131 Washington St #51

Foxborough, MA 02035

$92,000B+

2 bd · 1.0 ba · 720 sqft · Built 1965 · Manufactured · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,446/mo
• Mortgage (P&I): −$482
• Tax + insurance: −$153
• HOA: −$667
• Vac / Maint / Mgmt: −$514
• Net cashflow: $629/mo
• Annual: $7,553/yr
• Cap rate: 14.50%
• Cash-on-cash: 29.32%
• DSCR: 2.30
• 1% rule: 2.66%
• Cash to close: $25,760

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $92k.
• At list price, monthly cash flow is $629 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• It's been on market 64 days — a 6% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $86k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $636 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#164 in MA) — a middle-class / working-renter tenant base. Strengths: employment A, schools A-, crime B+; Watch: amenities F, commute F, cost of living F.
• Foxborough (suburban): math 49% / reading 57% proficiency, ranked #91 of 302 in MA (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 27% of rent.
• Market conditions: 25 active listings in the ZIP; 1 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.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $13k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $21k; list at $92k implies a 338% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.5% vs local median 3.1% in Foxborough — 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

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1965 — 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?
• 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?
• 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.