59 Depot St

Lancaster, NH 03584

$179,000D

4 bd · 2.0 ba · 2,597 sqft · Built 1900 · Other · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,614/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$368
• HOA: −$0
• Vac / Maint / Mgmt: −$339
• Net cashflow: $-31/mo
• Annual: $-371/yr
• Cap rate: 6.09%
• Cash-on-cash: -0.74%
• DSCR: 0.97
• 1% rule: 0.90%
• Cash to close: $50,120

Investor read

• This is a 4-bed/2.0-bath other listed at $179k.
• At list price, monthly cash flow is $-31 ($-371/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (9.8% below list).
• It's been on market 20 days — a 2% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $161k (9.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.5%/yr); year-one equity from $1k of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• 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); White Mountains Regional High School (math 34% / reading 44%, grade F, #63 of 90 statewide, top 74%, 359 students, 42% FRL) — zoned schools at 42% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 53 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 with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

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?
• Built in 1900 — 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?
• 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 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.