125 Blackwater Rd · Rochester, NH 03867

$429,000

3 bd · 2.0 ba · 1,504 sqft · MultiFamily public records · 17 Days on market

Built 1965 0.46 ac lot

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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 +13.6/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• 1% rule +3.8/10.0
• Rent growth +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Investors, discover the potential at 125 Blackwater Road in Rochester This two-unit multifamily is ready for its next chapter. This property  features a well maintained in-ground swimming pool, a two-car oversized garage with a car lift and an air compressor. This home offers versatility for rental income, multi-generational living, or a renovation project with a strong upside. Whether you’re an experienced investor or a homeowner looking to build sweat equity, this property delivers an opportunity in many directions.

Key facts

• 0.46 acre lot
• 4 garage spots
• Built 1965

Property features AI

Exterior

• Parking: Four-car garage
• Utilities: Private water; Private sewer; Circuit breaker electrical service; Cable available; Other utility services available; Internet availability unknown
• Home design: Multi-family ranch-style property; Existing construction
• Construction: Built in 1965; Wood frame construction; Shingle roof; Unfinished basement (foundation details not provided)
• Exterior features: Level lot; Paved driveway; Public paved road frontage

Interior

• Bedrooms: One unit with 2 bedrooms; One unit with 1 bedroom
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Oil heating; No central cooling
• Interior features: Unfinished basement with interior access; Multi-family layout (2 units), annual leases

What this means for you Summary

Snapshot

• This is a 1×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $429k.

Deal economics

• At list price, monthly cash flow is $27 ($330/yr) — positive. Per door: $14/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 $378k (12.0% below list).
• Recommended offer: $378k (12.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.3% in Rochester — 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 84/100 on livability (#8 in NH, #698 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities C-.
• Rochester School District (suburban): math 27% / reading 35% proficiency, ranked #83 of 98 in NH (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chamberlain Street School (math 24% / reading 27%, grade F, #227 of 263 statewide, top 86%, 298 students, 45% FRL); Rochester Middle School (math 18% / reading 27%, grade F, #85 of 96 statewide, top 89%, 847 students, 37% FRL); Spaulding High School (math 30% / reading 49%, grade F, #63 of 90 statewide, top 74%, 1,301 students, 32% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: Rents rising fast (+4.2%/yr); 109 active listings in the ZIP; solid renter incomes; 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).
• At $3,776/mo this rent would consume 58% of the median local household income ($79k/yr) (locally 663% 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 $13k of value loss. Plan a longer hold.
• Strafford County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($423k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask is 43% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $260k; list at $429k implies a 65% gain — meaningful room to come down on a strong offer.

Recommended offer $377,600 (12.0% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.88% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.27%
• DSCR: 1.01
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $260,192
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
125 Blackwater Rd	0.00mi	3/2.0	1,504 (0%)	6mo	$260,000	$173	95

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 · 4.22% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.48×
• Total profit: $-63,023
• Equity at exit: $63,965

10-year hold

• IRR: -3.9%
• Equity multiple: 0.73×
• Total profit: $-32,682
• Equity at exit: $37,092

Cash invested: $120,120 (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 03867

• Home prices YoY: -22.0%
• Rents YoY: 4.2%
• Active inventory: 109
• Price-to-rent: 20.4×

Monthly cashflow live

• Estimated rent: $3,776 medium
• Mortgage (P&I): −$2,250
• Tax from tax record: −$527 /mo · $6,325/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$793
• Net cashflow: $27

Break-even live

Break-even rent $3,741

Max offer price $429,000

Occupancy floor 94%

Sensitivity live

Price	-10% $270	-5% $149	+0% $27	+5% $-94	+10% $-215
Rent	-10% $-271	-5% $-122	+0% $27	+5% $177	+10% $326
Rate	-1.0pp $244	-0.5pp $137	base $27	+0.5pp $-84	+1.0pp $-197

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,752
1× unit	2	1	$2,023
Total (2 units)			$3,776

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: $107,250
• Closing costs: $12,870
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-16
   statusdays on market $429,000 Pending 17 DOM
2. 2026-06-15
   days on market $429,000 Active 16 DOM
3. 2026-06-13
   days on market $429,000 Active 14 DOM
4. 2026-06-13
   days on market $429,000 Active 13 DOM
5. 2026-06-09
   days on market $429,000 Active 10 DOM
6. 2026-06-08
   days on market $429,000 Active 9 DOM
7. 2026-06-07
   days on market $429,000 Active 8 DOM
8. 2026-06-04
   days on market $429,000 Active 5 DOM
9. 2026-06-03
   days on market $429,000 Active 4 DOM
10. 2026-06-02
    days on market $429,000 Active 3 DOM
11. 2026-06-01
    days on market $429,000 Active 2 DOM
12. 2026-05-28
    historical $429,000
13. 2025-12-12
    soldstatus $260,000 Closed 539-char remark

    Show marketing remark (539 chars)

    Investors, discover the potential at 125 Blackwater Road in Rochester This two-unit multifamily is ready for its next chapter. This property  features a well maintained in-ground swimming pool, a two-car oversized garage with a car lift and an air compressor. This home offers versatility for rental income, multi-generational living, or a renovation project with a strong upside. Whether you’re an experienced investor or a homeowner looking to build sweat equity, this property delivers an opportunity in many directions.

