151 Chocorua Way · Rochester, NH 03867

$140,000

2 bd · 1.0 ba · 408 sqft · SingleFamily · 40 Days on market

Built 2003 Fair condition 1.00 ac lot $343/sqft · 9% above area Est $128k · 9% over $79/mo HOA · 4% of rent ↓ 7% since listing

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Why this score? — see what drove the C 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 +26.0/30.0
• DSCR +8.7/10.0
• 1% rule +7.6/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• ARV discount +3.3/15.0
• Schools +2.7/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Kick off your shoes and stay awhile. Nestled in the heart of the Baxter Lake community, this beautifully appointed seasonal park model home at 151 Chocorua Way is where weekends turn into memories. Step inside and you'll immediately feel the difference, soaring ceilings and oversized windows flood the open living and kitchen area with natural light, giving the space an easy, welcoming energy. Whether you're hosting a crowd after a long day on the water or winding down with a quiet evening in, this layout just works. Central air keeps things cool when summer turns up the heat, and when the weather's right, the three-season sunroom and front porch invite you to take the party outside. The pri

Key facts

• 1 acre lot
• Built 2003
• Listed 40 days

Property features AI

Finance

• HOA & community: Annual HOA fee of 945; HOA covers plowing, recreation, sewer and water; Association road frontage

Exterior

• Parking: Gravel driveway
• Utilities: Community/shared water; Community/shared sewer; Circuit breaker electric panel; High-speed internet available; Cable available
• Home design: Manufactured / mobile home; Shingle roof
• Construction: Built in 2003; Vertical siding
• Exterior features: Beach and lake access; Level lot; Shared-private water access to Baxter Lake

Interior

• Kitchen: Microwave; Gas range; Refrigerator
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Propane forced air heat; Central air conditioning
• Interior features: 4 total rooms; Carpet and laminate flooring

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $347 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.6% in Rochester — 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 84/100 on livability (#8 in NH, #698 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities C-.
• Rochester School District (suburban): math 27% / reading 35% proficiency, ranked #83 of 98 in NH (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.2%/yr); 108 active listings in the ZIP; solid renter incomes; 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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 + 4.2% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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.
6. 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.
7. 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: 1.26% ✓
• Cap rate: 9.27%
• Cash-on-cash: 10.61%
• DSCR: 1.47
• GRM: 6.6

CMA / ARV

• ARV (median comp): $128,112
• List price: $140,000
• Delta: 9.28%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.22% rent growth · sell at horizon

5-year hold

• IRR: 1.1%
• Equity multiple: 1.04×
• Total profit: $1,665
• Equity at exit: $20,874

10-year hold

• IRR: 12.0%
• Equity multiple: 2.01×
• Total profit: $39,410
• Equity at exit: $12,105

Cash invested: $39,200 (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 03867

• Home prices YoY: -22.0%
• Rents YoY: 4.2%
• Active inventory: 108
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,764 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$79
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $347

Break-even live

Break-even rent $1,325

Max offer price $140,000

Occupancy floor 75%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $79 · $948/yr
• Likely covers: water

Listing history 17 events

1. 2026-06-18
   days on market $140,000 Active 40 DOM
2. 2026-06-17
   days on market $140,000 Active 39 DOM
3. 2026-06-16
   days on market $140,000 Active 38 DOM
4. 2026-06-15
   days on market $140,000 Active 37 DOM
5. 2026-06-13
   days on market $140,000 Active 35 DOM
6. 2026-06-13
   days on market $140,000 Active 34 DOM
7. 2026-06-09
   days on market $140,000 Active 31 DOM
8. 2026-06-08
   days on market $140,000 Active 30 DOM
9. 2026-06-07
   days on market $140,000 Active 29 DOM
10. 2026-06-04
    days on market $140,000 Active 26 DOM
11. 2026-06-03
    days on market $140,000 Active 25 DOM
12. 2026-06-02
    days on market $140,000 Active 24 DOM
13. 2026-06-01
    days on market $140,000 Active 23 DOM
14. 2026-05-31
    days on market $140,000 Active 22 DOM
15. 2026-05-09
    listed $140,000 Active 1372-char remark
16. 2026-05-06
    historical $140,000 1372-char remark
17. 2025-06-18
    price $149,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,163
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,693
• − Management: −$1,693
• − HOA: −$948
• − Depreciation: −$4,073
• Taxable income: $2,114
• Est. tax owed @ 24.0%: −$507
• After-tax cash flow: $3,654/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This park model home requires moderate renovations to improve its exterior and interior condition, enhancing its resale and rental value.

Repairs flagged

• Major exterior siding — severe deterioration
• Major roof — visible wear
• Minor kitchen appliances — dated and worn

Value-add opportunities

• Both exterior siding and roof — enhances curb appeal and value
• Resale kitchen appliances — modernizes the space
• Both landscaping — improves curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · severe deterioration	Major	$15,000–50,000
roof · visible wear	Major	$15,000–50,000
kitchen appliances · dated and worn	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both exterior siding and roof — enhances curb appeal and value ↑
• Resale kitchen appliances — modernizes the space ↑
• Both landscaping — improves curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Rochester School District
• NCES district ID: 3305940
• Math proficiency: 27% ▼ -15.00%
• Reading proficiency: 35% ▼ -14.00%
• Median HH income: $51,080
• Composite: 27.11/100
• National rank: #7039
• State rank: #83 of 98 in NH

Livability — Rochester

• Score: 84/100
• State rank: #8
• US rank: #698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, NH
• County: Strafford County · 75,181 people
• City population: 22,732
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 22,732
• Household income: $78,674
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 663.0

Population outlook (Strafford County) Hauer SSP2

• Today (2025): 132,503 people
• By 2030: 135,377 · +2.2%
• By 2040: 139,609 · +5.4%
• By 2050: 141,803 · +7.0%
• By 2075: 149,280 · +12.7%
• By 2100: 148,667 · +12.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Asian 1%
• Common ancestry: Lithuanian 12% Romanian 2% Serbian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Strafford

• 2024 margin: D (+12.1) · D 55.5% · R 43.5% · Other 1.0%
• 2008→2024 swing: -8.3pp toward R · 2008: 20.4pp · 2024: 12.1pp
• All cycles: 2024: D+12.1 2020: D+15.2 2016: D+8.6 2012: D+14.5 2008: D+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.34%
• Current HPI: 379.5755
• Rent YoY: ▲ 4.22%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: —
• F500 in state: 0

Price history

-6.6% since first listed

3 events — show timeline

• 2026-05-09 Listed $140,000 PrimeMLS
• 2026-05-06 Coming Soon $140,000 PrimeMLS
• 2025-06-18 Price Changed $149,900 PrimeMLS