22 Pine St

Exeter, NH 03833

$1,300,000B-

9 bd · 12.0 ba · 3,894 sqft · Built 1890 · MultiFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $24,377/mo
• Mortgage (P&I): −$6,817
• Tax + insurance: −$2,257
• HOA: −$0
• Vac / Maint / Mgmt: −$5,119
• Net cashflow: $10,184/mo
• Annual: $122,204/yr
• Cap rate: 15.69%
• Cash-on-cash: 33.57%
• DSCR: 2.49
• 1% rule: 1.88%
• Cash to close: $364,000

Investor read

• This is a 9-bed/12.0-bath multifamily listed at $1.30M.
• At list price, monthly cash flow is $10k ($122k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.30M).
• It's been on market 36 days — a 3% lower offer ($1.26M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.26M (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Location reads 91/100 on livability (#1 in NH, #59 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+.
• Exeter School District (suburban): math 46% / reading 57% proficiency, ranked #32 of 98 in NH (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 142 active listings in the ZIP; high-income renter base; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $364k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 15.7% vs local median 2.8% in Exeter — 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.
• At $24,377/mo this rent would consume 245% of the median local household income ($119k/yr) (locally 485% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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 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?
• 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.