236-238 Adams St · Newton, MA 02458

$999,000

4 bd · 2.0 ba · 1,902 sqft · MultiFamily public records · 28 Days on market

Built 1890 3,466 sqft lot Est $1172k · 15% under

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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).

• ARV discount +14.1/15.0
• Cash flow +9.3/30.0
• Schools +6.5/10.0
• Appreciation +4.3/10.0
• Rent growth +4.3/5.0
• Livability +4.2/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Discover the potential at 236-238 Adams St, Newton, MA. This Traditional Nonantum Two family, built in 1890, presents an inviting home ready for new beginnings. Both units feature three levels of living. Fully applianced Renovated Eat-in-Kitchens. Gleaming hardwood floors throughout. Units are separately metered. This property is situated Moments to Nonantums' restaurants, shops and stores. Minutes from Newtonville MBTA Commuter Station and seconds from expressways. Due the number of requests, First Showings Thursday May 28th 3PM-4PM. Please confirm with listing agents. Do not arrive without confirming with listing agents.

Key facts

• Separately metered
• Hardwood floors
• 3,466 sq ft lot

Tags

• RENOVATED EAT-IN-KITCHENS
• HARDWOOD FLOORS
• SEPARATELY METERED
• SECONDS FROM EXPRESSWAYS

Property features AI

Finance

• Other: Property is a 2-unit multifamily (side by side); Above-grade finished area approximately 1,902
• HOA & community: Not a senior community; Nearby public transportation, T-station access, shopping, park, and highway access

Exterior

• Parking: Off-street parking; 2 open parking spaces (total 2 spaces)
• Utilities: Public water; Public sewer; Electric service with circuit breakers and 200+ amp service
• Home design: 2-family side-by-side configuration; 4 total stories; Approximate year built (per public records)
• Construction: Frame construction; Stone foundation; Shingle roof
• Exterior features: Corner lot; Easements; Public road frontage

Interior

• Kitchen: Range; Dishwasher; Refrigerator; Disposal
• Flooring: Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: 2 heating units; No central cooling reported
• Interior features: Living room; Dining room; Kitchen; Insulated windows; Total of 14 rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $-726 ($-9k/yr) — negative. Per door: $-363/mo.
• To cash-flow at today's rent, offer at most $871k (12.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $696k (30.4% below list).
• Recommended offer: $696k (30.4% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 1.4% in Newton — 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 84/100 on livability (#17 in MA, #746 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D-, cost of living F.
• Newton (urban): math 64% / reading 73% proficiency, ranked #27 of 302 in MA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Lincoln-Eliot (math 37% / reading 57%, grade D-, #371 of 938 statewide, top 43%, 338 students, 0% FRL); Bigelow Middle (math 57% / reading 65%, grade B+, #35 of 305 statewide, top 12%, 435 students, 0% FRL); Newton North High (math 81% / reading 87%, grade A, #28 of 343 statewide, top 8%, 2,099 students, 0% FRL).
• Market conditions: Rents rising fast (+7.3%/yr); 31 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,670 units permitted in Middlesex County in 2024 (2,611 in 5+ unit buildings).
• At $6,957/mo this rent would consume 54% of the median local household income ($154k/yr) (locally 265% 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 (-1.5%/yr); year-one equity from $7k of loan paydown is wiped out by about $15k 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

• It's been on market 28 days — a 2% lower offer ($984k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $300k; list at $999k implies a 233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 54% 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 $695,700 (30.4% 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 1890 — 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 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?
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: 0.70% ✗
• Cap rate: 5.42%
• Cash-on-cash: -3.12%
• DSCR: 0.86
• GRM: 12.0

CMA / ARV

• ARV (on-the-fly): $1,171,632
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34 Clinton St	0.10mi	4/2.0	1,792 (-6%)	10mo	$1,130,000	$631	77
201 Adams St	0.08mi	3/2.0 (-1)	1,832 (-4%)	22mo	$765,000	$418	67
47-49 Bridges Ave	0.59mi	4/2.0	1,996 (+5%)	10mo	$1,230,000	$616	56
42-44 Capital St	0.27mi	3/2.0 (-1)	2,124 (+12%)	24mo	$975,000	$459	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.49% appreciation · 7.26% rent growth · sell at horizon

5-year hold

• IRR: -9.5%
• Equity multiple: 0.60×
• Total profit: $-112,766
• Equity at exit: $217,669

10-year hold

• IRR: 1.4%
• Equity multiple: 1.14×
• Total profit: $39,441
• Equity at exit: $209,117

