54 Aspen Way · Portsmouth, NH 03862

$500,000

2 bd · 2.0 ba · 1,368 sqft · Manufactured public records · 1 Days on market

Built 2011 Est $350k · 43% over

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +10.9/30.0
• Schools +6.7/10.0
• Livability +4.3/5.0
• DSCR +3.2/10.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity knocks, Back on Market due to buyer application. Have you been looking to downsize to a single level detached home? Are you over 55 years of age? Then start packing! This like new manufactured home is located in the highly sought after Greystone Village of North Hampton, just steps to Rye NH and a short drive to some of the most beautiful beaches on the seacoast, not to mention award winning restaurants and shopping. You will enjoy the peace and quiet location within the community at the far back left corner. The home offers an eat-in kitchen, with lots of cabinets for storage, a large living room and adjacent office space, 2 spacious bedrooms, both with walk-in closets. The primary bedroom offers an on-suite bath with direct access to the private deck to enjoy your morning coffee or an afternoon aperitif. The big bonus is the attached 2 car garage with easy access to the back yard. This is the start to your next chapter, don't miss out. Please note the sale is an estate sale and is contingent on a license to sell, currently in process. Private showings available at request.

Key facts

• 2 garage spots
• Built 2011

Property features AI

Finance

• HOA & community: Located in the Greystone Village development

Exterior

• Parking: Detached or attached 2-car garage
• Utilities: Public water; Community sewer; 200 Amp electrical service; High-speed internet available; Cable available
• Home design: Ranch-style single-story home; Existing construction; Faces TBD
• Construction: Built in 2011; Vinyl siding; Asphalt shingle roof
• Exterior features: Corner lot; Level lot; Paved driveway

Interior

• Kitchen: Microwave; Wall oven; Refrigerator; Dishwasher
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Five total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $500k.

Deal economics

• At list price, monthly cash flow is $-220 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $461k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $385k (23.0% below list).
• Recommended offer: $385k (23.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 1.7% in Portsmouth — 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.

Location & tenants

• Location reads 86/100 on livability (#5 in NH, #354 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A+; Watch: cost of living F.
• North Hampton School District (rural): math 66% / reading 82% proficiency, ranked #14 of 171 in NH (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: North Hampton School (math 62% / reading 72%, grade B+, #24 of 263 statewide, top 9%, 303 students, 4% FRL); Winnacunnet High School (math 43% / reading 63%, grade C-, #28 of 90 statewide, top 30%, 1,063 students, 17% FRL) — zoned schools at 10% FRL track the district average.
• Zoned-school proficiency averages 60% at this address vs 74% district-wide (-14 pts) — the specific schools serving this property underperform the North Hampton School District average; the district grade overstates school quality for this exact location.
• Market conditions: 28 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 15y ago; this cycle's ask is 18% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $385,000 (23.0% below list)

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-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?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.77% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.89%
• DSCR: 0.92
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $350,208
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
40 Aspen Way	0.04mi	2/2.0	1,328 (-3%)	21mo	$430,000	$324	76
30 Greystone Way	0.11mi	2/2.0	1,188 (-13%)	7mo	$464,000	$391	67
4 Aspen Way	0.14mi	2/2.0	1,180 (-14%)	6mo	$360,000	$305	66
16 Sycamore Ave	0.30mi	2/2.0	1,480 (+8%)	14mo	$379,000	$256	61
41 Holly Cir	0.52mi	2/2.0	1,457 (+6%)	7mo	$407,000	$279	59
12 Sycamore Ave	0.30mi	2/2.0	1,480 (+8%)	19mo	$369,000	$249	57
7 Oak Dr	0.42mi	2/2.0	1,480 (+8%)	16mo	$389,000	$263	54
4 Limestone Way	0.66mi	3/2.0 (+1)	1,512 (+10%)	1mo	$265,000	$175	46
3 Limestone Way	0.66mi	3/1.0 (+1)	1,308 (-4%)	8mo	$249,900	$191	46
39 Oak Dr	0.53mi	2/2.0	1,216 (-11%)	23mo	$199,000	$164	37
1 Stoneledge Rd	0.72mi	2/2.0	1,458 (+7%)	22mo	$283,000	$194	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.4%
• Equity multiple: 0.32×
• Total profit: $-95,108
• Equity at exit: $74,552

10-year hold

• IRR: -12.2%
• Equity multiple: 0.28×
• Total profit: $-101,127
• Equity at exit: $43,231

Cash invested: $140,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 56 Moderately Landlord-Leaning
• State New Hampshire: 56 Moderately Landlord-Leaning · D+1
• County: — inherits STATE
• City: — inherits STATE

Has just-cause statute; 30-day notice; landlord-leaning vs. neighbors.

