869 Upper Mad River Rd Unit B-1

Thornton, NH 03285

$325,000B

4 bd · 4.0 ba · 1,745 sqft · Built 1973 · Condo · Pending · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,226/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$542
• HOA: −$437
• Vac / Maint / Mgmt: −$887
• Net cashflow: $655/mo
• Annual: $7,863/yr
• Cap rate: 8.71%
• Cash-on-cash: 8.64%
• DSCR: 1.38
• 1% rule: 1.30%
• Cash to close: $91,000

Investor read

• This is a 4-bed/4.0-bath condo listed at $325k.
• At list price, monthly cash flow is $655 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $325k).
• It's been on market 138 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $286k (12.0% below list) — sets the bar for market timing.
• In year one you build about $35k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Pemi-Baker Regional School District (rural): math 45% / reading 70% proficiency, ranked #77 of 171 in NH (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 54 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $91k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$56k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.