357 Maplewood Ave

Portsmouth, NH 03801

$1,200,800B

28 bd · 6.0 ba · 4,206 sqft · Built 1890 · MultiFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,182/mo
• Mortgage (P&I): −$6,297
• Tax + insurance: −$1,621
• HOA: −$0
• Vac / Maint / Mgmt: −$3,188
• Net cashflow: $4,076/mo
• Annual: $48,909/yr
• Cap rate: 10.37%
• Cash-on-cash: 14.55%
• DSCR: 1.65
• 1% rule: 1.26%
• Cash to close: $336,224

Investor read

• This is a 4 × 7-bed/5.0-bath units multifamily listed at $1.20M.
• At list price, monthly cash flow is $4k ($49k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.20M).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#5 in NH, #354 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A+; Watch: cost of living F.
• Portsmouth School District (suburban): math 60% / reading 72% proficiency, ranked #13 of 98 in NH (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: New Franklin School (math 77% / reading 87%, grade A+, #2 of 263 statewide, top 0%, 259 students, 19% FRL) — zoned schools at 19% FRL track the district average.
• Zoned-school proficiency averages 82% at this address vs 66% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Portsmouth School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.4%/yr); 157 active listings in the ZIP; solid renter incomes; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $336k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.4% vs local median 1.9% in Portsmouth — 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 $15,182/mo this rent would consume 171% of the median local household income ($107k/yr) (locally 843% 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 1890 — 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 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?
• 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.