19 Cross St

Nashua, NH 03064

$450,000B+

5 bd · 3.0 ba · 3,644 sqft · Built 1900 · MultiFamily · Pending · 128 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,485/mo
• Mortgage (P&I): −$2,360
• Tax + insurance: −$862
• HOA: −$0
• Vac / Maint / Mgmt: −$1,572
• Net cashflow: $2,691/mo
• Annual: $32,295/yr
• Cap rate: 13.47%
• Cash-on-cash: 25.63%
• DSCR: 2.14
• 1% rule: 1.66%
• Cash to close: $126,000

Investor read

• This is a 3 × 3-bed/3-bath units multifamily listed at $450k.
• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $897/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $450k).
• It's been on market 128 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $396k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#11 in NH, #983 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D+.
• Nashua School District (urban): math 27% / reading 40% proficiency, ranked #77 of 98 in NH (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.2%/yr); 44 active listings in the ZIP; solid renter incomes; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 28y ago; this cycle's ask has dropped $100k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $256k; list at $450k implies a 76% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $126k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.5% vs local median 2.9% in Nashua — 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.
• At $7,485/mo this rent would consume 93% of the median local household income ($96k/yr) (locally 453% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.