11 Stone Ledge Rd · Portsmouth, NH 03862

$164,999

3 bd · 1.5 ba · 924 sqft · Manufactured public records · 193 Days on market

Built 1983 Est $174k · 5% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.8/15.0
• Schools +6.7/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Family has grown out of this well maintained mobile home. Could be your opportunity to live minutes from beaches, shopping, restaurants and more. Nice park tucked away off of Route One. Roof and driveway upgraded in past 2 years.

Key facts

• Private back yard
• Built 1983
• Listed 193 days

Tags

• GRANITE POST GREEN COMMUNITY
• PRIVATE BACK YARD
• OPEN CONCEPT LIVING AREA

Property features AI

Finance

• HOA & community: Located in a mobile home park (Granite Post Green)

Exterior

• Utilities: 100 Amp electric service; Other water source; Other sewer; Internet availability unknown
• Home design: Manuf/Mobile home; Single-story (manufactured/mobile); Yellow exterior
• Construction: Built in 1983; Asphalt exterior; Shingle roof
• Exterior features: Paved driveway; Near shopping; Located in the Granite Post Green mobile park (park approved)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heat
• Interior features: 4 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $165k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.9% 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.

Location & tenants

• Location reads 86/100 on livability (#5 in NH, #354 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety 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.
• Zoned schools: North Hampton School (math 62% / reading 72%, grade B+, #24 of 263 statewide, top 9%, 303 students, 4% FRL); Winnacunnet High School (math 43% / reading 63%, grade C-, #28 of 90 statewide, top 30%, 1,063 students, 17% FRL) — zoned schools at 10% FRL track the district average.
• Zoned-school proficiency averages 60% at this address vs 74% district-wide (-14 pts) — the specific schools serving this property underperform the North Hampton School District average; the district grade overstates school quality for this exact location.
• Market conditions: 28 active listings in the ZIP; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 193 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $145,199 (12.0% below list)

Questions for the listing agent

1. It's been on market 193 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 2.07% ✓
• Cap rate: 17.91%
• Cash-on-cash: 41.48%
• DSCR: 2.85
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $173,712
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 Slate Run	0.00mi	2/2.0 (-1)	938 (+2%)	0mo	$149,000	$159	90
6 Granite Dr	0.20mi	2/2.0 (-1)	924 (0%)	12mo	$289,000	$313	74
43 Granite Dr	0.13mi	2/1.0 (-1)	924 (0%)	17mo	$150,000	$162	73
7 Granite Dr	0.13mi	2/1.5 (-1)	1,019 (+10%)	2mo	$177,000	$174	71
1 Apricot Way	0.41mi	2/2.0 (-1)	924 (0%)	6mo	$135,000	$146	69
10 Black Forest Rd	0.38mi	2/2.0 (-1)	920 (-0%)	8mo	$295,000	$321	68
10 Lilac Way	0.33mi	2/2.0 (-1)	924 (0%)	14mo	$205,000	$222	66
39 Granite Dr	0.07mi	2/2.0 (-1)	896 (-3%)	23mo	$144,900	$162	65
20 Black Forest Rd	0.38mi	2/2.0 (-1)	906 (-2%)	18mo	$170,000	$188	57
31 Hickory Ave	0.46mi	2/2.0 (-1)	924 (0%)	20mo	$269,000	$291	55

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.1%
• Equity multiple: 2.62×
• Total profit: $75,001
• Equity at exit: $24,602

10-year hold

• IRR: 44.6%
• Equity multiple: 5.25×
• Total profit: $196,397
• Equity at exit: $14,266

Cash invested: $46,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 56 Moderately Landlord-Leaning
• State New Hampshire: 56 Moderately Landlord-Leaning · D+1
• County: — inherits STATE
• City: — inherits STATE

Has just-cause statute; 30-day notice; landlord-leaning vs. neighbors.

Methodology + full state rankings →

ZIP-level market 03862

• Home prices YoY: -17.5%
• Active inventory: 28
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $3,420 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$171 /mo · $2,051/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$718
• Net cashflow: $1,597

Break-even live

Break-even rent $1,399

Max offer price $164,999

Occupancy floor 48%

Sensitivity live

Price	-10% $1,690	-5% $1,644	+0% $1,597	+5% $1,550	+10% $1,504
Rent	-10% $1,327	-5% $1,462	+0% $1,597	+5% $1,732	+10% $1,867
Rate	-1.0pp $1,680	-0.5pp $1,639	base $1,597	+0.5pp $1,554	+1.0pp $1,511

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-04-17
   status Pending
2. 2026-03-09
   price $164,999
3. 2026-02-07
   price $169,000
4. 2026-01-21
   price $169,999
5. 2025-11-12
   price $172,999
6. 2025-11-04
   price $173,999
7. 2025-10-06
   listed $174,999 Active
8. 2025-06-23
   price $174,900
9. 2025-04-22
   price $174,999
10. 2025-04-01
    price $179,000
11. 2025-01-19
    price $179,900
12. 2024-12-09
    price $179,999
13. 2024-10-22
    price $182,999
14. 2022-07-20
    soldstatus $150,000 Closed 229-char remark

    Show marketing remark (229 chars)

    Family has grown out of this well maintained mobile home. Could be your opportunity to live minutes from beaches, shopping, restaurants and more. Nice park tucked away off of Route One. Roof and driveway upgraded in past 2 years.

