54 O'Keefe Cir

North Conway, NH 03860

$199,900D+

3 bd · 2.0 ba · 1,264 sqft · Built 2025 · Manufactured · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,034/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$333
• HOA: −$560
• Vac / Maint / Mgmt: −$427
• Net cashflow: $-335/mo
• Annual: $-4,019/yr
• Cap rate: 4.28%
• Cash-on-cash: -7.18%
• DSCR: 0.68
• 1% rule: 1.02%
• Cash to close: $55,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $200k. Condition is rated excellent.
• At list price, monthly cash flow is $-335 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (24.2% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• It's been on market 64 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (24.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#27 in NH, #3,862 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, health & safety B+; Watch: commute C-, housing F.
• Conway School District (rural): math 28% / reading 46% proficiency, ranked #73 of 98 in NH (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: John H. Fuller School (math 52% / reading 57%, grade C, #62 of 263 statewide, top 30%, 177 students, 32% FRL); A. Crosby Kennett Middle School (math 22% / reading 44%, grade F, #60 of 96 statewide, top 63%, 235 students, 39% FRL); Kennett High School (math 37% / reading 57%, grade D-, #47 of 90 statewide, top 57%, 706 students, 27% FRL) — zoned schools at 33% FRL track the district average.
• Watch-outs: HOA is 28% of rent.
• Market conditions: 84 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 357 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).
• Carroll County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• Cap rate 4.3% vs local median 2.7% in North Conway — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 B-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?
• 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?
• 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.