8 Old Landing Rd · Durham, NH 03824

$425,000

3 bd · 2.5 ba · 1,064 sqft · Condo public records · 4 Days on market

Built 1950

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +5.9/10.0
• Livability +4.2/5.0
• Cash flow +2.9/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tucked away in a tiny cul d'sac neighborhood with waterfront on one end and town center on the other, this is the best of locations for walking to everything. This townhouse has a walk-out lower level for added housing flexibility and much of the inside has been recently refurbished. Photos will be provided on or before the first showing date of September 9, by appointment only.

Key facts

• Garden area
• Large yard
• Waterfront access

Tags

• WATERFRONT ACCESS
• CUL-DE-SAC NEIGHBORHOOD
• FINISHED WALKOUT LOWER LEVEL
• LARGE YARD
• GARDEN AREA
• CLOSE TO DOWNTOWN

Property features AI

Finance

• Other: Condo name: ANNIE'S EDGE CONDOMINIUM
• HOA & community: Condominium with condo fees (paid monthly)

Exterior

• Parking: Paved driveway
• Utilities: Public water; Public sewer; 100 amp electric service with circuit breakers; Cable internet available
• Home design: Condex (condominium-unit style); Navy exterior color; Shingle - asphalt roof; Built in 1950
• Construction: Wood frame construction
• Exterior features: Landscaped lot; In-town location near shopping, public transportation, and schools; Paved driveway; Surveyed

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Three bedrooms on the second level (approx. 10x13, 10x11, 12x8)
• Flooring: Hardwood floors; Vinyl plank flooring
• Bathrooms: Two full bathrooms; One three-quarter bathroom
• Heating & cooling: Electric heating with monitor type; Wall AC units
• Interior features: 7 total rooms; Finished daylight walkout basement; Den and family room located in the basement
• Laundry & utility: Washer and dryer included; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $425k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (58.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (51.8% below list).
• Recommended offer: $178k (58.2% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 85/100 on livability (#7 in NH, #523 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A; Watch: cost of living D, amenities D-.
• Oyster River Coop School District (suburban): math 59% / reading 74% proficiency, ranked #12 of 98 in NH (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Moharimet School (math 72% / reading 82%, grade A, #8 of 263 statewide, top 4%, 297 students, 7% FRL); Oyster River Middle School (math 51% / reading 67%, grade B, #13 of 96 statewide, top 14%, 643 students, 7% FRL); Oyster River High School (math 67% / reading 87%, grade A-, #3 of 90 statewide, top 2%, 844 students, 8% FRL) — zoned schools at 7% FRL track the district average.
• Market conditions: 30 active listings in the ZIP; 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Strafford County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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.
• Current owner paid $275k; list at $425k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $177,529 (58.2% below list)

Questions for the listing agent

1. 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?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.48% ✗
• Cap rate: 2.34%
• Cash-on-cash: -14.13%
• DSCR: 0.37
• GRM: 17.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -43.1%
• Equity multiple: -0.33×
• Total profit: $-158,009
• Equity at exit: $63,369

10-year hold

• IRR: -74.7%
• Equity multiple: -1.12×
• Total profit: $-252,147
• Equity at exit: $36,746

Cash invested: $119,000 (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 03824

• Home prices YoY: -20.7%
• Active inventory: 30
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $2,050 medium
• Mortgage (P&I): −$2,229
• Tax from tax record: −$614 /mo · $7,371/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $-1,401

Break-even live

Break-even rent $3,823

Max offer price $177,529

Occupancy floor —

Sensitivity live

Price	-10% $-1,160	-5% $-1,281	+0% $-1,401	+5% $-1,521	+10% $-1,641
Rent	-10% $-1,563	-5% $-1,482	+0% $-1,401	+5% $-1,320	+10% $-1,239
Rate	-1.0pp $-1,187	-0.5pp $-1,293	base $-1,401	+0.5pp $-1,511	+1.0pp $-1,623

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-02
   status $425,000 Pending 4 DOM
2. 2026-06-01
   days on market $425,000 Active 4 DOM
3. 2026-05-31
   days on market $425,000 Active 3 DOM
4. 2026-05-28
   listed $425,000 Active
5. 2020-12-17
   soldstatus $275,000 Closed 381-char remark

   Show marketing remark (381 chars)

   Tucked away in a tiny cul d'sac neighborhood with waterfront on one end and town center on the other, this is the best of locations for walking to everything. This townhouse has a walk-out lower level for added housing flexibility and much of the inside has been recently refurbished. Photos will be provided on or before the first showing date of September 9, by appointment only.

