146 North St #1 · Salem, MA 01970

$249,900

1 bd · 1.0 ba · 769 sqft · Condo public records · 4 Days on market

Built 1910 $130/mo HOA · 5% of rent

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Why this score? — see what drove the D 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 +16.0/30.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• 1% rule +4.6/10.0
• Livability +4.1/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Pristine, sunny 1BR/1BA 769 sq ft condo with gleaming hardwood floors, soaring 9 ft ceilings, 11 windows each over 5 ft tall, spacious walk-in closet, basement storage, huge backyard, antique fireplace w/ detailed mantle, ample on-street parking, very short walk to train (approx 7 mins.), low condo fees ($66/mo), and newer furnace, appliances, windows, and roof. Newer washer and dryer included. Pet friendly, walk to downtown, and easily accessible to highways. Priced below assessed value.

Key facts

• First-floor condo
• Mbta commuter rail
• Walk-in closet

Tags

• FIRST-FLOOR CONDO
• MINUTES FROM DOWNTOWN SALEM
• MBTA COMMUTER RAIL
• WALK-IN CLOSET
• BASEMENT STORAGE
• LOW-MAINTENANCE CONDO LIVING

Property features AI

Finance

• HOA & community: Monthly HOA fee of $130.98; HOA covers water, sewer, insurance, structure and grounds maintenance; Community amenities include public transportation access, shopping, golf, and a laundromat

Exterior

• Parking: Open parking available
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Condominium (garden style); One story; Entry at first level
• Construction: Frame construction; Built around 2004 (approximate)
• Exterior features: Shingle roof; Porch

Interior

• Kitchen: Range; Dishwasher; Refrigerator; Gas range hookup available
• Bedrooms: Primary bedroom on the first level with walk-in closet
• Flooring: Wood / hardwood flooring
• Bathrooms: One full bathroom on the first level with tub and shower
• Heating & cooling: Baseboard heating (natural gas); Window air conditioning units
• Interior features: Wood flooring throughout; Ceiling fans in living and dining areas; Basement access
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $122 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $241k (3.6% below list).
• Recommended offer: $241k (3.6% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 2.6% in Salem — 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 82/100 on livability (#25 in MA, #1,153 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, amenities A; Watch: cost of living F.
• Salem (suburban): math 18% / reading 36% proficiency, ranked #262 of 302 in MA (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Witchcraft Heights (math 19% / reading 35%, grade F, #696 of 938 statewide, top 76%, 455 students, 0% FRL); Collins Middle (math 16% / reading 31%, grade F, #240 of 305 statewide, top 79%, 612 students, 0% FRL); Salem High (math 32% / reading 52%, grade F, #214 of 343 statewide, top 65%, 888 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 84 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,032 units permitted in Essex County in 2024 (590 in 5+ unit buildings).
• This rent runs 34% of the median local income ($85k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Essex County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 22y 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 $169k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 77% 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.

Recommended offer $240,904 (3.6% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.96% ✗
• Cap rate: 6.88%
• Cash-on-cash: 2.09%
• DSCR: 1.09
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.81% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.46×
• Total profit: $-37,870
• Equity at exit: $37,261

10-year hold

• IRR: -11.4%
• Equity multiple: 0.38×
• Total profit: $-43,115
• Equity at exit: $21,607

Cash invested: $69,972 (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 01970

• Rents YoY: 0.8%
• Active inventory: 84
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,409 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$237 /mo · $2,842/yr
• Insurance: −$104
• HOA: −$130
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $122

Break-even live

Break-even rent $2,255

Max offer price $249,900

Occupancy floor 90%

Sensitivity live

Price	-10% $263	-5% $192	+0% $122	+5% $51	+10% $-20
Rent	-10% $-69	-5% $27	+0% $122	+5% $217	+10% $312
Rate	-1.0pp $248	-0.5pp $185	base $122	+0.5pp $57	+1.0pp $-9

