8 Chestnut Rd

Portsmouth, NH 03862

$369,000C-

2 bd · 1.0 ba · 1,104 sqft · Built 2026 · Manufactured · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,344/mo
• Mortgage (P&I): −$1,935
• Tax + insurance: −$294
• HOA: −$0
• Vac / Maint / Mgmt: −$702
• Net cashflow: $412/mo
• Annual: $4,945/yr
• Cap rate: 7.63%
• Cash-on-cash: 4.79%
• DSCR: 1.21
• 1% rule: 0.91%
• Cash to close: $103,320

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $369k.
• At list price, monthly cash flow is $412 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $334k (9.4% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $334k (9.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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: schools A+, commute A+, employment A+; Watch: cost of living F.
• North Hampton School District (rural): math 66% / reading 82% proficiency, ranked #14 of 171 in NH (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 28 active listings in the ZIP; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• Cap rate 7.6% vs local median 1.7% 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.

Questions for listing agent

• 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 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.