63 Sycamore Blvd

Farmington, NH 03835

$175,000D+

3 bd · 2.0 ba · 1,325 sqft · Built 1996 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,193/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$299
• HOA: −$580
• Vac / Maint / Mgmt: −$461
• Net cashflow: $-65/mo
• Annual: $-775/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• 1% rule: 1.25%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $175k.
• At list price, monthly cash flow is $-65 ($-775/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (6.5% below list).
• Meets the 1% rule at list price ($2k rent vs $175k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $164k (6.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#79 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A-; Watch: health & safety C-, amenities F, commute F.
• Farmington School District (rural): math 20% / reading 36% proficiency, ranked #86 of 98 in NH (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Valley View Community School (math 44% / reading 34%, grade F, #164 of 263 statewide, top 64%, 266 students, 35% FRL); Henry Wilson Memorial School (math 18% / reading 38%, grade F, #76 of 96 statewide, top 79%, 287 students, 39% FRL); Farmington Senior High School (math 15% / reading 24%, grade F, #90 of 90 statewide, top 100%, 239 students, 30% FRL) — zoned schools at 35% FRL track the district average.
• Watch-outs: HOA is 26% of rent.
• Market conditions: 35 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).
• Strafford County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $85k; list at $175k implies a 106% gain — meaningful room to come down on a strong offer.
• Cap rate 5.9% vs local median 2.8% in Farmington — 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 39% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.