Sample report — AI-generated, for illustration only
This is an AI-generated sample analysis based on public records as of 2026-06-01. The property is shown by city and ZIP code only, and identifying details have been altered to protect privacy. The report may contain errors or be outdated, and is not legal, financial, or professional advice. Independently verify all facts before relying on them.
The memo layer from a real run of the Fyts due-diligence pipeline, published as a sample. Everything below — the verdict, flags, and verifications — is the same analysis a buyer agent receives; the underlying research appendix is omitted here and some identifying details were altered (see notice above).
PROCEED WITH CONDITIONS - but only at a price far below the ask. As listed at approx. $1,850,000, this triple-decker does NOT cash-flow at current ~7% investor rates: PITI-plus runs roughly $128k-$137k/yr against at-best ~$95k-$120k of market gross (and likely less, given long-tenured, below-market tenancies), so the deal is meaningfully negative at the ask. It can plausibly work as a positive-cash-flow rental only if acquired near its comp/income-supported value (~$1.2M-$1.35M) with verified at- or near-market rents and the age-driven capex (lead, asbestos, knob-and-tube, plumbing, possible UST) priced in. Anchor hard to the comps and the rent roll, keep full inspection/appraisal/financing/lease-review contingencies, assign zero value to the speculative 4th unit, and be ready to walk if the seller will not move off the ask.
Price is far above every credible value anchor and does not cash-flow at the ask. List approx. $1,850,000 vs comp-supported ~$1.25M-$1.55M, FY2026 assessed approx. $1,095,000, and a third-party AVM estimate ~$1.00M; ~54% above the Medford multi-family median.
Impact: A leveraged investor at ~7% would run ~$128k-$137k/yr in PITI-plus against ~$95k-$120k of market gross (less if in-place rents are below market), i.e. clearly negative cash flow. A lender appraisal near assessed/comp value would also leave a large equity gap to fund in cash.
Mitigation: Underwrite off actual rent roll and an income (cap-rate) approach, not the ask; order a certified MAI appraisal; anchor any offer to the $1.2M-$1.4M comp/income-supported range and make it appraisal- and financing-contingent.
The listing's emphasis on roughly two decades of continuous ownership and long-tenured rentals almost certainly means long-tenured, below-market in-place rents with strong MA tenant protections.
Impact: In-place NOI is likely well below a market-rent pro forma; raising rents or repositioning requires lease turnover, MA notice requirements, possible vacancy/relocation cost and time - directly undercutting near-term cash flow.
Mitigation: Make a verified rent roll, all leases, tenancy types and estoppel certificates a P&S condition; underwrite the base case on current (not market) rents; budget lease-up time and legal cost.
110-year-old building with multiple high-cost aging-system exposures: presumed lead paint, likely asbestos pipe/boiler insulation, probable knob-and-tube wiring, galvanized/lead supply plumbing, oil-fired steam heat, possible abandoned heating-oil UST.
Impact: Combined worst-case deferred remediation could approach $200k-$300k+ (deleading $18k-$45k+, asbestos $10k-$30k+, rewiring $40k-$75k+, replumbing $15k-$45k, UST remediation up to $50k-$100k+). Active knob-and-tube and a UST can also block standard insurance and lender approval.
Mitigation: Full systems inspection plus targeted lead, asbestos, electrical and GPR oil-tank sweep; obtain seller's UST closure/FP-292 records and insurance bindability confirmation; price the credible capex into the offer and hold an inspection contingency.
Lead exposure is acute: 1910s pre-1978 paint throughout a 3-unit rental, plus Medford's citywide lead service-line problem (~5,140 confirmed + ~4,660 unknown lines).
Impact: Strict MA deleading liability triggers if any child under 6 occupies a unit (deleading $18k-$45k+); likely lead and/or galvanized service line; a proposed Medford ordinance could force lead-line replacement at title transfer.
Mitigation: Use the statutory 10-day lead inspection window; get a water-line material determination from Medford Water Quality (781-393-2561) and a tap lead test; budget private-side replacement ($3k-$8k net of $1,000 city rebate); confirm transfer ordinance status before P&S.
Radon Zone 1 (highest risk) with 1910s stone foundation and full unfinished basement; Medford community test average ~8.0 pCi/L (twice the EPA action level).
