37 Larry Dr

Alton, NH 03810

$510,000D-

3 bd · 2.5 ba · 1,606 sqft · Built 2003 · SingleFamily · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,553/mo
• Mortgage (P&I): −$2,674
• Tax + insurance: −$506
• HOA: −$0
• Vac / Maint / Mgmt: −$746
• Net cashflow: $-374/mo
• Annual: $-4,491/yr
• Cap rate: 5.41%
• Cash-on-cash: -3.14%
• DSCR: 0.86
• 1% rule: 0.70%
• Cash to close: $142,800

Investor read

• This is a 3-bed/2.5-bath single-family listed at $510k.
• At list price, monthly cash flow is $-374 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $444k (13.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $355k (30.3% below list).
• It's been on market 33 days — a 3% lower offer ($495k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $355k (30.3% below list) — sets the bar for 1% rule.
• In year one you build about $55k of equity ($4k loan paydown + $51k appreciation (10.0% local appreciation)).
• Location reads 57/100 on livability (#93 in NH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Alton School District (rural): math 34% / reading 42% proficiency, ranked #139 of 171 in NH (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Alton Central School (Elem) (math 32% / reading 42%, grade F, #171 of 263 statewide, top 66%, 417 students, 17% FRL); Prospect Mountain High School (math 32% / reading 62%, grade D-, #47 of 90 statewide, top 57%, 387 students, 22% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: 35 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.
• 2 sale attempts since 3y 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.
• By year 2, paydown + projected appreciation supports a ~$88k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.4% vs local median 1.4% in Alton — 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

• 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?
• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.