78 Thistle Way · Manchester, NH 03109

$139,900

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 17 Days on market

Built 1988 Est $181k · 23% under

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Why this score? — see what drove the B 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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy easy living in this mobile home located in a desirable 55+ community in Manchester, New Hampshire Offering 4 rooms, 2 bedrooms, 1 full bath, this home features an open-concept kitchen and living area, creating a bright and welcoming space for everyday living and entertaining. Nestle near beautiful Crystal Lake, the property offers a peaceful setting while remaining conveniently close to shopping, schools, parks, restaurants, Manchester Airport. Whether you're looking to downsize or enjoy a low-maintenance lifestyle, this cozy home is a wonderful opportunity in a friendly community. Don't miss out Park Approval Required. call today for showing.

Key facts

• Open-concept kitchen
• Near crystal lake
• Close to shopping

Tags

• OPEN-CONCEPT KITCHEN
• CLOSE TO SHOPPING
• NEAR CRYSTAL LAKE

Property features AI

Finance

• HOA & community: Located in Lakeside Mobile HomePark (park approval required)

Exterior

• Parking: Paved driveway
• Utilities: Public water; Public sewer; Circuit breaker electrical service; Cable internet available
• Home design: Manufactured home (Manuf/Mobile); Single-story; Built in 1988
• Construction: Vinyl siding; Asphalt shingle roof; Manufactured home construction
• Exterior features: Leased lot; Paved driveway

Interior

• Kitchen: Refrigerator; Electric stove
• Bedrooms: Two bedrooms on the main level
• Flooring: Vinyl plank flooring
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating
• Interior features: Four total rooms; Eat-in kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $449 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 3.1% in Manchester — 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.

Location & tenants

• Location reads 83/100 on livability (#10 in NH, #879 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Manchester School District (urban): math 14% / reading 27% proficiency, ranked #96 of 98 in NH (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Green Acres School (math 27% / reading 42%, grade F, #179 of 263 statewide, top 71%, 435 students, 22% FRL) — zoned schools average 22% FRL vs 50% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 34% at this address vs 20% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Manchester School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 35 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; moderate wind risk, 23% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $137,801 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.27% ✓
• Cap rate: 10.71%
• Cash-on-cash: 15.78%
• DSCR: 1.70
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $181,104
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
69 Thistle Way #22	0.02mi	2/1.5	918 (-1%)	10mo	$180,000	$196	88
55 Thistle Way	0.03mi	2/1.5	1,032 (+12%)	0mo	$174,500	$169	77

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: 3.9%
• Equity multiple: 1.15×
• Total profit: $5,919
• Equity at exit: $20,860

10-year hold

• IRR: 13.4%
• Equity multiple: 2.07×
• Total profit: $42,025
• Equity at exit: $12,096

Cash invested: $39,172 (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 03109

• Home prices YoY: -19.7%
• Active inventory: 35
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,779 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$99 /mo · $1,185/yr
• Insurance: −$58
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $449

Break-even live

Break-even rent $1,212

Max offer price $139,900

Occupancy floor 70%

Sensitivity live

Price	-10% $528	-5% $488	+0% $449	+5% $409	+10% $369
Rent	-10% $308	-5% $378	+0% $449	+5% $519	+10% $589
Rate	-1.0pp $519	-0.5pp $484	base $449	+0.5pp $412	+1.0pp $375

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1225 Bodwell Rd #22 Manchester, NH	1.0	1.0	656	$1,400	$2.13	14d	1	0.36mi
1445 Bodwell Rd Manchester, NH	2.0	1.0	485	$2,055	$4.24	13d	1	0.66mi
1025 S Mammoth Rd #6 Manchester, NH	2.0	1.5	1080	$2,500	$2.31	14d	1	1.05mi
1799 Bodwell Rd #2 Manchester, NH	2.0	1.0	795	$1,695	$2.13	14d	1	1.10mi

Listing history 13 events

1. 2026-06-18
   days on market $139,900 Active 17 DOM
2. 2026-06-17
   days on market $139,900 Active 16 DOM
3. 2026-06-16
   days on market $139,900 Active 15 DOM
4. 2026-06-15
   days on market $139,900 Active 14 DOM
5. 2026-06-14
   days on market $139,900 Active 12 DOM
6. 2026-06-13
   days on market $139,900 Active 11 DOM
7. 2026-06-10
   days on market $139,900 Active 9 DOM
8. 2026-06-09
   days on market $139,900 Active 8 DOM
9. 2026-06-08
   days on market $139,900 Active 7 DOM
10. 2026-06-07
    days on market $139,900 Active 6 DOM
11. 2026-06-03
    days on market $139,900 Active 2 DOM
12. 2026-06-02
    remarks 657-char remark
13. 2026-06-02
    listed $139,900 Active 1 DOM

ⓘ 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: $1,185 · $99/mo
• Projected year-2 tax: $2,117 · $176/mo
• Expected delta: +$932/yr (+$78/mo · 78.7%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,352
• − Mortgage interest: −$7,837
• − Property taxes: −$1,185
• − Insurance: −$1,497
• − Repairs & maintenance: −$1,708
• − Management: −$1,708
• − Depreciation: −$4,070
• Taxable income: $3,348
• Est. tax owed @ 24.0%: −$803
• After-tax cash flow: $4,579/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: Manchester School District
• NCES district ID: 3304590
• Math proficiency: 14% ▼ -10.00%
• Reading proficiency: 27% ▼ -6.00%
• Median HH income: $54,096
• Composite: 18.67/100
• National rank: #8886
• State rank: #96 of 98 in NH

Livability — Manchester

• Score: 83/100
• State rank: #10
• US rank: #879

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime C Employment C+ Housing A+ Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, NH
• City population: 110,172
• Population (ZIP): 10,118

Population outlook (Hillsborough County) Hauer SSP2

• Today (2025): 412,771 people
• By 2030: 410,974 · -0.4%
• By 2040: 399,959 · -3.1%
• By 2050: 381,542 · -7.6%
• By 2075: 339,855 · -17.7%
• By 2100: 289,270 · -29.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Asian 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 11% Romanian 3% Russian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 91% English-only · French/Haitian/Cajun 4% Other Indo-European 3% German/W. Germanic 1%

Political lean MEDSL · Hillsborough

• 2024 margin: Toss-up / Even · D 50.9% · R 48.0% · Other 1.0%
• 2008→2024 swing: -0.9pp no change · 2008: 3.8pp · 2024: 2.9pp
• All cycles: 2024: D+2.9 2020: D+7.7 2016: R+0.2 2012: D+1.7 2008: D+3.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.66%
• Current HPI: 353.7732
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-01 Listed $139,900 PrimeMLS

Property tax history

+0.5%/yr

Latest (2024): $1,185 · +3.9% YoY. Source: county tax records.