183 Cartier St · Manchester, NH 03102

$679,000

6 bd · 3.0 ba · 2,860 sqft · MultiFamily public records · 1406 Days on market

Built 1885 5,227 sqft lot $237/sqft · 13% above area Est $598k · 13% over

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.3/30.0
• DSCR +5.7/10.0
• 1% rule +4.4/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +1.4/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

WELL KEPT TWO FAMILY, WITH POSSIBILITY FOR 3RD UNIT. FIVE CAR GARAGE BRINGS IN EXTRA INCOME. GREAT LOT WITH PLENTY OF PARKING. DEFINATELY NOT A DRIVE BYE.

Key facts

• 5,227 sq ft lot
• 5 garage spots
• Built 1885

Property features AI

Finance

• Other: Total finished area reported; Property contains three rental units
• Financial info: Net income reported: $52,530; Operating expenses include insurance, water/sewer, and other expenses

Exterior

• Parking: Attached garage with capacity for 5 cars
• Utilities: Public sewer; Public water; Cable available; High-speed internet available
• Home design: Multi-family building; Existing construction; White exterior
• Construction: Built in 1885; Wood frame construction with aluminum siding; Asphalt shingle roof; Surveyed
• Exterior features: City lot in town, near hospital, neighborhood setting; Brick/paver driveway; Municipal trash service; Public water

Interior

• Kitchen: Water heater (natural gas)
• Bedrooms: One unit with 3 bedrooms (first level); One unit with 4 bedrooms (second level); One unit with 2 bedrooms (third level)
• Flooring: Vinyl plank flooring
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Natural gas heating; Hot water heating; No central air
• Interior features: Full basement with interior access; Garden-style units
• Laundry & utility: Circuit breaker electrical panel

What this means for you Summary

Snapshot

• This is a 2×3bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $679k.

Deal economics

• At list price, monthly cash flow is $620 ($7k/yr) — positive. Per door: $207/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $639k (5.8% below list).
• Recommended offer: $598k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 3.1% in Manchester — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#10 in NH, #879 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Manchester School District (urban): math 14% / reading 27% proficiency, ranked #96 of 98 in NH (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Gossler Park School (math 8% / reading 17%, grade F, #255 of 263 statewide, top 97%, 300 students, 69% FRL); Middle School At Parkside (math 9% / reading 22%, grade F, #94 of 96 statewide, top 98%, 858 students, 61% FRL); Manchester West High School (math 12% / reading 32%, grade F, #88 of 90 statewide, top 98%, 772 students, 50% FRL).
• Market conditions: Rents rising (+3.0%/yr); 73 active listings in the ZIP; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• At $6,393/mo this rent would consume 103% of the median local household income ($74k/yr) (locally 1368% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 1406 days — a 12% lower offer ($598k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 28y ago; this cycle's ask is 14% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $185k; list at $679k implies a 267% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 24% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $597,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 1406 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.92%
• DSCR: 1.17
• GRM: 8.9

CMA / ARV

• ARV (median comp): $598,398
• List price: $679,000
• Delta: 13.47%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
296 Bartlett St	0.33mi	6/3.0	2,736 (-4%)	11mo	$599,000	$219	68
434 Hevey St	0.33mi	6/2.0	3,067 (+7%)	10mo	$495,000	$161	61
16 Hevey St	0.32mi	6/3.0	3,150 (+10%)	10mo	$625,000	$198	60
310 Putnam St	0.44mi	6/4.0	3,036 (+6%)	11mo	$720,000	$237	56
162 Blaine St	0.62mi	7/3.0 (+1)	2,772 (-3%)	6mo	$605,000	$218	55
89 4Th St	0.56mi	6/3.0	2,591 (-9%)	9mo	$593,500	$229	51
157 Cumberland St	0.52mi	5/2.0 (-1)	3,024 (+6%)	11mo	$540,000	$179	48
25 Parker St	0.46mi	6/3.0	2,496 (-13%)	21mo	$540,000	$216	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.96% rent growth · sell at horizon

