This 1 bed 1 bath condo in Cambridge's Porter Square has a decent return. It is turn-key, so there would not be much work.
Overview
$575,000
1 bd 1 ba 520 sqft
1 Lancaster St #6, Cambridge, MA 02140
Condominium
Built in 1920
Forced air
Central air
Open parking
$152 monthly HOA fee
$1,106 price/sqft
2.5% buyers agency fee
There are Many restaurants and commercial facilities along Massachusetts Ave.
- Harvard Univ: 9 min walk
- MIT: 20 min Red line
Photos
Listing Agent's Points
- Porter Square condo with phenomenal location on a tree-lined street.
- Entire interior freshly painted with new HVAC, new water heater, two new front windows, new lighting in LR, updated kitchen and bath make this turn key
- One bedroom condo perfect for students or downsizers who are looking for city living.
- Convenient to Harvard, Lesley University, MIT & Radcliffe.
- MBTA Red Line and The Fitchburg Commuter Rail Line.
- Nearby parks include Sacramento Field, Kenney Park and Lexington Park.
Return Rate
= (Annual rental income - property tax - home insurance - hoa fee) x 100 / (purchase price + closing costs etc)
= (36,000 - 3,400 - 2,415 - 1,824) x 100 / (575,000 x 1.03)
= 2,836,100 / 592,250
= 4.79 %
Conclusions
I would make an offer.
References
Original Source
https://www.zillow.com/homedetails/1-Lancaster-St-6-Cambridge-MA-02140/2056552938_zpid/
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