190-192 Main St

Maynard, MA 01754

$899,000B

20 bd · 16.0 ba · 3,256 sqft · Built 1900 · MultiFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,805/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$1,498
• HOA: −$0
• Vac / Maint / Mgmt: −$2,899
• Net cashflow: $4,693/mo
• Annual: $56,318/yr
• Cap rate: 12.56%
• Cash-on-cash: 22.37%
• DSCR: 2.00
• 1% rule: 1.54%
• Cash to close: $251,720

Investor read

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $899k. Condition is rated good.
• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $899k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Location reads 82/100 on livability (#26 in MA, #1,176 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: commute F, cost of living F.
• Maynard (suburban): math 31% / reading 50% proficiency, ranked #184 of 302 in MA (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.3%/yr); 9 active listings in the ZIP; high-income renter base; 3,670 units permitted in Middlesex County in 2024 (2,611 in 5+ unit buildings).
• Middlesex County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $252k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% 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.
• Cap rate 12.6% vs local median 1.8% in Maynard — 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 $13,805/mo this rent would consume 134% of the median local household income ($124k/yr) (locally 372% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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 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.