421 Champlain St · Berlin, NH 03570

$120,000

5 bd · 2.0 ba · 1,953 sqft · MultiFamily public records · 279 Days on market

Built 1910 4,791 sqft lot $61/sqft · 32% above area Est $91k · 32% over ↓ 14% since listing

---

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
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

Motivated Seller! All offers considered! 2 unit apartment building close to employment, restaurants and downtown. Low maintenance vinyl siding including garage. Rents currently below market value. Long term tenants. Certificate of compliance and a maintained heating system. Investors take notice! Great opportunity for improvements. Showings by appointment only.

Key facts

• 4,791 sq ft lot
• Garage
• Built 1910

Tags

• 2 UNIT APARTMENT BUILDING
• LOW MAINTENANCE VINYL SIDING
• CERTIFICATE OF COMPLIANCE
• MAINTAINED HEATING SYSTEM

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $645/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.2% 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 ($830 loan paydown + $12k 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 $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 279 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 279 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.35% ✓
• Cap rate: 19.19%
• Cash-on-cash: 46.05%
• DSCR: 3.05
• GRM: 3.5

CMA / ARV

• ARV (median comp): $90,927
• List price: $120,000
• Delta: 31.97%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
467 Burgess St	0.07mi	5/3.0	2,080 (+6%)	21mo	$195,000	$94	64
628 Hillsboro St	0.32mi	5/3.0	2,175 (+11%)	4mo	$80,000	$37	59
740 2Nd Ave	0.61mi	6/2.0 (+1)	2,210 (+13%)	4mo	$47,000	$21	41
1 Bell Ln	0.52mi	4/2.0 (-1)	1,664 (-15%)	7mo	$129,900	$78	40
88 Pine St	0.71mi	5/2.0	1,680 (-14%)	9mo	$125,000	$74	36

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: 60.3%
• Equity multiple: 5.39×
• Total profit: $147,594
• Equity at exit: $108,106

10-year hold

• IRR: 53.8%
• Equity multiple: 12.02×
• Total profit: $370,272
• Equity at exit: $233,134

Cash invested: $33,600 (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: 7.1×

Monthly cashflow live

• Estimated rent: $2,820 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$259 /mo · $3,108/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $1,290

Break-even live

Break-even rent $1,188

Max offer price $120,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,820
Total (2 units)			$2,820

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $120,000 Active 279 DOM
2. 2026-06-17
   days on market $120,000 Active 278 DOM
3. 2026-06-16
   days on market $120,000 Active 277 DOM
4. 2026-06-15
   days on market $120,000 Active 276 DOM
5. 2026-06-13
   days on market $120,000 Active 274 DOM
6. 2026-06-12
   days on market $120,000 Active 273 DOM
7. 2026-06-09
   days on market $120,000 Active 270 DOM
8. 2026-06-08
   days on market $120,000 Active 269 DOM
9. 2026-06-07
   days on market $120,000 Active 268 DOM
10. 2026-06-07
    days on market $120,000 Active 267 DOM
11. 2026-06-04
    days on market $120,000 Active 264 DOM
12. 2026-06-02
    days on market $120,000 Active 263 DOM
13. 2026-06-01
    days on market $120,000 Active 262 DOM
14. 2026-05-31
    days on market $120,000 Active 261 DOM
15. 2026-03-03
    status Active 363-char remark

    Show marketing remark (363 chars)

    Motivated Seller! All offers considered! 2 unit apartment building close to employment, restaurants and downtown. Low maintenance vinyl siding including garage. Rents currently below market value. Long term tenants. Certificate of compliance and a maintained heating system. Investors take notice! Great opportunity for improvements. Showings by appointment only.

16. 2026-03-02
    historical 363-char remark

    Show marketing remark (363 chars)

    Motivated Seller! All offers considered! 2 unit apartment building close to employment, restaurants and downtown. Low maintenance vinyl siding including garage. Rents currently below market value. Long term tenants. Certificate of compliance and a maintained heating system. Investors take notice! Great opportunity for improvements. Showings by appointment only.

17. 2025-10-16
    price $120,000 363-char remark

    Show marketing remark (363 chars)

    Motivated Seller! All offers considered! 2 unit apartment building close to employment, restaurants and downtown. Low maintenance vinyl siding including garage. Rents currently below market value. Long term tenants. Certificate of compliance and a maintained heating system. Investors take notice! Great opportunity for improvements. Showings by appointment only.

18. 2025-09-11
    listed $139,900 Active 363-char remark

    Show marketing remark (363 chars)

    Motivated Seller! All offers considered! 2 unit apartment building close to employment, restaurants and downtown. Low maintenance vinyl siding including garage. Rents currently below market value. Long term tenants. Certificate of compliance and a maintained heating system. Investors take notice! Great opportunity for improvements. Showings by appointment only.

ⓘ 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: $3,108 · $259/mo
• Projected year-2 tax: $3,108 · $259/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 8 d/yr ≥85°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% 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: $33,840
• − Mortgage interest: −$6,722
• − Property taxes: −$3,108
• − Insurance: −$600
• − Repairs & maintenance: −$2,707
• − Management: −$2,707
• − Depreciation: −$3,491
• Taxable income: $14,505
• Est. tax owed @ 24.0%: −$3,481
• After-tax cash flow: $11,993/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

-14.2% since first listed

4 events — show timeline

• 2026-03-03 Relisted — PrimeMLS
• 2026-03-02 Delisted — PrimeMLS
• 2025-10-16 Price Changed $120,000 PrimeMLS
• 2025-09-11 Listed $139,900 PrimeMLS

Property tax history

+9.1%/yr

Latest (2025): $3,108 · +8.8% YoY. Source: county tax records.