17 Wayland Cir

Exeter, NH 03833

$92,000B+

2 bd · 1.5 ba · 840 sqft · Built 1987 · Manufactured · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,738/mo
• Mortgage (P&I): −$482
• Tax + insurance: −$253
• HOA: −$410
• Vac / Maint / Mgmt: −$575
• Net cashflow: $1,018/mo
• Annual: $12,213/yr
• Cap rate: 19.57%
• Cash-on-cash: 47.41%
• DSCR: 3.11
• 1% rule: 2.98%
• Cash to close: $25,760

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $92k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $92k).
• It's been on market 16 days — a 2% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $636 of loan paydown is wiped out by about $3k 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.
• Zoned schools: Lincoln Street Elementary School (math 47% / reading 57%, grade C-, #82 of 263 statewide, top 34%, 424 students, 15% FRL); Cooperative Middle School (math 39% / reading 60%, grade C, #24 of 96 statewide, top 26%, 951 students, 9% FRL); Exeter High School (math 58% / reading 77%, grade B, #10 of 90 statewide, top 11%, 1,447 students, 6% FRL) — zoned schools at 10% FRL track the district average.
• Watch-outs: property tax is 2.8% of price.
• Market conditions: 143 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• 2 sale attempts since 22y ago; this cycle's ask has dropped $17k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $92k implies a 104% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.6% vs local median 2.3% 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.

Questions for listing agent

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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 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.