470 Jewett Road, Hopkinton, NH 03229 — 3.8% Cash-on-Cash

About this property

470 Jewett Road is a 5-bedroom, 3-bathroom single-family property in Hopkinton, NH, sitting on 2.1 acres with 3,674 square feet of living area.

The listing describes an unconventional architectural layout — pod-like rooms connecting to larger common areas — which gives the property a flexibility that a standard colonial floor plan doesn't. That design quirk becomes operationally relevant: the property already carries an approved variance to convert to a two-family, a meaningful optionality play for an investor who wants to run two rental units under one roof without a zoning fight.

Recent capital work reduces near-term maintenance exposure meaningfully. A new propane furnace and central A/C, a tankless water heater, a new roof across both the rubber and fiberglass sections, and new floors throughout represent the categories that typically trigger the largest unplanned landlord expenses. The kitchen appliances and garage door were also replaced.

The property has been on the market 23 days with a $25,000 price reduction from its original ask, landing at $550,000. Public records show a tax-assessed value of $462,300 — roughly 16% below the current list price, a gap worth factoring into any negotiation. Non-owner occupied status in public records signals the seller is already treating this as an investment asset, not a primary residence sale.

The investment case

A 3.8% cash-on-cash return at a $550,000 price point is the headline — and in Hopkinton, where the city average cash-on-cash sits at negative 10.0%, that number is genuinely unusual.

List Price

$550,000

Monthly Payment (PITI+HOA)

$4,044

Principal & Interest

$2,778

Property Tax

$1,083

Insurance

$183

HOA

$0

PMI

$0

Est. Monthly Rent

$4,393

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

3.8%

Cap Rate

9.2%

Monthly Cash Flow

$349

Gross Rent Multiplier

10.4

DSCR

1.5

At 20% down on a $550,000 purchase with a 30-year fixed rate of 6.55%, the monthly principal and interest payment runs $2,778. Add property tax at $1,083 per month — reflecting Hopkinton's 2.21% effective rate, one of the higher burdens in the state — plus $183 in insurance, and total monthly outflows reach $4,044. Estimated monthly rent of $4,393 leaves $349 in monthly cash flow before vacancy or maintenance reserves.

The cap rate of 9.2% is the number that stands out most. Net operating income of $4,210 per month against a $550,000 purchase price is a ratio that most single-family properties at this price level in New Hampshire don't produce. The gross rent multiplier of 10.4 confirms the rent-to-price relationship is favorable relative to the broader market, where the city median listing price is $599,900.

The debt service coverage ratio of 1.5 means the property generates 50% more income than needed to cover the mortgage payment — a cushion that gives a lender confidence and an investor room to absorb a vacancy month or an unexpected repair without going cash-flow negative.

The tenth-best cash-on-cash return among Hopkinton's top deals is only 0.5%. This property at 3.8% sits well above that threshold, making it one of the strongest cash-flow opportunities available locally — not universally great, but clearly differentiated within its market. Figures exclude depreciation tax benefits, which vary by individual tax situation.

Annual return outlook

The projected 5-year total ROI of 12.1% annually draws from three sources, with no single component doing all the work.

Cash flow contributes 3.8% annually — the component investors can observe month to month and stress-test directly. Mortgage paydown adds another 4.1%, a return that compounds quietly as principal balance shrinks and equity builds without any market dependence. Together, those two components produce 7.9% annually from the property's own mechanics, independent of what the market does.

Appreciation accounts for the remaining 4.2%. That figure is an estimated projection, not a scraped historical rate, and should be weighted accordingly. Hopkinton is a low-density market with limited comparable transaction volume, which makes forward appreciation harder to forecast with precision. The 4.2% assumption is plausible given broader New Hampshire demand trends, but an investor underwriting this deal conservatively should model appreciation closer to 2-3% and check whether the deal still works — at 3.8% CoC and 4.1% paydown, it largely does.

The two-family conversion variance is an unmodeled upside. If an investor executes that conversion and achieves two separate rental income streams, the cash flow and NOI figures in this analysis would change materially. That scenario requires its own underwriting, but the optionality exists and is already permitted by the municipality.

