801 Nottingham Dr

Exeter, NH 03833

$149,000C

2 bd · 2.0 ba · 1,352 sqft · Built 2000 · Manufactured · Active · 158 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,577/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$368
• HOA: −$900
• Vac / Maint / Mgmt: −$541
• Net cashflow: $-14/mo
• Annual: $-167/yr
• Cap rate: 6.18%
• Cash-on-cash: -0.40%
• DSCR: 0.98
• 1% rule: 1.73%
• Cash to close: $41,720

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $149k.
• At list price, monthly cash flow is $-14 ($-167/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (1.6% below list).
• Meets the 1% rule at list price ($3k rent vs $149k).
• It's been on market 158 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (12.0% 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 $4k 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.
• Zoned schools: Lincoln Street Elementary School (math 47% / reading 57%, grade C-, #82 of 263 statewide, top 34%, 424 students, 15% FRL); Cooperative Middle School (math 39% / reading 60%, grade C, #24 of 96 statewide, top 26%, 951 students, 9% FRL); Exeter High School (math 58% / reading 77%, grade B, #10 of 90 statewide, top 11%, 1,447 students, 6% FRL) — zoned schools at 10% FRL track the district average.
• Watch-outs: HOA is 35% of rent.
• Market conditions: 143 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• Current owner paid $71k; list at $149k implies a 109% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% 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.

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?
• It's been on market 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.