60-70 Meadow St

Littleton, NH 03561

$875,000D

None bd · None ba · 5,290 sqft · Built 1890 · MultiFamily · Pending · 184 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,600/mo
• Mortgage (P&I): −$4,589
• Tax + insurance: −$1,458
• HOA: −$0
• Vac / Maint / Mgmt: −$1,386
• Net cashflow: $-833/mo
• Annual: $-9,995/yr
• Cap rate: 5.15%
• Cash-on-cash: -4.08%
• DSCR: 0.82
• 1% rule: 0.75%
• Cash to close: $245,000

Investor read

• This is a 6 × 2-bed/?-bath units multifamily listed at $875k.
• At list price, monthly cash flow is $-833 ($-10k/yr) — negative. Per door: $-139/mo.
• To cash-flow at today's rent, offer at most $754k (13.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $660k (24.6% below list).
• It's been on market 184 days — a 12% lower offer ($770k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $660k (24.6% below list) — sets the bar for 1% rule.
• In year one you build about $94k of equity ($6k loan paydown + $88k 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: schools D+, amenities F, commute 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.
• Watch-outs: built in 1890 — 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.
• By year 2, paydown + projected appreciation supports a ~$150k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.2% 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

• 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 184 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?