29-31 Sprague St · Malden, MA 02148

$1,500,000

30 bd · 25.0 ba · 4,057 sqft · MultiFamily · 13 Days on market

Built 1900 Average condition 6,255 sqft lot

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +11.9/30.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Schools +3.0/10.0
• Condition / age +2.8/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Exceptional 5-unit Victorian investment opportunity on a picturesque, tree-lined street in desirable Malden. 29–31 Sprague Street features four (4) one-bedroom units and one (1) three-bedroom unit, offering a strong unit mix for steady rental income. This classic property showcases beautiful period architecture and timeless curb appeal that stands out in today’s competitive market. Off-street parking provides significant added value — a rare amenity in this area. Priced at approximately $300,000 per unit, this asset offers compelling value-add potential through updates and rent optimization. Located in Malden’s high-demand rental market with convenient access to publ

Key facts

• Strong unit mix
• Tree-lined street
• Off-street parking

Tags

• TREE-LINED STREET
• STRONG UNIT MIX
• BEAUTIFUL PERIOD ARCHITECTURE
• OFF-STREET PARKING
• HIGH-DEMAND RENTAL MARKET

Property features AI

Finance

• Other: Located on 0.14-acre lot

Exterior

• Parking: Open parking for 5 vehicles
• Utilities: Public water; Public sewer
• Home design: 5+ family building with units up and down; Five stories total; Approximately 4,057 finished above-grade building area
• Construction: Brick/mortar foundation; Approximate year built (public records)
• Exterior features: Paved driveway; Public transportation, shopping, parks, medical facility, highway access, public schools, T-Station, and university nearby

Interior

• Bedrooms: Multiple units with 1 level each (unit layouts vary)
• Bathrooms: Five full bathrooms
• Interior features: Total of 17 rooms

What this means for you Summary

Snapshot

• This is a 4×1bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $1.50M. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-381 ($-5k/yr) — negative. Per door: $-76/mo.
• To cash-flow at today's rent, offer at most $1.44M (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.26M (15.7% below list).
• Recommended offer: $1.26M (15.7% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.2% in Malden — 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.

Location & tenants

• Location reads 81/100 on livability (#29 in MA, #1,360 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• Malden (suburban): math 26% / reading 42% proficiency, ranked #238 of 302 in MA (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.8%/yr); 54 active listings in the ZIP; solid renter incomes; 3,670 units permitted in Middlesex County in 2024 (2,611 in 5+ unit buildings).
• At $12,640/mo this rent would consume 151% of the median local household income ($101k/yr) (locally 3600% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• Middlesex County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $1,264,000 (15.7% below list)

Questions for the listing agent

1. 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?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.09%
• DSCR: 0.95
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.5%
• Equity multiple: 0.28×
• Total profit: $-304,155
• Equity at exit: $223,655

10-year hold

• IRR: -24.5%
• Equity multiple: -0.04×
• Total profit: $-438,445
• Equity at exit: $129,693

Cash invested: $420,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 20 Strongly Tenant-Friendly
• State Massachusetts: 20 Strongly Tenant-Friendly · D+15
• County: — inherits STATE
• City: — inherits STATE

Cambridge / Boston historically rent-controlled (preempted 1994 but consideration ongoing); strong tenant protections; court backlogs.

Methodology + full state rankings →

ZIP-level market 02148

• Rents YoY: -0.8%
• Active inventory: 54
• Price-to-rent: 51.6×

Monthly cashflow live

• Estimated rent: $12,640 high
• Mortgage (P&I): −$7,866
• Tax est. 1.5%: −$1,875 /mo · $22,500/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,654
• Net cashflow: $-381

Break-even live

Break-even rent $13,122

Max offer price $1,444,932

Occupancy floor 98%

Sensitivity live

Price	-10% $656	-5% $138	+0% $-381	+5% $-899	+10% $-1,417
Rent	-10% $-1,379	-5% $-880	+0% $-381	+5% $119	+10% $618
Rate	-1.0pp $375	-0.5pp $1	base $-381	+0.5pp $-769	+1.0pp $-1,165

