Updated about 2 months ago on . Most recent reply
Sub 200k/unit in Dover NH
Three family sold in Dover in 2025 for high $500’s
3 bedroom, and (2) 2 bedrooms
Apartments appear to be in decent shape and exterior siding looks new.
190k/unit and approx $200/sqft
Seeing anything units trading for less than 200k in the Dover market has alarm bells ringing this could be a good deal. From analyzing properties in Dover, this one is the most affordable ones I’ve seen so far. So let’s see what we would pay for living if we owner occupied this property
From a mortgage calculator, factoring in PITI + maintenance/capex + vacancy + energy, estimated monthly expenses for this property is $5500/mo. Okay, now lets use some fair rents for the Dover market of 3 bedroom apartments(assuming owner will live in 2 bedroom unit). I’m going to use an under market rent of $2200 for 3 bedroom apartment. That brings income from those units at $4400 and overall living expenses at $1100/mo.
$1100 for a 2 bedroom unit in Dover is quite the deal(with landlord responsibilities of course). What if you rented out the room? A room in Dover can go for $700, bringing the owners personal living expenses to $400/month.
For a hot market like Dover, this certainly pencils out well. Is there anything I missed or may want to consider? Feel free to leave some thoughts