9 Hemlock Dr

Wolfeboro, NH 03894

$385,000D

3 bd · 2.0 ba · 2,762 sqft · Built 1992 · SingleFamily · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,853/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$478
• HOA: −$0
• Vac / Maint / Mgmt: −$389
• Net cashflow: $-1,033/mo
• Annual: $-12,400/yr
• Cap rate: 3.07%
• Cash-on-cash: -11.50%
• DSCR: 0.49
• 1% rule: 0.48%
• Cash to close: $107,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $385k.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $202k (47.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (51.9% below list).
• It's been on market 73 days — a 6% lower offer ($362k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (51.9% below list) — sets the bar for 1% rule.
• In year one you build about $41k of equity ($3k loan paydown + $38k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#51 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Governor Wentworth Reg School District (rural): math 42% / reading 53% proficiency, ranked #47 of 98 in NH (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carpenter Elementary School (math 64% / reading 64%, grade B, #26 of 263 statewide, top 11%, 180 students, 23% FRL); Kingswood Regional Middle School (math 39% / reading 55%, grade D+, #31 of 96 statewide, top 34%, 388 students, 30% FRL); Kingswood Regional High School (math 37% / reading 62%, grade D, #37 of 90 statewide, top 49%, 720 students, 26% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: 71 active listings in the ZIP; 357 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).
• Carroll County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $82k; list at $385k implies a 367% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.1% vs local median 0.8% in Wolfeboro — 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 73 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
• 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.
• 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.