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42 8th St APT 1520
Charlestown, MA

42 8th St APT 1520

$992,900
2 bd • 2 ba • 1,333 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$992,900

Price/Sq.Ft

$745

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This property boasts a prime location in Charlestown, MA, with a spacious rooftop deck offering panoramic views and outdoor living space. At 1,333 sqft, it's 11% larger than the average two-bedroom apartment in the area (typically around 1,200 sqft). The price of $992,900 translates to $744.86/sqft, which is competitive for the Charlestown market where luxury properties can exceed $800/sqft. The median income of $140,534 in the area suggests a strong local economy, supporting property values. Current rental rates for a two-bedroom in the area are $3,540/month, indicating a potential gross rental yield of 4.3% if the property were to be rented out.

The Bad

The property's price point of $992,900 is 30% higher than the median home value in Charlestown (approximately $762,000 as of 2023), which may limit the pool of potential buyers. The lack of listed features and property description makes it difficult to assess the interior quality and amenities. The building's age is unknown, which could imply potential maintenance issues or outdated systems. The price per square foot ($744.86) is relatively high, even for Charlestown, suggesting either premium finishes or possibly overpricing.

The Ugly

The property lacks crucial information about its features, utilities, and systems, which raises red flags about potential hidden issues or deferred maintenance. The high price point combined with limited information could make financing challenging, as lenders may require additional documentation. The rooftop location of the outdoor space may lead to higher maintenance costs due to weather exposure. There's no mention of parking, which is a significant concern in Charlestown and could greatly impact the property's value and livability.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for affluent professionals or couples with a household income of $200,000+ (based on a 28% front-end DTI ratio for a 30-year mortgage with 20% down). It's ideal for those prioritizing location and outdoor space over interior amenities. The rooftop deck makes it perfect for entertainers or those who value private outdoor areas in an urban setting. Investors looking for short-term rentals could capitalize on the tourist appeal of Charlestown, potentially achieving higher yields than the long-term rental market.

Not For

This property is not suitable for first-time homebuyers or those with incomes below $200,000 due to the high purchase price and potential for additional costs. Families with children may find the two-bedroom layout limiting. It's not ideal for those seeking a low-maintenance property, as the rooftop deck likely requires regular upkeep. Buyers looking for historic charm or period features may be disappointed, as the property appears to be in a more modern building.
Demographics
Area Median Income

$140,534

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Risk Assessment

Risk Analysis

The unknown age and lack of information about the building's systems pose significant risks. There could be substantial near-term capital expenditures required. The high price point leaves little room for appreciation in the short term, increasing the risk of negative equity if the market softens. Charlestown's flood risk, particularly in areas closer to the harbor, could lead to high insurance costs or future habitability concerns. The competitive nature of the Charlestown market might pressure buyers into making hasty decisions without proper due diligence.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$1,144,167

15.2% above list price

Median Price

$1,240,000

Based on 6 recent sales

Price per Sq.Ft

$895

Comparable Properties

40 Mount Vernon #2, Boston, MA 02129
Price: $1,316,000
Sq.Ft: 1,371
Beds/Baths: 3/2
$/Sq.Ft:
$96028.9%
Sale Date: 10/31/2024
234 Causeway St. #1209, Boston, MA 02114
Price: $1,240,000
Sq.Ft: 1,233
Beds/Baths: 2/2
$/Sq.Ft:
$1,00635.0%
Sale Date: 11/7/2024
39 Soley Street #2, Boston, MA 02129
Price: $1,199,000
Sq.Ft: 1,348
Beds/Baths: 3/2
$/Sq.Ft:
$88919.4%
Sale Date: 10/2/2024
100 Lovejoy Wharf #10B, Boston, MA 02114
Price: $1,419,000
Sq.Ft: 1,256
Beds/Baths: 2/2
$/Sq.Ft:
$1,13051.7%
Sale Date: 10/18/2024
2 Hawthorne Pl #6M, Boston, MA 02114
Price: $792,000
Sq.Ft: 1,285
Beds/Baths: 2/2
$/Sq.Ft:
$61617.3%
Sale Date: 10/8/2024
58 Chappie St #2, Boston, MA 02129
Price: $899,000
Sq.Ft: 1,167
Beds/Baths: 2/2
$/Sq.Ft:
$7703.4%
Sale Date: 11/6/2024

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