23 Netherlands Rd #1

Brookline, MA 02445

$1,350,000F

3 bd · 2.0 ba · 1,120 sqft · Built 1930 · Condo · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,353/mo
• Mortgage (P&I): −$7,080
• Tax + insurance: −$1,481
• HOA: −$500
• Vac / Maint / Mgmt: −$914
• Net cashflow: $-5,622/mo
• Annual: $-67,468/yr
• Cap rate: 1.30%
• Cash-on-cash: -17.85%
• DSCR: 0.21
• 1% rule: 0.32%
• Cash to close: $378,000

Investor read

• This is a 3-bed/2.0-bath condo listed at $1.35M.
• 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).
• It's been on market 36 days — a 3% lower offer ($1.31M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $357k (73.6% below list) — sets the bar for cash-flow.
• In year one you build about $144k of equity ($9k loan paydown + $135k appreciation (10.0% local appreciation)).
• 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).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Norfolk County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• By year 2, paydown + projected appreciation supports a ~$232k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 37% of the median local income ($140k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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?