531 hillsboro St · Berlin, NH 03570

$126,000

5 bd · 2.0 ba · 1,532 sqft · MultiFamily public records · 237 Days on market

Built 1933 4,791 sqft lot $82/sqft · at area comps Est $124k · at est.

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +6.6/15.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

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

Unique Multi-Family Opportunity – Great for Investors! This distinctive multi-family property features two spacious units, each offering 2 bedrooms, ample natural light, and functional layouts. Whether you're an investor or a savvy homeowner looking for rental income, this property is packed with potential. Property Highlights: Each unit includes 2 bedrooms Washer/dryer hookups in both units Private backyard – perfect for relaxing or entertaining Off-street parking for added convenience Unit 1 is solar-ready! Solar panels are already installed, with the option to assume the solar agreement (subject to buyer approval) While the property needs a few finishing touches, it’s an ideal opportunity to customize and add value. Live in one unit and rent out the other, or add this promising asset to your investment portfolio. Don’t miss out on this rare find – schedule your showing today!

Key facts

• Two spacious units
• Solar ready
• Off street parking

Tags

• MULTI-FAMILY OPPORTUNITY
• TWO SPACIOUS UNITS
• WASHER DRYER HOOKUPS
• PRIVATE BACKYARD
• OFF STREET PARKING
• SOLAR READY

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $126k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $126k).
• Recommended offer: $111k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.0% vs local median 7.1% in Berlin — 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 66/100 on livability (#67 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing A-; Watch: schools D, amenities F, commute F.
• Berlin School District (town): math 24% / reading 30% proficiency, ranked #91 of 98 in NH (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 100 active listings in the ZIP; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($871 loan paydown + $13k appreciation (10.0% local appreciation)).
• Coos County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 237 days — a 12% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y 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 $40k; list at $126k implies a 214% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1933 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,880 (12.0% below list)

Questions for the listing agent

1. It's been on market 237 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1933 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 2.12% ✓
• Cap rate: 16.97%
• Cash-on-cash: 38.13%
• DSCR: 2.70
• GRM: 3.9

CMA / ARV

• ARV (median comp): $123,552
• List price: $126,000
• Delta: 1.98%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
134 York St	0.56mi	4/2.0 (-1)	1,548 (+1%)	7mo	$135,000	$87	62
1 Bell Ln	0.53mi	4/2.0 (-1)	1,664 (+9%)	7mo	$129,900	$78	50
88 Pine St	0.71mi	5/2.0	1,680 (+10%)	9mo	$125,000	$74	44

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 53.7%
• Equity multiple: 4.97×
• Total profit: $140,140
• Equity at exit: $113,511

10-year hold

• IRR: 47.3%
• Equity multiple: 11.11×
• Total profit: $356,767
• Equity at exit: $244,790

Cash invested: $35,280 (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 03570

• Home prices YoY: 14.3%
• Active inventory: 100
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,675 medium
• Mortgage (P&I): −$661
• Tax from tax record: −$279 /mo · $3,347/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$562
• Net cashflow: $1,121

Break-even live

Break-even rent $1,256

Max offer price $126,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,674
Total (2 units)			$2,675

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: $31,500
• Closing costs: $3,780
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $126,000 Active 237 DOM
2. 2026-06-17
   days on market $126,000 Active 236 DOM
3. 2026-06-16
   days on market $126,000 Active 235 DOM
4. 2026-06-15
   days on market $126,000 Active 234 DOM
5. 2026-06-13
   days on market $126,000 Active 232 DOM
6. 2026-06-12
   days on market $126,000 Active 231 DOM
7. 2026-06-09
   days on market $126,000 Active 228 DOM
8. 2026-06-08
   days on market $126,000 Active 227 DOM
9. 2026-06-07
   days on market $126,000 Active 226 DOM
10. 2026-06-07
    days on market $126,000 Active 225 DOM
11. 2026-06-04
    days on market $126,000 Active 222 DOM
12. 2026-06-02
    days on market $126,000 Active 221 DOM
13. 2026-06-01
    days on market $126,000 Active 220 DOM
14. 2026-05-31
    days on market $126,000 Active 219 DOM
15. 2025-10-24
    listed $126,000 Active 922-char remark

    Show marketing remark (922 chars)

    Unique Multi-Family Opportunity – Great for Investors! This distinctive multi-family property features two spacious units, each offering 2 bedrooms, ample natural light, and functional layouts. Whether you're an investor or a savvy homeowner looking for rental income, this property is packed with potential. Property Highlights: Each unit includes 2 bedrooms Washer/dryer hookups in both units Private backyard – perfect for relaxing or entertaining Off-street parking for added convenience Unit 1 is solar-ready! Solar panels are already installed, with the option to assume the solar agreement (subject to buyer approval) While the property needs a few finishing touches, it’s an ideal opportunity to customize and add value. Live in one unit and rent out the other, or add this promising asset to your investment portfolio. Don’t miss out on this rare find – schedule your showing today!

