155 Court St

Exeter, NH 03833

$899,000C+

4 bd · 3.0 ba · 3,152 sqft · Built 1956 · MultiFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,624/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$1,429
• HOA: −$0
• Vac / Maint / Mgmt: −$2,231
• Net cashflow: $2,250/mo
• Annual: $26,995/yr
• Cap rate: 9.30%
• Cash-on-cash: 10.72%
• DSCR: 1.48
• 1% rule: 1.18%
• Cash to close: $251,720

Investor read

• This is a 3 × 5-bed/3-bath units multifamily listed at $899k.
• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $750/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $899k).
• It's been on market 45 days — a 3% lower offer ($872k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $872k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads 91/100 on livability (#1 in NH, #59 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+.
• Exeter School District (suburban): math 46% / reading 57% proficiency, ranked #32 of 98 in NH (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 143 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• 4 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.
• Current owner paid $350k; list at $899k implies a 157% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.3% vs local median 2.3% in Exeter — 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 $10,624/mo this rent would consume 107% of the median local household income ($119k/yr) (locally 485% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 45 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 1956 — 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.