18-20 North High St · Melrose, MA 02176

$1,585,000

28 bd · 16.0 ba · 4,154 sqft · MultiFamily · 14 Days on market

Built 1900 Good condition 4,752 sqft lot

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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).

• ARV discount +7.5/15.0
• Cash flow +7.0/30.0
• Schools +5.3/10.0
• Livability +4.5/5.0
• Condition / age +4.0/5.0
• Rent growth +3.2/5.0
• 1% rule +1.9/10.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

4 good sized units. Large rooms with high ceilings. 4200 square feet of living area. all units appear to be in decent condition. 1 car off street parking per unit. 3/10 of a mile to the train station. rents include water and sewer. all other utilities are separate for each unit. coin operated washer and dryer in basement. 1/2 mile to Main Street.

Key facts

• Utilities separated
• 4,752 sq ft lot
• 4 parking spots

Tags

• STABILIZED FOUR-FAMILY
• STEPS FROM CEDAR PARK
• WELL-MAINTAINED ASSET
• MAJOR SYSTEMS UPGRADED
• UTILITIES SEPARATED
• OFF-STREET PARKING SPACES

Property features AI

Finance

• Financial info: Property operates as a multi-family building with four leased units
• HOA & community: Access to community amenities including public transportation, shopping, pool, tennis courts, park, medical facility, laundromat, conservation area, private and public schools; Not a senior community

Exterior

• Parking: Paved off-street parking; 4 open parking spaces
• Utilities: Public water; Public sewer
• Home design: 4-family property; 5 total stories; Approximately 4,154 sq ft building area
• Construction: Frame and stone construction; Stone foundation; Approximate year built (public records)
• Exterior features: Shingle roof; Composite deck; Deck; Gentle sloping lot; Paved public road frontage

Interior

• Kitchen: Range; Range hood; Dishwasher; Refrigerator; Disposal
• Flooring: Hardwood floors
• Bathrooms: Four full bathrooms
• Heating & cooling: Baseboard heating; Natural gas heating; Unit-controlled heating
• Interior features: Total of 17 rooms; Remodeled sections; Pantry; Built-in storage; Living room; Bathroom with tub and shower; Box/bay/bow windows

What this means for you Summary

Snapshot

• This is a 3×1bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $1.58M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-2k ($-28k/yr) — negative. Per door: $-575/mo.
• To cash-flow at today's rent, offer at most $1.25M (21.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.10M (30.9% below list).
• Recommended offer: $1.10M (30.9% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 2.3% in Melrose — 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 89/100 on livability (#3 in MA, #147 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Melrose (suburban): math 53% / reading 64% proficiency, ranked #71 of 302 in MA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Melrose High (math 61% / reading 77%, grade B, #90 of 343 statewide, top 27%, 926 students, 0% FRL).
• Market conditions: Rents rising (+2.9%/yr); 30 active listings in the ZIP; high-income renter base; 3,670 units permitted in Middlesex County in 2024 (2,611 in 5+ unit buildings).
• At $10,954/mo this rent would consume 98% of the median local household income ($134k/yr) (locally 959% 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 $11k of loan paydown is wiped out by about $48k of value loss. Plan a longer hold.
• Middlesex County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 17y 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 $620k; list at $1.58M implies a 156% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,095,400 (30.9% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.69% ✗
• Cap rate: 4.55%
• Cash-on-cash: -6.22%
• DSCR: 0.72
• GRM: 12.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.94% rent growth · sell at horizon

5-year hold

• IRR: -27.1%
• Equity multiple: 0.09×
• Total profit: $-403,817
• Equity at exit: $236,329

10-year hold

• IRR: -25.0%
• Equity multiple: -0.22×
• Total profit: $-542,294
• Equity at exit: $137,042

Cash invested: $443,800 (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 02176

• Rents YoY: 2.9%
• Active inventory: 30
• Price-to-rent: 49.9×

Monthly cashflow live

• Estimated rent: $10,954 high
• Mortgage (P&I): −$8,312
• Tax est. 1.5%: −$1,981 /mo · $23,775/yr
• Insurance: −$660
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,300
• Net cashflow: $-2,300

