37 Piggott Rd

Union, NH 03851

$160,000D

2 bd · 1.0 ba · 997 sqft · Built 1987 · Manufactured · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,254/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$280
• HOA: −$0
• Vac / Maint / Mgmt: −$263
• Net cashflow: $-128/mo
• Annual: $-1,538/yr
• Cap rate: 5.33%
• Cash-on-cash: -3.43%
• DSCR: 0.85
• 1% rule: 0.78%
• Cash to close: $44,800

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $-128 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (21.6% below list).
• It's been on market 40 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $125k (21.6% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 39/100 on livability (#97 in NH) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: cost of living A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Milton School District (suburban): math 12% / reading 32% proficiency, ranked #95 of 98 in NH (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Milton Elementary School (math 17% / reading 32%, grade F, #230 of 263 statewide, top 91%, 249 students, 34% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: 33 active listings in the ZIP; 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).
• Strafford County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• 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?
• 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.