Methodology + full state rankings →

ZIP-level market 03862

• Home prices YoY: -17.5%
• Active inventory: 28
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $3,850 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$431 /mo · $5,176/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$808
• Net cashflow: $-220

Break-even live

Break-even rent $4,129

Max offer price $461,097

Occupancy floor —

Sensitivity live

Price	-10% $63	-5% $-79	+0% $-220	+5% $-362	+10% $-503
Rent	-10% $-524	-5% $-372	+0% $-220	+5% $-68	+10% $84
Rate	-1.0pp $32	-0.5pp $-93	base $-220	+0.5pp $-350	+1.0pp $-482

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
48 Dow Ln Rye, NH	3.0	2.0	1588	$3,850	$2.42	3d	1	0.14mi

Listing history 11 events

1. 2026-05-26
   historical $500,000
2. 2023-09-06
   soldstatus $440,000
3. 2023-08-31
   soldstatus $440,000 Closed 1105-char remark

   Show marketing remark (1105 chars)

   Opportunity knocks, Back on Market due to buyer application. Have you been looking to downsize to a single level detached home? Are you over 55 years of age? Then start packing! This like new manufactured home is located in the highly sought after Greystone Village of North Hampton, just steps to Rye NH and a short drive to some of the most beautiful beaches on the seacoast, not to mention award winning restaurants and shopping. You will enjoy the peace and quiet location within the community at the far back left corner. The home offers an eat-in kitchen, with lots of cabinets for storage, a large living room and adjacent office space, 2 spacious bedrooms, both with walk-in closets. The primary bedroom offers an on-suite bath with direct access to the private deck to enjoy your morning coffee or an afternoon aperitif. The big bonus is the attached 2 car garage with easy access to the back yard. This is the start to your next chapter, don't miss out. Please note the sale is an estate sale and is contingent on a license to sell, currently in process. Private showings available at request.

4. 2023-08-12
   status Pending 1105-char remark

   Show marketing remark (1105 chars)

   Opportunity knocks, Back on Market due to buyer application. Have you been looking to downsize to a single level detached home? Are you over 55 years of age? Then start packing! This like new manufactured home is located in the highly sought after Greystone Village of North Hampton, just steps to Rye NH and a short drive to some of the most beautiful beaches on the seacoast, not to mention award winning restaurants and shopping. You will enjoy the peace and quiet location within the community at the far back left corner. The home offers an eat-in kitchen, with lots of cabinets for storage, a large living room and adjacent office space, 2 spacious bedrooms, both with walk-in closets. The primary bedroom offers an on-suite bath with direct access to the private deck to enjoy your morning coffee or an afternoon aperitif. The big bonus is the attached 2 car garage with easy access to the back yard. This is the start to your next chapter, don't miss out. Please note the sale is an estate sale and is contingent on a license to sell, currently in process. Private showings available at request.

5. 2023-08-09
   status Active 1105-char remark

   Show marketing remark (1105 chars)

   Opportunity knocks, Back on Market due to buyer application. Have you been looking to downsize to a single level detached home? Are you over 55 years of age? Then start packing! This like new manufactured home is located in the highly sought after Greystone Village of North Hampton, just steps to Rye NH and a short drive to some of the most beautiful beaches on the seacoast, not to mention award winning restaurants and shopping. You will enjoy the peace and quiet location within the community at the far back left corner. The home offers an eat-in kitchen, with lots of cabinets for storage, a large living room and adjacent office space, 2 spacious bedrooms, both with walk-in closets. The primary bedroom offers an on-suite bath with direct access to the private deck to enjoy your morning coffee or an afternoon aperitif. The big bonus is the attached 2 car garage with easy access to the back yard. This is the start to your next chapter, don't miss out. Please note the sale is an estate sale and is contingent on a license to sell, currently in process. Private showings available at request.

