89 Morways Park · Charlestown, NH 03603

$59,900

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 92 Days on market

Built 1985 $65/sqft · 6% above area Est $56k · 6% over $545/mo HOA · 33% of rent

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +4.7/15.0
• Livability +3.6/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

2 bedroom 1 bath home on corner lot. Lots of upgrades, metal roof, new flooring throughout, updated bath, large open living room and kitchen, enclosed carport and more! This home is move in ready, park approval required.

Key facts

• Enclosed carport
• Metal roof
• Updated bath

Tags

• CORNER LOT
• METAL ROOF
• NEW FLOORING
• UPDATED BATH
• LARGE OPEN LIVING ROOM
• ENCLOSED CARPORT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 3.4% in Charlestown — 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.

Location & tenants

• Location reads 71/100 on livability (#39 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, employment A; Watch: housing D, health & safety D, amenities F.
• Fall Mountain Regional School District (rural): math 32% / reading 47% proficiency, ranked #65 of 98 in NH (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 35 active listings in the ZIP; 98 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($414 loan paydown + $6k appreciation (10.0% local appreciation)).
• Sullivan County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $9k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $60k implies a 299% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.

Recommended offer $54,509 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 2.77% ✓
• Cap rate: 13.67%
• Cash-on-cash: 26.36%
• DSCR: 2.17
• GRM: 3.0

CMA / ARV

• ARV (median comp): $56,401
• List price: $59,900
• Delta: 6.20%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
70 Morways Park	0.02mi	2/1.0	924 (0%)	7mo	$92,000	$100	93
41 Morways Park #41	0.00mi	3/1.0 (+1)	938 (+2%)	2mo	$45,000	$48	91
14 Morways Park	0.02mi	2/1.0	924 (0%)	10mo	$45,000	$49	90
36 Trillium Ln	0.02mi	3/2.0 (+1)	924 (0%)	1mo	$34,000	$37	89
1010 Morway Park	0.02mi	2/2.0	954 (+3%)	4mo	$81,000	$85	86
162 Pebblewood Dr	0.18mi	3/1.5 (+1)	924 (0%)	3mo	$75,000	$81	82
27 Oakwood Cir	0.00mi	2/1.5	896 (-3%)	13mo	$85,000	$95	82
137 Morways Park	0.00mi	3/1.0 (+1)	924 (0%)	18mo	$67,000	$73	80
74 Morways Park	0.02mi	2/2.0	1,008 (+9%)	9mo	$124,000	$123	73
7B Crown Point Dr	0.63mi	2/1.5	1,008 (+9%)	15mo	$35,000	$35	41
40 Ponderosa Park	0.56mi	3/2.0 (+1)	1,056 (+14%)	20mo	$120,000	$114	24
5 CHASE Cir	0.70mi	3/2.0 (+1)	1,012 (+10%)	22mo	$220,000	$217	24

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 44.4%
• Equity multiple: 4.37×
• Total profit: $56,443
• Equity at exit: $53,963

10-year hold

• IRR: 38.6%
• Equity multiple: 9.85×
• Total profit: $148,457
• Equity at exit: $116,373

Cash invested: $16,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 56 Moderately Landlord-Leaning
• State New Hampshire: 56 Moderately Landlord-Leaning · D+1
• County: — inherits STATE
• City: — inherits STATE

Has just-cause statute; 30-day notice; landlord-leaning vs. neighbors.

