46 River Ledge Dr

Pinardville, NH 03045

$250,000D-

2 bd · 2.0 ba · 1,344 sqft · Built 1982 · Manufactured · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,110/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$393
• HOA: −$0
• Vac / Maint / Mgmt: −$443
• Net cashflow: $-37/mo
• Annual: $-444/yr
• Cap rate: 6.12%
• Cash-on-cash: -0.63%
• DSCR: 0.97
• 1% rule: 0.84%
• Cash to close: $70,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $250k.
• At list price, monthly cash flow is $-37 ($-444/yr) — negative.
• To cash-flow at today's rent, offer at most $243k (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (15.6% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $211k (15.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#30 in NH, #4,267 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, cost of living A+; Watch: schools F, amenities F, health & safety D-.
• Goffstown School District (suburban): math 41% / reading 62% proficiency, ranked #31 of 98 in NH (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 61 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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.
• 2 sale attempts since 20y 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 $128k; list at $250k implies a 95% gain — meaningful room to come down on a strong offer.
• Cap rate 6.1% vs local median 2.8% in Pinardville — 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 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?
• 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.