39 Great Brook Dr

Belmont, NH 03220

$95,000F

3 bd · 2.0 ba · 1,512 sqft · Built 2002 · Manufactured · Pending · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,996/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$314
• HOA: −$995
• Vac / Maint / Mgmt: −$419
• Net cashflow: $-231/mo
• Annual: $-2,769/yr
• Cap rate: 3.38%
• Cash-on-cash: -10.41%
• DSCR: 0.54
• 1% rule: 2.10%
• Cash to close: $26,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $-231 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $66k (30.7% below list).
• Meets the 1% rule at list price ($2k rent vs $95k).
• It's been on market 75 days — a 6% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (30.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#89 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: health & safety C-, housing D, amenities F.
• Shaker Regional School District (rural): math 27% / reading 45% proficiency, ranked #70 of 98 in NH (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Belmont Elementary School (math 27% / reading 32%, grade F, #201 of 263 statewide, top 82%, 334 students, 40% FRL); Belmont Middle School (math 21% / reading 46%, grade F, #59 of 96 statewide, top 61%, 345 students, 31% FRL); Belmont High School (math 32% / reading 52%, grade F, #56 of 90 statewide, top 64%, 366 students, 27% FRL) — zoned schools at 33% FRL track the district average.
• Watch-outs: property tax is 3.5% of price; HOA is 50% of rent.
• Market conditions: 59 active listings in the ZIP; 301 units permitted in Belknap County in 2024 (32 in 5+ unit buildings).
• Belknap County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 17y ago 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.
• Current owner paid $74k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 3.4% vs local median 1.7% in Belmont — 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

• 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?
• It's been on market 75 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?