
18 Felt St Salem — Photo 1 of 42
$1,475,000
Investment Analysis — 18 Felt St
Salem, MA 01970
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 4-bedroom in 01970 carries an estimated $3,390/mo in gross rent — about a 1.18% cap rate and $17,334/yr in estimated NOI at the $1,475,000 list price. Adjust every assumption in the calculator below.
Beds
4
Baths
2.5
SqFt
3,310
Style
Single Family
Built
1895
Built for Reuben and Grace Ropes, who according to her journal "began housekeeping" here on June 29, 1895. The house remained in the family until 2012, when it was exhaustively restored, new systems, plumbing, and electrics, while keeping its nostalgic soul. Set on a gentle knoll overlooking landscaped grounds, this traditional home suits how we live today, with rooms opening into one another and a circular first-floor flow at ease with family or enjoyed quietly. Upstairs are three bedrooms, a hall bath, and a primary suite with its bedroom in the tower bay window and a dressing room to the ensuite bath. The third-floor office offers water views and privacy. Outside, the grounds feel more expansive than their manageable half acre. The rear deck, ringed by river birches, suits entertaining, and a wild-life protected kitchen garden invites you to grow herbs and vegetables. A detached two-car garage with storage shed adds practicality, while the basement and attic, both easily reached by proper stairs, offer unusually accessible storage. Set in a pastoral setting, yet just minutes from the water, downtown Salem, the PEM, and the train station.
ADU Potential
Massachusetts allows one accessory dwelling unit by right in single-family zoning districts statewide (M.G.L. c. 40A §3; 760 CMR 71.00, effective Feb 2025). Estimated maximum ADU size for this property: 900 sq ft (the lesser of 900 sq ft or half the 3,310 sq ft principal dwelling). Lot size: 23,618 sq ft.
Based on listing data, which indicates the property type — not the zoning district. Local dimensional, septic (Title 5), and historic-district requirements still apply. Not legal advice — verify with the municipality.
Estimates — not financial advice
These figures are illustrative estimates for informational purposes only — not an appraisal, valuation, or guarantee of rent, income, or returns, and not financial, tax, or investment advice. Rent is either the figure reported on the MLS listing — in-place rent that may differ from market and is not verified against the actual leases — or, where the listing reports none, an estimate from HUD Small Area Fair Market Rents, a government benchmark that may differ from actual market rent. Each figure is labelled with its source. Cap rate, NOI, and returns depend on the assumptions shown, which you can change. MLS and other third-party data may be inaccurate or out of date. Verify all figures independently and consult your own financial, tax, and legal advisors before making any investment decision.
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Listing Agent: Michael Selbst
Listing Office: Gibson Sotheby's International Realty
MLS® Number: 73567759