1013 Camelot Dr

Exeter, NH 03833

$70,900B+

3 bd · 1.5 ba · 924 sqft · Built 1979 · Manufactured · Active · 194 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,895/mo
• Mortgage (P&I): −$372
• Tax + insurance: −$232
• HOA: −$950
• Vac / Maint / Mgmt: −$608
• Net cashflow: $733/mo
• Annual: $8,795/yr
• Cap rate: 18.70%
• Cash-on-cash: 44.30%
• DSCR: 2.97
• 1% rule: 4.08%
• Cash to close: $19,852

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $71k.
• At list price, monthly cash flow is $733 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $71k).
• It's been on market 194 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $490 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 91/100 on livability (#1 in NH, #59 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+.
• Exeter School District (suburban): math 46% / reading 57% proficiency, ranked #32 of 98 in NH (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 3.4% of price; HOA is 33% of rent.
• Market conditions: 143 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• 3 sale attempts since 27y ago; this cycle's ask has dropped $34k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $71k implies a 317% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.7% vs local median 2.3% in Exeter — 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

• It's been on market 194 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.