Methodology + full state rankings →

ZIP-level market 03603

• Home prices YoY: 8.6%
• Active inventory: 35
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,662 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$60 /mo · $724/yr
• Insurance: −$25
• HOA: −$545
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $368

Break-even live

Break-even rent $1,195

Max offer price $59,900

Occupancy floor 73%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $545 · $6,540/yr

Listing history 19 events

1. 2026-06-19
   days on market $59,900 Active 92 DOM
2. 2026-06-18
   days on market $59,900 Active 91 DOM
3. 2026-06-17
   days on market $59,900 Active 90 DOM
4. 2026-06-16
   days on market $59,900 Active 89 DOM
5. 2026-06-15
   days on market $59,900 Active 88 DOM
6. 2026-06-14
   days on market $59,900 Active 86 DOM
7. 2026-06-12
   days on market $59,900 Active 85 DOM
8. 2026-06-09
   days on market $59,900 Active 82 DOM
9. 2026-06-08
   days on market $59,900 Active 81 DOM
10. 2026-06-07
    days on market $59,900 Active 80 DOM
11. 2026-06-07
    pricedays on market $59,900 Active 79 DOM
12. 2026-06-02
    days on market $69,000 Active 75 DOM
13. 2026-06-01
    days on market $69,000 Active 74 DOM
14. 2026-05-31
    days on market $69,000 Active 73 DOM
15. 2026-05-30
    days on market $69,000 Active 72 DOM
16. 2026-05-08
    status Active 221-char remark

    Show marketing remark (221 chars)

    2 bedroom 1 bath home on corner lot. Lots of upgrades, metal roof, new flooring throughout, updated bath, large open living room and kitchen, enclosed carport and more! This home is move in ready, park approval required.

17. 2026-04-30
    historical Active with Contract 221-char remark

    Show marketing remark (221 chars)

    2 bedroom 1 bath home on corner lot. Lots of upgrades, metal roof, new flooring throughout, updated bath, large open living room and kitchen, enclosed carport and more! This home is move in ready, park approval required.

18. 2026-03-19
    listed $69,000 Active 221-char remark

    Show marketing remark (221 chars)

    2 bedroom 1 bath home on corner lot. Lots of upgrades, metal roof, new flooring throughout, updated bath, large open living room and kitchen, enclosed carport and more! This home is move in ready, park approval required.

19. 2006-12-07
    soldstatus $15,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NH · Partial reset (capped growth)

• Current annual tax: $724 · $60/mo
• Projected year-2 tax: $1,015 · $85/mo
• Expected delta: +$291/yr (+$24/mo · 40.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,943
• − Mortgage interest: −$3,355
• − Property taxes: −$724
• − Insurance: −$300
• − Repairs & maintenance: −$1,595
• − Management: −$1,595
• − HOA: −$6,540
• − Depreciation: −$1,743
• Taxable income: $4,090
• Est. tax owed @ 24.0%: −$982
• After-tax cash flow: $3,440/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Fall Mountain Regional School District
• NCES district ID: 3302990
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 47% ▼ -7.00%
• Median HH income: $53,411
• Composite: 34.35/100
• National rank: #5227
• State rank: #65 of 98 in NH

Livability — Charlestown

• Score: 71/100
• State rank: #39
• US rank: #6553

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A Housing D Health & safety D User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,272

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 41,322 people
• By 2030: 39,910 · -3.4%
• By 2040: 36,447 · -11.8%
• By 2050: 32,917 · -20.3%
• By 2075: 25,997 · -37.1%
• By 2100: 19,479 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 7% Asian 2%
• Common ancestry: Lithuanian 11% Slovak 4% Serbian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Chinese 2% French/Haitian/Cajun 1%

Political lean MEDSL · Sullivan

• 2024 margin: Toss-up / Even · D 49.1% · R 49.8% · Other 1.2%
• 2008→2024 swing: -18.7pp toward R · 2008: 18.0pp · 2024: -0.7pp
• All cycles: 2024: R+0.7 2020: D+3.6 2016: R+2.6 2012: D+13.3 2008: D+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 25.27%
• Current HPI: 320.9344
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+360.0% since first listed

4 events — show timeline

• 2026-05-08 Relisted — PrimeMLS
• 2026-04-30 Contingent — PrimeMLS
• 2026-03-19 Listed $69,000 PrimeMLS
• 2006-12-07 Sold (Public Records) $15,000 Public Records

Property tax history

+2.6%/yr

Latest (2024): $724 · +6.0% YoY. Source: county tax records.