65-2 Clearbrook Rd

Lincoln, NH 03251

$445,000D-

2 bd · 2.0 ba · 1,168 sqft · Built 2003 · Condo · Active · 165 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,999/mo
• Mortgage (P&I): −$2,334
• Tax + insurance: −$742
• HOA: −$414
• Vac / Maint / Mgmt: −$630
• Net cashflow: $-1,120/mo
• Annual: $-13,440/yr
• Cap rate: 3.27%
• Cash-on-cash: -10.79%
• DSCR: 0.52
• 1% rule: 0.67%
• Cash to close: $124,600

Investor read

• This is a 2-bed/2.0-bath condo listed at $445k.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $283k (36.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (32.6% below list).
• It's been on market 165 days — a 12% lower offer ($392k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $283k (36.4% below list) — sets the bar for cash-flow.
• In year one you build about $13k of equity ($3k loan paydown + $10k appreciation (2.2% local appreciation)).
• Location reads 68/100 on livability (#57 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A-, housing A-; Watch: health & safety C-, schools D+, amenities F.
• Lincoln-Woodstock School District (rural): math 40% / reading 40% proficiency, ranked #140 of 171 in NH (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 115 active listings in the ZIP; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 3y 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.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.3% vs local median 5.9% in Lincoln — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 165 days. Have you received any prior offers? Is the seller open to a 36% 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• 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?