57 Sparrow St

Keene, NH 03431

$199,900C

4 bd · 2.0 ba · 1,792 sqft · Built 2005 · Manufactured · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,602/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$179
• HOA: −$570
• Vac / Maint / Mgmt: −$546
• Net cashflow: $258/mo
• Annual: $3,094/yr
• Cap rate: 7.84%
• Cash-on-cash: 5.53%
• DSCR: 1.25
• 1% rule: 1.30%
• Cash to close: $55,972

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $200k.
• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• It's been on market 21 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• 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 88/100 on livability (#4 in NH, #192 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Keene School District (town): math 26% / reading 47% proficiency, ranked #76 of 98 in NH (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fuller Elementary School (math 22% / reading 42%, grade F, #190 of 263 statewide, top 75%, 310 students, 33% FRL) — zoned schools at 33% FRL track the district average.
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents rising (+3.4%/yr); 63 active listings in the ZIP; solid renter incomes; 166 units permitted in Cheshire County in 2024 (0 in 5+ unit buildings).
• Cheshire County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 7.8% vs local median 4.1% in Keene — 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 39% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.