69 Parade Ground Cemetery Rd

Warner, NH 03278

$225,000D-

2 bd · 1.0 ba · 970 sqft · Built 1980 · Manufactured · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,632/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$416
• HOA: −$0
• Vac / Maint / Mgmt: −$343
• Net cashflow: $-307/mo
• Annual: $-3,685/yr
• Cap rate: 4.65%
• Cash-on-cash: -5.85%
• DSCR: 0.74
• 1% rule: 0.73%
• Cash to close: $63,000

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $225k.
• At list price, monthly cash flow is $-307 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (24.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (27.5% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $163k (27.5% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($2k loan paydown + $17k appreciation (7.6% local appreciation)).
• Location reads 61/100 on livability (#88 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A; Watch: health & safety C-, housing D, amenities F.
• Kearsarge Regional School District (rural): math 44% / reading 60% proficiency, ranked #30 of 98 in NH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 12 active listings in the ZIP; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.
• By year 3, paydown + projected appreciation supports a ~$47k 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.