34 High St

North Attleborough Town, MA 02760

$999,900B+

7 bd · 6.0 ba · 5,351 sqft · Built 1878 · MultiFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $19,358/mo
• Mortgage (P&I): −$5,244
• Tax + insurance: −$1,260
• HOA: −$0
• Vac / Maint / Mgmt: −$4,065
• Net cashflow: $8,790/mo
• Annual: $105,474/yr
• Cap rate: 16.84%
• Cash-on-cash: 37.67%
• DSCR: 2.68
• 1% rule: 1.94%
• Cash to close: $279,972

Investor read

• This is a 6 × 8-bed/6.0-bath units multifamily listed at $1000k.
• At list price, monthly cash flow is $9k ($105k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1000k).
• It's been on market 25 days — a 2% lower offer ($985k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $985k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• North Attleborough (suburban): math 46% / reading 60% proficiency, ranked #98 of 302 in MA (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: North Attleborough Middle (math 41% / reading 60%, grade C, #80 of 305 statewide, top 26%, 956 students, 0% FRL); North Attleboro High (math 64% / reading 72%, grade B, #93 of 343 statewide, top 28%, 1,107 students, 0% FRL) — zoned schools average 0% FRL vs 15% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.9%/yr); 42 active listings in the ZIP; high-income renter base; 760 units permitted in Bristol County in 2024 (142 in 5+ unit buildings).
• Bristol County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 27y 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 $310k; list at $1000k implies a 223% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $280k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 16.8% vs local median 2.9% in North Attleborough 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.

Questions for listing agent

• 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 1878 — 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.
• 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.
• 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.