15 Windham Depot Rd #37 · Derry, NH 03038

$115,500

3 bd · 1.5 ba · 1,080 sqft · Manufactured public records · 39 Days on market

Built 1971 $400/mo HOA · 15% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.6/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Back on the market after Owner made significant repairs to flooring, joists, plumbing. Affordable three bedroom mobile home in Annie Oakley, a small park, near trails and surrounded by beautiful Ezekiel Pond and conservation land. Metal roof only 4 yrs old and has forced hot air and central air by kerosene. There is also a wood stove in family room area as well as wired for a generator.

Key facts

• Built 1971
• Listed 39 days

Property features AI

Finance

• Other: Road frontage: Other
• HOA & community: Monthly park fee of 400

Exterior

• Parking: Paved driveway
• Utilities: Drilled well (private, shared); Leach field septic (private, shared); Circuit breakers for electric; Generator ready; LP/bottle gas; Internet availability unknown
• Home design: Manufactured/mobile home; Existing structure; Unit/Lot number 37; Faces unspecified direction
• Construction: Aluminum and vinyl siding; Metal roof; Built in 1971; Survey status unknown
• Exterior features: Pond on or near the property; Near trails; Abuts conservation land; Located in a mobile park (Annie Oakley) with park approval

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Kerosene heating; Forced air heating; Hot air heating; Wood stove; Central air conditioning
• Interior features: Six total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $116k.

Deal economics

• At list price, monthly cash flow is $924 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $116k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 2.5% in Derry — 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 81/100 on livability (#13 in NH, #1,420 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+; Watch: commute F.
• Derry School District (suburban): math 33% / reading 46% proficiency, ranked #62 of 98 in NH (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 118 active listings in the ZIP; solid renter incomes; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $799 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 16% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,035 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.26% ✓
• Cap rate: 15.90%
• Cash-on-cash: 34.30%
• DSCR: 2.53
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.89% rent growth · sell at horizon

5-year hold

• IRR: 26.9%
• Equity multiple: 2.08×
• Total profit: $34,975
• Equity at exit: $17,221

10-year hold

• IRR: 33.0%
• Equity multiple: 3.66×
• Total profit: $85,917
• Equity at exit: $9,986

Cash invested: $32,340 (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 03038

• Rents YoY: 0.9%
• Active inventory: 118
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,611 medium
• Mortgage (P&I): −$606
• Tax from tax record: −$85 /mo · $1,016/yr
• Insurance: −$48
• HOA: −$400
• Vacancy / Maint / Mgmt: −$548
• Net cashflow: $924

Break-even live

Break-even rent $1,441

Max offer price $115,500

Occupancy floor 60%

Sensitivity live

Price	-10% $990	-5% $957	+0% $924	+5% $892	+10% $859
Rent	-10% $718	-5% $821	+0% $924	+5% $1,027	+10% $1,131
Rate	-1.0pp $983	-0.5pp $954	base $924	+0.5pp $894	+1.0pp $864

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: $28,875
• Closing costs: $3,465
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $400 · $4,800/yr

Listing history 7 events

1. 2026-06-18
   days on market $115,500 Active 39 DOM
2. 2026-06-17
   days on market $115,500 Active 38 DOM
3. 2026-06-16
   days on market $115,500 Active 37 DOM
4. 2026-06-15
   days on market $115,500 Active 36 DOM
5. 2026-06-13
   days on market $115,500 Active 34 DOM
6. 2026-06-13
   remarks 389-char remark
7. 2026-06-13
   listed $115,500 Active 33 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: $1,016 · $85/mo
• Projected year-2 tax: $1,767 · $147/mo
• Expected delta: +$751/yr (+$63/mo · 73.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,334
• − Mortgage interest: −$6,470
• − Property taxes: −$1,016
• − Insurance: −$578
• − Repairs & maintenance: −$2,507
• − Management: −$2,507
• − HOA: −$4,800
• − Depreciation: −$3,360
• Taxable income: $10,097
• Est. tax owed @ 24.0%: −$2,423
• After-tax cash flow: $8,669/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: Derry School District
• NCES district ID: 3302610
• Math proficiency: 33% ▼ -15.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $67,579
• Composite: 35.71/100
• National rank: #4863
• State rank: #62 of 98 in NH

Livability — Derry

• Score: 81/100
• State rank: #13
• US rank: #1420

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Rockingham County · 137,526 people
• City population: 34,474
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 34,474
• Household income: $108,322
• Rent vs Own: 30.3% rent · 69.7% own
• Severe rent burden: 761.0

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 316,118 people
• By 2030: 320,929 · +1.5%
• By 2040: 323,358 · +2.3%
• By 2050: 314,977 · -0.4%
• By 2075: 297,686 · -5.8%
• By 2100: 256,363 · -18.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 4% Asian 1%
• Common ancestry: Lithuanian 12% Romanian 5% Slovak 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Rockingham

• 2024 margin: Toss-up / Even · D 48.3% · R 50.8%
• 2008→2024 swing: -3.5pp toward R · 2008: 1.1pp · 2024: -2.4pp
• All cycles: 2024: R+2.4 2020: D+2.1 2016: R+5.8 2012: R+4.5 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -239.00%
• Current HPI: 332.8122
• Rent YoY: ▲ 0.89%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: —
• F500 in state: 0

Price history

+16.1% since first listed

5 events — show timeline

• 2026-06-13 Price Changed $115,500 PrimeMLS
• 2026-06-13 Relisted — PrimeMLS
• 2026-05-10 Delisted — PrimeMLS
• 2026-04-07 Listed $99,500 PrimeMLS
• 2026-04-03 Coming Soon $99,500 PrimeMLS

Property tax history

+4.5%/yr

Latest (2025): $1,016 · +1.6% YoY. Source: county tax records.