6. 2020-09-20
   status Pending 381-char remark

   Show marketing remark (381 chars)

   Tucked away in a tiny cul d'sac neighborhood with waterfront on one end and town center on the other, this is the best of locations for walking to everything. This townhouse has a walk-out lower level for added housing flexibility and much of the inside has been recently refurbished. Photos will be provided on or before the first showing date of September 9, by appointment only.

7. 2020-09-10
   historical Active with Contract 381-char remark

   Show marketing remark (381 chars)

   Tucked away in a tiny cul d'sac neighborhood with waterfront on one end and town center on the other, this is the best of locations for walking to everything. This townhouse has a walk-out lower level for added housing flexibility and much of the inside has been recently refurbished. Photos will be provided on or before the first showing date of September 9, by appointment only.

8. 2020-09-01
   listed $275,000 Active 381-char remark

   Show marketing remark (381 chars)

   Tucked away in a tiny cul d'sac neighborhood with waterfront on one end and town center on the other, this is the best of locations for walking to everything. This townhouse has a walk-out lower level for added housing flexibility and much of the inside has been recently refurbished. Photos will be provided on or before the first showing date of September 9, by appointment only.

ⓘ 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: $7,371 · $614/mo
• Projected year-2 tax: $8,318 · $693/mo
• Expected delta: +$947/yr (+$79/mo · 12.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,595
• − Mortgage interest: −$23,807
• − Property taxes: −$7,371
• − Insurance: −$2,125
• − Repairs & maintenance: −$1,968
• − Management: −$1,968
• − Depreciation: −$12,364
• Taxable loss: −$25,006
• Est. tax savings @ 24.0%: +$6,001
• After-tax cash flow: $-10,809/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: Oyster River Coop School District
• NCES district ID: 3305520
• Math proficiency: 59% ▼ -15.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $77,779
• Composite: 59.07/100
• National rank: #957
• State rank: #12 of 98 in NH

Livability — Durham

• Score: 85/100
• State rank: #7
• US rank: #523

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Durham, NH
• Population (ZIP): 15,054

Population outlook (Strafford County) Hauer SSP2

• Today (2025): 132,503 people
• By 2030: 135,377 · +2.2%
• By 2040: 139,609 · +5.4%
• By 2050: 141,803 · +7.0%
• By 2075: 149,280 · +12.7%
• By 2100: 148,667 · +12.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Asian 4% Hispanic / Latino 4%
• Common ancestry: Lithuanian 5% Romanian 5% Slovak 3%
• Foreign-born: 5% · China, South Korea, Canada
• Languages at home: 93% English-only · Spanish 2% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Strafford

• 2024 margin: D (+12.1) · D 55.5% · R 43.5% · Other 1.0%
• 2008→2024 swing: -8.3pp toward R · 2008: 20.4pp · 2024: 12.1pp
• All cycles: 2024: D+12.1 2020: D+15.2 2016: D+8.6 2012: D+14.5 2008: D+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.50%
• Current HPI: 277.6887
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+54.5% since first listed

5 events — show timeline

• 2026-05-28 Listed $425,000 PrimeMLS
• 2020-12-17 Sold (MLS) $275,000 PrimeMLS
• 2020-09-20 Pending — PrimeMLS
• 2020-09-10 Contingent — PrimeMLS
• 2020-09-01 Listed $275,000 PrimeMLS

Property tax history

+2.6%/yr

Latest (2025): $7,371 · +17.4% YoY. Source: county tax records.