34 Upper Meadows Rd

Charlestown, NH 05101

$205,000D

4 bd · 2.0 ba · 2,710 sqft · Built 1763 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,523/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$328
• HOA: −$0
• Vac / Maint / Mgmt: −$320
• Net cashflow: $-200/mo
• Annual: $-2,399/yr
• Cap rate: 5.12%
• Cash-on-cash: -4.18%
• DSCR: 0.81
• 1% rule: 0.74%
• Cash to close: $57,400

Investor read

• This is a 4-bed/2.0-bath single-family listed at $205k.
• At list price, monthly cash flow is $-200 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (17.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (25.7% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $152k (25.7% below list) — sets the bar for 1% rule.
• In year one you build about $22k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#39 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, employment A; Watch: housing D, health & safety D, amenities F.
• Zoned schools: Bellows Falls Middle School (math 17% / reading 32%, grade F, #23 of 26 statewide, top 88%, 242 students, 55% FRL); Bellows Falls Union High School (math 27% / reading 37%, grade F, #29 of 48 statewide, top 68%, 318 students, 49% FRL).
• Watch-outs: built in 1763 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 188 units permitted in Windham County in 2024 (0 in 5+ unit buildings).
• Windham County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 23y 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.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.1% vs local median 3.4% in Charlestown — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1763 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.