1500 Worcester Rd #308

Framingham, MA 01072

$378,500F

2 bd · 3.0 ba · 1,295 sqft · Built 1966 · Condo · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,832/mo
• Mortgage (P&I): −$1,985
• Tax + insurance: −$509
• HOA: −$783
• Vac / Maint / Mgmt: −$595
• Net cashflow: $-1,039/mo
• Annual: $-12,472/yr
• Cap rate: 3.00%
• Cash-on-cash: -11.77%
• DSCR: 0.48
• 1% rule: 0.75%
• Cash to close: $105,980

Investor read

• This is a 2-bed/3.0-bath condo listed at $378k.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $333k (12.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $283k (25.2% below list).
• It's been on market 28 days — a 2% lower offer ($373k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $283k (25.2% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($3k loan paydown + $14k appreciation (3.8% local appreciation)).
• Location reads 76/100 on livability (#62 in MA, #3,443 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: amenities F, cost of living F.
• Framingham (urban): math 26% / reading 38% proficiency, ranked #242 of 302 in MA (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: King Elementary School (math 27% / reading 47%, grade F, #539 of 938 statewide, top 60%, 392 students, 0% FRL); Fuller Middle (math 12% / reading 17%, grade F, #276 of 305 statewide, top 91%, 616 students, 0% FRL) — zoned schools average 0% FRL vs 36% district-wide (36 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 28% of rent.
• Market conditions: 4 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 5 sale attempts since 21y 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.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.