183 Cartier St

Manchester, NH 03102

$679,000D

6 bd · 3.0 ba · 2,860 sqft · Built 1885 · MultiFamily · Active · 1406 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,393/mo
• Mortgage (P&I): −$3,561
• Tax + insurance: −$869
• HOA: −$0
• Vac / Maint / Mgmt: −$1,343
• Net cashflow: $620/mo
• Annual: $7,445/yr
• Cap rate: 7.39%
• Cash-on-cash: 3.92%
• DSCR: 1.17
• 1% rule: 0.94%
• Cash to close: $190,120

Investor read

• This is a 2×3bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $679k.
• 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).
• It's been on market 1406 days — a 12% lower offer ($598k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $598k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• Climate carrying-cost: moderate wind risk, 24% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.