14. 2025-12-12
    soldstatus $260,000

    Show marketing remark (539 chars)

    Investors, discover the potential at 125 Blackwater Road in Rochester This two-unit multifamily is ready for its next chapter. This property  features a well maintained in-ground swimming pool, a two-car oversized garage with a car lift and an air compressor. This home offers versatility for rental income, multi-generational living, or a renovation project with a strong upside. Whether you’re an experienced investor or a homeowner looking to build sweat equity, this property delivers an opportunity in many directions.

15. 2025-11-17
    historical Active with Contract 539-char remark

    Show marketing remark (539 chars)

    Investors, discover the potential at 125 Blackwater Road in Rochester This two-unit multifamily is ready for its next chapter. This property  features a well maintained in-ground swimming pool, a two-car oversized garage with a car lift and an air compressor. This home offers versatility for rental income, multi-generational living, or a renovation project with a strong upside. Whether you’re an experienced investor or a homeowner looking to build sweat equity, this property delivers an opportunity in many directions.

16. 2025-11-06
    listed $299,000 Active 539-char remark

    Show marketing remark (539 chars)

    Investors, discover the potential at 125 Blackwater Road in Rochester This two-unit multifamily is ready for its next chapter. This property  features a well maintained in-ground swimming pool, a two-car oversized garage with a car lift and an air compressor. This home offers versatility for rental income, multi-generational living, or a renovation project with a strong upside. Whether you’re an experienced investor or a homeowner looking to build sweat equity, this property delivers an opportunity in many directions.

17. 2006-07-31
    soldstatus $230,000 214-char remark

    Show marketing remark (214 chars)

    RANCH STYLE DUPLEX LOCATED IN A NICE NEIGHBORHOOD. ONE 2 BEDROOM UNIT AND ONE 1 BEDROOM. FEATURES INCLUDE A NEW FURNACE, OVERSIZED GARAGE THAT WILL HOLD 4 CARS AND INGROUND POOL. WOULD MAKE A GOOD IN-LAW SITUATION.

18. 2006-07-31
    soldstatus $230,000

    Show marketing remark (214 chars)

    RANCH STYLE DUPLEX LOCATED IN A NICE NEIGHBORHOOD. ONE 2 BEDROOM UNIT AND ONE 1 BEDROOM. FEATURES INCLUDE A NEW FURNACE, OVERSIZED GARAGE THAT WILL HOLD 4 CARS AND INGROUND POOL. WOULD MAKE A GOOD IN-LAW SITUATION.

19. 2006-04-03
    listed $239,900 214-char remark

    Show marketing remark (214 chars)

    RANCH STYLE DUPLEX LOCATED IN A NICE NEIGHBORHOOD. ONE 2 BEDROOM UNIT AND ONE 1 BEDROOM. FEATURES INCLUDE A NEW FURNACE, OVERSIZED GARAGE THAT WILL HOLD 4 CARS AND INGROUND POOL. WOULD MAKE A GOOD IN-LAW SITUATION.

ⓘ 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: $6,325 · $527/mo
• Projected year-2 tax: $7,839 · $653/mo
• Expected delta: +$1,514/yr (+$126/mo · 23.9%)

ⓘ 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 ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% 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: $45,312
• − Mortgage interest: −$24,031
• − Property taxes: −$6,325
• − Insurance: −$2,145
• − Repairs & maintenance: −$3,625
• − Management: −$3,625
• − Depreciation: −$12,480
• Taxable loss: −$6,919
• Est. tax savings @ 24.0%: +$1,660
• After-tax cash flow: $1,990/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: Rochester School District
• NCES district ID: 3305940
• Math proficiency: 27% ▼ -15.00%
• Reading proficiency: 35% ▼ -14.00%
• Median HH income: $51,080
• Composite: 27.11/100
• National rank: #7039
• State rank: #83 of 98 in NH

Livability — Rochester

• Score: 84/100
• State rank: #8
• US rank: #698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, NH
• County: Strafford County · 75,181 people
• City population: 22,732
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 22,732
• Household income: $78,674
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 663.0

Population outlook (Strafford County) Hauer SSP2

• Today (2025): 132,503 people
• By 2030: 135,377 · +2.2%
• By 2040: 139,609 · +5.4%
• By 2050: 141,803 · +7.0%
• By 2075: 149,280 · +12.7%
• By 2100: 148,667 · +12.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Asian 1%
• Common ancestry: Lithuanian 12% Romanian 2% Serbian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Strafford

• 2024 margin: D (+12.1) · D 55.5% · R 43.5% · Other 1.0%
• 2008→2024 swing: -8.3pp toward R · 2008: 20.4pp · 2024: 12.1pp
• All cycles: 2024: D+12.1 2020: D+15.2 2016: D+8.6 2012: D+14.5 2008: D+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.34%
• Current HPI: 379.5755
• Rent YoY: ▲ 4.22%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: —
• F500 in state: 0

Price history

+78.8% since first listed

8 events — show timeline

• 2026-05-28 Coming Soon $429,000 PrimeMLS
• 2025-12-12 Sold (Public Records) $260,000 Public Records
• 2025-12-12 Sold (MLS) $260,000 PrimeMLS
• 2025-11-17 Contingent — PrimeMLS
• 2025-11-06 Listed $299,000 PrimeMLS
• 2006-07-31 Sold (Public Records) $230,000 Public Records
• 2006-07-31 Sold (MLS) $230,000 PrimeMLS
• 2006-04-03 Listed $239,900 PrimeMLS

Property tax history

+3.8%/yr

Latest (2025): $6,325 · +3.0% YoY. Source: county tax records.