Exeter, NH 3 unit Analysis

[Jakob Mikhitarian]

📊 Exeter, NH 3 unit Multifamily Breakdown (Recently Sold)

Property Snapshot:

• Sold in 2025 for the mid-$600s
  
  
• 3-family:
  • (2) two-bedroom units
  • (1) three-bedroom unit
  
  
• Just over 4,000 sq ft
  
  
• Historic construction (1700s)
  
  
• Appears to need light cosmetic upgrades
  
  

Pricing Context:

• Initially listed in the mid-$700s, later reduced
  
  
• Sub- $160/sq ft
  
  
• This appears well below typical Exeter pricing on a per-square-foot basis
  
  

Income Lens (Using HUD Fair Market Rents):

• 2025 HUD FMR estimates for Exeter:
  • 2-bedroom: ~$1,950
  • 3-bedroom: ~$2,400
  
  

At those rent levels, this property may approach the 1% rule, which could point to promising cash flow. And for a premium market like Exeter, this seems uncommon.

My Take:
What stands out most to me is the condition relative to the sale price. A historic 3-unit selling below replacement cost raises questions:

• Deferred maintenance?
  
  
• Cosmetic vs. structural updates?
  
  
• Opportunity—or hidden risk?
  
  

Curious what others think:
Would you prioritize a deal like this for cash flow, long-term appreciation, or pass due to age and uncertainty?