11 Hummingbird Rd

Lincoln, NH 03251

$335,900C-

2 bd · 2.0 ba · 1,064 sqft · Built 1990 · Other · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,076/mo
• Mortgage (P&I): −$1,761
• Tax + insurance: −$560
• HOA: −$0
• Vac / Maint / Mgmt: −$3,376
• Net cashflow: $10,379/mo
• Annual: $124,547/yr
• Cap rate: 43.37%
• Cash-on-cash: 132.42%
• DSCR: 6.89
• 1% rule: 4.79%
• Cash to close: $94,052

Investor read

• This is a 2-bed/2.0-bath other listed at $336k. Condition is rated good.
• At list price, monthly cash flow is $10k ($125k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $336k).
• It's been on market 68 days — a 6% lower offer ($316k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $316k (6.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($2k loan paydown + $7k appreciation (2.2% local appreciation)).
• Location reads 68/100 on livability (#57 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A-, housing A-; Watch: health & safety C-, schools D+, amenities F.
• Lincoln-Woodstock School District (rural): math 40% / reading 40% proficiency, ranked #140 of 171 in NH (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 115 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $94k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 43.4% vs local median 5.9% in Lincoln — 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

• It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of updating
• Moderate: bathroom fixtures — dated and in need of updating
• Moderate: kitchen countertops — dated and in need of updating