24 Christopher Ln

Raymond, NH 03044

$130,000B-

2 bd · 2.0 ba · 980 sqft · Built 1988 · Manufactured · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,691/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$259
• HOA: −$630
• Vac / Maint / Mgmt: −$565
• Net cashflow: $555/mo
• Annual: $6,657/yr
• Cap rate: 11.41%
• Cash-on-cash: 18.29%
• DSCR: 1.81
• 1% rule: 2.07%
• Cash to close: $36,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• It's been on market 16 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#63 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A, health & safety A; Watch: amenities F, commute F.
• Fremont School District (rural): math 28% / reading 43% proficiency, ranked #67 of 98 in NH (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Ellis School (math 28% / reading 43%, grade F, #177 of 263 statewide, top 67%, 375 students, 12% FRL) — zoned schools at 12% FRL track the district average.
• Watch-outs: HOA is 23% of rent.
• Market conditions: 16 active listings in the ZIP; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.4% vs local median 1.7% in Raymond — 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 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.
• 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.