177 Alton Shores Rd

Alton, NH 03810

$385,000C

3 bd · 1.0 ba · 1,117 sqft · Built 1984 · Other · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,593/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$322
• HOA: −$31
• Vac / Maint / Mgmt: −$754
• Net cashflow: $466/mo
• Annual: $5,598/yr
• Cap rate: 7.75%
• Cash-on-cash: 5.19%
• DSCR: 1.23
• 1% rule: 0.93%
• Cash to close: $107,800

Investor read

• This is a 3-bed/1.0-bath other listed at $385k.
• At list price, monthly cash flow is $466 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $359k (6.7% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $359k (6.7% below list) — sets the bar for 1% rule.
• In year one you build about $41k of equity ($3k loan paydown + $38k appreciation (10.0% local appreciation)).
• Location reads 57/100 on livability (#93 in NH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Alton School District (rural): math 34% / reading 42% proficiency, ranked #139 of 171 in NH (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Alton Central School (Elem) (math 32% / reading 42%, grade F, #171 of 263 statewide, top 66%, 417 students, 17% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: 34 active listings in the ZIP; 301 units permitted in Belknap County in 2024 (32 in 5+ unit buildings).
• Belknap County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $108k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.7% vs local median 1.6% in Alton — 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.