23 Spruce Dr · Belmont, NH 03220

$150,000

2 bd · 2.0 ba · 990 sqft · Manufactured public records · 5 Days on market

Built 2000 $152/sqft · at area comps Est $149k · at est. $480/mo HOA · 25% of rent

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Why this score? — see what drove the D+ 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).

• Cash flow +14.6/30.0
• 1% rule +7.7/10.0
• ARV discount +7.2/15.0
• DSCR +4.5/10.0
• Schools +3.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2 bedroom 2 bath, move in ready home is located in a well maintained owner occuped park. It feautures a spacious living room with open concept floor plan to the eat the eat in kitchen. The primary bedroom includes ample closet space and a primary on-suite bathroom. This park is located close to all things lakes region such as shopping, dining, entertainment, lakes, mountains, and so much more! Open house 6/18/22 from 11-1.

Key facts

• Brand-new deck
• Generously sized lot
• Renovated bath

Tags

• RENOVATED BATH
• BRAND-NEW DECK
• GENEROUSLY SIZED LOT
• LARGE SHED WITH ELECTRICITY

Property features AI

Finance

• Other: Please use GPS for directions
• HOA & community: Monthly HOA fee of 480; One-time HOA fee of 1,440; Roads maintained by association/private (privately maintained)

Exterior

• Parking: Paved driveway
• Utilities: Community and private water; Community and private sewer; Circuit breaker electrical service; Cable internet available
• Home design: Manufactured / Mobile home; Existing structure; Built in 2000; Asphalt shingle roof
• Construction: Vinyl siding
• Exterior features: Landscaped lot; Leased lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Flooring: Carpet; Vinyl plank
• Bathrooms: Two full bathrooms
• Heating & cooling: Propane forced-air heating; Mini-split cooling
• Interior features: Five total rooms; Carpet and vinyl plank flooring
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $36 ($434/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 6.6% vs local median 1.7% in Belmont — 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.

Location & tenants

• Location reads 61/100 on livability (#89 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: health & safety C-, housing D, schools D-.
• Shaker Regional School District (rural): math 27% / reading 45% proficiency, ranked #70 of 98 in NH (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 62 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 301 units permitted in Belknap County in 2024 (32 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Belknap County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 16y 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 $90k; list at $150k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $150,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.27% ✓
• Cap rate: 6.58%
• Cash-on-cash: 1.03%
• DSCR: 1.05
• GRM: 6.6

CMA / ARV

• ARV (median comp): $149,032
• List price: $150,000
• Delta: 0.65%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 St Joseph Dr	0.08mi	2/2.0	1,064 (+8%)	6mo	$150,000	$141	79
12 Spruce Dr	0.08mi	2/1.0	968 (-2%)	12mo	$75,000	$77	78
103 Scenic Dr	0.08mi	2/2.0	924 (-7%)	9mo	$152,000	$165	78
14 Autumn Dr	0.16mi	2/2.0	1,020 (+3%)	12mo	$145,000	$142	77
101 Scenic Dr	0.07mi	2/2.0	924 (-7%)	11mo	$150,000	$162	77
35 Circle Dr	0.24mi	3/1.0 (+1)	1,064 (+8%)	10mo	$140,000	$132	59

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -14.4%
• Equity multiple: 0.48×
• Total profit: $-21,713
• Equity at exit: $22,365

10-year hold

• IRR: -5.3%
• Equity multiple: 0.65×
• Total profit: $-14,758
• Equity at exit: $12,969

Cash invested: $42,000 (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 03220

• Home prices YoY: -6.7%
• Active inventory: 62
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,900 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$136 /mo · $1,629/yr
• Insurance: −$62
• HOA: −$480
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $36

Break-even live

Break-even rent $1,854

Max offer price $150,000

Occupancy floor 93%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
246 Hurricane Rd Unit 1 Belmont, NH	2.0	1.0	901	$1,900	$2.11	44d	1	1.36mi

HOA detail

• Monthly dues: $480 · $5,760/yr

Listing history 19 events

1. 2026-05-06
   status Pending 1235-char remark
2. 2026-05-01
   listed $150,000 Active 1235-char remark
3. 2022-09-06
   soldstatus $90,000 Closed 431-char remark

   Show marketing remark (431 chars)

   This 2 bedroom 2 bath, move in ready home is located in a well maintained owner occuped park. It feautures a spacious living room with open concept floor plan to the eat the eat in kitchen. The primary bedroom includes ample closet space and a primary on-suite bathroom. This park is located close to all things lakes region such as shopping, dining, entertainment, lakes, mountains, and so much more! Open house 6/18/22 from 11-1.

4. 2022-06-23
   status Pending 431-char remark

   Show marketing remark (431 chars)

   This 2 bedroom 2 bath, move in ready home is located in a well maintained owner occuped park. It feautures a spacious living room with open concept floor plan to the eat the eat in kitchen. The primary bedroom includes ample closet space and a primary on-suite bathroom. This park is located close to all things lakes region such as shopping, dining, entertainment, lakes, mountains, and so much more! Open house 6/18/22 from 11-1.

5. 2022-06-17
   listed $90,000 Active 431-char remark

   Show marketing remark (431 chars)

   This 2 bedroom 2 bath, move in ready home is located in a well maintained owner occuped park. It feautures a spacious living room with open concept floor plan to the eat the eat in kitchen. The primary bedroom includes ample closet space and a primary on-suite bathroom. This park is located close to all things lakes region such as shopping, dining, entertainment, lakes, mountains, and so much more! Open house 6/18/22 from 11-1.

