90 Spruce Dr · Farmington, NH 03835

$120,000

3 bd · 1.5 ba · 1,046 sqft · Manufactured public records · 37 Days on market

Built 2000 $115/sqft · 46% below area Est $231k · 48% under

---

Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable living! This home offers 3 bedrooms, 1 1/2 baths, and is located in a clean and quiet park. Situated on a large lot offering plenty of yardspace. Park is pet friendly, with some reasonable restrictions.

Key facts

• Built 2000
• Listed 37 days

🏷️ Possibly a rental listed for sale. The $120,000 price doesn't fit this home's estimated sale value (~$231,415) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $937 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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.

Location & tenants

• 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.
• Market conditions: 35 active listings in the ZIP; 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).
• This rent runs 40% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Strafford County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.87% ✓
• Cap rate: 15.67%
• Cash-on-cash: 33.47%
• DSCR: 2.49
• GRM: 4.5

CMA / ARV

• ARV (median comp): $231,415
• List price: $120,000
• Delta: -48.15%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
90 Spruce Dr	0.00mi	3/1.5	1,092 (+4%)	0mo	$110,000	$101	92
14 Georgia Pines Ln	0.18mi	3/2.0	1,008 (-4%)	16mo	$138,000	$137	70

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 2.20×
• Total profit: $40,283
• Equity at exit: $17,892

10-year hold

• IRR: 36.2%
• Equity multiple: 4.34×
• Total profit: $112,091
• Equity at exit: $10,375

Cash invested: $33,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 56 Moderately Landlord-Leaning
• State New Hampshire: 56 Moderately Landlord-Leaning · D+1
• County: — inherits STATE
• City: — inherits STATE

Has just-cause statute; 30-day notice; landlord-leaning vs. neighbors.

Methodology + full state rankings →

ZIP-level market 03835

• Home prices YoY: -19.1%
• Active inventory: 35
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,243 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$155 /mo · $1,861/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $937

Break-even live

Break-even rent $1,056

Max offer price $120,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,005	-5% $971	+0% $937	+5% $903	+10% $869
Rent	-10% $760	-5% $849	+0% $937	+5% $1,026	+10% $1,114
Rate	-1.0pp $998	-0.5pp $968	base $937	+0.5pp $906	+1.0pp $874

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-15
   status Pending 213-char remark

   Show marketing remark (213 chars)

   Affordable living! This home offers 3 bedrooms, 1 1/2 baths, and is located in a clean and quiet park. Situated on a large lot offering plenty of yardspace. Park is pet friendly, with some reasonable restrictions.

2. 2026-04-14
   price $120,000 213-char remark

   Show marketing remark (213 chars)

   Affordable living! This home offers 3 bedrooms, 1 1/2 baths, and is located in a clean and quiet park. Situated on a large lot offering plenty of yardspace. Park is pet friendly, with some reasonable restrictions.

3. 2026-04-06
   listed $129,900 Active 213-char remark

   Show marketing remark (213 chars)

   Affordable living! This home offers 3 bedrooms, 1 1/2 baths, and is located in a clean and quiet park. Situated on a large lot offering plenty of yardspace. Park is pet friendly, with some reasonable restrictions.

4. 2021-12-27
   soldstatus $105,000
5. 2021-12-20
   soldstatus $105,000 Closed 1060-char remark

   Show marketing remark (1060 chars)

   GORGEOUS 3 BEDROOM HOME ON A HUGE LOT!! This home is truly special with a fantastic location that offers you privacy in your backyard and surrounded by woods. This is a one owner home and it shows!! The attention to detail and the updated features in this home let you know that the owner took pride of ownership in this property. There is a bonus room that was added off the living room that opens up the interior as you first enter the door. The kitchen has room for a dining room table and opens into the living room area. There are 2 bedrooms at one end of home with a "Jack and Jill" half bathroom that can be accessed from either of those bedrooms. The main bedroom is at the other end of the home with it's own bathroom area. The furnace is only 2 years old, hot water heater 6 years old, washer and dryer are only 4 years old, kitchen appliances were replaced 6 years ago as well. The 12x14 addition was built in 2012 with quality. When something needed to be done in this home it was addressed!!! Truly a Lovely HOME!! Come take a look!!

