36 Irving St

Revere, MA 02151

$719,900B

5 bd · 2.0 ba · 1,989 sqft · Built 1949 · MultiFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,620/mo
• Mortgage (P&I): −$3,775
• Tax + insurance: −$741
• HOA: −$0
• Vac / Maint / Mgmt: −$1,810
• Net cashflow: $2,294/mo
• Annual: $27,528/yr
• Cap rate: 10.12%
• Cash-on-cash: 13.66%
• DSCR: 1.61
• 1% rule: 1.20%
• Cash to close: $201,572

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $720k.
• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $720k).
• It's been on market 38 days — a 3% lower offer ($698k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $698k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#122 in MA) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment B+; Watch: crime D+, amenities F, cost of living F.
• Revere (suburban): math 19% / reading 37% proficiency, ranked #261 of 302 in MA (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Staff Sargent James J. Hill Elementary School (math 17% / reading 43%, grade F, #657 of 938 statewide, top 70%, 646 students, 0% FRL); Rumney Marsh Academy (math 20% / reading 32%, grade F, #227 of 305 statewide, top 76%, 568 students, 0% FRL); Revere High (math 41% / reading 56%, grade D, #191 of 343 statewide, top 56%, 2,084 students, 0% FRL) — zoned schools average 0% FRL vs 63% district-wide (63 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.9%/yr); 102 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,207 units permitted in Suffolk County in 2024 (1,961 in 5+ unit buildings).
• Suffolk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $202k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 67% 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 10.1% vs local median 3.4% in Revere — 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 $8,620/mo this rent would consume 119% of the median local household income ($87k/yr) (locally 3586% 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 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1949 — 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 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.