1471 Beacon St #1

Brookline, MA 02445

$1,650,000D

3 bd · 4.0 ba · 2,928 sqft · Built 1910 · Condo · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,681/mo
• Mortgage (P&I): −$8,653
• Tax + insurance: −$2,074
• HOA: −$954
• Vac / Maint / Mgmt: −$1,403
• Net cashflow: $-6,403/mo
• Annual: $-76,840/yr
• Cap rate: 1.64%
• Cash-on-cash: -16.63%
• DSCR: 0.26
• 1% rule: 0.40%
• Cash to close: $462,000

Investor read

• This is a 3-bed/4.0-bath condo listed at $1.65M.
• At list price, monthly cash flow is $-6k ($-77k/yr) — negative.
• To cash-flow at today's rent, offer at most $519k (68.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $668k (59.5% below list).
• It's been on market 45 days — a 3% lower offer ($1.60M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $519k (68.6% below list) — sets the bar for cash-flow.
• In year one you build about $176k of equity ($11k loan paydown + $165k 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: Michael Driscoll (math 65% / reading 70%, grade B+, #94 of 938 statewide, top 10%, 456 students, 0% FRL); Brookline High (math 79% / reading 83%, grade A, #41 of 343 statewide, top 12%, 2,087 students, 0% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.5%/yr); 97 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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.
• 3 sale attempts since 11y 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.
• Current owner paid $1.40M; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$284k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 1.6% 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 $6,681/mo this rent would consume 57% 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 45 days. Have you received any prior offers? Is the seller open to a 69% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?