6. 2018-04-02
   soldstatus $23,000 Closed

   Show marketing remark (570 chars)

   Here's your chance to purchase a Beautifully well kept, pristine home which is located in a very well maintained and sought after park. A unique raised living room separates the room from the dining area, with a custom made wooden railing. There is a wonderful utility shed on the property for gardening tools, etc and a nice space to sit out and entertain family or friends. You are minutes away from Route 93 and the Tanger Tilton shops. The quaint Town of Belmont's Library, The Bandstand and the Belmont Mill are listed with The National Register of Historic Places.

7. 2018-02-04
   historical Active with Contract

   Show marketing remark (570 chars)

   Here's your chance to purchase a Beautifully well kept, pristine home which is located in a very well maintained and sought after park. A unique raised living room separates the room from the dining area, with a custom made wooden railing. There is a wonderful utility shed on the property for gardening tools, etc and a nice space to sit out and entertain family or friends. You are minutes away from Route 93 and the Tanger Tilton shops. The quaint Town of Belmont's Library, The Bandstand and the Belmont Mill are listed with The National Register of Historic Places.

8. 2018-01-31
   listed $24,900 Active

   Show marketing remark (570 chars)

   Here's your chance to purchase a Beautifully well kept, pristine home which is located in a very well maintained and sought after park. A unique raised living room separates the room from the dining area, with a custom made wooden railing. There is a wonderful utility shed on the property for gardening tools, etc and a nice space to sit out and entertain family or friends. You are minutes away from Route 93 and the Tanger Tilton shops. The quaint Town of Belmont's Library, The Bandstand and the Belmont Mill are listed with The National Register of Historic Places.

9. 2017-08-03
   price $22,900
10. 2017-06-28
    price $24,900
11. 2017-06-03
    price $26,900
12. 2016-06-23
    soldstatus $20,000 Closed
13. 2016-06-22
    status Pending
14. 2016-05-07
    historical Active with Contract
15. 2016-04-06
    price $24,900
16. 2016-03-15
    price $29,900
17. 2016-02-17
    listed $33,000 Active
18. 2011-06-03
    soldstatus $23,000
19. 2010-11-20
    listed $26,900

ⓘ 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: $1,629 · $136/mo
• Projected year-2 tax: $2,450 · $204/mo
• Expected delta: +$820/yr (+$68/mo · 50.4%)

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

Taxation est. · year 1

• Rental income: $22,800
• − Mortgage interest: −$8,402
• − Property taxes: −$1,629
• − Insurance: −$750
• − Repairs & maintenance: −$1,824
• − Management: −$1,824
• − HOA: −$5,760
• − Depreciation: −$4,364
• Taxable loss: −$1,753
• Est. tax savings @ 24.0%: +$421
• After-tax cash flow: $854/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: Shaker Regional School District
• NCES district ID: 3306180
• Math proficiency: 27% ▼ -14.00%
• Reading proficiency: 45% ▼ -10.00%
• Median HH income: $65,177
• Composite: 32.56/100
• National rank: #5684
• State rank: #70 of 98 in NH

Livability — Belmont

• Score: 61/100
• State rank: #89
• US rank: #17890

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,376

Population outlook (Belknap County) Hauer SSP2

• Today (2025): 60,702 people
• By 2030: 60,353 · -0.6%
• By 2040: 58,264 · -4.0%
• By 2050: 54,533 · -10.2%
• By 2075: 45,622 · -24.8%
• By 2100: 33,772 · -44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 3% Two or more races 2% Asian 1%
• Common ancestry: Lithuanian 19% Slovak 5% Russian 3%
• Foreign-born: 2% · Canada
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Belknap

• 2024 margin: R (+13.1) · D 43.1% · R 56.1%
• 2008→2024 swing: -14.2pp toward R · 2008: 1.2pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+10.4 2016: R+16.8 2012: R+5.0 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.74%
• Current HPI: 416.6523
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+457.6% since first listed

19 events — show timeline

• 2026-05-06 Pending — PrimeMLS
• 2026-05-01 Listed $150,000 PrimeMLS
• 2022-09-06 Sold (MLS) $90,000 PrimeMLS
• 2022-06-23 Pending — PrimeMLS
• 2022-06-17 Listed $90,000 PrimeMLS
• 2018-04-02 Sold (MLS) $23,000 PrimeMLS
• 2018-02-04 Contingent — PrimeMLS
• 2018-01-31 Listed $24,900 PrimeMLS
• 2017-08-03 Price Changed $22,900 PrimeMLS
• 2017-06-28 Price Changed $24,900 PrimeMLS
• 2017-06-03 Price Changed $26,900 PrimeMLS
• 2016-06-23 Sold (MLS) $20,000 PrimeMLS
• 2016-06-22 Pending — PrimeMLS
• 2016-05-07 Contingent — PrimeMLS
• 2016-04-06 Price Changed $24,900 PrimeMLS
• 2016-03-15 Price Changed $29,900 PrimeMLS
• 2016-02-17 Listed $33,000 PrimeMLS
• 2011-06-03 Sold (MLS) $23,000 PrimeMLS
• 2010-11-20 Listed $26,900 PrimeMLS

Property tax history

+10.5%/yr

Latest (2025): $1,629 · +10.4% YoY. Source: county tax records.