2 Grove Place Melrose — Photo 1 of 18
Recent Drop: $25,000
$424,900
Investment Analysis — 2 Grove Place
Melrose, MA 02176
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 2-bedroom in 02176 carries an estimated $2,820/mo in gross rent — about a 5.36% cap rate and $22,772/yr in estimated NOI at the $424,900 list price. Adjust every assumption in the calculator below.
Beds
2
Baths
1
SqFt
584
Style
Single Family
Built
1900
BACK ON MARKET - Buyer financing fell through. Don't miss your second chance!! - Discover a rare opportunity with this charming single-family home offering a unique blend of historic character and modern potential. Built in 1900 and thoughtfully arranged, this home delivers efficient, low-maintenance living without sacrificing comfort or convenience. Step inside to find two bedrooms and a full bath, creating a cozy and functional layout ideal for first-time buyers, downsizers, or anyone seeking a condo alternative without the fees or shared walls. The fenced-in yard provides private outdoor space for gardening, pets, or relaxing, while the newer roof adds peace of mind. Location is everything here and this one delivers. Enjoy exceptional walkability with Downtown Melrose just 5 minutes away, offering shops, cafés, and restaurants. Commuters will appreciate being under 10 minutes to the commuter rail, connecting you to Boston with ease. This home invites you to imagine the possibilities while enjoying the charm of classic Melrose neighborhood.
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: 292 sq ft (the lesser of 900 sq ft or half the 584 sq ft principal dwelling). Lot size: 1,742 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.
Property Details
Financials
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & Lot
Amenities & Appliances
Gas Water Heater • Range • Refrigerator • Freezer • Washer • Dryer
Neighborhood
Public Transportation • Shopping • Medical Facility • Laundromat • Highway Access • House of Worship
Geography
Property History
$424,900
Was $449,900
Aug 7, 2026
MLS® 73525160
$449,900
May 27, 2026
MLS® 73525160
Listing Agent: Jennifer Parziale
Listing Office: LAER Realty Partners
MLS® Number: 73525160