5-year hold

• IRR: -10.2%
• Equity multiple: 0.63×
• Total profit: $-70,836
• Equity at exit: $101,241

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-12,122
• Equity at exit: $58,708

Cash invested: $190,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 56 Moderately Landlord-Leaning
• State New Hampshire: 56 Moderately Landlord-Leaning · D+1
• County: — inherits STATE
• City: — inherits STATE

Has just-cause statute; 30-day notice; landlord-leaning vs. neighbors.

Methodology + full state rankings →

ZIP-level market 03102

• Home prices YoY: -16.2%
• Rents YoY: 3.0%
• Active inventory: 73
• Price-to-rent: 25.6×

Monthly cashflow live

• Estimated rent: $6,393 high
• Mortgage (P&I): −$3,561
• Tax from tax record: −$586 /mo · $7,037/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,343
• Net cashflow: $620

Break-even live

Break-even rent $5,608

Max offer price $679,000

Occupancy floor 85%

Sensitivity live

Price	-10% $1,005	-5% $813	+0% $620	+5% $428	+10% $236
Rent	-10% $115	-5% $368	+0% $620	+5% $873	+10% $1,125
Rate	-1.0pp $962	-0.5pp $793	base $620	+0.5pp $444	+1.0pp $265

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,414
1× unit	2	1	$1,979
Total (3 units)			$6,393

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $169,750
• Closing costs: $20,370
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $679,000 Active 1406 DOM
2. 2026-06-18
   days on market $679,000 Active 1403 DOM
3. 2026-06-17
   days on market $679,000 Active 1402 DOM
4. 2026-06-16
   days on market $679,000 Active 1401 DOM
5. 2026-06-15
   days on market $679,000 Active 1400 DOM
6. 2026-06-14
   days on market $679,000 Active 1398 DOM
7. 2026-06-13
   days on market $679,000 Active 1397 DOM
8. 2026-06-10
   days on market $679,000 Active 1395 DOM
9. 2026-06-09
   days on market $679,000 Active 1394 DOM
10. 2026-06-08
    days on market $679,000 Active 1393 DOM
11. 2026-06-07
    days on market $679,000 Active 1392 DOM
12. 2026-06-03
    days on market $679,000 Active 1388 DOM
13. 2026-06-02
    remarks 682-char remark
14. 2026-06-02
    days on market $679,000 Active 1387 DOM
15. 2026-06-01
    days on market $679,000 Active 1386 DOM
16. 2026-05-31
    days on market $679,000 Active 1385 DOM
17. 2026-05-30
    days on market $679,000 Active 1384 DOM
18. 2024-03-02
    price $679,000
19. 2024-03-02
    status Active
20. 2024-01-29
    status Pending
21. 2022-07-14
    listed $595,000 Active
22. 2001-08-09
    soldstatus $185,000
23. 2001-08-08
    soldstatus $185,000 154-char remark

    Show marketing remark (154 chars)

    WELL KEPT TWO FAMILY, WITH POSSIBILITY FOR 3RD UNIT. FIVE CAR GARAGE BRINGS IN EXTRA INCOME. GREAT LOT WITH PLENTY OF PARKING. DEFINATELY NOT A DRIVE BYE.

24. 2001-07-03
    listed $185,000 154-char remark

    Show marketing remark (154 chars)

    WELL KEPT TWO FAMILY, WITH POSSIBILITY FOR 3RD UNIT. FIVE CAR GARAGE BRINGS IN EXTRA INCOME. GREAT LOT WITH PLENTY OF PARKING. DEFINATELY NOT A DRIVE BYE.

