230 Summer Street
Overview
Lease and Income Structure
Two and a quarter acres is unusual for congregate housing. Most recovery residences sit shoulder to shoulder with the neighbors. This one has a buffer, which matters more than it sounds like it should when twenty-two men share a street. The building is an 1845 single-family, eleven rooms and three and a half baths, and it is occupied and operating right now rather than sitting empty waiting for a buyer.
Plymouth is the county seat, about forty miles southeast of Boston on the South Shore. It has the hospital, the transit and the treatment providers a program leans on, and enough of a year-round economy that residents can find work outside the summer season. Demand for beds on this side of the state has held up.
The septic drives the schedule. It failed its Title 5 inspection, replacement runs about $30,000, and the work is performed under Title 5 and 310 CMR 15.300 through 15.305 with the local board of health. Nothing else on the list is urgent: a first-floor kitchen at roughly $15,000, exterior work at $10,000, driveway and grounds at $5,000, and about $20,000 of paint, flooring, fixtures and a bath refresh. No structural work and no zoning relief is contemplated. Lead paint status is unknown, so plan for an inspection before housing residents.
Vanderburgh can place a first position mortgage at closing and finance a second position seller note behind it, and a draw facility can cover the renovation against completed work. That combination is what keeps a qualified buyer's cash to close low. The plan from there fits in a sentence: replace the septic, run the cosmetic work in parallel, stabilize occupancy, then refinance into permanent DSCR debt. It suits an operator who can move on the septic quickly, or an owner who pairs with one.
Work Needed
An itemized value-add program of approximately $80,000 has been scoped for the property. The residence is habitable and currently occupied, so this is a value-add program rather than a gut renovation.
- Septic system replacement, Title 5 — approximately $30,000. The existing system has failed its Title 5 inspection. Replacement is the first item of work and typically drives the critical path. Work is performed under Title 5 and 310 CMR 15.300 through 15.305 with the local board of health.
- First floor kitchen renovation — approximately $15,000.
- Exterior facade improvements — approximately $10,000.
- Driveway and grounds work — approximately $5,000.
- Interior cosmetic repairs and updates — approximately $20,000, including paint, flooring, fixtures, a bath refresh and contingency.
Renovation draw financing can be arranged above the current budget, leaving headroom for scope discovered after closing or for elective upgrades without requiring additional buyer capital. No structural or zoning work is contemplated. The property conveys with lead paint status unknown, and a buyer intending to house residents should plan for inspection.