1 Commodore Ct #104

Hull, MA 02045

$415,000D

2 bd · 2.0 ba · 1,239 sqft · Built 1985 · Condo · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,716/mo
• Mortgage (P&I): −$2,176
• Tax + insurance: −$508
• HOA: −$1,216
• Vac / Maint / Mgmt: −$990
• Net cashflow: $-175/mo
• Annual: $-2,095/yr
• Cap rate: 5.98%
• Cash-on-cash: -1.12%
• DSCR: 0.95
• 1% rule: 1.14%
• Cash to close: $116,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $415k.
• At list price, monthly cash flow is $-175 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $384k (7.4% below list).
• Meets the 1% rule at list price ($5k rent vs $415k).
• It's been on market 38 days — a 3% lower offer ($403k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $384k (7.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#168 in MA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F, cost of living F.
• Hull (suburban): math 44% / reading 55% proficiency, ranked #125 of 302 in MA (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lillian M Jacobs (math 47% / reading 57%, grade C-, #287 of 938 statewide, top 33%, 362 students, 0% FRL); Memorial Middle (math 32% / reading 47%, grade F, #148 of 305 statewide, top 49%, 172 students, 0% FRL); Hull High (math 74% / reading 74%, grade B+, #60 of 343 statewide, top 19%, 241 students, 0% FRL) — zoned schools average 0% FRL vs 28% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo; HOA is 26% of rent.
• Market conditions: 55 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,255 units permitted in Plymouth County in 2024 (411 in 5+ unit buildings).
• 4 sale attempts since 6y 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.
• Climate carrying-cost: major flood risk; severe wind risk, 80% 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 6.0% vs local median 2.5% in Hull — 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 $4,716/mo this rent would consume 49% of the median local household income ($115k/yr) (locally 281% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 38 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?