	1.0	1300	$4,200	$3.23	24d	1	0.06mi
169 Kent St Unit 1237975P Brookline, MA	2.0	1.0	742	$7,319	$9.86	3d	1	0.07mi
169 Kent St Brookline, MA	2.0	1.0	700	$7,350	$10.50	44d	1	0.07mi
191 Kent St Brookline, MA	2.0	1.0	700	$7,350	$10.50	44d	1	0.11mi
205 Kent St Brookline, MA	2.0	1.0	795	$3,600	$4.53	3d	1	0.14mi
205 Kent St Brookline, MA	2.0	1.0	800	$3,600	$4.50	4d	1	0.14mi
217 Kent St Unit 1 Brookline, MA	2.0	1.0	999	$2,970	$2.97	17d	1	0.17mi
217 Kent St Brookline, MA	2.0	1.0	999	$3,100	$3.10	5d	1	0.17mi
219 Kent St Brookline, MA	2.0	1.0	999	$2,950	$2.95	5d	1	0.19mi
77 Village Way Brookline, MA	1.0–2.0	1.0–2.0	799	$4,600	$5.75	2d	7	0.23mi
79 Brook St Brookline, MA	3.0	1.0	1000	$4,875	$4.88	44d	1	0.25mi
79 Brook St Unit 2R Brookline, MA	3.0	2.0	1000	$5,415	$5.42	44d	1	0.25mi
58 Kent St #402 Brookline, MA	2.0	1.0	1012	$1,935	$1.91	44d	1	0.26mi
54 Kent St Brookline, MA	3.0	1.0	1160	$4,475	$3.86	15d	1	0.27mi
54 Kent St Brookline, MA	3.0	1.0	1137	$4,450	$3.91	24d	1	0.27mi
32 Linden St Brookline, MA	4.0	2.0	1000	$5,200	$5.20	24d	1	0.27mi
32 Linden St Brookline, MA	4.0	2.0	1000	$5,800	$5.80	44d	1	0.27mi
17 Perry St Brookline, MA	2.0	1.0	846	$3,600	$4.26	24d	1	0.28mi
59 Saint Paul St Brookline, MA	2.0	1.0	1000	$4,200	$4.20	4d	1	0.32mi
27 Hurd Rd Brookline, MA	4.0	1.0	1200	$4,500	$3.75	3d	1	0.33mi
35 Saint Paul St Brookline, MA	2.0	1.0	785	$3,800	$4.84	20d	1	0.34mi
121 Longwood Ave Brookline, MA	2.0	2.0	829	$3,950	$4.76	44d	1	0.35mi
81 Saint Paul St Brookline, MA	2.0	1.0	755	$3,875	$5.13	44d	1	0.37mi
44 Washington St Brookline, MA	2.0	2.0	1005	$4,200	$4.18	24d	1	0.37mi
33 Pond Ave Brookline, MA	2.0	2.0	1100	$5,000	$4.55	44d	1	0.37mi
30 St Paul St Brookline, MA	2.0	1.0	713	$3,700	$5.19	24d	1	0.38mi
7 Harvard Sq Brookline, MA	2.0	1.0	800	$8,350	$10.44	44d	1	0.39mi
7 Harvard Sq Ste 4A Brookline, MA	2.0	1.0	700	$3,500	$5.00	18d	1	0.39mi
76 Saint Paul St Brookline, MA	2.0	1.0	755	$3,795	$5.03	12d	1	0.39mi
78 Saint Paul St Brookline, MA	2.0	1.0	755	$3,860	$5.11	44d	1	0.39mi
78 Saint Paul St Brookline, MA	2.0	1.0	755	$3,860	$5.11	24d	1	0.39mi
6 Harvard Sq Unit 1238033P Brookline, MA	2.0	1.0	990	$5,079	$5.13	20d	1	0.39mi
14 Homer St Brookline, MA	3.0	2.0	1000	$4,495	$4.50	44d	1	0.39mi
1 Harvard Sq Unit 1238108P Brookline, MA	3.0	2.0	990	$12,641	$12.77	24d	1	0.39mi
58 Alton Pl Brookline, MA	2.0	1.0	737	$3,495	$4.74	44d	1	0.39mi
58 Alton Pl Brookline, MA	2.0	1.0	737	$3,495	$4.74	20d	1	0.39mi
84 St Paul St Brookline, MA	2.0	1.0	755	$3,880	$5.14	20d	1	0.39mi
56 Alton Pl Brookline, MA	2.0	1.0	737	$3,495	$4.74	44d	1	0.39mi

