131 Chocorua Way

Rochester, NH 03867

$155,000C

2 bd · 1.0 ba · 400 sqft · Built 1989 · Manufactured · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,728/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$258
• HOA: −$79
• Vac / Maint / Mgmt: −$363
• Net cashflow: $215/mo
• Annual: $2,581/yr
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• 1% rule: 1.11%
• Cash to close: $43,400

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $155k. Condition is rated excellent.
• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• It's been on market 23 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (1.5% below list) — sets the bar for market timing.
• 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.
• Location reads 84/100 on livability (#8 in NH, #698 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities C-.
• Rochester School District (suburban): math 27% / reading 35% proficiency, ranked #83 of 98 in NH (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.2%/yr); 108 active listings in the ZIP; solid renter incomes; 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.
• Cap rate 8.0% vs local median 3.6% in Rochester — 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 does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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.