10 John St

Attleboro, MA 02730

$739,000C+

6 bd · 3.0 ba · 4,146 sqft · Built 1910 · MultiFamily · Pending · 132 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,111/mo
• Mortgage (P&I): −$3,875
• Tax + insurance: −$905
• HOA: −$0
• Vac / Maint / Mgmt: −$1,493
• Net cashflow: $837/mo
• Annual: $10,048/yr
• Cap rate: 7.65%
• Cash-on-cash: 4.86%
• DSCR: 1.22
• 1% rule: 0.96%
• Cash to close: $206,920

Investor read

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $739k.
• At list price, monthly cash flow is $837 ($10k/yr) — positive. Per door: $279/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $711k (3.8% below list).
• It's been on market 132 days — a 12% lower offer ($650k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $650k (12.0% below list) — sets the bar for market timing.
• In year one you build about $27k of equity ($5k loan paydown + $22k appreciation (3.0% local appreciation)).
• Location reads 67/100 on livability (#165 in MA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F, health & safety F.
• Attleboro (suburban): math 34% / reading 46% proficiency, ranked #194 of 302 in MA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 760 units permitted in Bristol County in 2024 (142 in 5+ unit buildings).
• Bristol County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 8 sale attempts since 26y ago; this cycle's ask has dropped $60k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $207k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 70% 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 7.7% vs local median 3.1% in Attleboro — 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 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1910 — 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.
• 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.