3 Amory St

Nashua, NH 03060

$599,950D

4 bd · 3.0 ba · 2,130 sqft · Built 1900 · MultiFamily · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,679/mo
• Mortgage (P&I): −$3,146
• Tax + insurance: −$774
• HOA: −$0
• Vac / Maint / Mgmt: −$1,193
• Net cashflow: $566/mo
• Annual: $6,792/yr
• Cap rate: 7.42%
• Cash-on-cash: 4.04%
• DSCR: 1.18
• 1% rule: 0.95%
• Cash to close: $167,986

Investor read

• This is a 3 × 1-bed/?-bath units multifamily listed at $600k.
• At list price, monthly cash flow is $566 ($7k/yr) — positive. Per door: $189/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $568k (5.3% below list).
• It's been on market 54 days — a 3% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $568k (5.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#11 in NH, #983 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D+.
• Nashua School District (urban): math 27% / reading 40% proficiency, ranked #77 of 98 in NH (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dr. Norman W. Crisp School (math 8% / reading 12%, grade F, #259 of 263 statewide, top 99%, 385 students, 73% FRL); Elm Street Middle School (math 19% / reading 34%, grade F, #79 of 96 statewide, top 82%, 874 students, 42% FRL); Nashua High School North (math 37% / reading 65%, grade D+, #32 of 90 statewide, top 36%, 1,594 students, 37% FRL) — zoned schools average 51% FRL vs 35% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.1%/yr); 50 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $50k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 7.4% vs local median 2.9% in Nashua — 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.
• At $5,679/mo this rent would consume 85% of the median local household income ($80k/yr) (locally 1823% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.