28 Christian Hill Rd

West Swanzey, NH 03446

$350,000B-

5 bd · 2.0 ba · 2,180 sqft · Built 1787 · MultiFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,986/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$488
• HOA: −$0
• Vac / Maint / Mgmt: −$837
• Net cashflow: $825/mo
• Annual: $9,903/yr
• Cap rate: 9.12%
• Cash-on-cash: 10.11%
• DSCR: 1.45
• 1% rule: 1.14%
• Cash to close: $98,000

Investor read

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $350k.
• At list price, monthly cash flow is $825 ($10k/yr) — positive. Per door: $413/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#44 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Monadnock Regional School District (rural): math 25% / reading 36% proficiency, ranked #82 of 98 in NH (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cutler Elementary School (math 26% / reading 30%, grade F, #217 of 263 statewide, top 83%, 289 students, 32% FRL) — zoned schools at 32% FRL track the district average.
• Watch-outs: built in 1787 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 166 units permitted in Cheshire County in 2024 (0 in 5+ unit buildings).
• Cheshire County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $118k; list at $350k implies a 198% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1787 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.