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33 Upham St Unit 2 Salem, MA	2.0	1.0	590	$2,100	$3.56	26d	1	0.02mi
36 Upham St Unit 2 Salem, MA	2.0	1.0	1000	$2,600	$2.60	18d	1	0.05mi
117 North St Unit 3 Salem, MA	1.0	1.0	650	$2,150	$3.31	4d	1	0.12mi
55 Buffum St Unit 2 Salem, MA	1.0	1.0	700	$2,350	$3.36	45d	1	0.16mi
55 Buffum St Unit 3 Salem, MA	2.0	2.0	900	$2,950	$3.28	45d	1	0.16mi
52 Orchard St Unit 1 Salem, MA	2.0	1.0	900	$2,700	$3.00	45d	1	0.20mi
3 1/2 Buffum St Unit 3 Salem, MA	2.0	1.0	890	$2,600	$2.92	45d	1	0.21mi
20 Symonds St Unit 1 Salem, MA	2.0	1.0	1100	$2,700	$2.45	7d	1	0.26mi
28 1/2 Grove St Unit 2 Salem, MA	2.0	1.0	938	$2,500	$2.67	45d	1	0.46mi
72 Flint St Salem, MA	1.0	1.0	678	$2,715	$4.00	1d	7	0.47mi
15 Lynde St Salem, MA	2.0	1.0	845	$2,150	$2.54	18d	1	0.56mi
33 Federal St Unit 3 Salem, MA	1.0	1.0	1000	$1,800	$1.80	0d	1	0.58mi
366 Essex St Unit B Salem, MA	1.0	1.0	550	$1,750	$3.18	45d	1	0.59mi
289 Essex St #102 Salem, MA	—	1.0	725	$1,950	$2.69	26d	1	0.60mi
160 Federal St Salem, MA	1.0	1.0	700	$1,725	$2.46	45d	1	0.63mi
5 Pearl St Unit 1 Salem, MA	2.0	1.0	1000	$2,400	$2.40	20d	1	0.63mi
120 Washington St Salem, MA	1.0	1.0	627	$2,475	$3.95	26d	1	0.66mi
28 Goodhue St Salem, MA	2.0	2.0	1072	$2,950	$2.75	5d	1	0.67mi
217 Essex St Unit 302 Salem, MA	2.0	2.0	946	$3,400	$3.59	45d	1	0.67mi
2 Griffin Pl #3 Salem, MA	2.0	2.0	910	$2,800	$3.08	26d	1	0.67mi
386 Essex St #5 Salem, MA	2.0	1.0	875	$3,200	$3.66	45d	1	0.68mi
8 Williams St Unit E1 Salem, MA	1.0	1.0	757	$2,500	$3.30	45d	1	0.69mi
85 Bridge St #3 Salem, MA	2.0	2.0	814	$3,000	$3.69	45d	1	0.70mi
20 Central St #215 Salem, MA	1.0	1.0	688	$2,500	$3.63	45d	1	0.72mi
20 Central St #215 Salem, MA	1.0	1.0	688	$2,500	$3.63	26d	1	0.72mi
26 New Derby St Salem, MA	2.0	1.0	1015	$2,825	$2.78	45d	1	0.74mi
26 New Derby St Salem, MA	2.0	1.0	999	$2,900	$2.90	26d	1	0.74mi
17 Pickman St Unit 5 Salem, MA	1.0	1.0	650	$2,200	$3.38	26d	1	0.75mi
17 Pickman St Unit 5 Salem, MA	1.0	1.0	650	$2,300	$3.54	45d	1	0.75mi
65 Boston St #4 Salem, MA	2.0	1.0	735	$2,470	$3.36	46d	1	0.77mi
45 Broad St #2 Salem, MA	1.0	1.0	633	$2,200	$3.48	26d	1	0.82mi
157 Boston St Unit 1 Salem, MA	1.0	1.0	644	$2,325	$3.61	14d	1	0.84mi
82 Webb St Unit 2L Salem, MA	2.0	1.0	891	$3,400	$3.82	6d	1	0.84mi
48 Endicott St Unit 2R Salem, MA	2.0	1.0	1100	$2,600	$2.36	26d	1	0.84mi
13 Nelson Rd Unit 1 Peabody, MA	2.0	1.0	1100	$2,600	$2.36	3d	1	0.85mi
231 Washington St Salem, MA	2.0	1.0–2.0	1012	$3,075	$3.04	0d	3	0.86mi
250 Washington St Apt 1 Salem, MA	1.0	1.0	700	$2,200	$3.14	22d	1	0.88mi
250 Washington St Apt 7 Salem, MA	1.0	1.0	700	$2,000	$2.86	22d	1	0.88mi
260 Washington St Salem, MA	2.0	1.0	874	$2,400	$2.75	1d	1	0.90mi
75 Wharf St Salem, MA	2.0	1.5	900	$2,738	$3.04	26d	2	0.96mi

HOA detail condo

• Monthly dues: $130 · $1,560/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-21
   statusdays on market $249,900 Active 4 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $249,900 New 1 DOM

ⓘ 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: $2,842 · $237/mo
• Projected year-2 tax: $2,958 · $246/mo
• Expected delta: +$116/yr (+$10/mo · 4.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,908
• − Mortgage interest: −$13,998
• − Property taxes: −$2,842
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,313
• − Management: −$2,313
• − HOA: −$1,560
• − Depreciation: −$7,270
• Taxable loss: −$2,636
• Est. tax savings @ 24.0%: +$633
• After-tax cash flow: $2,093/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: Salem
• NCES district ID: 2510380
• Math proficiency: 18% ▼ -17.00%
• Reading proficiency: 36% ▼ -6.00%
• Median HH income: $58,806
• Composite: 24.49/100
• National rank: #7657
• State rank: #262 of 302 in MA

Livability — Salem

• Score: 82/100
• State rank: #25
• US rank: #1153

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, MA
• County: Essex County · 632,995 people
• City population: 44,738
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 44,738
• Household income: $85,041
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 2955.0

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 (68%)
• Race & ethnicity: White 68% Hispanic / Latino 19% Two or more races 9% Black 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 4% Dominican 10%
• Common ancestry: Lithuanian 5% Romanian 4% Russian 3%
• Foreign-born: 15% · Canada, China, Jamaica
• Languages at home: 77% English-only · Spanish 13% Other Indo-European 4% 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: ▼ -430.94%
• Current HPI: 328.328
• Rent YoY: ▲ 0.81%
• 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

+42.8% since first listed

11 events — show timeline

• 2026-06-17 Listed $249,900 MLS PIN
• 2008-08-06 Listing Removed — MLS PIN
• 2008-08-05 Sold (Public Records) $169,000 Public Records
• 2008-08-05 Sold (MLS) $169,000 MLS PIN
• 2008-07-25 Contingent — MLS PIN
• 2008-05-13 Price Changed $184,900 MLS PIN
• 2008-04-30 Price Changed $187,500 MLS PIN
• 2008-04-16 Listed $189,900 MLS PIN
• 2004-11-26 Sold (Public Records) $183,000 Public Records
• 2004-11-26 Sold (MLS) $183,000 MLS PIN
• 2004-09-15 Listed $175,000 MLS PIN

Property tax history

+2.0%/yr

Latest (2023): $2,842 · +3.1% YoY. Source: county tax records.