1457 Upper City Rd

Pittsfield, NH 03263

$300,000D+

3 bd · 2.0 ba · 1,768 sqft · Built 1720 · SingleFamily · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,074/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$541
• HOA: −$0
• Vac / Maint / Mgmt: −$436
• Net cashflow: $-476/mo
• Annual: $-5,708/yr
• Cap rate: 4.39%
• Cash-on-cash: -6.80%
• DSCR: 0.70
• 1% rule: 0.69%
• Cash to close: $84,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $300k.
• At list price, monthly cash flow is $-476 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (28.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (30.9% below list).
• It's been on market 36 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $207k (30.9% below list) — sets the bar for 1% rule.
• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#72 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Pittsfield School District (rural): math 20% / reading 36% proficiency, ranked #87 of 98 in NH (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Pittsfield Elementary School (math 22% / reading 37%, grade F, #201 of 263 statewide, top 82%, 219 students, 44% FRL); Pittsfield Middle School (math 17% / reading 32%, grade F, #83 of 96 statewide, top 87%, 139 students, 43% FRL); Pittsfield High School (math 50% / reading 50%, grade D, #37 of 90 statewide, top 49%, 159 students, 35% FRL) — zoned schools at 41% FRL track the district average.
• Watch-outs: built in 1720 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $86k; list at $300k implies a 250% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.4% vs local median 1.8% in Pittsfield — 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 36 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1720 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.