16 Cleveland Pl · Gloucester, MA 01930

$299,000

4 bd · 2.0 ba · 1,270 sqft · Condo public records · 37 Days on market

Built 1985

---

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 +16.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• DSCR +5.3/10.0
• Rent growth +4.8/5.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

TURN KEY condo for sale in Gloucester just in time for summer. Amazing walking location - walk to T station, downtown Gloucester, waterfront, beaches, RT 128 accessible. Everything is so close, but this condo is in a private, well manicured community, on a quiet dead end street, first floor corner unit with 3 walls of windows abutting the forest. Back door leads to wooded patio area in the back. 2 bedrooms, 1 bath. Washer dryer in unit included. All appliances included: stainless steel dishwasher, fridge, oven, stove, microwave All new windows and blinds included. Pets OK (breed restrictions). Includes 1 parking spot and all the benefits of Gloucester residency (beach stickers). HOA include

Key facts

• Wooded patio area
• Private community
• New windows

Tags

• PRIVATE COMMUNITY
• QUIET DEAD END STREET
• FIRST FLOOR CORNER UNIT
• WOODED PATIO AREA
• STAINLESS STEEL APPLIANCES
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $299k.

Deal economics

• At list price, monthly cash flow is $196 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• Recommended offer: $290k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 2.5% in Gloucester — 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 (#119 in MA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A, crime B+; Watch: amenities F, cost of living F.
• Gloucester (suburban): math 33% / reading 46% proficiency, ranked #203 of 302 in MA (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+9.3%/yr); 72 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,032 units permitted in Essex County in 2024 (590 in 5+ unit buildings).
• At $3,555/mo this rent would consume 51% of the median local household income ($84k/yr) (locally 1500% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Essex County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $84k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.

Recommended offer $290,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.19% ✓
• Cap rate: 7.08%
• Cash-on-cash: 2.81%
• DSCR: 1.13
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.80×
• Total profit: $-16,767
• Equity at exit: $44,582

10-year hold

• IRR: 10.6%
• Equity multiple: 2.06×
• Total profit: $88,601
• Equity at exit: $25,852

Cash invested: $83,720 (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 01930

• Rents YoY: 9.3%
• Active inventory: 72
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $3,555 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$282 /mo · $3,381/yr
• Insurance: −$125
• HOA est. from 5 same-building comps: −$638
• Vacancy / Maint / Mgmt: −$747
• Net cashflow: $196

Break-even live

Break-even rent $3,307

Max offer price $299,000

Occupancy floor 89%

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
78 Grove St #2 Gloucester, MA	3.0	1.0	1226	$3,100	$2.53	44d	1	0.09mi
98 Maplewood Ave Unit 1 Gloucester, MA	3.0	1.0	1100	$3,300	$3.00	44d	1	0.13mi
16 Poplar St Gloucester, MA	3.0	1.5	1283	$3,500	$2.73	18d	1	0.51mi
68 Perkins St Gloucester, MA	4.0	2.0	1350	$4,200	$3.11	24d	1	0.57mi
12 Hampden St Unit 12 Gloucester, MA	3.0	1.0	1600	$3,000	$1.88	44d	1	0.68mi
80 Cherry St Unit 1 Gloucester, MA	3.0	2.5	1624	$3,800	$2.34	24d	1	0.86mi
44 Ye Olde County Rd Gloucester, MA	4.0	2.0	1708	$5,250	$3.07	3d	1	1.43mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $299,000 Active 37 DOM
2. 2026-06-17
   days on market $299,000 Active 36 DOM
3. 2026-06-16
   days on market $299,000 Active 35 DOM
4. 2026-06-15
   days on market $299,000 Active 34 DOM
5. 2026-06-13
   days on market $299,000 Active 32 DOM
6. 2026-06-13
   days on market $299,000 Active 31 DOM
7. 2026-06-09
   days on market $299,000 Active 28 DOM
8. 2026-06-08
   days on market $299,000 Active 27 DOM
9. 2026-06-07
   days on market $299,000 Active 26 DOM
10. 2026-06-04
    days on market $299,000 Active 23 DOM
11. 2026-06-03
    days on market $299,000 Active 22 DOM
12. 2026-06-02
    days on market $299,000 Active 21 DOM
13. 2026-06-01
    days on market $299,000 Active 20 DOM
14. 2026-05-31
    days on market $299,000 Active 19 DOM
15. 2026-05-12
    listed $299,000 Active 805-char remark

ⓘ 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: $3,381 · $282/mo
• Projected year-2 tax: $3,529 · $294/mo
• Expected delta: +$148/yr (+$12/mo · 4.4%)

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

Taxation est. · year 1

• Rental income: $42,663
• − Mortgage interest: −$16,749
• − Property taxes: −$3,381
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,413
• − Management: −$3,413
• − HOA: −$7,656
• − Depreciation: −$8,698
• Taxable loss: −$2,142
• Est. tax savings @ 24.0%: +$514
• After-tax cash flow: $2,870/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: Gloucester
• NCES district ID: 2505280
• Math proficiency: 33% ▼ -11.00%
• Reading proficiency: 46% ▼ -2.00%
• Median HH income: $61,632
• Composite: 35.14/100
• National rank: #5011
• State rank: #203 of 302 in MA

Livability — Gloucester

• Score: 72/100
• State rank: #119
• US rank: #6345

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gloucester, MA
• County: Essex County · 632,995 people
• City population: 30,075
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 30,075
• Household income: $83,883
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 1500.0

Population outlook (Essex County) Hauer SSP2

• Today (2025): 840,920 people
• By 2030: 872,201 · +3.7%
• By 2040: 927,918 · +10.3%
• By 2050: 970,206 · +15.4%
• By 2075: 1,077,993 · +28.2%
• By 2100: 1,103,053 · +31.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 5% Two or more races 5% Asian 2% Black 1%
• Common ancestry: Russian 7% Romanian 4% Lithuanian 4%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Other Indo-European 6% Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · Essex

• 2024 margin: Strong D (+20.3) · D 59.2% · R 38.9% · Other 1.9%
• 2008→2024 swing: 0.0pp no change · 2008: 20.3pp · 2024: 20.3pp
• All cycles: 2024: D+20.3 2020: D+29.1 2016: D+22.5 2012: D+16.2 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -275.46%
• Current HPI: 324.3107
• Rent YoY: ▲ 9.27%
• 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

1 event — show timeline

• 2026-05-12 Listed $299,000 FSBO.com

Property tax history

+7.5%/yr

Latest (2023): $3,381 · +2.7% YoY. Source: county tax records.