446 Emerald Dr

Barrington, NH 03825

$194,900C-

3 bd · 2.0 ba · 1,146 sqft · Built 1997 · Manufactured · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,286/mo
• Mortgage (P&I): −$1,022
• Tax + insurance: −$277
• HOA: −$515
• Vac / Maint / Mgmt: −$480
• Net cashflow: $-8/mo
• Annual: $-93/yr
• Cap rate: 6.24%
• Cash-on-cash: -0.17%
• DSCR: 0.99
• 1% rule: 1.17%
• Cash to close: $54,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $195k.
• At list price, monthly cash flow is $-8 ($-93/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (0.7% below list).
• Meets the 1% rule at list price ($2k rent vs $195k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $194k (0.7% below list) — sets the bar for cash-flow.
• In year one you build about $21k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Barrington School District (rural): math 45% / reading 47% proficiency, ranked #44 of 98 in NH (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Barrington Elementary School (math 42% / reading 42%, grade F, #141 of 263 statewide, top 58%, 424 students, 9% FRL) — zoned schools at 9% FRL track the district average.
• Watch-outs: HOA is 23% of rent.
• Market conditions: 79 active listings in the ZIP; 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).
• Strafford County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 7y ago; this cycle's ask is 62% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $118k; list at $195k implies a 66% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.