44 Arlene Dr

Laconia, NH 03220

$354,300B

5 bd · 2.0 ba · 1,464 sqft · Built 1978 · MultiFamily · Active · 185 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,600/mo
• Mortgage (P&I): −$1,858
• Tax + insurance: −$632
• HOA: −$0
• Vac / Maint / Mgmt: −$966
• Net cashflow: $1,144/mo
• Annual: $13,731/yr
• Cap rate: 10.17%
• Cash-on-cash: 13.84%
• DSCR: 1.62
• 1% rule: 1.30%
• Cash to close: $99,204

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $354k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $572/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $354k).
• It's been on market 185 days — a 12% lower offer ($312k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $312k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#20 in NH, #2,314 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, commute F.
• 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; 301 units permitted in Belknap County in 2024 (32 in 5+ unit buildings).
• Belknap County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $45k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $279k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $99k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.2% vs local median 1.8% in Laconia — 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

• It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.