Impact: High likelihood of radon above 4 pCi/L across tenant-occupied units; a health and disclosure issue, though mitigation is inexpensive.
Mitigation: Radon test as a P&S contingency; if elevated, sub-slab depressurization mitigation runs only ~$1,000-$2,000 - negotiate seller credit.
Attic-to-4th-unit 'value-add' is speculative (marketed with a conceptual rendering rather than approved plans) and not as-of-right. Medford's residential/ADU upzoning was withdrawn Dec 2025; converting the walk-up attic into a 4th unit on a small R-zoned lot likely needs a special permit/variance, and minimum ceiling-height, egress and fire-separation requirements could make it costly or unbuildable.
Impact: Any underwriting that relies on a 4th unit for NOI is at high risk of never materializing; ceiling-height, egress and code requirements could block it entirely.
Mitigation: Assign ZERO value to the 4th unit in the base case; obtain a written zoning determination from Medford Planning and a code-compliance/egress assessment before attributing any upside.
Title, ownership and lien picture is unverified. Current owner, deed type, mortgages and liens were not confirmable from primary sources; address-format inconsistencies between MLS and assessor records and conflicting parcel IDs add ambiguity; the recent nominal-value transfer (early 2020s) is unexplained.
Impact: Chain-of-title or undisclosed-encumbrance surprises could delay or derail closing or impair marketable title.
Mitigation: Full title exam at Middlesex South Registry searching all recorded address variants and all owner names; order a Municipal Lien Certificate; resolve parcel ID and the nature of the recent transfer before P&S.
Permit/condition history is opaque for a building priced near $1.85M: no online permit, code-complaint or violation records accessible; no dated system upgrades disclosed; an unconfirmed stove fire reported in the area in late 2025 may or may not be this property.
Impact: Possible unpermitted work, open permits, code violations or unremediated fire damage that the buyer would inherit.
Mitigation: Pull the full CitizenServe permit and code-complaint history from the Medford Building Dept; require the seller's 5-year insurance claim disclosure; confirm with Medford Fire whether any fire occurred at this address; verify legal 3-unit status and Certificate of Inspection (R-2 periodic inspection under 780 CMR 110.7).
Building fronts a busy multi-lane road, with a history of serious crashes reported nearby.
Impact: Traffic noise, headlights and safety reduce front-unit desirability and the rent premium the location can command; possible Logan flight-path noise is an added quality-of-life unknown.
Mitigation: Discount achievable rents for front units; inspect for sound mitigation; verify flight-path exposure via Massport before underwriting top-of-band rents.
Low-elevation (roughly 10-20 ft AMSL) Mystic basin site with stone foundation, active sump pump and full unfinished basement; nearby environmental concerns (an active gas station in the immediate area; a PCE remediation site in the wider neighborhood).
Impact: Ongoing basement moisture/sewer-backup risk (pluvial flooding not captured by Zone X) and potential off-site contamination/vapor exposure - both raise capex and insurance considerations.
Mitigation: Structural/waterproofing inspection of foundation and sump; consider voluntary water-backup insurance; commission a Phase I ESA (and Phase II if warranted) by a MA LSP covering the nearby UST and PCE sites.
Market timing risk on a premium-priced listing: 41+ days on market with no accepted offer (Medford multi-family typically clears in ~23-27 days), statewide closed sales declining and ~22% of listings cutting price.
Impact: Extended DOM at full price signals the market has not validated the ask; supports buyer negotiating leverage and elevated risk of further price softening.
Mitigation: Use DOM as leverage; anchor offer to comps; avoid escalation above comp-supported value.
Future tax and regulatory overhangs: Medford High MSBA debt-exclusion vote expected Spring 2027 (possible tax increase on top of the Nov 2024 override), and a statewide rent-control ballot initiative (Nov 2026) that would cap increases at 5%-or-CPI and would COVER a non-owner-occupied 3-family.
Impact: Potential future increases in carrying cost (taxes) and a cap on rent growth that would constrain the ability to raise below-market rents - both adverse to the cash-flow thesis on a non-owner-occupied hold.
Mitigation: Model a tax-increase scenario; track the 2026 rent-control initiative; note that owner-occupying one unit (<=4-unit owner-occupied exemption) would shield the building from the proposed cap.
This is research assistance, not legal/financial/real-estate advice. Verify all material facts with primary sources and a licensed MA attorney before acting.
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