51 Crest Dr

Wareham, MA 02576

$179,900C-

2 bd · 1.5 ba · 980 sqft · Built 1985 · Manufactured · Active · 260 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,507/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$300
• HOA: −$624
• Vac / Maint / Mgmt: −$527
• Net cashflow: $114/mo
• Annual: $1,363/yr
• Cap rate: 7.05%
• Cash-on-cash: 2.71%
• DSCR: 1.12
• 1% rule: 1.39%
• Cash to close: $50,372

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $180k.
• At list price, monthly cash flow is $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• It's been on market 260 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Wareham (suburban): math 17% / reading 33% proficiency, ranked #271 of 302 in MA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: HOA is 25% of rent.
• Market conditions: 9 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,255 units permitted in Plymouth County in 2024 (411 in 5+ unit buildings).
• 3 sale attempts since 10y ago; this cycle's ask has dropped $29k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $54k; list at $180k implies a 233% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 80% 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.

Questions for listing agent

• It's been on market 260 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.