46 Packards Way Unit 306- Week 42 October

Center Sandwich, NH 03215

$500C-

3 bd · 2.0 ba · 900 sqft · Built 1967 · Condo · Active · 250 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,702/mo
• Mortgage (P&I): −$3
• Tax + insurance: −$1
• HOA: −$81
• Vac / Maint / Mgmt: −$2,877
• Net cashflow: $10,740/mo
• Annual: $128,878/yr
• Cap rate: 25781.83%
• Cash-on-cash: 92055.50%
• DSCR: 4096.95
• 1% rule: 2740.32%
• Cash to close: $140

Investor read

• This is a 3-bed/2.0-bath condo listed at $500.
• At list price, monthly cash flow is $11k ($129k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $500).
• It's been on market 250 days — a 12% lower offer ($440) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $440 (12.0% below list) — sets the bar for market timing.
• In year one you build about $35 of equity ($3 loan paydown + $32 appreciation (6.3% local appreciation)).
• Location reads 70/100 on livability (#47 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, health & safety C-, amenities F.
• Waterville Valley School District (rural): math 50% / reading 50% proficiency, ranked #98 of 171 in NH (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: 27 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.3% appreciation + 3.0% rent growth), your $140 cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 25781.8% vs local median 4.2% in Center Sandwich — 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

• It's been on market 250 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.