1416 Mount Major Hwy

Alton, NH 03810

$1,199,000C+

8 bd · 6.0 ba · 5,651 sqft · Built 1820 · MultiFamily · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,759/mo
• Mortgage (P&I): −$6,288
• Tax + insurance: −$1,031
• HOA: −$0
• Vac / Maint / Mgmt: −$2,469
• Net cashflow: $1,971/mo
• Annual: $23,648/yr
• Cap rate: 8.27%
• Cash-on-cash: 7.04%
• DSCR: 1.31
• 1% rule: 0.98%
• Cash to close: $335,720

Investor read

• This is a 4 × 2-bed/1.5-bath units multifamily listed at $1.20M.
• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $493/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.18M (1.9% below list).
• It's been on market 57 days — a 3% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.16M (3.0% below list) — sets the bar for market timing.
• In year one you build about $128k of equity ($8k loan paydown + $120k appreciation (10.0% local appreciation)).
• Location reads 57/100 on livability (#93 in NH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Alton School District (rural): math 34% / reading 42% proficiency, ranked #139 of 171 in NH (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Alton Central School (Elem) (math 32% / reading 42%, grade F, #171 of 263 statewide, top 66%, 417 students, 17% FRL) — zoned schools at 17% FRL track the district average.
• Watch-outs: built in 1820 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 34 active listings in the ZIP; 301 units permitted in Belknap County in 2024 (32 in 5+ unit buildings).
• Belknap County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $300k; list at $1.20M implies a 300% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $336k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$206k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.3% vs local median 1.6% in Alton — 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

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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 1820 — 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.
• 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.