Exeter NH 2 Family Analysis

[Jakob Mikhitarian]

📊 Property Analysis: Small Multifamily in Exeter, NH (2024)

Sharing a high-level analysis of a recently sold 2-family home in Exeter using publicly available data to help understand how deals in this market are penciling.

Property snapshot (approximate):

• 2-family home
  
  
• ~6 bedrooms / 5 bathrooms total
  
  
• ~3,500 sq ft
  
  
• Sold in the mid-$800k range
  
  
• Sold for roughly 2% over list price, which signals solid demand in this pocket of Exeter
  
  
• Approx. $245 per square foot
  
  

Rental & ownership perspective:

This type of property could work for:

• An owner-occupant living in one unit and renting the other
  
  
• Friends or family members purchasing together
  
  
• Or a buyer holding both units as a long-term rental
  
  

According to HUD Fair Market Rents, a 3-bedroom apartment in Exeter in 2024 rents for roughly $2,500/month (actual rents may vary).

Financing assumptions (illustrative only):

• Conventional loan with 5% down (~$42,500)
  
  
• Estimated closing costs of 2–3%, bringing total cash needed to roughly $65,000
  
  
• Exeter (like other towns in the SAU16 district) has higher-than-average property taxes compared to the state
  
  

With 2024 interest rates in the high-6% to low-7% range, estimated monthly payment (principal, interest, taxes, insurance) would be around $7,400.

Who this type of property may fit best:

• 🏠 An owner-occupant looking to offset housing costs
  
  
• 🤝 Friends or family co-buying to access a high-quality Exeter property
  
  
• 📈 A long-term investor prioritizing appreciation and stability over short-term cash flow
  
  

Curious to hear others’ thoughts 👇

Is mid-$800k’s what you’d expect for a 2-family in Exeter today?

[Alex Morales]

Welcome to BP, Blake! Good breakdown of this Exeter 2-family.

You've already identified the core reality: at today's rates, most properties in high-appreciation markets like coastal NH won't cash flow with 25% down. That's not necessarily a deal-breaker – it just means you need to be honest about what you're buying.

A few thoughts on your analysis:

**The Numbers Reality:**

- $650/month negative cash flow is real, but your vacancy buffer might be optimistic. I'd also factor in maintenance (5% gross rent), cap-ex reserves (5-8%), and potential property management (8-10% even if self-managing initially).

- With those expenses, the true negative cash flow is probably closer to $1,000-1,200/month all-in.

**Who This Property Fits:**

Your three scenarios are spot-on. This is most compelling as:

1. **House hack** – If you live in one unit, you're paying ~$2,350/month for housing in Exeter while building equity. That's potentially cheaper than renting a comparable place.

2. **Appreciation play with high-income stability** – If you have W2 income that can absorb the monthly loss without stress, and you believe in NH seacoast appreciation long-term.

**Questions I'd Ask:**

- What's the property condition? Any deferred maintenance that could turn that $650/month loss into a larger cash call?

- How do the rents compare to market? Any upside on the $1,700 unit?

- What's your exit timeline? House hack for 2-3 years then move and hold?

Mid-$800s for a 2-family in Exeter sounds about right for the market. The question is whether you have the financial runway to sustain negative cash flow while waiting for appreciation and rent growth to do the heavy lifting.

What's your investment strategy beyond this property?