55 Thistle Way · Manchester, NH 03109

$174,500

2 bd · 1.5 ba · 1,032 sqft · Manufactured public records · 1 Days on market

Built 1987 Est $202k · 14% under $535/mo HOA · 20% of rent

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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 +27.3/30.0
• ARV discount +13.7/15.0
• 1% rule +10.0/10.0
• DSCR +9.5/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful two bedroom home with new carpet, freshly painted, first floor laundry and vaulted bonus room with slider to deck, close to Crystal Lake.

Key facts

• Built 1987

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $174k.

Deal economics

• At list price, monthly cash flow is $503 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $174k).
• Cap rate 9.8% vs local median 3.1% in Manchester — 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 83/100 on livability (#10 in NH, #879 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Manchester School District (urban): math 14% / reading 27% proficiency, ranked #96 of 98 in NH (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Green Acres School (math 27% / reading 42%, grade F, #179 of 263 statewide, top 71%, 435 students, 22% FRL) — zoned schools average 22% FRL vs 50% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 34% at this address vs 20% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Manchester School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 35 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 981 units permitted in Hillsborough County in 2024 (381 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.
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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 $65k; list at $174k implies a 169% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 23% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,500

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.55% ✓
• Cap rate: 9.75%
• Cash-on-cash: 12.36%
• DSCR: 1.55
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $202,272
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
55 Thistle Way	0.00mi	2/1.5	1,032 (0%)	0mo	$174,500	$169	100
69 Thistle Way #22	0.01mi	2/1.5	918 (-11%)	10mo	$180,000	$196	73

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: 2.2%
• Equity multiple: 1.08×
• Total profit: $4,068
• Equity at exit: $26,019

10-year hold

• IRR: 11.9%
• Equity multiple: 1.94×
• Total profit: $46,024
• Equity at exit: $15,088

Cash invested: $48,860 (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 03109

• Home prices YoY: -19.7%
• Active inventory: 35
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,698 high
• Mortgage (P&I): −$915
• Tax from tax record: −$105 /mo · $1,265/yr
• Insurance: −$73
• HOA: −$535
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $503

Break-even live

Break-even rent $2,061

Max offer price $174,500

Occupancy floor 76%

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: $43,625
• Closing costs: $5,235
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1025 S Mammoth Rd #6 Manchester, NH	2.0	1.5	1080	$2,500	$2.31	14d	1	1.05mi
1799 Bodwell Rd #2 Manchester, NH	2.0	1.0	795	$1,695	$2.13	14d	1	1.10mi
1124 S Mammoth Rd Manchester, NH	3.0	1.5	1320	$3,050	$2.31	14d	1	1.17mi
10100 S Willow St #214 Manchester, NH	3.0	2.0	1228	$3,200	$2.61	44d	1	1.30mi
10100 S Willow St #214 Manchester, NH	3.0	2.0	1228	$3,200	$2.61	14d	1	1.30mi

HOA detail

• Monthly dues: $535 · $6,420/yr

Listing history 10 events

1. 2026-04-25
   status Pending
2. 2026-04-23
   listed $174,500 Active
3. 2026-04-21
   historical $174,500
4. 2020-04-15
   soldstatus $64,933
5. 2020-04-15
   soldstatus $64,933
6. 2020-04-14
   soldstatus $64,900 Closed 147-char remark

   Show marketing remark (147 chars)

   Beautiful two bedroom home with new carpet, freshly painted, first floor laundry and vaulted bonus room with slider to deck, close to Crystal Lake.

7. 2020-03-04
   historical Active with Contract 147-char remark

   Show marketing remark (147 chars)

   Beautiful two bedroom home with new carpet, freshly painted, first floor laundry and vaulted bonus room with slider to deck, close to Crystal Lake.

8. 2020-02-28
   status Active 147-char remark

   Show marketing remark (147 chars)

   Beautiful two bedroom home with new carpet, freshly painted, first floor laundry and vaulted bonus room with slider to deck, close to Crystal Lake.

9. 2020-02-18
   historical Active with Contract 147-char remark

   Show marketing remark (147 chars)

   Beautiful two bedroom home with new carpet, freshly painted, first floor laundry and vaulted bonus room with slider to deck, close to Crystal Lake.

10. 2020-02-14
    listed $64,900 Active 147-char remark

    Show marketing remark (147 chars)

    Beautiful two bedroom home with new carpet, freshly painted, first floor laundry and vaulted bonus room with slider to deck, close to Crystal Lake.

ⓘ 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: $1,265 · $105/mo
• Projected year-2 tax: $2,535 · $211/mo
• Expected delta: +$1,270/yr (+$106/mo · 100.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,375
• − Mortgage interest: −$9,775
• − Property taxes: −$1,265
• − Insurance: −$872
• − Repairs & maintenance: −$2,590
• − Management: −$2,590
• − HOA: −$6,420
• − Depreciation: −$5,076
• Taxable income: $3,786
• Est. tax owed @ 24.0%: −$909
• After-tax cash flow: $5,129/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: Manchester School District
• NCES district ID: 3304590
• Math proficiency: 14% ▼ -10.00%
• Reading proficiency: 27% ▼ -6.00%
• Median HH income: $54,096
• Composite: 18.67/100
• National rank: #8886
• State rank: #96 of 98 in NH

Livability — Manchester

• Score: 83/100
• State rank: #10
• US rank: #879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, NH
• City population: 110,172
• Population (ZIP): 10,118

Population outlook (Hillsborough County) Hauer SSP2

• Today (2025): 412,771 people
• By 2030: 410,974 · -0.4%
• By 2040: 399,959 · -3.1%
• By 2050: 381,542 · -7.6%
• By 2075: 339,855 · -17.7%
• By 2100: 289,270 · -29.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Asian 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 11% Romanian 3% Russian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 91% English-only · French/Haitian/Cajun 4% Other Indo-European 3% German/W. Germanic 1%

Political lean MEDSL · Hillsborough

• 2024 margin: Toss-up / Even · D 50.9% · R 48.0% · Other 1.0%
• 2008→2024 swing: -0.9pp no change · 2008: 3.8pp · 2024: 2.9pp
• All cycles: 2024: D+2.9 2020: D+7.7 2016: R+0.2 2012: D+1.7 2008: D+3.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.66%
• Current HPI: 353.7732
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+168.9% since first listed

10 events — show timeline

• 2026-04-25 Pending — PrimeMLS
• 2026-04-23 Listed $174,500 PrimeMLS
• 2026-04-21 Coming Soon $174,500 PrimeMLS
• 2020-04-15 Sold (Public Records) $64,933 Public Records
• 2020-04-15 Sold (Public Records) $64,933 Public Records
• 2020-04-14 Sold (MLS) $64,900 PrimeMLS
• 2020-03-04 Contingent — PrimeMLS
• 2020-02-28 Relisted — PrimeMLS
• 2020-02-18 Contingent — PrimeMLS
• 2020-02-14 Listed $64,900 PrimeMLS

Property tax history

+0.8%/yr

Latest (2024): $1,265 · +3.9% YoY. Source: county tax records.