369 Kings Hwy

Wolfeboro, NH 03855

$389,000D-

2 bd · 1.0 ba · 1,568 sqft · Built 2018 · Manufactured · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,586/mo
• Mortgage (P&I): −$2,040
• Tax + insurance: −$481
• HOA: −$0
• Vac / Maint / Mgmt: −$333
• Net cashflow: $-1,268/mo
• Annual: $-15,214/yr
• Cap rate: 2.38%
• Cash-on-cash: -13.97%
• DSCR: 0.38
• 1% rule: 0.41%
• Cash to close: $108,920

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $389k.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (57.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (59.2% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $159k (59.2% below list) — sets the bar for 1% rule.
• In year one you build about $26k of equity ($3k loan paydown + $24k appreciation (6.1% local appreciation)).
• Location reads 69/100 on livability (#51 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Governor Wentworth Reg School District (rural): math 42% / reading 53% proficiency, ranked #47 of 98 in NH (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 40 active listings in the ZIP; 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).
• Strafford County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 22y 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.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.4% vs local median 0.7% in Wolfeboro — 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 do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.