200 Main St

Claremont, NH 03743

$350,000B

5 bd · 3.0 ba · 2,139 sqft · Built 1890 · MultiFamily · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,998/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$567
• HOA: −$0
• Vac / Maint / Mgmt: −$1,050
• Net cashflow: $1,546/mo
• Annual: $18,552/yr
• Cap rate: 11.59%
• Cash-on-cash: 18.93%
• DSCR: 1.84
• 1% rule: 1.43%
• Cash to close: $98,000

Investor read

• This is a 1×1bd/1ba + 1×2bd/1ba + 1×3bd/1ba units multifamily listed at $350k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $515/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $350k).
• It's been on market 63 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($2k loan paydown + $706 appreciation (0.2% local appreciation)).
• Location reads 69/100 on livability (#50 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment C-, schools D-, amenities F.
• Claremont School District (town): math 24% / reading 35% proficiency, ranked #85 of 98 in NH (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 active listings in the ZIP; 98 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).
• Sullivan County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 23y 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 $225k; list at $350k implies a 56% gain — meaningful room to come down on a strong offer.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.6% vs local median 3.2% in Claremont — 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.
• At $4,998/mo this rent would consume 101% of the median local household income ($60k/yr) (locally 642% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.