1 Circle Drive, Boscawen, NH 03303 — 2.2% Cash-on-Cash

About this property

1 Circle Drive is a single-family, one-level home in Boscawen, NH, sitting on 0.74 acres at the end of a cul-de-sac and listed at $435,000.

The property covers 1,637 square feet across three bedrooms and two bathrooms. A metal roof installed within the last few years is a meaningful capital expenditure already off the investor's near-term list — roofs in New Hampshire's climate are not cheap. The oversized garage adds functional square footage beyond the living area count, useful for storage or as a tenant-attracting amenity in a market where garage space commands a premium.

The listing is sold as-is, which explains part of the pricing dynamic. The tax-assessed value sits at $365,800 against a $435,000 ask — a gap of roughly $69,200 that reflects either deferred cosmetic work or the seller's read on post-renovation upside. The property has been on the market 45 days, and the price has already been cut by $40,000 from the original listing. That combination of DOM and price reduction signals negotiating room, though the as-is condition means any further due diligence should include a thorough inspection. The 0.74-acre lot is generous for the area and could matter to tenants seeking outdoor space.

The investment case

A 2.2% cash-on-cash return sounds modest in isolation, but against a city average of negative 10.0%, it's a different story entirely.

List Price

$435,000

Monthly Payment (PITI+HOA)

$3,099

Principal & Interest

$2,200

Property Tax

$754

Insurance

$145

HOA

$0

PMI

$0

Est. Monthly Rent

$3,260

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

2.2%

Cap Rate

8.6%

Monthly Cash Flow

$161

Gross Rent Multiplier

11.1

DSCR

1.4

Most 3-bedroom single-family listings in Boscawen don't generate positive cash flow at 20% down and today's 6.55% rate. The city's tenth-best deal on the leaderboard clears just 0.5% CoC — meaning the vast majority of inventory here is a negative-carry proposition. This property's 2.2% sits well above that threshold, making it one of the stronger cash-flow entries available locally, not a market-wide standout, but a relative one worth understanding.

The numbers: estimated monthly rent of $3,260 against a total monthly payment of $3,099 — principal and interest at $2,200, property tax at $754, and insurance at $145. That leaves $161 in monthly cash flow before maintenance reserves. Thin, but positive. The net operating income of $3,115 per month drives an 8.6% cap rate on the $435,000 purchase price, which is a meaningful figure. Cap rates above 7% on single-family in New Hampshire at this price point are not common.

The debt service coverage ratio of 1.4 means the property generates 40% more income than needed to cover the mortgage — a cushion that matters if rent softens or vacancy extends. Figures exclude depreciation tax benefits, which vary by individual tax situation. The gross rent multiplier of 11.1 is well below the for-sale comp median, suggesting the price is calibrated more toward cash flow than pure equity speculation.

Annual return outlook

The 10.6% projected total annual ROI spreads across three distinct return levers, none of which dominates the others outright.

The breakdown: 2.2% from cash flow, 4.1% from mortgage paydown, and an estimated 4.2% from appreciation — the three components running nearly in parallel. That's an unusual structure. Most deals in appreciation-driven markets lean heavily on the appreciation line while cash flow and paydown play supporting roles. Here, paydown and appreciation are each doing more work than cash flow, which keeps the thesis balanced even if rent growth stalls.

The 4.2% annual appreciation figure is an estimate based on broader regional trends, not a transaction-derived data point. Use it as directional context rather than a hard forecast. New Hampshire's housing supply constraints have historically supported above-average appreciation in southern and central regions, but Boscawen is a smaller market and individual property outcomes can diverge from regional averages, especially for as-is inventory.

Mortgage paydown contributing 4.1% annually is the most predictable component of the three — it's a function of the amortization schedule, not market conditions. For a buy-and-hold investor with a 5-to-10-year horizon, that forced equity accumulation compounds meaningfully. Combined with even modest appreciation, the total return picture holds up reasonably well even if cash flow remains in the low single digits.

The 5-year return case here is balanced across all three levers, which reduces reliance on any single assumption holding true.

