1 C Pigeon Hill Ct Unit C · Rockport, MA 01966

$888,800

3 bd · 2.5 ba · 2,175 sqft · Condo · 15 Days on market

Built 2004 Good condition $21/mo HOA

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Condition / age +3.8/5.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious custom Colonial set in a tranquil Pigeon Cove location, framed by a natural granite wall for privacy and charm. The open, flexible floor plan features a cherry kitchen with island breakfast bar, dining area with sliders to the deck and backyard, plus a formal living room and separate dining room or family room option. The large primary bedroom includes a walk-in closet and private bath. Outside, enjoy a charming granite garden house and established perennial gardens. This is an ideal spot for nature lovers, with trails and paths to quarries and Dogtown just steps away, and Pigeon Cove Harbor only two blocks down the street for launching boats and kayaks. Additional highlights inclu

Key facts

• Custom colonial
• Granite wall
• Cherry kitchen

Tags

• CUSTOM COLONIAL
• GRANITE WALL
• CHERRY KITCHEN
• ISLAND BREAKFAST BAR
• GRANITE GARDEN HOUSE
• PERENNIAL GARDENS

Property features AI

Finance

• Other: Two heat zones
• HOA & community: Association fee $250 annually; includes insurance; Community features include public transportation, shopping, parks, golf, laundromat, highway access, house of worship, public school; Pets allowed; Not a senior community

Exterior

• Parking: Attached garage (1 garage space); Covered parking (1 covered space); Off-street parking; Driveway; Approximately 4 open parking spaces; total 5 parking spaces
• Utilities: Public water; Public sewer; Electric service with circuit breakers; Gas and electric range/oven provisions; electric dryer provision
• Home design: Condex (Quarry Commons Condominium); Detached; 2 stories; Entry level on first floor; upper unit with walkout placement
• Construction: Frame construction; Shingle roof; Built around 2004 (approximate)
• Exterior features: Deck (wood and composite); Bay/harbor/ocean nearby; 1–2 miles to beach; public beach access

Interior

• Kitchen: Range; Dishwasher; Microwave; Refrigerator
• Bedrooms: Master bedroom located on the second floor; Bedroom 2 located on the second floor; Bedroom 3 located on the second floor
• Flooring: Wood; Tile; Carpet
• Bathrooms: Two full bathrooms; One half bathroom; Master bathroom included
• Heating & cooling: Electric baseboard heating; Has heating
• Interior features: Mud room; Basement
• Laundry & utility: Laundry on second floor; Electric dryer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $889k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $889k).
• Recommended offer: $875k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 2.0% in Rockport — 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 71/100 on livability (#130 in MA) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: housing C-, amenities F, cost of living F.
• Rockport (suburban): math 32% / reading 51% proficiency, ranked #187 of 302 in MA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Rockport Elementary (math 32% / reading 52%, grade F, #462 of 938 statewide, top 52%, 304 students, 0% FRL); Rockport Middle (math 27% / reading 47%, grade F, #162 of 305 statewide, top 55%, 195 students, 0% FRL); Rockport High (math 54% / reading 64%, grade C+, #131 of 343 statewide, top 41%, 231 students, 0% FRL).
• Market conditions: 29 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,032 units permitted in Essex County in 2024 (590 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k 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 + 3.0% rent growth), your $249k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($875k) is reasonable based on typical stale-listing flexibility.

Recommended offer $875,468 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.41% ✓
• Cap rate: 11.33%
• Cash-on-cash: 17.99%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 9.6%
• Equity multiple: 1.38×
• Total profit: $93,842
• Equity at exit: $132,523

10-year hold

• IRR: 18.7%
• Equity multiple: 2.56×
• Total profit: $388,566
• Equity at exit: $76,847

Cash invested: $248,864 (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 01966

• Home prices YoY: -21.2%
• Active inventory: 29
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $12,525 medium
• Mortgage (P&I): −$4,661
• Tax est. 1.5%: −$1,111 /mo · $13,332/yr
• Insurance: −$370
• HOA: −$21
• Vacancy / Maint / Mgmt: −$2,630
• Net cashflow: $3,732

Break-even live

Break-even rent $7,802

Max offer price $888,800

Occupancy floor 65%

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: $222,200
• Closing costs: $26,664
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21 Norseman Ave Gloucester, MA	2.0	2.0	1700	$3,500	$2.06	2d	1	1.24mi
14 Sunset Point Rd Gloucester, MA	3.0	2.5	1518	$24,000	$15.81	2d	1	1.41mi

HOA detail condo

• Monthly dues: $21 · $252/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-18
   days on market $888,800 Active 15 DOM
2. 2026-06-17
   days on market $888,800 Active 14 DOM
3. 2026-06-16
   days on market $888,800 Active 13 DOM
4. 2026-06-15
   days on market $888,800 Active 12 DOM
5. 2026-06-13
   days on market $888,800 Active 10 DOM
6. 2026-06-13
   days on market $888,800 Active 9 DOM
7. 2026-06-09
   days on market $888,800 Active 6 DOM
8. 2026-06-08
   days on market $888,800 Active 5 DOM
9. 2026-06-08
   status $888,800 Active 4 DOM
10. 2026-06-07
    days on market $888,800 New 4 DOM
11. 2026-06-03
    remarks 699-char remark
12. 2026-06-03
    listed $888,800 New 1 DOM

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

Taxation est. · year 1

• Rental income: $150,301
• − Mortgage interest: −$49,787
• − Property taxes: −$13,332
• − Insurance: −$4,444
• − Repairs & maintenance: −$12,024
• − Management: −$12,024
• − HOA: −$252
• − Depreciation: −$25,856
• Taxable income: $32,582
• Est. tax owed @ 24.0%: −$7,820
• After-tax cash flow: $36,959/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 · 1 photo

Good 75/100 Cosmetic rehab

This custom Colonial townhouse is in good condition with a good condition score of 75. It has a good roof, exterior, and interior, and is move-in ready with minor cosmetic updates needed. The highest-ROI updates include painting the exterior, landscaping improvements, and replacing old windows.

Value-add opportunities

• Both Paint exterior walls — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value
• Both Replace old windows with energy-efficient ones — Improves energy efficiency and curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior walls — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Both Replace old windows with energy-efficient ones — Improves energy efficiency and curb appeal ↑

ⓘ 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: Rockport
• NCES district ID: 2510200
• Math proficiency: 32% ▼ -14.00%
• Reading proficiency: 51% ▼ -8.00%
• Median HH income: $67,677
• Composite: 37.35/100
• National rank: #4436
• State rank: #187 of 302 in MA

Livability — Rockport

• Score: 71/100
• State rank: #130
• US rank: #7169

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 6,977
• Population (ZIP): 6,977

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 (94%)
• Race & ethnicity: White 94% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 5% Slovak 4% Romanian 4%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 96% English-only · Other Indo-European 2% Spanish 1% 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: ▼ -74.07%
• Current HPI: 275.8249
• Rent YoY: —
• Metro: —
• 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

• 2026-06-03 Listed $888,800 MLS PIN