10 Lakeside West Dr Unit 56 B

North Woodstock, NH 03262

$55,000C-

3 bd · 3.0 ba · 1,222 sqft · Built 1986 · Condo · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,625/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$92
• HOA: −$526
• Vac / Maint / Mgmt: −$1,811
• Net cashflow: $5,908/mo
• Annual: $70,892/yr
• Cap rate: 135.19%
• Cash-on-cash: 460.34%
• DSCR: 21.48
• 1% rule: 15.68%
• Cash to close: $15,400

Investor read

• This is a 3-bed/3.0-bath condo listed at $55k.
• At list price, monthly cash flow is $6k ($71k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $55k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($380 loan paydown + $2k appreciation (4.0% local appreciation)).
• Location reads 59/100 on livability (#91 in NH) — a working-class tenant base; expect higher turnover. Strengths: crime A+, housing A+, cost of living B; Watch: health & safety C-, schools F, amenities F.
• Lincoln-Woodstock School District (rural): math 40% / reading 40% proficiency, ranked #140 of 171 in NH (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 4y 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.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 135.2% vs local median 3.7% in North Woodstock — 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 does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.