61 Kelleher St · Keene, NH 03431

$475,000

3 bd · 2.0 ba · 2,660 sqft · MultiFamily public records · 25 Days on market

Built 1895 0.30 ac lot Est $394k · 21% 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 +23.6/30.0
• DSCR +7.6/10.0
• 1% rule +5.2/10.0
• Livability +4.4/5.0
• Rent growth +3.4/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

STRONG, STATELY, WELL MAINTAINED, FAM OWNED 50+ YRS. HIGH CEILINGS, ORNATE TIN CEILINGS, PERIOD WDWORK, WD FLRS, ABUNDANT SUNLIGHT. LOVELY 3 SEASON SUNROOM OFF KIT. DBL LR W/ WIDE ARCHWAY- SERVES AS 2ND BDR. LARGE UTIL RM. +YARD.

Key facts

• 0.3 acre lot
• 2 garage spots
• Built 1895

Property features AI

Finance

• Financial info: Property configured as two rental units (month-to-month leases)

Exterior

• Parking: Detached 2-car garage capacity (2-car garage)
• Utilities: Public water; Public sewer; 200 Amp electric service; Gas available at street; Cable at site; Fiber optic and high-speed internet available; Curbside trash service; Multiple phone lines available
• Home design: Colonial-style multi-family property; Existing structure; Light sage exterior color
• Construction: Built in 1895; Wood frame construction with aluminum siding; Asphalt shingle roof; Concrete foundation
• Exterior features: Corner, landscaped city lot with sidewalks; Near shopping and schools; Paved driveway

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: Two 2-bedroom units (Unit 1 on level 1, Unit 2 on level 2)
• Flooring: Ceramic tile; Hardwood; Vinyl plank
• Bathrooms: Each unit has 1 full bathroom (total 2 full baths)
• Heating & cooling: Oil heat (heat included in units); Baseboard heating; No central air
• Interior features: Unfinished walk-up basement with concrete floor and basement stairs; Mudroom; Sunroom; Multiple phone lines; Smoke detectors; Window treatments
• Laundry & utility: Washer and dryer included in each unit; Laundry hookups; Water heaters (electric and oil)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $896 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $475k).
• Recommended offer: $468k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 4.4% in Keene — 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 88/100 on livability (#4 in NH, #192 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Keene School District (town): math 26% / reading 47% proficiency, ranked #76 of 98 in NH (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wheelock Elementary School (math 22% / reading 32%, grade F, #219 of 263 statewide, top 86%, 194 students, 52% FRL); Keene Middle School (math 19% / reading 45%, grade F, #64 of 96 statewide, top 68%, 627 students, 36% FRL); Keene High School (math 33% / reading 60%, grade D-, #53 of 90 statewide, top 58%, 1,291 students, 25% FRL).
• Market conditions: Rents rising (+3.4%/yr); 64 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 166 units permitted in Cheshire County in 2024 (0 in 5+ unit buildings).
• At $4,854/mo this rent would consume 73% of the median local household income ($80k/yr) (locally 716% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Cheshire County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($468k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $185k; list at $475k implies a 157% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $467,875 (1.5% below list)

Questions for the listing agent

1. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
5. 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.
6. 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.
7. 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: 1.02% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.09%
• DSCR: 1.36
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $393,680
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
65 Dunbar St	0.41mi	4/2.0 (+1)	2,471 (-7%)	1mo	$365,000	$148	63
44 Grove St	0.29mi	4/4.0 (+1)	2,395 (-10%)	14mo	$218,000	$91	45

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 · 3.43% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.87×
• Total profit: $-17,907
• Equity at exit: $70,824

10-year hold

• IRR: 6.5%
• Equity multiple: 1.50×
• Total profit: $66,091
• Equity at exit: $41,069

Cash invested: $133,000 (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 03431

• Home prices YoY: -34.4%
• Rents YoY: 3.4%
• Active inventory: 64
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $4,854 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$249 /mo · $2,993/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,019
• Net cashflow: $896

Break-even live

Break-even rent $3,719

Max offer price $475,000

Occupancy floor 77%

Sensitivity live

Price	-10% $1,165	-5% $1,031	+0% $896	+5% $762	+10% $628
Rent	-10% $513	-5% $705	+0% $896	+5% $1,088	+10% $1,280
Rate	-1.0pp $1,136	-0.5pp $1,017	base $896	+0.5pp $773	+1.0pp $648

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,854
Total (2 units)			$4,854

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
90 Elm St Keene, NH	3.0	2.0	2200	$2,200	$1.00	45d	1	1.02mi

