483 County St

New Bedford, MA 02740

$749,999B-

7 bd · 5.5 ba · 3,696 sqft · Built 1910 · MultiFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,999/mo
• Mortgage (P&I): −$3,933
• Tax + insurance: −$731
• HOA: −$0
• Vac / Maint / Mgmt: −$2,730
• Net cashflow: $5,605/mo
• Annual: $67,264/yr
• Cap rate: 15.26%
• Cash-on-cash: 32.03%
• DSCR: 2.43
• 1% rule: 1.73%
• Cash to close: $210,000

Investor read

• This is a 5 × 7-bed/5.0-bath units multifamily listed at $750k.
• At list price, monthly cash flow is $6k ($67k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $750k).
• It's been on market 26 days — a 2% lower offer ($739k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $739k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#155 in MA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing B+; Watch: cost of living C-, employment D, amenities F.
• New Bedford (suburban): math 17% / reading 28% proficiency, ranked #287 of 302 in MA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sgt Wm H Carney Academy (math 18% / reading 34%, grade F, #711 of 938 statewide, top 76%, 611 students, 0% FRL); Keith Middle School (math 16% / reading 25%, grade F, #252 of 305 statewide, top 83%, 870 students, 0% FRL); New Bedford High (math 13% / reading 25%, grade F, #313 of 343 statewide, top 92%, 2,898 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+10.8%/yr); 69 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.
• Current owner paid $92k; list at $750k implies a 715% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $210k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 15.3% vs local median 3.7% in New Bedford — 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.
• At $12,999/mo this rent would consume 282% of the median local household income ($55k/yr) (locally 2883% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.