165 Sandogardy Pond Rd #9

Franklin, NH 03276

$750,000C-

8 bd · 4.0 ba · 3,428 sqft · Built 1987 · MultiFamily · Pending · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,364/mo
• Mortgage (P&I): −$3,933
• Tax + insurance: −$1,250
• HOA: −$0
• Vac / Maint / Mgmt: −$1,546
• Net cashflow: $634/mo
• Annual: $7,614/yr
• Cap rate: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $210,000

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $750k. Condition is rated fair.
• At list price, monthly cash flow is $634 ($8k/yr) — positive. Per door: $159/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $736k (1.8% below list).
• It's been on market 44 days — a 3% lower offer ($728k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $728k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.9%/yr); year-one equity from $5k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#56 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Winnisquam Regional School District (town): math 32% / reading 46% proficiency, ranked #64 of 98 in NH (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Winnisquam Regional Middle School (math 27% / reading 44%, grade F, #56 of 96 statewide, top 59%, 398 students, 37% FRL); Winnisquam Regional High School (math 27% / reading 52%, grade F, #63 of 90 statewide, top 74%, 421 students, 30% FRL).
• Market conditions: 43 active listings in the ZIP; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 7.3% vs local median 2.3% in Franklin — 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 44 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Paint — The paint appears to be slightly worn and there are some minor signs of wear and tear on the walls, floors, and countertops.
• Minor: Landscaping — The landscaping is sparse, with some trees and shrubs, but the overall appearance is somewhat unkempt.