Listing history 19 events

1. 2026-06-15
   statusdays on market $475,000 Pending 25 DOM
2. 2026-06-14
   days on market $475,000 Active 24 DOM
3. 2026-06-12
   days on market $475,000 Active 23 DOM
4. 2026-06-09
   days on market $475,000 Active 20 DOM
5. 2026-06-08
   days on market $475,000 Active 19 DOM
6. 2026-06-07
   days on market $475,000 Active 18 DOM
7. 2026-06-07
   days on market $475,000 Active 17 DOM
8. 2026-06-03
   days on market $475,000 Active 14 DOM
9. 2026-06-02
   days on market $475,000 Active 13 DOM
10. 2026-06-01
    days on market $475,000 Active 12 DOM
11. 2026-05-31
    days on market $475,000 Active 11 DOM
12. 2026-05-30
    days on market $475,000 Active 10 DOM
13. 2026-05-20
    listed $475,000 Active
14. 2026-05-20
    price $475,000
15. 2026-05-19
    historical $459,000
16. 2004-08-10
    soldstatus $185,000
17. 2004-08-06
    soldstatus $185,000 229-char remark

    Show marketing remark (229 chars)

    STRONG, STATELY, WELL MAINTAINED, FAM OWNED 50+ YRS. HIGH CEILINGS, ORNATE TIN CEILINGS, PERIOD WDWORK, WD FLRS, ABUNDANT SUNLIGHT. LOVELY 3 SEASON SUNROOM OFF KIT. DBL LR W/ WIDE ARCHWAY- SERVES AS 2ND BDR. LARGE UTIL RM. +YARD.

18. 2004-06-22
    historical 229-char remark

    Show marketing remark (229 chars)

    STRONG, STATELY, WELL MAINTAINED, FAM OWNED 50+ YRS. HIGH CEILINGS, ORNATE TIN CEILINGS, PERIOD WDWORK, WD FLRS, ABUNDANT SUNLIGHT. LOVELY 3 SEASON SUNROOM OFF KIT. DBL LR W/ WIDE ARCHWAY- SERVES AS 2ND BDR. LARGE UTIL RM. +YARD.

19. 2004-04-16
    listed $189,000 229-char remark

    Show marketing remark (229 chars)

    STRONG, STATELY, WELL MAINTAINED, FAM OWNED 50+ YRS. HIGH CEILINGS, ORNATE TIN CEILINGS, PERIOD WDWORK, WD FLRS, ABUNDANT SUNLIGHT. LOVELY 3 SEASON SUNROOM OFF KIT. DBL LR W/ WIDE ARCHWAY- SERVES AS 2ND BDR. LARGE UTIL RM. +YARD.

ⓘ 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: $2,993 · $249/mo
• Projected year-2 tax: $6,674 · $556/mo
• Expected delta: +$3,681/yr (+$307/mo · 123.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 12% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,248
• − Mortgage interest: −$26,607
• − Property taxes: −$2,993
• − Insurance: −$2,375
• − Repairs & maintenance: −$4,660
• − Management: −$4,660
• − Depreciation: −$13,818
• Taxable income: $3,135
• Est. tax owed @ 24.0%: −$752
• After-tax cash flow: $10,004/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: Keene School District
• NCES district ID: 3304050
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 47% ▼ -5.00%
• Median HH income: $51,158
• Composite: 31.62/100
• National rank: #5943
• State rank: #76 of 98 in NH

Livability — Keene

• Score: 88/100
• State rank: #4
• US rank: #192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Keene, NH
• County: Cheshire County · 25,065 people
• City population: 25,065
• Metro: Keene, NH
• Population (ZIP): 25,065
• Household income: $79,541
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 716.0

Population outlook (Cheshire County) Hauer SSP2

• Today (2025): 74,613 people
• By 2030: 72,495 · -2.8%
• By 2040: 66,778 · -10.5%
• By 2050: 60,963 · -18.3%
• By 2075: 49,511 · -33.6%
• By 2100: 39,687 · -46.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Lithuanian 10% Slovak 4% Romanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · French/Haitian/Cajun 1% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Cheshire

• 2024 margin: Lean D (+9.8) · D 54.4% · R 44.6% · Other 1.1%
• 2008→2024 swing: -17.8pp toward R · 2008: 27.6pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+17.2 2016: D+12.6 2012: D+24.8 2008: D+27.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.55%
• Current HPI: 387.6804
• Rent YoY: ▲ 3.43%
• Metro: Keene, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+151.3% since first listed

7 events — show timeline

• 2026-05-20 Listed $475,000 PrimeMLS
• 2026-05-20 Price Changed $475,000 PrimeMLS
• 2026-05-19 Coming Soon $459,000 PrimeMLS
• 2004-08-10 Sold (Public Records) $185,000 Public Records
• 2004-08-06 Sold (MLS) $185,000 PrimeMLS
• 2004-06-22 Delisted — PrimeMLS
• 2004-04-16 Listed $189,000 PrimeMLS