160 Treetop Cir #23

Laconia, NH 03246

$193,875D-

2 bd · 2.0 ba · 848 sqft · Built 1974 · Condo · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,886/mo
• Mortgage (P&I): −$1,017
• Tax + insurance: −$318
• HOA: −$382
• Vac / Maint / Mgmt: −$396
• Net cashflow: $-227/mo
• Annual: $-2,729/yr
• Cap rate: 4.89%
• Cash-on-cash: -5.03%
• DSCR: 0.78
• 1% rule: 0.97%
• Cash to close: $54,285

Investor read

• This is a 2-bed/2.0-bath condo listed at $194k.
• At list price, monthly cash flow is $-227 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (20.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (2.7% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $154k (20.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#20 in NH, #2,314 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Laconia School District (town): math 24% / reading 31% proficiency, ranked #89 of 98 in NH (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Woodland Heights Elementary School (math 17% / reading 32%, grade F, #230 of 263 statewide, top 91%, 304 students, 65% FRL); Laconia Middle School (math 28% / reading 29%, grade F, #75 of 96 statewide, top 78%, 408 students, 47% FRL); Laconia High School (math 32% / reading 37%, grade F, #73 of 90 statewide, top 83%, 590 students, 39% FRL) — zoned schools at 50% FRL track the district average.
• Watch-outs: HOA is 20% of rent.
• Market conditions: Rents rising fast (+21.6%/yr); 186 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 301 units permitted in Belknap County in 2024 (32 in 5+ unit buildings).
• Belknap County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 4.9% vs local median 1.8% in Laconia — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 31% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.