13 Courtesy Ave

Belmont, NH 03220

$199,900D+

3 bd · 2.0 ba · 1,188 sqft · Built 2016 · Manufactured · Active · 194 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,300/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$340
• HOA: −$480
• Vac / Maint / Mgmt: −$483
• Net cashflow: $-52/mo
• Annual: $-618/yr
• Cap rate: 5.98%
• Cash-on-cash: -1.10%
• DSCR: 0.95
• 1% rule: 1.15%
• Cash to close: $55,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $200k.
• At list price, monthly cash flow is $-52 ($-618/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (4.6% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• It's been on market 194 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• 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 61/100 on livability (#89 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: health & safety C-, housing D, schools D-.
• Shaker Regional School District (rural): math 27% / reading 45% proficiency, ranked #70 of 98 in NH (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 21% of rent.
• Market conditions: 62 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 301 units permitted in Belknap County in 2024 (32 in 5+ unit buildings).
• Belknap County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 6y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; list at $200k implies a 74% gain — meaningful room to come down on a strong offer.
• Cap rate 6.0% vs local median 1.7% in Belmont — 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?
• It's been on market 194 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.