44 Elm St

Lancaster, NH 03854

$325,000B

3 bd · 2.0 ba · 3,071 sqft · Built 1880 · SingleFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,481/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$598
• HOA: −$0
• Vac / Maint / Mgmt: −$941
• Net cashflow: $1,238/mo
• Annual: $14,859/yr
• Cap rate: 10.86%
• Cash-on-cash: 16.33%
• DSCR: 1.73
• 1% rule: 1.38%
• Cash to close: $91,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $325k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $325k).
• It's been on market 36 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($2k loan paydown + $4k appreciation (1.2% local appreciation)).
• Location reads 67/100 on livability (#61 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B; Watch: amenities F, commute F, health & safety F.
• White Mountain Regional School District (rural): math 26% / reading 42% proficiency, ranked #80 of 98 in NH (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lancaster Elementary School (math 22% / reading 37%, grade F, #201 of 263 statewide, top 82%, 351 students, 42% FRL) — zoned schools at 42% FRL track the district average.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).
• Coos County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $24k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $180k; list at $325k implies a 81% gain — meaningful room to come down on a strong offer.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $91k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 10.9% vs local median 2.4% in Lancaster — 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 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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 D-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.