Cash invested: $279,720 (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 02458

• Home prices YoY: -0.6%
• Rents YoY: 7.3%
• Active inventory: 31
• Price-to-rent: 23.9×

Monthly cashflow live

• Estimated rent: $6,957 high
• Mortgage (P&I): −$5,239
• Tax from tax record: −$567 /mo · $6,807/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,461
• Net cashflow: $-726

Break-even live

Break-even rent $7,876

Max offer price $870,690

Occupancy floor —

Sensitivity live

Price	-10% $-161	-5% $-444	+0% $-726	+5% $-1,009	+10% $-1,292
Rent	-10% $-1,276	-5% $-1,001	+0% $-726	+5% $-452	+10% $-177
Rate	-1.0pp $-223	-0.5pp $-472	base $-726	+0.5pp $-985	+1.0pp $-1,249

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$6,956
Total (2 units)			$6,957

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: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Lincoln Rd Newton, MA	4.0	3.0	2500	$5,499	$2.20	44d	1	0.05mi
33 Middle St Newton, MA	3.0	3.0	2000	$4,400	$2.20	0d	1	0.06mi
10 Middle St #10 Newton, MA	4.0	1.5	1474	$3,750	$2.54	19d	1	0.12mi
87 Crafts St Unit 2 Newton, MA	4.0	1.5	2350	$3,500	$1.49	25d	1	0.20mi
87 Crafts St Unit 2 Newton, MA	4.0	1.5	2350	$3,888	$1.65	44d	1	0.20mi
54 Lothrop St Unit 54 Newton, MA	3.0	2.0	1704	$4,000	$2.35	44d	1	0.24mi
248 Pearl St Unit 248 Newton, MA	3.0	2.0	1800	$3,500	$1.94	25d	1	0.25mi
27 Turner Ter Newton, MA	3.0	2.0	2000	$6,000	$3.00	6d	1	0.38mi
84 Chapel St Newton, MA	4.0	2.0	2000	$5,700	$2.85	44d	1	0.39mi
93 Jewett St Unit 2 Newton, MA	3.0	1.0	1406	$3,300	$2.35	44d	1	0.40mi
71 Silver Lake Ave Newton, MA	4.0	2.0	2200	$3,999	$1.82	44d	1	0.44mi
71 Silver Lake Ave Newton, MA	4.0	2.0	2200	$3,850	$1.75	25d	1	0.44mi
71 Silver Lake Ave Newton, MA	3.0	2.0	2200	$3,850	$1.75	23d	1	0.44mi
272 Nevada St Unit 2 Newton, MA	3.0	2.0	1500	$3,900	$2.60	3d	1	0.45mi
583 Watertown St Newtonville, MA	4.0	3.0	2400	$3,875	$1.61	25d	1	0.51mi
583 Watertown St Unit 583 Newton, MA	4.0	3.0	2400	$4,199	$1.75	0d	1	0.51mi
583 Watertown St Newtonville, MA	4.0	3.0	2400	$4,199	$1.75	44d	1	0.51mi
583 Watertown St Newtonville, MA	4.0	2.0	2400	$3,875	$1.61	23d	1	0.51mi
153 Walnut St Unit 1 Newtonville, MA	4.0	3.0	2324	$4,500	$1.94	44d	1	0.53mi
845 Washington St Newton, MA	1.0–3.0	1.0–2.0	1016	$7,024	$6.91	0d	6	0.58mi
12 Gordon Ter Unit 2 Newton, MA	3.0	1.5	1450	$3,900	$2.69	25d	1	0.63mi
12 Gordon Ter Unit 1 Newton, MA	3.0	1.5	1450	$4,200	$2.90	25d	1	0.63mi
391 Linwood Ave Unit 1 Newton, MA	3.0	2.0	1390	$4,000	$2.88	17d	1	0.65mi
2 Los Angeles St Newton, MA	3.0	1.0–2.0	1025	$6,197	$6.05	0d	13	0.65mi
44 Capitol St Unit 1 Watertown, MA	3.0	1.0	1400	$3,400	$2.43	19d	1	0.65mi
350 Pleasant St Watertown, MA	1.0–3.0	1.0–2.0	927	$4,250	$4.58	0d	25	0.71mi
125 Pleasant St #2 Watertown, MA	3.0	2.0	1450	$3,200	$2.21	44d	1	0.76mi
84 Walker St Unit 101 Newtonville, MA	4.0	1.0	1800	$3,699	$2.06	16d	1	0.78mi
24 French St Unit 24 Watertown, MA	4.0	1.0	1400	$3,600	$2.57	19d	1	0.89mi
131 Evans St Unit 131 Watertown, MA	3.0	2.0	1800	$3,600	$2.00	4d	1	0.90mi
22 Myrtle St Watertown, MA	3.0	2.5	1815	$4,500	$2.48	44d	1	0.91mi
3 Orchard St Newton, MA	4.0	2.0	1800	$4,500	$2.50	0d	1	0.93mi
12 Oakland St Watertown, MA	3.0	2.0	1520	$3,750	$2.47	44d	1	0.95mi
1 Repton Pl Watertown, MA	3.0	1.0–2.0	938	$4,629	$4.93	0d	8	0.95mi
24 Saint James St Newton, MA	3.0	1.0	1400	$3,400	$2.43	44d	1	0.98mi
183 Summer St Unit 183 Watertown, MA	3.0	2.5	2000	$5,500	$2.75	19d	1	1.10mi
10 Chapman St Watertown, MA	3.0	1.0	1500	$3,000	$2.00	13d	1	1.11mi
91 Irving St Unit 91 Watertown, MA	3.0	2.0	1470	$3,600	$2.45	19d	1	1.11mi
16 Linder Ter Unit 1238012P Newton, MA	3.0	1.0	1442	$4,560	$3.16	21d	1	1.11mi
16 Linder Ter Newton, MA	3.0	1.0	1300	$6,800	$5.23	44d	1	1.11mi

