9 Bristol Hill Rd

Windham, NH 03087

$524,900D-

2 bd · 2.5 ba · 1,614 sqft · Built 1987 · Condo · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,102/mo
• Mortgage (P&I): −$2,753
• Tax + insurance: −$829
• HOA: −$500
• Vac / Maint / Mgmt: −$861
• Net cashflow: $-841/mo
• Annual: $-10,094/yr
• Cap rate: 4.37%
• Cash-on-cash: -6.87%
• DSCR: 0.69
• 1% rule: 0.78%
• Cash to close: $146,972

Investor read

• This is a 2-bed/2.5-bath condo listed at $525k.
• At list price, monthly cash flow is $-841 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $376k (28.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $410k (21.9% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $376k (28.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Windham School District (rural): math 64% / reading 74% proficiency, ranked #8 of 98 in NH (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Golden Brook Elementary School (math 64% / reading 65%, grade B, #26 of 263 statewide, top 11%, 1,098 students, 3% FRL) — zoned schools at 3% FRL track the district average.
• Market conditions: 64 active listings in the ZIP; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• Current owner paid $275k; list at $525k implies a 91% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

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?
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.