How it compares to nearby for-sale listings

Five comparable 3-bedroom listings in the 03303 ZIP carry a median asking price of $695,000 — a sharp contrast to this property's $435,000 ask.

At $435,000, 1 Circle Drive is priced $260,000 below the for-sale comp median. Even adjusting for the as-is condition and the 45 days on market, that discount is substantial. The nearest comp by price is 20 Woodbury Lane in Boscawen at $625,000 — a 3-bed, 3-bath at 1,800 square feet, listed just 8 days ago. On a price-per-square-foot basis, this property at roughly $266/sqft sits well below Woodbury Lane's implied $347/sqft, and further below the Willow Run listings approaching $370/sqft.

The comp set skews toward larger, newer-condition listings that have moved quickly — the two Concord entries at $729,000 and $569,900 both came to market within the past 8 days. This property's 45-day DOM against that backdrop suggests either the as-is condition or the original pricing created friction. The $40,000 price reduction has reset expectations, and the current ask looks defensible relative to the comp set's upper range.

For an investor, the pricing gap is a feature, not a flaw — it's what makes the cap rate and cash flow math work. A buyer paying $625,000 for Woodbury Lane faces a materially harder path to positive cash flow at the same rent levels.

Rental demand in this zip

Rental comp data in ZIP 03303 is thin — one comparable rental at $2,800 per month — which introduces meaningful uncertainty into the rent projection.

1 comparable rentals in ZIP 03303 — median $2,800/mo, range $2,800–$2,800/mo

The estimated monthly rent of $3,260 sits $460 above the single comparable rental in the ZIP at $2,800. That's a 16% premium over the only available data point, and with just one comp in the dataset, the confidence interval is wide. An investor should stress-test the cash flow model at the $2,800 comp figure before committing.

At $2,800 in monthly rent, the monthly cash flow flips negative — total payment is $3,099 — turning this into a modest negative-carry position. That's not disqualifying in a market where the city average CoC is negative 10.0%, but it reframes the thesis from cash-flow-positive to appreciation-plus-paydown. The rent estimate of $3,260 is plausible for a 3-bedroom with garage and nearly three-quarters of an acre in central New Hampshire, but it needs validation through local property management contacts or active lease comps before underwriting at that figure.

The as-is condition also matters here. A tenant-ready property commands market rent; one requiring cosmetic work before occupancy may lease at a discount initially. Budget accordingly.

Run the numbers at $2,800 and $3,260 — the investment case changes materially between those two figures.

Who this property suits + risks to weigh

This property fits a value-oriented buyer comfortable with as-is condition and willing to do the work to confirm rent assumptions before closing.

Best fit

An investor with renovation experience or reliable contractor relationships is best positioned here. The as-is sale, the $40,000 price reduction, and the 45-day market time all point toward a property that needs a buyer who can assess deferred maintenance accurately and price it into the offer. The metal roof removes one major variable, but the rest of the property warrants a thorough inspection before the as-is condition is accepted at face value.

The 8.6% cap rate and 1.4 DSCR make this attractive for a buy-and-hold strategy at the right entry price. A house-hacker or owner-investor who occupies one unit isn't the profile here — it's a straight rental play. The non-owner-occupied status in public records suggests the property has functioned as a rental or investment asset before, which may mean systems have been maintained to tenant rather than owner standards.

Risks to weigh

The rent estimate carries the most uncertainty. One rental comp in the ZIP is not a deep market, and the $460 gap between the projected rent and the only available comp is meaningful when cash flow margins are this narrow. A vacancy of even one month erases roughly 8 months of positive cash flow at the $161/month figure.

New Hampshire's effective property tax rate of 2.21% is high by national standards — $754 per month in taxes on a $435,000 property is a real drag on cash flow that doesn't compress as rent grows. Any appreciation in assessed value will push that number higher over time. Finally, the as-is condition creates execution risk: cosmetic repairs are manageable, but structural or mechanical issues discovered post-closing in an as-is transaction are the buyer's problem.