25. 1998-10-27
    soldstatus $79,900 201-char remark

    Show marketing remark (201 chars)

    CONVENIENT WEST SIDE MULTI, 2+ BEDROOMS IN EACH UNIT. LARGE EAT IN KITCHEN W/ PANTRIES, W/ D HOOKUPS UPDATED ELECTRICAL, NEW PORCHES AND 5 DETACHED GARAGES THAT CAN PROVIDE EXTRA INCOME!!! COC IN PLACE

26. 1998-06-10
    listed $79,900 201-char remark

    Show marketing remark (201 chars)

    CONVENIENT WEST SIDE MULTI, 2+ BEDROOMS IN EACH UNIT. LARGE EAT IN KITCHEN W/ PANTRIES, W/ D HOOKUPS UPDATED ELECTRICAL, NEW PORCHES AND 5 DETACHED GARAGES THAT CAN PROVIDE EXTRA INCOME!!! COC IN PLACE

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NH · Partial reset (capped growth)

• Current annual tax: $7,037 · $586/mo
• Projected year-2 tax: $10,920 · $910/mo
• Expected delta: +$3,883/yr (+$324/mo · 55.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 24% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,716
• − Mortgage interest: −$38,035
• − Property taxes: −$7,037
• − Insurance: −$3,395
• − Repairs & maintenance: −$6,137
• − Management: −$6,137
• − Depreciation: −$19,753
• Taxable loss: −$3,778
• Est. tax savings @ 24.0%: +$907
• After-tax cash flow: $8,351/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Manchester School District
• NCES district ID: 3304590
• Math proficiency: 14% ▼ -10.00%
• Reading proficiency: 27% ▼ -6.00%
• Median HH income: $54,096
• Composite: 18.67/100
• National rank: #8886
• State rank: #96 of 98 in NH

Livability — Manchester

• Score: 83/100
• State rank: #10
• US rank: #879

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime C Employment C+ Housing A+ Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, NH
• County: Hillsborough County · 309,362 people
• City population: 110,172
• Metro: Manchester-Nashua, NH
• Population (ZIP): 33,959
• Household income: $74,327
• Rent vs Own: 59.0% rent · 41.0% own
• Severe rent burden: 1368.0

Population outlook (Hillsborough County) Hauer SSP2

• Today (2025): 412,771 people
• By 2030: 410,974 · -0.4%
• By 2040: 399,959 · -3.1%
• By 2050: 381,542 · -7.6%
• By 2075: 339,855 · -17.7%
• By 2100: 289,270 · -29.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 9% Two or more races 8% Black 6% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 2%
• Common ancestry: Lithuanian 11% Romanian 3% Slovak 3%
• Foreign-born: 14% · Canada, China, India
• Languages at home: 81% English-only · Spanish 5% French/Haitian/Cajun 5% Other Indo-European 3%

Political lean MEDSL · Hillsborough

• 2024 margin: Toss-up / Even · D 50.9% · R 48.0% · Other 1.0%
• 2008→2024 swing: -0.9pp no change · 2008: 3.8pp · 2024: 2.9pp
• All cycles: 2024: D+2.9 2020: D+7.7 2016: R+0.2 2012: D+1.7 2008: D+3.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.62%
• Current HPI: 355.9606
• Rent YoY: ▲ 2.96%
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+749.8% since first listed

9 events — show timeline

• 2024-03-02 Price Changed $679,000 PrimeMLS
• 2024-03-02 Relisted — PrimeMLS
• 2024-01-29 Pending — PrimeMLS
• 2022-07-14 Listed $595,000 PrimeMLS
• 2001-08-09 Sold (Public Records) $185,000 Public Records
• 2001-08-08 Sold (MLS) $185,000 PrimeMLS
• 2001-07-03 Listed $185,000 PrimeMLS
• 1998-10-27 Sold (MLS) $79,900 PrimeMLS
• 1998-06-10 Listed $79,900 PrimeMLS

Property tax history

+3.2%/yr

Latest (2024): $7,037 · +3.8% YoY. Source: county tax records.