21 Upper Ladd Hill Rd

Meredith, NH 03253

$749,000B

9 bd · 15.0 ba · 10,850 sqft · Built 2026 · MultiFamily · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $18,279/mo
• Mortgage (P&I): −$3,928
• Tax + insurance: −$804
• HOA: −$435
• Vac / Maint / Mgmt: −$3,839
• Net cashflow: $9,274/mo
• Annual: $111,289/yr
• Cap rate: 21.15%
• Cash-on-cash: 53.07%
• DSCR: 3.36
• 1% rule: 2.44%
• Cash to close: $209,720

Investor read

• This is a 9-bed/15.0-bath multifamily listed at $749k. Condition is rated excellent.
• At list price, monthly cash flow is $9k ($111k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $749k).
• It's been on market 77 days — a 6% lower offer ($704k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $704k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#49 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, schools B+; Watch: health & safety C-, amenities F, commute F.
• Inter-Lakes School District (rural): math 40% / reading 51% proficiency, ranked #50 of 98 in NH (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 69 active listings in the ZIP; 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 21.2% vs local median 2.2% in Meredith — 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.

Questions for listing agent

• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.