8 Dart St

South Hooksett, NH 03106

$119,000B+

2 bd · 1.0 ba · 1,056 sqft · Built 1968 · Manufactured · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,230/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$108
• HOA: −$535
• Vac / Maint / Mgmt: −$468
• Net cashflow: $494/mo
• Annual: $5,929/yr
• Cap rate: 11.28%
• Cash-on-cash: 17.79%
• DSCR: 1.79
• 1% rule: 1.87%
• Cash to close: $33,320

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $119k.
• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• It's been on market 30 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#31 in NH, #4,309 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: amenities F, commute F.
• Hooksett School District (suburban): math 54% / reading 56% proficiency, ranked #22 of 98 in NH (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Fred C. Underhill School (428 students, 13% FRL); David R. Cawley Middle School (math 51% / reading 55%, grade C+, #17 of 96 statewide, top 17%, 429 students, 16% FRL) — zoned schools at 14% FRL track the district average.
• Watch-outs: HOA is 24% of rent.
• Market conditions: 55 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $119k implies a 198% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.3% vs local median 1.6% in South Hooksett — 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.

Questions for listing agent

• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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.