37 North

Franklin Town, MA 02053

$464,999D

3 bd · 1.0 ba · 1,110 sqft · Built 1900 · SingleFamily · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,615/mo
• Mortgage (P&I): −$2,439
• Tax + insurance: −$660
• HOA: −$0
• Vac / Maint / Mgmt: −$759
• Net cashflow: $-242/mo
• Annual: $-2,909/yr
• Cap rate: 5.67%
• Cash-on-cash: -2.23%
• DSCR: 0.90
• 1% rule: 0.78%
• Cash to close: $130,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $465k.
• At list price, monthly cash flow is $-242 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $422k (9.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $361k (22.3% below list).
• It's been on market 68 days — a 6% lower offer ($437k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $361k (22.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#14 in MA, #588 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Medway (suburban): math 55% / reading 65% proficiency, ranked #55 of 302 in MA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Burke/Memorial Elementary School (math 67% / reading 73%, grade A-, #61 of 938 statewide, top 7%, 484 students, 0% FRL); Medway Middle (math 45% / reading 58%, grade C, #75 of 305 statewide, top 25%, 653 students, 0% FRL); Medway High (math 82% / reading 87%, grade A, #22 of 343 statewide, top 8%, 613 students, 0% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 958 units permitted in Norfolk County in 2024 (305 in 5+ unit buildings).
• Norfolk County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 11y 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 $285k; list at $465k implies a 63% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 58% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 2.2% in Franklin 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.

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 68 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.