16 Eric Ave

Nashua, NH 03062

$299,999D-

3 bd · 2.5 ba · 1,352 sqft · Built 2013 · Manufactured · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,091/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$493
• HOA: −$530
• Vac / Maint / Mgmt: −$649
• Net cashflow: $-154/mo
• Annual: $-1,849/yr
• Cap rate: 5.68%
• Cash-on-cash: -2.20%
• DSCR: 0.90
• 1% rule: 1.03%
• Cash to close: $84,000

Investor read

• This is a 3-bed/2.5-bath manufactured listed at $300k.
• At list price, monthly cash flow is $-154 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $273k (9.1% below list).
• Meets the 1% rule at list price ($3k rent vs $300k).
• It's been on market 33 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $273k (9.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#11 in NH, #983 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D+.
• Nashua School District (urban): math 27% / reading 40% proficiency, ranked #77 of 98 in NH (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: New Searles School (math 54% / reading 54%, grade C, #62 of 263 statewide, top 30%, 307 students, 23% FRL); Elm Street Middle School (math 19% / reading 34%, grade F, #79 of 96 statewide, top 82%, 874 students, 42% FRL); Nashua High School South (math 47% / reading 65%, grade C, #26 of 90 statewide, top 28%, 1,743 students, 30% FRL) — zoned schools at 32% FRL track the district average.
• Zoned-school proficiency averages 46% at this address vs 34% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Nashua School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.5%/yr); 103 active listings in the ZIP; solid renter incomes; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $106k; list at $300k implies a 182% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 2.9% in Nashua — 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.
• This rent runs 34% of the median local income ($108k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 33 days. Have you received any prior offers? Is the seller open to a 9% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.