37 Monadnock Dr

Rochester, NH 03867

$99,900C

2 bd · 1.5 ba · 1,211 sqft · Built 1985 · Manufactured · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,096/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$208
• HOA: −$900
• Vac / Maint / Mgmt: −$440
• Net cashflow: $24/mo
• Annual: $291/yr
• Cap rate: 6.58%
• Cash-on-cash: 1.04%
• DSCR: 1.05
• 1% rule: 2.10%
• Cash to close: $27,972

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $100k.
• At list price, monthly cash flow is $24 ($291/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#8 in NH, #698 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities C-.
• Rochester School District (suburban): math 27% / reading 35% proficiency, ranked #83 of 98 in NH (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chamberlain Street School (math 24% / reading 27%, grade F, #227 of 263 statewide, top 86%, 298 students, 45% FRL); Rochester Middle School (math 18% / reading 27%, grade F, #85 of 96 statewide, top 89%, 847 students, 37% FRL); Spaulding High School (math 30% / reading 49%, grade F, #63 of 90 statewide, top 74%, 1,301 students, 32% FRL) — zoned schools at 38% FRL track the district average.
• Watch-outs: HOA is 43% of rent.
• Market conditions: Rents rising fast (+4.2%/yr); 109 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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.
• Current owner paid $85k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.6% vs local median 3.3% in Rochester — 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 ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.