6. 2021-11-10
   historical Active with Contract 1060-char remark

   Show marketing remark (1060 chars)

   GORGEOUS 3 BEDROOM HOME ON A HUGE LOT!! This home is truly special with a fantastic location that offers you privacy in your backyard and surrounded by woods. This is a one owner home and it shows!! The attention to detail and the updated features in this home let you know that the owner took pride of ownership in this property. There is a bonus room that was added off the living room that opens up the interior as you first enter the door. The kitchen has room for a dining room table and opens into the living room area. There are 2 bedrooms at one end of home with a "Jack and Jill" half bathroom that can be accessed from either of those bedrooms. The main bedroom is at the other end of the home with it's own bathroom area. The furnace is only 2 years old, hot water heater 6 years old, washer and dryer are only 4 years old, kitchen appliances were replaced 6 years ago as well. The 12x14 addition was built in 2012 with quality. When something needed to be done in this home it was addressed!!! Truly a Lovely HOME!! Come take a look!!

7. 2021-11-08
   listed $105,000 Active 1060-char remark

   Show marketing remark (1060 chars)

   GORGEOUS 3 BEDROOM HOME ON A HUGE LOT!! This home is truly special with a fantastic location that offers you privacy in your backyard and surrounded by woods. This is a one owner home and it shows!! The attention to detail and the updated features in this home let you know that the owner took pride of ownership in this property. There is a bonus room that was added off the living room that opens up the interior as you first enter the door. The kitchen has room for a dining room table and opens into the living room area. There are 2 bedrooms at one end of home with a "Jack and Jill" half bathroom that can be accessed from either of those bedrooms. The main bedroom is at the other end of the home with it's own bathroom area. The furnace is only 2 years old, hot water heater 6 years old, washer and dryer are only 4 years old, kitchen appliances were replaced 6 years ago as well. The 12x14 addition was built in 2012 with quality. When something needed to be done in this home it was addressed!!! Truly a Lovely HOME!! Come take a look!!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NH · Partial reset (capped growth)

• Current annual tax: $1,861 · $155/mo
• Projected year-2 tax: $2,238 · $187/mo
• Expected delta: +$378/yr (+$31/mo · 20.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,910
• − Mortgage interest: −$6,722
• − Property taxes: −$1,861
• − Insurance: −$600
• − Repairs & maintenance: −$2,153
• − Management: −$2,153
• − Depreciation: −$3,491
• Taxable income: $9,931
• Est. tax owed @ 24.0%: −$2,383
• After-tax cash flow: $8,863/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Farmington School District
• NCES district ID: 3303000
• Math proficiency: 20% ▼ -8.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $52,860
• Composite: 24.76/100
• National rank: #7602
• State rank: #86 of 98 in NH

Livability — Farmington

• Score: 64/100
• State rank: #79
• US rank: #13784

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment D- Housing A- Health & safety C- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Strafford County · 75,181 people
• City population: 6,804
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 6,804
• Household income: $66,982
• Rent vs Own: 22.2% rent · 77.8% own
• Severe rent burden: 201.0

Population outlook (Strafford County) Hauer SSP2

• Today (2025): 132,503 people
• By 2030: 135,377 · +2.2%
• By 2040: 139,609 · +5.4%
• By 2050: 141,803 · +7.0%
• By 2075: 149,280 · +12.7%
• By 2100: 148,667 · +12.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Asian 3% Black 1%
• Common ancestry: Lithuanian 14% Italian 3% Romanian 2%
• Foreign-born: 4% · Canada

Political lean MEDSL · Strafford

• 2024 margin: D (+12.1) · D 55.5% · R 43.5% · Other 1.0%
• 2008→2024 swing: -8.3pp toward R · 2008: 20.4pp · 2024: 12.1pp
• All cycles: 2024: D+12.1 2020: D+15.2 2016: D+8.6 2012: D+14.5 2008: D+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.63%
• Current HPI: 235.4884
• Rent YoY: —
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: —
• F500 in state: 0

Price history

+14.3% since first listed

7 events — show timeline

• 2026-05-15 Pending — PrimeMLS
• 2026-04-14 Price Changed $120,000 PrimeMLS
• 2026-04-06 Listed $129,900 PrimeMLS
• 2021-12-27 Sold (Public Records) $105,000 Public Records
• 2021-12-20 Sold (MLS) $105,000 PrimeMLS
• 2021-11-10 Contingent — PrimeMLS
• 2021-11-08 Listed $105,000 PrimeMLS

Property tax history

+2.1%/yr

Latest (2025): $1,861 · +5.1% YoY. Source: county tax records.