15. 2022-06-15
    status Pending 229-char remark

    Show marketing remark (229 chars)

    Family has grown out of this well maintained mobile home. Could be your opportunity to live minutes from beaches, shopping, restaurants and more. Nice park tucked away off of Route One. Roof and driveway upgraded in past 2 years.

16. 2022-06-14
    status Active 229-char remark

    Show marketing remark (229 chars)

    Family has grown out of this well maintained mobile home. Could be your opportunity to live minutes from beaches, shopping, restaurants and more. Nice park tucked away off of Route One. Roof and driveway upgraded in past 2 years.

17. 2022-06-07
    status Pending 229-char remark

    Show marketing remark (229 chars)

    Family has grown out of this well maintained mobile home. Could be your opportunity to live minutes from beaches, shopping, restaurants and more. Nice park tucked away off of Route One. Roof and driveway upgraded in past 2 years.

18. 2022-05-20
    listed $150,000 Active 229-char remark

    Show marketing remark (229 chars)

    Family has grown out of this well maintained mobile home. Could be your opportunity to live minutes from beaches, shopping, restaurants and more. Nice park tucked away off of Route One. Roof and driveway upgraded in past 2 years.

19. 2017-07-31
    soldstatus $65,000 Closed
20. 2017-07-17
    status Pending
21. 2017-07-13
    listed $65,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NH · Partial reset (capped growth)

• Current annual tax: $2,051 · $171/mo
• Projected year-2 tax: $2,824 · $235/mo
• Expected delta: +$773/yr (+$64/mo · 37.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $41,041
• − Mortgage interest: −$9,243
• − Property taxes: −$2,051
• − Insurance: −$825
• − Repairs & maintenance: −$3,283
• − Management: −$3,283
• − Depreciation: −$4,800
• Taxable income: $17,556
• Est. tax owed @ 24.0%: −$4,213
• After-tax cash flow: $14,950/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: North Hampton School District
• NCES district ID: 3305370
• Math proficiency: 66% ▲ 1.00%
• Reading proficiency: 82% ▲ 3.00%
• Median HH income: $83,171
• Composite: 66.85/100
• National rank: #883
• State rank: #14 of 171 in NH

Livability — Portsmouth

• Score: 86/100
• State rank: #5
• US rank: #354

Category grades

Amenities B+ Commute A+ Cost of living F Crime B+ Employment A+ Housing B+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 23,484
• Population (ZIP): 4,563

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 316,118 people
• By 2030: 320,929 · +1.5%
• By 2040: 323,358 · +2.3%
• By 2050: 314,977 · -0.4%
• By 2075: 297,686 · -5.8%
• By 2100: 256,363 · -18.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 4% Asian 4% Two or more races 3%
• Common ancestry: Lithuanian 8% Scotch-Irish 4% Slovak 4%
• Foreign-born: 5% · China, Canada
• Languages at home: 88% English-only · Spanish 6% Chinese 3% Other Indo-European 1%

Political lean MEDSL · Rockingham

• 2024 margin: Toss-up / Even · D 48.3% · R 50.8%
• 2008→2024 swing: -3.5pp toward R · 2008: 1.1pp · 2024: -2.4pp
• All cycles: 2024: R+2.4 2020: D+2.1 2016: R+5.8 2012: R+4.5 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.37%
• Current HPI: 384.1561
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+153.8% since first listed

21 events — show timeline

• 2026-04-17 Pending — PrimeMLS
• 2026-03-09 Price Changed $164,999 PrimeMLS
• 2026-02-07 Price Changed $169,000 PrimeMLS
• 2026-01-21 Price Changed $169,999 PrimeMLS
• 2025-11-12 Price Changed $172,999 PrimeMLS
• 2025-11-04 Price Changed $173,999 PrimeMLS
• 2025-10-06 Listed $174,999 PrimeMLS
• 2025-06-23 Price Changed $174,900 PrimeMLS
• 2025-04-22 Price Changed $174,999 PrimeMLS
• 2025-04-01 Price Changed $179,000 PrimeMLS
• 2025-01-19 Price Changed $179,900 PrimeMLS
• 2024-12-09 Price Changed $179,999 PrimeMLS
• 2024-10-22 Price Changed $182,999 PrimeMLS
• 2022-07-20 Sold (MLS) $150,000 PrimeMLS
• 2022-06-15 Pending — PrimeMLS
• 2022-06-14 Relisted — PrimeMLS
• 2022-06-07 Pending — PrimeMLS
• 2022-05-20 Listed $150,000 PrimeMLS
• 2017-07-31 Sold (MLS) $65,000 PrimeMLS
• 2017-07-17 Pending — PrimeMLS
• 2017-07-13 Listed $65,000 PrimeMLS

Property tax history

+12.8%/yr

Latest (2025): $2,051 · +5.1% YoY. Source: county tax records.