8 Old Landing Rd

Durham, NH 03824

$425,000F

3 bd · 2.5 ba · 1,064 sqft · Built 1950 · Condo · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,050/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$791
• HOA: −$0
• Vac / Maint / Mgmt: −$430
• Net cashflow: $-1,401/mo
• Annual: $-16,811/yr
• Cap rate: 2.34%
• Cash-on-cash: -14.13%
• DSCR: 0.37
• 1% rule: 0.48%
• Cash to close: $119,000

Investor read

• This is a 3-bed/2.5-bath condo listed at $425k.
• 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).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $178k (58.2% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).
• Strafford County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.