51 County St

New Bedford, MA 02744

$739,900C

9 bd · 5.0 ba · 4,288 sqft · Built 1880 · MultiFamily · Active · 247 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,046/mo
• Mortgage (P&I): −$3,880
• Tax + insurance: −$1,184
• HOA: −$0
• Vac / Maint / Mgmt: −$1,690
• Net cashflow: $1,292/mo
• Annual: $15,503/yr
• Cap rate: 9.13%
• Cash-on-cash: 10.15%
• DSCR: 1.45
• 1% rule: 1.09%
• Cash to close: $207,172

Investor read

• This is a 2×2bd/1ba + 2×1bd/1ba + 1×3bd/1ba units multifamily listed at $740k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $258/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $740k).
• It's been on market 247 days — a 12% lower offer ($651k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $651k (12.0% below list) — sets the bar for market timing.
• In year one you build about $54k of equity ($5k loan paydown + $49k appreciation (6.7% local appreciation)).
• 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-, schools D, employment D.
• 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.
• Watch-outs: flood insurance adds $460/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 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.
• 3 sale attempts since 10y 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.
• Current owner paid $198k; list at $740k implies a 274% gain — meaningful room to come down on a strong offer.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $207k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$87k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.1% 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.

Questions for listing agent

• It's been on market 247 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?