Listing history 18 events

1. 2026-06-21
   days on market $999,000 Active 28 DOM
2. 2026-06-18
   days on market $999,000 Active 25 DOM
3. 2026-06-17
   days on market $999,000 Active 24 DOM
4. 2026-06-16
   days on market $999,000 Active 23 DOM
5. 2026-06-15
   days on market $999,000 Active 22 DOM
6. 2026-06-13
   days on market $999,000 Active 20 DOM
7. 2026-06-13
   days on market $999,000 Active 19 DOM
8. 2026-06-09
   days on market $999,000 Active 16 DOM
9. 2026-06-08
   days on market $999,000 Active 15 DOM
10. 2026-06-07
    days on market $999,000 Active 14 DOM
11. 2026-06-04
    days on market $999,000 Active 11 DOM
12. 2026-06-03
    days on market $999,000 Active 10 DOM
13. 2026-06-02
    days on market $999,000 Active 9 DOM
14. 2026-06-01
    days on market $999,000 Active 8 DOM
15. 2026-05-31
    days on market $999,000 Active 7 DOM
16. 2026-05-24
    listed $999,000 New
17. 1999-10-27
    soldstatus $300,000
18. 1990-10-30
    soldstatus $200,000

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

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $6,807 · $567/mo
• Projected year-2 tax: $9,547 · $796/mo
• Expected delta: +$2,740/yr (+$228/mo · 40.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 54% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $83,484
• − Mortgage interest: −$55,960
• − Property taxes: −$6,807
• − Insurance: −$4,995
• − Repairs & maintenance: −$6,679
• − Management: −$6,679
• − Depreciation: −$29,062
• Taxable loss: −$26,697
• Est. tax savings @ 24.0%: +$6,407
• After-tax cash flow: $-2,309/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.

Schools (NCES district)

• District: Newton
• NCES district ID: 2508610
• Math proficiency: 64% ▼ -10.00%
• Reading proficiency: 73% ▼ -1.00%
• Median HH income: $118,822
• Composite: 64.67/100
• National rank: #525
• State rank: #27 of 302 in MA

Livability — Newton

• Score: 84/100
• State rank: #17
• US rank: #746

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newton, MA
• County: Middlesex County · 1,437,704 people
• City population: 54,110
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 13,050
• Household income: $153,520
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 265.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Asian 14% Two or more races 7% Hispanic / Latino 5% Native American 1%
• Common ancestry: Romanian 4% Estonian 4% Subsaharan African 3%
• Foreign-born: 27% · Canada, China, South Korea
• Languages at home: 67% English-only · Chinese 8% Other Indo-European 7% Russian/Polish/Slavic 6%

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: ▼ -1.49%
• Current HPI: 270.2865
• Rent YoY: ▲ 7.26%
• 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

+399.5% since first listed

3 events — show timeline

• 2026-05-24 Listed $999,000 MLS PIN
• 1999-10-27 Sold (Public Records) $300,000 Public Records
• 1990-10-30 Sold (Public Records) $200,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $6,807 · +3.4% YoY. Source: county tax records.