25 Central Sq

Troy, NH 03465

$385,000B

4 bd · 3.5 ba · 2,463 sqft · Built 1889 · MultiFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,332/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$632
• HOA: −$0
• Vac / Maint / Mgmt: −$1,120
• Net cashflow: $1,562/mo
• Annual: $18,741/yr
• Cap rate: 11.16%
• Cash-on-cash: 17.38%
• DSCR: 1.77
• 1% rule: 1.38%
• Cash to close: $107,800

Investor read

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $385k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $521/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $385k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $41k of equity ($3k loan paydown + $38k appreciation (10.0% local appreciation)).
• Location reads 65/100 on livability (#75 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Monadnock Regional School District (rural): math 25% / reading 36% proficiency, ranked #82 of 98 in NH (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Troy Elementary School (math 22% / reading 32%, grade F, #219 of 263 statewide, top 86%, 135 students, 41% FRL).
• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 166 units permitted in Cheshire County in 2024 (0 in 5+ unit buildings).
• Cheshire County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 18y 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 $121k; list at $385k implies a 218% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $108k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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 1889 — 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 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?
• 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.