17-19 Whitehall Rd

Amesbury Town, MA 01913

$555,000B-

5 bd · 2.0 ba · 2,548 sqft · Built 1860 · MultiFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,034/mo
• Mortgage (P&I): −$2,910
• Tax + insurance: −$880
• HOA: −$0
• Vac / Maint / Mgmt: −$1,267
• Net cashflow: $977/mo
• Annual: $11,721/yr
• Cap rate: 8.40%
• Cash-on-cash: 7.54%
• DSCR: 1.34
• 1% rule: 1.09%
• Cash to close: $155,400

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $555k.
• At list price, monthly cash flow is $977 ($12k/yr) — positive. Per door: $488/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $555k).
• It's been on market 44 days — a 3% lower offer ($538k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $538k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#170 in MA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: amenities F, commute F, cost of living F.
• Amesbury (suburban): math 34% / reading 51% proficiency, ranked #173 of 302 in MA (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Charles C Cashman Elementary (math 32% / reading 52%, grade F, #462 of 938 statewide, top 52%, 369 students, 0% FRL); Amesbury Middle (math 30% / reading 46%, grade F, #154 of 305 statewide, top 51%, 584 students, 0% FRL); Amesbury High (math 57% / reading 77%, grade B, #97 of 343 statewide, top 30%, 453 students, 0% FRL) — zoned schools average 0% FRL vs 21% district-wide (21 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.0%/yr); 38 active listings in the ZIP; solid renter incomes; 1,032 units permitted in Essex County in 2024 (590 in 5+ unit buildings).
• Essex County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $70k; list at $555k implies a 693% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 7.0% rent growth), your $155k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 53% 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.
• Cap rate 8.4% vs local median 2.8% in Amesbury Town — 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.
• At $6,034/mo this rent would consume 70% of the median local household income ($104k/yr) (locally 703% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.