65 Polly Ann Park #65

Dover, NH 03820

$135,000B

2 bd · 1.0 ba · 808 sqft · Built 1971 · Manufactured · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,851/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$440
• Vac / Maint / Mgmt: −$599
• Net cashflow: $879/mo
• Annual: $10,551/yr
• Cap rate: 14.11%
• Cash-on-cash: 27.91%
• DSCR: 2.24
• 1% rule: 2.11%
• Cash to close: $37,800

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $135k. Condition is rated good.
• At list price, monthly cash flow is $879 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• It's been on market 29 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 90/100 on livability (#3 in NH, #86 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+.
• Dover School District (suburban): math 35% / reading 53% proficiency, ranked #53 of 98 in NH (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dover Middle School (math 30% / reading 52%, grade F, #44 of 96 statewide, top 45%, 1,018 students, 28% FRL); Dover Senior High School (math 42% / reading 60%, grade D+, #32 of 90 statewide, top 36%, 1,505 students, 24% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: Rents rising (+3.4%/yr); 124 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).
• Strafford County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.1% vs local median 2.1% in Dover — 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.
• This rent runs 36% of the median local income ($95k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1971 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.