15 Trail St

Franklin, NH 03235-2026

$129,900C+

3 bd · 2.0 ba · 1,042 sqft · Built 2001 · Manufactured · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,392/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$134
• HOA: −$0
• Vac / Maint / Mgmt: −$292
• Net cashflow: $284/mo
• Annual: $3,409/yr
• Cap rate: 8.92%
• Cash-on-cash: 9.37%
• DSCR: 1.42
• 1% rule: 1.07%
• Cash to close: $36,372

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $284 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($898 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 68/100 on livability (#56 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Franklin School District (town): math 14% / reading 29% proficiency, ranked #97 of 98 in NH (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Paul A. Smith School (math 22% / reading 24%, grade F, #241 of 263 statewide, top 92%, 287 students, 60% FRL); Franklin Middle School (math 11% / reading 30%, grade F, #88 of 96 statewide, top 93%, 378 students, 61% FRL); Franklin High School (math 30% / reading 50%, grade F, #59 of 90 statewide, top 69%, 270 students, 44% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.9% vs local median 2.4% in Franklin — 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

• 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?
• 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.