1 Second St · Windham, NH 03087

$285,000

2 bd · 1.5 ba · 576 sqft · SingleFamily public records · 43 Days on market

Built 1995 1,742 sqft lot $495/sqft · at area comps Est $298k · at est. $17/mo HOA · 1% of rent

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.4/30.0
• ARV discount +9.5/15.0
• Schools +6.5/10.0
• DSCR +6.1/10.0
• 1% rule +4.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bank Owned remolded 2 bedroom Seasonal cottage with rights to Cobbetts Pond. Sold "as is". Very Quick Closing Possible.

Key facts

• 1,742 sq ft lot
• Built 1995
• Listed 43 days

Property features AI

Finance

• Other: Sale includes outbuilding and furnishings
• HOA & community: Homeowners association fee $200 yearly; Association recreation amenities plus beach access, boat launch/mooring/dock and slips

Exterior

• Parking: Driveway surfaces include dirt, gravel and paved
• Utilities: Drilled private well; Private sewer (drywell/holding tank); 100 Amp electrical service with circuit breakers; Generator present and generator-ready; Cable available; High-speed Internet available on-site
• Home design: Single-level bungalow/cabin/cottage/ranch style; Built in 1995; Blue exterior
• Construction: Vinyl siding; Fiberglass/asphalt shingle roof; Surveyed
• Exterior features: Corner lot with beach access and lake access to Cobbetts Pond; Pond and recreational neighborhood setting; Shared/municipal residents water access (beach access, dock access; indirect, not adjoining; cross a street to access)

Interior

• Kitchen: Kitchen on the main level (14'8" x 9'); Range - Gas; Dishwasher
• Bedrooms: Two bedrooms on the main level (11'4" x 7'4" and 11'4" x 8'10")
• Bathrooms: One 3/4 bathroom on the main level (6'5" x 5'5")
• Heating & cooling: Electric heating; Mini-split cooling
• Interior features: Five total rooms; Crawl space and storage space in lieu of a full basement
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $285k.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $272k (4.5% below list).
• Recommended offer: $272k (4.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Windham School District (rural): math 64% / reading 74% proficiency, ranked #8 of 98 in NH (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Golden Brook Elementary School (math 64% / reading 65%, grade B, #26 of 263 statewide, top 11%, 1,098 students, 3% FRL) — zoned schools at 3% FRL track the district average.
• Market conditions: 64 active listings in the ZIP; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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.
• Current owner paid $31k; list at $285k implies a 819% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $272,149 (4.5% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 7.62%
• Cash-on-cash: 4.75%
• DSCR: 1.21
• GRM: 8.7

CMA / ARV

• ARV (median comp): $298,117
• List price: $285,000
• Delta: -4.40%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23 Spring St	0.65mi	2/1.0	624 (+8%)	12mo	$240,000	$385	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.67×
• Total profit: $-26,094
• Equity at exit: $42,494

10-year hold

• IRR: 0.5%
• Equity multiple: 1.04×
• Total profit: $3,028
• Equity at exit: $24,642

Cash invested: $79,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 56 Moderately Landlord-Leaning
• State New Hampshire: 56 Moderately Landlord-Leaning · D+1
• County: — inherits STATE
• City: — inherits STATE

Has just-cause statute; 30-day notice; landlord-leaning vs. neighbors.

Methodology + full state rankings →

ZIP-level market 03087

• Active inventory: 64
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,721 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$204 /mo · $2,443/yr
• Insurance: −$119
• HOA: −$17
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $316

Break-even live

Break-even rent $2,321

Max offer price $285,000

Occupancy floor 83%

Sensitivity live

Price	-10% $477	-5% $397	+0% $316	+5% $235	+10% $155
Rent	-10% $101	-5% $209	+0% $316	+5% $424	+10% $531
Rate	-1.0pp $460	-0.5pp $389	base $316	+0.5pp $242	+1.0pp $167

