310 Old Chatham Rd Unit A-141

South Dennis, MA 02638

$43,000D-

1 bd · 1.0 ba · 405 sqft · Built 2014 · Manufactured · Active · 348 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $783/mo
• Mortgage (P&I): −$225
• Tax + insurance: −$72
• HOA: −$703
• Vac / Maint / Mgmt: −$164
• Net cashflow: $-382/mo
• Annual: $-4,580/yr
• Cap rate: -4.36%
• Cash-on-cash: -38.04%
• DSCR: -0.69
• 1% rule: 1.82%
• Cash to close: $12,040

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $43k. Condition is rated good.
• At list price, monthly cash flow is $-382 ($-5k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($783 rent vs $43k).
• It's been on market 348 days — a 12% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $38k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $297 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#183 in MA) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A, employment A-; Watch: amenities F, commute F, cost of living F.
• Dennis-Yarmouth (suburban): math 31% / reading 42% proficiency, ranked #222 of 302 in MA (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dennis-Yarmouth Regional High (math 43% / reading 43%, grade F, #210 of 343 statewide, top 61%, 888 students, 0% FRL) — zoned schools average 0% FRL vs 39% district-wide (39 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 90% of rent.
• Market conditions: 41 active listings in the ZIP; high-income renter base; 657 units permitted in Barnstable County in 2024 (178 in 5+ unit buildings).
• Barnstable County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $22k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate -4.4% vs local median 2.3% in South Dennis — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent is only 8% of the median local income ($118k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 348 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.