54 Aspen Way

Portsmouth, NH 03862

$500,000F

2 bd · 2.0 ba · 1,368 sqft · Built 2011 · Manufactured · Coming Soon · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,850/mo
• Mortgage (P&I): −$2,622
• Tax + insurance: −$640
• HOA: −$0
• Vac / Maint / Mgmt: −$808
• Net cashflow: $-220/mo
• Annual: $-2,643/yr
• Cap rate: 5.76%
• Cash-on-cash: -1.89%
• DSCR: 0.92
• 1% rule: 0.77%
• Cash to close: $140,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $500k.
• 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).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $385k (23.0% below list) — sets the bar for 1% rule.
• 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.
• 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).
• 4 sale attempts since 15y ago; this cycle's ask is 18% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• 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.

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