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$9,684
1× unit	3	1	$2,957
Total (5 units)			$12,640

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $1,500,000 Active 13 DOM
2. 2026-06-18
   days on market $1,500,000 Active 10 DOM
3. 2026-06-17
   days on market $1,500,000 Active 9 DOM
4. 2026-06-16
   days on market $1,500,000 Active 8 DOM
5. 2026-06-15
   days on market $1,500,000 Active 7 DOM
6. 2026-06-13
   days on market $1,500,000 Active 5 DOM
7. 2026-06-13
   statusdays on market $1,500,000 Active 4 DOM
8. 2026-06-08
   remarks 675-char remark
9. 2026-06-08
   listed $1,500,000 New 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $151,680
• − Mortgage interest: −$84,023
• − Property taxes: −$22,500
• − Insurance: −$7,500
• − Repairs & maintenance: −$12,134
• − Management: −$12,134
• − Depreciation: −$43,636
• Taxable loss: −$30,248
• Est. tax savings @ 24.0%: +$7,260
• After-tax cash flow: $2,693/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

A moderate rehab opportunity with average condition, requiring updates to bathrooms and kitchen cabinets to enhance value and appeal.

Repairs flagged

• Major bathroom fixtures — outdated and in poor condition
• Minor kitchen cabinets — slight wear

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace bathroom fixtures — improves functionality and aesthetics
• Both update kitchen cabinets — modernizes the space and improves functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
bathroom fixtures · outdated and in poor condition	Major	$15,000–50,000
kitchen cabinets · slight wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace bathroom fixtures — improves functionality and aesthetics ↑
• Both update kitchen cabinets — modernizes the space and improves functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Malden
• NCES district ID: 2507170
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 42% ▼ -8.00%
• Median HH income: $56,377
• Composite: 30.07/100
• National rank: #6346
• State rank: #238 of 302 in MA

Livability — Malden

• Score: 81/100
• State rank: #29
• US rank: #1360

Category grades

Amenities A+ Commute A+ Cost of living F Crime B- Employment A Housing B Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Malden, MA
• County: Middlesex County · 1,437,704 people
• City population: 65,906
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 65,906
• Household income: $100,606
• Rent vs Own: 58.7% rent · 41.3% own
• Severe rent burden: 3600.0

Population outlook (Middlesex County) Hauer SSP2

• Today (2025): 1,740,269 people
• By 2030: 1,817,187 · +4.4%
• By 2040: 1,963,195 · +12.8%
• By 2050: 2,087,461 · +20.0%
• By 2075: 2,344,036 · +34.7%
• By 2100: 2,383,776 · +37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 42% Asian 29% Black 13% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Hispanic 4% Estonian 4% Romanian 2%
• Foreign-born: 41% · Canada, China, Vietnam
• Languages at home: 51% English-only · Chinese 15% Other Indo-European 13% Spanish 5%

Political lean MEDSL · Middlesex

• 2024 margin: Solid D (+39.5) · D 68.5% · R 29.0% · Other 2.5%
• 2008→2024 swing: +9.3pp toward D · 2008: 30.1pp · 2024: 39.5pp
• All cycles: 2024: D+39.5 2020: D+45.2 2016: D+38.1 2012: D+26.9 2008: D+30.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -396.34%
• Current HPI: 336.6086
• Rent YoY: ▼ -0.77%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: ▲ 2.28%
• F500 in state: 38

Industry mix (Fortune 500 HQ in MA)

Industry	F500 HQs	Revenue
▸Technology	3	$17B
▸Insurance	2	$84B
▸Retail	2	$76B
▸Life Sciences	1	$43B
▸Energy Technology	1	$31B
▸Aerospace / Defense	1	$18B

Price history

1 event — show timeline

• 2026-06-08 Listed $1,500,000 MLS PIN