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $17 · $204/yr

Listing history 22 events

1. 2026-06-18
   days on market $285,000 Active 43 DOM
2. 2026-06-17
   days on market $285,000 Active 42 DOM
3. 2026-06-16
   days on market $285,000 Active 41 DOM
4. 2026-06-15
   days on market $285,000 Active 40 DOM
5. 2026-06-13
   days on market $285,000 Active 38 DOM
6. 2026-06-13
   days on market $285,000 Active 37 DOM
7. 2026-06-09
   days on market $285,000 Active 34 DOM
8. 2026-06-08
   days on market $285,000 Active 33 DOM
9. 2026-06-07
   days on market $285,000 Active 32 DOM
10. 2026-06-04
    days on market $285,000 Active 29 DOM
11. 2026-06-03
    days on market $285,000 Active 28 DOM
12. 2026-06-02
    days on market $285,000 Active 27 DOM
13. 2026-06-01
    days on market $285,000 Active 26 DOM
14. 2026-05-31
    days on market $285,000 Active 25 DOM
15. 2026-05-06
    listed $285,000 Active 1437-char remark
16. 2026-05-01
    historical $285,000 1437-char remark
17. 2011-09-06
    soldstatus $31,000 129-char remark

    Show marketing remark (129 chars)

    Bank Owned remolded 2 bedroom Seasonal cottage with rights to Cobbetts Pond. Sold "as is". Very Quick Closing Possible.

18. 2011-06-24
    listed $49,900 129-char remark

    Show marketing remark (129 chars)

    Bank Owned remolded 2 bedroom Seasonal cottage with rights to Cobbetts Pond. Sold "as is". Very Quick Closing Possible.

19. 2006-08-11
    soldstatus $92,500

    Show marketing remark (158 chars)

    Your chance to own a piece of Cobbetts Pond! 2 bedroom seasonal cottage just steps away from private beach and marina. Private well. Your own little get-away.

20. 2006-08-11
    soldstatus $92,533

    Show marketing remark (158 chars)

    Your chance to own a piece of Cobbetts Pond! 2 bedroom seasonal cottage just steps away from private beach and marina. Private well. Your own little get-away.

21. 2006-07-12
    historical

    Show marketing remark (158 chars)

    Your chance to own a piece of Cobbetts Pond! 2 bedroom seasonal cottage just steps away from private beach and marina. Private well. Your own little get-away.

22. 2006-06-19
    listed $109,900

    Show marketing remark (158 chars)

    Your chance to own a piece of Cobbetts Pond! 2 bedroom seasonal cottage just steps away from private beach and marina. Private well. Your own little get-away.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NH · Partial reset (capped growth)

• Current annual tax: $2,443 · $204/mo
• Projected year-2 tax: $4,328 · $361/mo
• Expected delta: +$1,885/yr (+$157/mo · 77.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,658
• − Mortgage interest: −$15,964
• − Property taxes: −$2,443
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,613
• − Management: −$2,613
• − HOA: −$204
• − Depreciation: −$8,291
• Taxable loss: −$895
• Est. tax savings @ 24.0%: +$215
• After-tax cash flow: $4,008/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Windham School District
• NCES district ID: 3307170
• Math proficiency: 64% ▼ -10.00%
• Reading proficiency: 74% ▼ -1.00%
• Median HH income: $113,787
• Composite: 64.6/100
• National rank: #530
• State rank: #8 of 98 in NH

Livability — Windham

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 15,922

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 316,118 people
• By 2030: 320,929 · +1.5%
• By 2040: 323,358 · +2.3%
• By 2050: 314,977 · -0.4%
• By 2075: 297,686 · -5.8%
• By 2100: 256,363 · -18.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Asian 7% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Lithuanian 6% Romanian 3% Russian 3%
• Foreign-born: 9% · China, South Korea, Canada
• Languages at home: 90% English-only · Other Indo-European 4% Chinese 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Rockingham

• 2024 margin: Toss-up / Even · D 48.3% · R 50.8%
• 2008→2024 swing: -3.5pp toward R · 2008: 1.1pp · 2024: -2.4pp
• All cycles: 2024: R+2.4 2020: D+2.1 2016: R+5.8 2012: R+4.5 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -173.02%
• Current HPI: 315.2202
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+159.3% since first listed

8 events — show timeline

• 2026-05-06 Listed $285,000 PrimeMLS
• 2026-05-01 Coming Soon $285,000 PrimeMLS
• 2011-09-06 Sold (MLS) $31,000 PrimeMLS
• 2011-06-24 Listed $49,900 PrimeMLS
• 2006-08-11 Sold (Public Records) $92,533 Public Records
• 2006-08-11 Sold (MLS) $92,500 PrimeMLS
• 2006-07-12 Delisted — PrimeMLS
• 2006-06-19 Listed $109,900 PrimeMLS

Property tax history

+4.9%/yr

Latest (2024): $2,443 · +5.8% YoY. Source: county tax records.