Break-even live

Break-even rent $13,865

Max offer price $1,252,198

Occupancy floor —

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$7,938
1× unit	3	1	$3,016
Total (4 units)			$10,954

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: $396,250
• Closing costs: $47,550
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   days on market $1,585,000 Active 14 DOM
2. 2026-06-17
   days on market $1,585,000 Active 13 DOM
3. 2026-06-16
   days on market $1,585,000 Active 12 DOM
4. 2026-06-15
   days on market $1,585,000 Active 11 DOM
5. 2026-06-13
   days on market $1,585,000 Active 9 DOM
6. 2026-06-09
   days on market $1,585,000 Active 5 DOM
7. 2026-06-08
   statusdays on market $1,585,000 Active 4 DOM
8. 2026-06-07
   remarks 699-char remark
9. 2026-06-07
   listed $1,585,000 New 3 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $131,448
• − Mortgage interest: −$88,785
• − Property taxes: −$23,775
• − Insurance: −$7,925
• − Repairs & maintenance: −$10,516
• − Management: −$10,516
• − Depreciation: −$46,109
• Taxable loss: −$56,177
• Est. tax savings @ 24.0%: +$13,483
• After-tax cash flow: $-14,116/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This four-family property is in good condition with recent cosmetic upgrades, making it a solid investment opportunity.

Value-add opportunities

• Both landscaping — improve curb appeal and increase rental value
• Both exterior paint — enhance curb appeal and increase resale value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — improve curb appeal and increase rental value ↑
• Both exterior paint — enhance curb appeal and increase resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Melrose
• NCES district ID: 2507620
• Math proficiency: 53% ▼ -13.00%
• Reading proficiency: 64% ▼ -10.00%
• Median HH income: $86,560
• Composite: 53.29/100
• National rank: #1485
• State rank: #71 of 302 in MA

Livability — Melrose

• Score: 89/100
• State rank: #3
• US rank: #147

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Melrose, MA
• County: Middlesex County · 1,437,704 people
• City population: 29,650
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 29,650
• Household income: $133,953
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 959.0

Population outlook (Middlesex County) Hauer SSP2

• Today (2025): 1,740,269 people
• By 2030: 1,817,187 · +4.4%
• By 2040: 1,963,195 · +12.8%
• By 2050: 2,087,461 · +20.0%
• By 2075: 2,344,036 · +34.7%
• By 2100: 2,383,776 · +37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Asian 10% Two or more races 7% Hispanic / Latino 6% Black 2%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 2%
• Foreign-born: 16% · Canada, China, Jamaica
• Languages at home: 79% English-only · Spanish 5% Other Indo-European 5% Chinese 3%

Political lean MEDSL · Middlesex

• 2024 margin: Solid D (+39.5) · D 68.5% · R 29.0% · Other 2.5%
• 2008→2024 swing: +9.3pp toward D · 2008: 30.1pp · 2024: 39.5pp
• All cycles: 2024: D+39.5 2020: D+45.2 2016: D+38.1 2012: D+26.9 2008: D+30.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -489.80%
• Current HPI: 321.0232
• Rent YoY: ▲ 2.94%
• 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

+230.3% since first listed

10 events — show timeline

• 2026-06-04 Listed $1,585,000 MLS PIN
• 2026-04-13 Rental Removed $2,050 LISTANZA
• 2026-03-12 Listed for Rent $2,050 LISTANZA
• 2015-07-10 Sold (MLS) $620,000 MLS PIN
• 2015-05-14 Pending — MLS PIN
• 2015-05-06 Listed $640,000 MLS PIN
• 2009-04-16 Listing Removed — MLS PIN
• 2009-04-15 Sold (MLS) $460,000 MLS PIN
• 2009-03-14 Contingent — MLS PIN
• 2009-02-10 Listed $479,900 MLS PIN