315 Salmon Ave

Portsmouth, NH 03801

$239,000C-

3 bd · 1.5 ba · 1,074 sqft · Built 1990 · Manufactured · Active · 278 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,129/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$224
• HOA: −$561
• Vac / Maint / Mgmt: −$657
• Net cashflow: $433/mo
• Annual: $5,200/yr
• Cap rate: 8.47%
• Cash-on-cash: 7.77%
• DSCR: 1.35
• 1% rule: 1.31%
• Cash to close: $66,920

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $239k.
• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• It's been on market 278 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $210k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.
• Portsmouth School District (suburban): math 60% / reading 72% proficiency, ranked #13 of 98 in NH (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Mary C. Dondero Elementary School (math 57% / reading 67%, grade B, #33 of 263 statewide, top 15%, 323 students, 18% FRL); Portsmouth Middle School (math 52% / reading 66%, grade B, #13 of 96 statewide, top 14%, 499 students, 16% FRL); Portsmouth High School (math 62% / reading 77%, grade B, #7 of 90 statewide, top 8%, 1,032 students, 11% FRL) — zoned schools at 15% FRL track the district average.
• Market conditions: Rents rising fast (+4.4%/yr); 156 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• 5 sale attempts since 18y ago; this cycle's ask has dropped $61k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $239k implies a 583% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $67k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 8.5% 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.
• This rent runs 35% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 278 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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.