24 Greenleaves Dr #406

Amherst Town, MA 01002

$249,000D

1 bd · 1.0 ba · 675 sqft · Built 2004 · Condo · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,258/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$389
• HOA: −$220
• Vac / Maint / Mgmt: −$474
• Net cashflow: $-131/mo
• Annual: $-1,572/yr
• Cap rate: 5.66%
• Cash-on-cash: -2.26%
• DSCR: 0.90
• 1% rule: 0.91%
• Cash to close: $69,720

Investor read

• This is a 1-bed/1.0-bath condo listed at $249k.
• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $226k (9.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (9.3% below list).
• It's been on market 44 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (9.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Amherst-Pelham (suburban): math 67% / reading 76% proficiency, ranked #39 of 302 in MA (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Crocker Farm Elementary (math 42% / reading 62%, grade C-, #287 of 938 statewide, top 33%, 345 students, 0% FRL); Amherst Regional Middle School (math 52% / reading 67%, grade B, #42 of 305 statewide, top 15%, 372 students, 0% FRL); Amherst Regional High (math 77% / reading 87%, grade A, #33 of 343 statewide, top 11%, 858 students, 0% FRL) — zoned schools average 0% FRL vs 22% district-wide (22 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+9.3%/yr); 53 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 349 units permitted in Hampshire County in 2024 (185 in 5+ unit buildings).
• Hampshire County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 20y 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.
• Cap rate 5.7% vs local median 3.4% in Amherst 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.
• This rent runs 38% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 44 days. Have you received any prior offers? Is the seller open to a 9% 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?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.