HOA detail condo

• Monthly dues: $500 · $6,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $1,350,000 Active 36 DOM
2. 2026-06-17
   days on market $1,350,000 Active 35 DOM
3. 2026-06-16
   days on market $1,350,000 Active 34 DOM
4. 2026-06-15
   days on market $1,350,000 Active 33 DOM
5. 2026-06-13
   days on market $1,350,000 Active 31 DOM
6. 2026-06-09
   days on market $1,350,000 Active 27 DOM
7. 2026-06-08
   days on market $1,350,000 Active 26 DOM
8. 2026-06-07
   days on market $1,350,000 Active 25 DOM
9. 2026-06-04
   days on market $1,350,000 Active 22 DOM
10. 2026-06-03
    days on market $1,350,000 Active 21 DOM
11. 2026-06-02
    days on market $1,350,000 Active 20 DOM
12. 2026-06-01
    days on market $1,350,000 Active 19 DOM
13. 2026-05-31
    days on market $1,350,000 Active 18 DOM
14. 2026-05-13
    listed $1,350,000 New 1000-char remark
15. 2025-02-13
    historical $4,300
16. 2025-01-16
    price $4,300
17. 2024-12-29
    listed $4,500
18. 2024-12-16
    historical $4,500
19. 2024-12-06
    price $4,500
20. 2024-11-05
    price $4,650
21. 2024-09-29
    price $4,725
22. 2024-08-29
    price $4,795
23. 2024-08-22
    listed $5,000
24. 1979-05-30
    soldstatus $64,500

ⓘ 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: $11,025 · $919/mo
• Projected year-2 tax: $13,815 · $1,151/mo
• Expected delta: +$2,790/yr (+$232/mo · 25.3%)

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

Taxation est. · year 1

• Rental income: $52,230
• − Mortgage interest: −$75,621
• − Property taxes: −$11,025
• − Insurance: −$6,750
• − Repairs & maintenance: −$4,178
• − Management: −$4,178
• − HOA: −$6,000
• − Depreciation: −$39,273
• Taxable loss: −$94,795
• Est. tax savings @ 24.0%: +$22,751
• After-tax cash flow: $-44,717/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: Brookline
• NCES district ID: 2503150
• Math proficiency: 66% ▼ -8.00%
• Reading proficiency: 73% ▼ -4.00%
• Median HH income: $97,931
• Composite: 63.51/100
• National rank: #610
• State rank: #29 of 302 in MA

Livability — Brookline

• Score: 84/100
• State rank: #16
• US rank: #704

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Brookline, MA
• County: Norfolk County · 644,082 people
• City population: 76,871
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 22,560
• Household income: $139,747
• Rent vs Own: 47.9% rent · 52.1% own
• Severe rent burden: 1138.0

Population outlook (Norfolk County) Hauer SSP2

• Today (2025): 737,259 people
• By 2030: 755,213 · +2.4%
• By 2040: 786,961 · +6.7%
• By 2050: 813,019 · +10.3%
• By 2075: 861,214 · +16.8%
• By 2100: 845,063 · +14.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Asian 14% Two or more races 10% Hispanic / Latino 7% Black 4%
• Hispanic origin (detail): Puerto Rican 1% Cuban 1%
• Common ancestry: Scotch-Irish 6% Italian 4% Romanian 2%
• Foreign-born: 23% · Canada, China, South Korea
• Languages at home: 71% English-only · Chinese 6% Spanish 5% Other Indo-European 5%

Political lean MEDSL · Norfolk

• 2024 margin: Strong D (+28.8) · D 63.3% · R 34.6% · Other 2.1%
• 2008→2024 swing: +10.2pp toward D · 2008: 18.5pp · 2024: 28.8pp
• All cycles: 2024: D+28.8 2020: D+36.3 2016: D+27.9 2012: D+16.1 2008: D+18.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 15.27%
• Current HPI: 291.0769
• Rent YoY: ▲ 1.47%
• 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

+1993.0% since first listed

11 events — show timeline

• 2026-05-13 Listed $1,350,000 MLS PIN
• 2025-02-13 Rental Removed $4,300 MLSPIN
• 2025-01-16 Price Changed $4,300 MLSPIN
• 2024-12-29 Listed for Rent $4,500 MLSPIN
• 2024-12-16 Rental Removed $4,500 MLSPIN
• 2024-12-06 Price Changed $4,500 MLSPIN
• 2024-11-05 Price Changed $4,650 MLSPIN
• 2024-09-29 Price Changed $4,725 MLSPIN
• 2024-08-29 Price Changed $4,795 MLSPIN
• 2024-08-22 Listed for Rent $5,000 MLSPIN
• 1979-05-30 Sold (Public Records) $64,500 Public Records

Property tax history

+3.4%/yr

Latest (2023): $11,025 · -0.2% YoY. Source: county tax records.