246 Broad St

Claremont, NH 03743

$555,000B

45 bd · 20.0 ba · 3,885 sqft · Built 1900 · MultiFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,620/mo
• Mortgage (P&I): −$2,910
• Tax + insurance: −$925
• HOA: −$0
• Vac / Maint / Mgmt: −$1,600
• Net cashflow: $2,184/mo
• Annual: $26,212/yr
• Cap rate: 11.02%
• Cash-on-cash: 16.87%
• DSCR: 1.75
• 1% rule: 1.37%
• Cash to close: $155,400

Investor read

• This is a 4×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $555k.
• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $437/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $555k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($4k loan paydown + $1k appreciation (0.2% local appreciation)).
• Location reads 69/100 on livability (#50 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment C-, amenities F, commute F.
• Claremont School District (town): math 24% / reading 35% proficiency, ranked #85 of 98 in NH (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Claremont Middle School (math 23% / reading 38%, grade F, #68 of 96 statewide, top 72%, 354 students, 40% FRL); Stevens High School (math 32% / reading 42%, grade F, #69 of 90 statewide, top 78%, 525 students, 28% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 59 active listings in the ZIP; 98 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).
• Sullivan County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $155k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.0% vs local median 3.3% in Claremont — 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.
• At $7,620/mo this rent would consume 153% of the median local household income ($60k/yr) (locally 642% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.