1 Federal St #20
This is an income-restricted (BMR) resale. Its price is set by an income formula, not by the market, so the gap against normal comps is not equity you own — it is a restriction you inherit, with income limits to qualify and a formula price when you sell. Scoring it against market comps would flatter it enormously, so we don't score it at all.
💵What this unit actually costs per month
43% of that payment is not the mortgage. The HOA fee alone is $58,140 over five years — money that buys you no equity. A calculator that defaulted the fee to zero would have quoted you $2,220.
Not FHA-approved. No 3.5%-down FHA financing on this unit, so the realistic floor is a 5%-down conventional loan ($16,383). Common for small associations and not a defect on its own, but it does remove FHA buyers from your resale pool.
Minimum realistic down payment here: 5% · verify on HUD's lookup
Rate is the Freddie Mac PMMS 30-year average for the week of 2026-10-08 — a national survey figure, not a quote. Tax, insurance and closing costs are estimates; your own Loan Estimate is the real number.
This building's HOA fees
2 recorded pointsReconstructed from 3 units of recorded sales at 1 Federal St — every recorded sale carries its HOA fee and date. No listing site shows this.
We have a few recorded HOA fees for this building but not yet enough to call a reliable trend, so these are the raw points — no rate implied. Its documents fill in the reserve health and assessment risk.
🏢 Get this building's full reserve & assessment report — free →✅ Positives
- 68% below model fair value
- On market 60 days → some leverage
⚠️ Cons
- Photos look dim — verify light in person
🚩 Red flags
- Income-restricted (BMR) resale — price set by an income formula, not the market; buyer income limits apply and the gap vs comps is not equity
- HOA $969/mo — 3.5%/yr of the price
Photos
Price history (this unit)
- Aug 12, 2026 — Listed $327,659
Description
Incredibly unique spacious studio! High ceilings, in unit W/ D, gas fireplace, large closets, and good natural ight make this a very special home. Building amenities include gym and 24 hour doorperson. TEMPORARY WAIVERS apply to this unit: must not exceed 120% of the area median income, can have asset test excluded, can complete the Homebuyer education after applying, can make a down payment more than 50% of the sales price. Below Market Rate (BMR) housing opportunity available at 100% Area Median Income (AMI). Maximum income for 1 person = $113,450; 2 = $129,700; 3 = $145,900 5 = $175,050, etc. Must be 1st-time homebuyer & income eligible. Unit available thru the Mayor's Office of Housing…