126 Pleasant St · Marblehead, MA 01945

$1,875,000

4 bd · 7.0 ba · 5,579 sqft · MultiFamily public records · 65 Days on market

Built 1940 5,009 sqft lot $336/sqft · 23% below area Est $2444k · 23% under

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Why this score? — see what drove the C 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 +17.5/30.0
• ARV discount +15.0/15.0
• Schools +5.8/10.0
• DSCR +5.5/10.0
• Rent growth +5.0/5.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Solid 6 unit investment property features 4 residential units and 2 commercial units . Located on Pleasant St in downtown Marblehead in the business district. The residential units are comprised of 2, 2 bedroom units and 2 one bedroom units. Separate utilities for all units with gas heating systems. Strong rental history for this building with all units. 2 Commercial units have been long term tenants. There is a common back yard and garden area. A well maintained property with recent work done to exterior, brick and electric.

Key facts

• 4 residential units
• 2 commercial units
• Business district

Tags

• 6 UNIT INVESTMENT PROPERTY
• 4 RESIDENTIAL UNITS
• 2 COMMERCIAL UNITS
• PLEASANT ST
• DOWNTOWN MARBLEHEAD
• BUSINESS DISTRICT

What this means for you Summary

Snapshot

• This is a 4×2bd/1ba + 2×1bd/1ba units multifamily listed at $1.88M.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $242/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.61M (14.1% below list).
• Recommended offer: $1.61M (14.1% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 1.7% in Marblehead — 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 67/100 on livability (#161 in MA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools A-; Watch: amenities F, cost of living F, health & safety F.
• Marblehead (suburban): math 58% / reading 68% proficiency, ranked #42 of 302 in MA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+19.0%/yr); 43 active listings in the ZIP; high-income renter base; 1,032 units permitted in Essex County in 2024 (590 in 5+ unit buildings).
• At $16,099/mo this rent would consume 108% of the median local household income ($180k/yr) (locally 333% 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 $13k of loan paydown is wiped out by about $56k 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 + 8.0% rent growth), your $525k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($1.76M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,609,900 (14.1% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 0.86% ✗
• Cap rate: 7.22%
• Cash-on-cash: 3.32%
• DSCR: 1.15
• GRM: 9.7

CMA / ARV

• ARV (median comp): $2,444,129
• List price: $1,875,000
• Delta: -23.29%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.76×
• Total profit: $-126,985
• Equity at exit: $279,569

10-year hold

• IRR: 8.2%
• Equity multiple: 1.75×
• Total profit: $392,607
• Equity at exit: $162,116

Cash invested: $525,000 (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 01945

• Rents YoY: 19.0%
• Active inventory: 43
• Price-to-rent: 57.5×

Monthly cashflow live

• Estimated rent: $16,099 high
• Mortgage (P&I): −$9,833
• Tax from tax record: −$651 /mo · $7,811/yr
• Insurance: −$781
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,381
• Net cashflow: $1,453

Break-even live

Break-even rent $14,259

Max offer price $1,875,000

Occupancy floor 86%

Sensitivity live

Price	-10% $2,515	-5% $1,984	+0% $1,453	+5% $923	+10% $392
Rent	-10% $182	-5% $817	+0% $1,453	+5% $2,089	+10% $2,725
Rate	-1.0pp $2,398	-0.5pp $1,930	base $1,453	+0.5pp $967	+1.0pp $473

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$10,868
▸ 2× units	1	1	$5,230
Total (6 units)			$16,099

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: $468,750
• Closing costs: $56,250
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $1,875,000 Active 65 DOM
2. 2026-06-17
   days on market $1,875,000 Active 64 DOM
3. 2026-06-16
   days on market $1,875,000 Active 63 DOM
4. 2026-06-15
   days on market $1,875,000 Active 62 DOM
5. 2026-06-13
   days on market $1,875,000 Active 60 DOM
6. 2026-06-13
   days on market $1,875,000 Active 59 DOM
7. 2026-06-09
   days on market $1,875,000 Active 56 DOM
8. 2026-06-08
   days on market $1,875,000 Active 55 DOM
9. 2026-06-07
   statusdays on market $1,875,000 Active 54 DOM
10. 2026-06-04
    days on market $1,875,000 Price Changed 51 DOM
11. 2026-06-03
    days on market $1,875,000 Price Changed 50 DOM
12. 2026-06-02
    days on market $1,875,000 Price Changed 49 DOM
13. 2026-06-02
    pricestatus $1,875,000 Price Changed 48 DOM
14. 2026-06-01
    days on market $1,950,000 Active 48 DOM
15. 2026-05-31
    days on market $1,950,000 Active 47 DOM
16. 2026-04-14
    listed $1,950,000 New 531-char remark

    Show marketing remark (531 chars)

    Solid 6 unit investment property features 4 residential units and 2 commercial units . Located on Pleasant St in downtown Marblehead in the business district. The residential units are comprised of 2, 2 bedroom units and 2 one bedroom units. Separate utilities for all units with gas heating systems. Strong rental history for this building with all units. 2 Commercial units have been long term tenants. There is a common back yard and garden area. A well maintained property with recent work done to exterior, brick and electric.

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

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $7,811 · $651/mo
• Projected year-2 tax: $15,437 · $1,286/mo
• Expected delta: +$7,626/yr (+$635/mo · 97.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌡 Heat 6/10 Major
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $193,188
• − Mortgage interest: −$105,029
• − Property taxes: −$7,811
• − Insurance: −$9,375
• − Repairs & maintenance: −$15,455
• − Management: −$15,455
• − Depreciation: −$54,545
• Taxable loss: −$14,483
• Est. tax savings @ 24.0%: +$3,476
• After-tax cash flow: $20,916/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.

Schools (NCES district)

• District: Marblehead
• NCES district ID: 2507260
• Math proficiency: 58% ▼ -8.00%
• Reading proficiency: 68% ▲ 1.00%
• Median HH income: $100,530
• Composite: 58.36/100
• National rank: #1009
• State rank: #42 of 302 in MA

Livability — Marblehead

• Score: 67/100
• State rank: #161
• US rank: #10815

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marblehead, MA
• County: Essex County · 632,995 people
• City population: 20,470
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 20,470
• Household income: $179,583
• Rent vs Own: 14.7% rent · 85.3% own
• Severe rent burden: 333.0

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 (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 2% Asian 1%
• Common ancestry: Romanian 7% Scotch-Irish 4% Lithuanian 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 92% English-only · Other Indo-European 3% Spanish 2% Russian/Polish/Slavic 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: ▼ -472.12%
• Current HPI: 275.3628
• Rent YoY: ▲ 19.02%
• 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

1 event — show timeline

• 2026-04-14 Listed $1,950,000 MLS PIN

Property tax history

+1.7%/yr

Latest (2023): $7,811 · +1.3% YoY. Source: county tax records.