6. 2023-06-21
   status Pending 1105-char remark

   Show marketing remark (1105 chars)

   Opportunity knocks, Back on Market due to buyer application. Have you been looking to downsize to a single level detached home? Are you over 55 years of age? Then start packing! This like new manufactured home is located in the highly sought after Greystone Village of North Hampton, just steps to Rye NH and a short drive to some of the most beautiful beaches on the seacoast, not to mention award winning restaurants and shopping. You will enjoy the peace and quiet location within the community at the far back left corner. The home offers an eat-in kitchen, with lots of cabinets for storage, a large living room and adjacent office space, 2 spacious bedrooms, both with walk-in closets. The primary bedroom offers an on-suite bath with direct access to the private deck to enjoy your morning coffee or an afternoon aperitif. The big bonus is the attached 2 car garage with easy access to the back yard. This is the start to your next chapter, don't miss out. Please note the sale is an estate sale and is contingent on a license to sell, currently in process. Private showings available at request.

7. 2023-06-02
   status Active 1105-char remark

   Show marketing remark (1105 chars)

   Opportunity knocks, Back on Market due to buyer application. Have you been looking to downsize to a single level detached home? Are you over 55 years of age? Then start packing! This like new manufactured home is located in the highly sought after Greystone Village of North Hampton, just steps to Rye NH and a short drive to some of the most beautiful beaches on the seacoast, not to mention award winning restaurants and shopping. You will enjoy the peace and quiet location within the community at the far back left corner. The home offers an eat-in kitchen, with lots of cabinets for storage, a large living room and adjacent office space, 2 spacious bedrooms, both with walk-in closets. The primary bedroom offers an on-suite bath with direct access to the private deck to enjoy your morning coffee or an afternoon aperitif. The big bonus is the attached 2 car garage with easy access to the back yard. This is the start to your next chapter, don't miss out. Please note the sale is an estate sale and is contingent on a license to sell, currently in process. Private showings available at request.

8. 2023-05-11
   status Pending 1105-char remark

   Show marketing remark (1105 chars)

   Opportunity knocks, Back on Market due to buyer application. Have you been looking to downsize to a single level detached home? Are you over 55 years of age? Then start packing! This like new manufactured home is located in the highly sought after Greystone Village of North Hampton, just steps to Rye NH and a short drive to some of the most beautiful beaches on the seacoast, not to mention award winning restaurants and shopping. You will enjoy the peace and quiet location within the community at the far back left corner. The home offers an eat-in kitchen, with lots of cabinets for storage, a large living room and adjacent office space, 2 spacious bedrooms, both with walk-in closets. The primary bedroom offers an on-suite bath with direct access to the private deck to enjoy your morning coffee or an afternoon aperitif. The big bonus is the attached 2 car garage with easy access to the back yard. This is the start to your next chapter, don't miss out. Please note the sale is an estate sale and is contingent on a license to sell, currently in process. Private showings available at request.

9. 2023-05-05
   listed $425,000 Active 1105-char remark

   Show marketing remark (1105 chars)

   Opportunity knocks, Back on Market due to buyer application. Have you been looking to downsize to a single level detached home? Are you over 55 years of age? Then start packing! This like new manufactured home is located in the highly sought after Greystone Village of North Hampton, just steps to Rye NH and a short drive to some of the most beautiful beaches on the seacoast, not to mention award winning restaurants and shopping. You will enjoy the peace and quiet location within the community at the far back left corner. The home offers an eat-in kitchen, with lots of cabinets for storage, a large living room and adjacent office space, 2 spacious bedrooms, both with walk-in closets. The primary bedroom offers an on-suite bath with direct access to the private deck to enjoy your morning coffee or an afternoon aperitif. The big bonus is the attached 2 car garage with easy access to the back yard. This is the start to your next chapter, don't miss out. Please note the sale is an estate sale and is contingent on a license to sell, currently in process. Private showings available at request.

