133 ENGLISH VILLAGE Rd #303

Manchester, NH 03102

$195,000D-

2 bd · 1.0 ba · 912 sqft · Built 1974 · Condo · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,985/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$311
• HOA: −$325
• Vac / Maint / Mgmt: −$417
• Net cashflow: $-90/mo
• Annual: $-1,079/yr
• Cap rate: 5.74%
• Cash-on-cash: -1.98%
• DSCR: 0.91
• 1% rule: 1.02%
• Cash to close: $54,600

Investor read

• This is a 2-bed/1.0-bath condo listed at $195k.
• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (8.1% below list).
• Meets the 1% rule at list price ($2k rent vs $195k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $179k (8.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#10 in NH, #879 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Manchester School District (urban): math 14% / reading 27% proficiency, ranked #96 of 98 in NH (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.0%/yr); 72 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 5.7% vs local median 3.1% in Manchester — 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.
• This rent runs 32% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.