21 Eric Ave

Nashua, NH 03062

$295,000D-

3 bd · 2.0 ba · 1,352 sqft · Built 2003 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,094/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$571
• HOA: −$530
• Vac / Maint / Mgmt: −$650
• Net cashflow: $-204/mo
• Annual: $-2,453/yr
• Cap rate: 5.46%
• Cash-on-cash: -2.97%
• DSCR: 0.87
• 1% rule: 1.05%
• Cash to close: $82,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $295k.
• At list price, monthly cash flow is $-204 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $259k (12.2% below list).
• Meets the 1% rule at list price ($3k rent vs $295k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $259k (12.2% 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.
• Market conditions: Rents rising (+2.5%/yr); 101 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.
• 4 sale attempts since 18y 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 $250k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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 5.5% 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 35% 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?
• 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.
• 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.