35 Jackson St

Littleton, NH 03561

$425,000B-

6 bd · 3.0 ba · 3,144 sqft · Built 1880 · MultiFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,191/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$561
• HOA: −$0
• Vac / Maint / Mgmt: −$880
• Net cashflow: $521/mo
• Annual: $6,252/yr
• Cap rate: 7.76%
• Cash-on-cash: 5.25%
• DSCR: 1.23
• 1% rule: 0.99%
• Cash to close: $119,000

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $425k.
• At list price, monthly cash flow is $521 ($6k/yr) — positive. Per door: $174/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 $419k (1.4% below list).
• It's been on market 21 days — a 2% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $419k (1.5% below list) — sets the bar for market timing.
• In year one you build about $45k of equity ($3k loan paydown + $42k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#80 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing B; Watch: amenities F, commute F, employment F.
• Littleton School District (town): math 43% / reading 51% proficiency, ranked #51 of 98 in NH (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mildred C. Lakeway School (math 42% / reading 52%, grade D-, #114 of 263 statewide, top 46%, 345 students, 59% FRL) — zoned schools average 59% FRL vs 40% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 17y ago; this cycle's ask is 164% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $161k; list at $425k implies a 164% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $119k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$73k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.8% vs local median 2.9% in Littleton — 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

• 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 1880 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.