14 Sir Lancelot Dr

Exeter, NH 03833

$242,000F

2 bd · 2.0 ba · 960 sqft · Built 2022 · Manufactured · Active · 212 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,296/mo
• Mortgage (P&I): −$1,269
• Tax + insurance: −$386
• HOA: −$900
• Vac / Maint / Mgmt: −$482
• Net cashflow: $-741/mo
• Annual: $-8,897/yr
• Cap rate: 2.62%
• Cash-on-cash: -13.13%
• DSCR: 0.42
• 1% rule: 0.95%
• Cash to close: $67,760

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $242k.
• At list price, monthly cash flow is $-741 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (54.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (5.1% below list).
• It's been on market 212 days — a 12% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (54.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 91/100 on livability (#1 in NH, #59 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+.
• Exeter School District (suburban): math 46% / reading 57% proficiency, ranked #32 of 98 in NH (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 39% of rent.
• Market conditions: 143 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• Current owner paid $35k; list at $242k implies a 591% gain — meaningful room to come down on a strong offer.

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?
• It's been on market 212 days. Have you received any prior offers? Is the seller open to a 54% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• Schools are A-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?
• 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.