10. 2011-08-23
    soldstatus $198,400 901-char remark

    Show marketing remark (901 chars)

    AVAILABLE NOW. .. .. New Model Home in Greystone Village, No. Hampton's premier 55+ Community. Features 2 Bedrooms, 2 Full Baths, central air, attached two-car garage, fully applianced stainless steel kitchen, located near shopping, beaches, and downtown Portsmouth. This remarkable 60-unit community offers residents luxury features usually found in more expensive homes. Ranging in size from about 1200 square feet to 1650 square feet, these spacious open concept homes have traditional style with many options for you to select. Well designed floor plans with two bedrooms, are warm and welcoming with special attention to the needs of active older residents. Many single level floor plans cater to a relaxed comfortable lifestyle and the joy of small town living with big city convenience. Other Models starting @ $176,900. NOTE: Above photo shown with landscaping. Model not currently landscaped.

11. 2011-08-18
    listed $198,400 901-char remark

    Show marketing remark (901 chars)

    AVAILABLE NOW. .. .. New Model Home in Greystone Village, No. Hampton's premier 55+ Community. Features 2 Bedrooms, 2 Full Baths, central air, attached two-car garage, fully applianced stainless steel kitchen, located near shopping, beaches, and downtown Portsmouth. This remarkable 60-unit community offers residents luxury features usually found in more expensive homes. Ranging in size from about 1200 square feet to 1650 square feet, these spacious open concept homes have traditional style with many options for you to select. Well designed floor plans with two bedrooms, are warm and welcoming with special attention to the needs of active older residents. Many single level floor plans cater to a relaxed comfortable lifestyle and the joy of small town living with big city convenience. Other Models starting @ $176,900. NOTE: Above photo shown with landscaping. Model not currently landscaped.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NH · Partial reset (capped growth)

• Current annual tax: $5,176 · $431/mo
• Projected year-2 tax: $8,038 · $670/mo
• Expected delta: +$2,862/yr (+$238/mo · 55.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,200
• − Mortgage interest: −$28,008
• − Property taxes: −$5,176
• − Insurance: −$2,500
• − Repairs & maintenance: −$3,696
• − Management: −$3,696
• − Depreciation: −$14,545
• Taxable loss: −$11,421
• Est. tax savings @ 24.0%: +$2,741
• After-tax cash flow: $98/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: North Hampton School District
• NCES district ID: 3305370
• Math proficiency: 66% ▲ 1.00%
• Reading proficiency: 82% ▲ 3.00%
• Median HH income: $83,171
• Composite: 66.85/100
• National rank: #883
• State rank: #14 of 171 in NH

Livability — Portsmouth

• Score: 86/100
• State rank: #5
• US rank: #354

Category grades

Amenities B+ Commute A+ Cost of living F Crime B+ Employment A+ Housing B+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 23,484
• Population (ZIP): 4,563

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 316,118 people
• By 2030: 320,929 · +1.5%
• By 2040: 323,358 · +2.3%
• By 2050: 314,977 · -0.4%
• By 2075: 297,686 · -5.8%
• By 2100: 256,363 · -18.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 4% Asian 4% Two or more races 3%
• Common ancestry: Lithuanian 8% Scotch-Irish 4% Slovak 4%
• Foreign-born: 5% · China, Canada
• Languages at home: 88% English-only · Spanish 6% Chinese 3% Other Indo-European 1%

Political lean MEDSL · Rockingham

• 2024 margin: Toss-up / Even · D 48.3% · R 50.8%
• 2008→2024 swing: -3.5pp toward R · 2008: 1.1pp · 2024: -2.4pp
• All cycles: 2024: R+2.4 2020: D+2.1 2016: R+5.8 2012: R+4.5 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.37%
• Current HPI: 384.1561
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+152.0% since first listed

11 events — show timeline

• 2026-05-26 Coming Soon $500,000 PrimeMLS
• 2023-09-06 Sold (Public Records) $440,000 Public Records
• 2023-08-31 Sold (MLS) $440,000 PrimeMLS
• 2023-08-12 Pending — PrimeMLS
• 2023-08-09 Relisted — PrimeMLS
• 2023-06-21 Pending — PrimeMLS
• 2023-06-02 Relisted — PrimeMLS
• 2023-05-11 Pending — PrimeMLS
• 2023-05-05 Listed $425,000 PrimeMLS
• 2011-08-23 Sold (MLS) $198,400 PrimeMLS
• 2011-08-18 Listed $198,400 PrimeMLS

Property tax history

+3.9%/yr

Latest (2025): $5,176 · +5.1% YoY. Source: county tax records.