19 Esther Ln #19

Pittsfield, NH 03261

$250,000D+

2 bd · 2.0 ba · 1,124 sqft · Built 1989 · Manufactured · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,700/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$417
• HOA: −$550
• Vac / Maint / Mgmt: −$567
• Net cashflow: $-145/mo
• Annual: $-1,736/yr
• Cap rate: 5.60%
• Cash-on-cash: -2.48%
• DSCR: 0.89
• 1% rule: 1.08%
• Cash to close: $70,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $250k. Condition is rated good.
• At list price, monthly cash flow is $-145 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (8.4% below list).
• Meets the 1% rule at list price ($3k rent vs $250k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $229k (8.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#72 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Northwood School District (rural): math 51% / reading 60% proficiency, ranked #65 of 171 in NH (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Northwood Elementary School (math 42% / reading 52%, grade D-, #114 of 263 statewide, top 46%, 388 students, 16% FRL) — zoned schools at 16% FRL track the district average.
• Watch-outs: HOA is 20% of rent.
• Market conditions: 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• Cap rate 5.6% vs local median 1.8% in Pittsfield — 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

• 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 F-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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?