52 High St

North Attleborough Town, MA 02760

$699,900C-

5 bd · 3.0 ba · 3,086 sqft · Built 1880 · MultiFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,681/mo
• Mortgage (P&I): −$3,670
• Tax + insurance: −$827
• HOA: −$0
• Vac / Maint / Mgmt: −$1,403
• Net cashflow: $780/mo
• Annual: $9,365/yr
• Cap rate: 7.63%
• Cash-on-cash: 4.78%
• DSCR: 1.21
• 1% rule: 0.95%
• Cash to close: $195,972

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $700k.
• At list price, monthly cash flow is $780 ($9k/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 $668k (4.5% below list).
• It's been on market 48 days — a 3% lower offer ($679k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $668k (4.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• North Attleborough (suburban): math 46% / reading 60% proficiency, ranked #98 of 302 in MA (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.9%/yr); 37 active listings in the ZIP; high-income renter base; 760 units permitted in Bristol County in 2024 (142 in 5+ unit buildings).
• Bristol County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 25y 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 $570k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 64% 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 7.6% vs local median 2.8% in North Attleborough 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.
• At $6,681/mo this rent would consume 72% of the median local household income ($112k/yr) (locally 681% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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.
• 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.