184 Rawson Rd

Brookline, MA 02445

$1,850,000D

4 bd · 3.5 ba · 1,260 sqft · Built 1965 · SingleFamily · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,675/mo
• Mortgage (P&I): −$9,702
• Tax + insurance: −$1,937
• HOA: −$0
• Vac / Maint / Mgmt: −$1,192
• Net cashflow: $-7,155/mo
• Annual: $-85,862/yr
• Cap rate: 1.65%
• Cash-on-cash: -16.58%
• DSCR: 0.26
• 1% rule: 0.31%
• Cash to close: $518,000

Investor read

• This is a 4-bed/3.5-bath single-family listed at $1.85M.
• At list price, monthly cash flow is $-7k ($-86k/yr) — negative.
• To cash-flow at today's rent, offer at most $586k (68.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $567k (69.3% below list).
• It's been on market 68 days — a 6% lower offer ($1.74M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $567k (69.3% below list) — sets the bar for 1% rule.
• In year one you build about $198k of equity ($13k loan paydown + $185k 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: John D Runkle (math 65% / reading 72%, grade B+, #91 of 938 statewide, top 10%, 508 students, 0% FRL); Brookline High (math 79% / reading 83%, grade A, #41 of 343 statewide, top 12%, 2,087 students, 0% FRL).
• Market conditions: Rents rising (+1.5%/yr); 97 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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.
• 2 sale attempts; this cycle's ask has dropped $100k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $290k; list at $1.85M implies a 538% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$318k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 54% 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.
• Cap rate 1.7% vs local median 1.2% in Brookline — 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 $5,675/mo this rent would consume 49% of the median local household income ($140k/yr) (locally 1138% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 68 days. Have you received any prior offers? Is the seller open to a 69% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.