459 Lake St

Bristol, NH 03222

$634,900B

20 bd · None ba · 5,280 sqft · Built 1986 · MultiFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,014/mo
• Mortgage (P&I): −$3,329
• Tax + insurance: −$1,058
• HOA: −$0
• Vac / Maint / Mgmt: −$1,893
• Net cashflow: $2,733/mo
• Annual: $32,801/yr
• Cap rate: 11.46%
• Cash-on-cash: 18.45%
• DSCR: 1.82
• 1% rule: 1.42%
• Cash to close: $177,772

Investor read

• This is a 1×3bd/1ba + 3×?bd/0.5ba units multifamily listed at $635k. Condition is rated good.
• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $683/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $635k).
• It's been on market 26 days — a 2% lower offer ($625k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $625k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#70 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, crime B+; Watch: health & safety C-, amenities F, commute F.
• Newfound Area School District (rural): math 35% / reading 48% proficiency, ranked #61 of 98 in NH (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bristol Elementary School (math 32% / reading 52%, grade F, #141 of 263 statewide, top 58%, 188 students, 38% FRL).
• Market conditions: 60 active listings in the ZIP; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $178k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.5% vs local median 3.3% in Bristol — 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

• 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?
• 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.