16. 2018-01-10
    soldstatus $40,100
17. 2015-03-09
    soldstatus $16,000
18. 2015-03-06
    soldstatus $16,000 Closed 378-char remark

    Show marketing remark (378 chars)

    (545) Two family home and or investment property. Apartment one features 3 bedrooms, full bath, eat in kitchen and living room. Apartment two features 2 bedrooms, full bath, eat in kitchen and living room. Both apartments are in good overall condition and have storage areas off of the porch. Exterior of the property needs some TLC and the property in general is a fixer upper.

19. 2015-02-25
    historical 378-char remark

    Show marketing remark (378 chars)

    (545) Two family home and or investment property. Apartment one features 3 bedrooms, full bath, eat in kitchen and living room. Apartment two features 2 bedrooms, full bath, eat in kitchen and living room. Both apartments are in good overall condition and have storage areas off of the porch. Exterior of the property needs some TLC and the property in general is a fixer upper.

20. 2015-02-03
    listed $19,500 Active 378-char remark

    Show marketing remark (378 chars)

    (545) Two family home and or investment property. Apartment one features 3 bedrooms, full bath, eat in kitchen and living room. Apartment two features 2 bedrooms, full bath, eat in kitchen and living room. Both apartments are in good overall condition and have storage areas off of the porch. Exterior of the property needs some TLC and the property in general is a fixer upper.

21. 2003-12-01
    soldstatus $45,000
22. 2003-08-12
    listed $49,900
23. 2000-10-10
    soldstatus $35,500
24. 2000-04-07
    listed $39,900

ⓘ 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: $3,347 · $279/mo
• Projected year-2 tax: $3,347 · $279/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 7 d/yr ≥85°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,100
• − Mortgage interest: −$7,058
• − Property taxes: −$3,347
• − Insurance: −$630
• − Repairs & maintenance: −$2,568
• − Management: −$2,568
• − Depreciation: −$3,665
• Taxable income: $12,264
• Est. tax owed @ 24.0%: −$2,943
• After-tax cash flow: $10,510/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: Berlin School District
• NCES district ID: 3301860
• Math proficiency: 24% ▼ -5.00%
• Reading proficiency: 30% ▼ -12.00%
• Median HH income: $37,494
• Composite: 22.5/100
• National rank: #8095
• State rank: #91 of 98 in NH

Livability — Berlin

• Score: 66/100
• State rank: #67
• US rank: #11665

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Berlin, NH
• City population: 9,473
• Population (ZIP): 9,473

Population outlook (Coos County) Hauer SSP2

• Today (2025): 30,912 people
• By 2030: 29,872 · -3.4%
• By 2040: 27,449 · -11.2%
• By 2050: 25,049 · -19.0%
• By 2075: 19,584 · -36.6%
• By 2100: 13,818 · -55.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 5% Black 4% Two or more races 4%
• Common ancestry: Lithuanian 21% German 2% Romanian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 88% English-only · French/Haitian/Cajun 8% Spanish 4%

Political lean MEDSL · Coos

• 2024 margin: R (+13.8) · D 42.7% · R 56.5%
• 2008→2024 swing: -32.1pp toward R · 2008: 18.3pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+5.9 2016: R+9.1 2012: D+17.6 2008: D+18.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 55.16%
• Current HPI: 440.9127
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+215.8% since first listed

10 events — show timeline

• 2025-10-24 Listed $126,000 PrimeMLS
• 2018-01-10 Sold (Public Records) $40,100 Public Records
• 2015-03-09 Sold (Public Records) $16,000 Public Records
• 2015-03-06 Sold (MLS) $16,000 PrimeMLS
• 2015-02-25 Delisted — PrimeMLS
• 2015-02-03 Listed $19,500 PrimeMLS
• 2003-12-01 Sold (MLS) $45,000 PrimeMLS
• 2003-08-12 Listed $49,900 PrimeMLS
• 2000-10-10 Sold (MLS) $35,500 PrimeMLS
• 2000-04-07 Listed $39,900 PrimeMLS

Property tax history

+7.4%/yr

Latest (2025): $3,347 · +8.8% YoY. Source: county tax records.