Even without appreciation, this property's cash flow and paydown alone project a 7.9% annual return — a floor that most Hopkinton listings can't match.

How it compares to nearby for-sale listings

Four active for-sale listings in Hopkinton provide pricing context, and the comparison is stark: 470 Jewett Road is priced well below the local comp set.

The four comparable listings in the area carry a median price of $1,200,000 — more than double the $550,000 ask here. Even the lowest-priced comp in the set lists above $839,000. On a price-per-square-foot basis, this property at roughly $150 per square foot sits at a significant discount to peers that range from $237 to $649 per square foot depending on the listing.

Days on market for the comp set runs 37 to 47 days, slightly longer than this property's 23 days. That's a minor signal, but it suggests the $550,000 price point is generating more activity than higher-priced alternatives — consistent with the $25,000 price reduction that may have sharpened buyer interest.

The comp set skews toward luxury and estate-style properties, which limits direct comparability on a feature-for-feature basis. A 5,009-square-foot property at $3.25 million and a 4,587-square-foot property at $1.2 million occupy a different buyer profile than a 3,674-square-foot rental-ready property with a two-family variance. The more relevant comparison is what a buyer gets for $550,000 in this zip code — and the answer is: more than almost anything else currently listed.

Rental demand in this zip

Rental comp data for 5-bedroom units in ZIP 03229 is thin — no directly comparable rentals were identified in the area.

The absence of rental comps in this zip code for 5-bedroom units is itself informative. It reflects how rarely large single-family homes in rural New Hampshire zip codes turn up as rentals, which cuts two ways. On one hand, a landlord here faces limited price discovery — there's no active market telling you what tenants will pay for a 5-bedroom in Hopkinton. On the other hand, limited rental supply means less direct competition for a tenant willing to pay for space and acreage.

The estimated monthly rent of $4,393 is a modeled figure, not derived from local closed leases. An investor should treat it as a reasonable starting point and validate it against broader southern New Hampshire rental markets — Concord, which is the nearest city, has more 5-bedroom rental transaction history and can serve as a calibration point.

The property's approved two-family variance adds a dimension here. If operated as two units rather than one, the rent estimate would need to be restructured entirely — two smaller units might generate more aggregate rent than one large unit, or they might not, depending on how the space divides. That scenario requires a separate rent analysis before underwriting.

Until local 5-bedroom rental comps emerge, the cash-flow projection carries meaningful uncertainty. The DSCR of 1.5 provides a buffer, but vacancy and below-estimate rent are the primary risks to the $349 monthly cash flow figure.

Who this property suits + risks to weigh

This property suits a patient, hands-on investor comfortable with a rural market and willing to manage a large single-family — or execute a two-unit conversion.

Best fit

The investor profile here is someone who wants genuine cash flow in a market where most deals don't produce it. At 3.8% cash-on-cash versus a city average of negative 10.0%, this property is an outlier — but it's still a modest absolute return, not a windfall. The deal works best for a buyer who values the combination of current income, equity paydown, and the optionality of the two-family conversion without needing any single component to carry the full return.

The 2.1-acre lot and 3,674 square feet of space suggest a tenant profile that values room and land — families, remote workers, or professionals relocating from higher-cost markets. Hopkinton's proximity to Concord makes it viable for commuters, which broadens the potential tenant pool beyond purely local demand.

An investor already comfortable with New Hampshire's property tax structure — 2.21% effective rate is a real drag on cash flow — will underwrite this more accurately than someone expecting Massachusetts or Connecticut-level tax treatment.

Risks to weigh

The rent estimate lacks local comp support. If actual achievable rent comes in 10% below the $4,393 estimate, monthly cash flow drops to roughly negative $90 — a thin margin becomes a loss. Vacancy risk in a low-density rural zip code is harder to hedge than in an urban market with deep renter demand.

The tax-assessed value of $462,300 versus the $550,000 ask represents a 19% premium to assessed value. That gap isn't disqualifying, but it limits the argument that the property is deeply undervalued on a tax basis. The $25,000 price cut and 23 days on market suggest the seller has some motivation, which may create room for further negotiation before close.