33-35 River St · Rochester, NH 03867

$375,000

7 bd · 2.5 ba · 2,574 sqft · MultiFamily public records · 6 Days on market

Built 1881 6,098 sqft lot Est $453k · 17% under

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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 +26.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +7.4/10.0
• Livability +4.2/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

LARGE DUPLEX WITH MANY UPDATES. CORNER LOT. THE PROPERTY WOULD MAKE A GREAT OWNER OCCUPIED SITUATION. CALL FOR EXPENSES. 24 HOUR NOTICE TO SHOW. LAUNDRY HOOKUPS

Key facts

• Paved driveway
• Key updates
• Private entrance

Tags

• PRIVATE ENTRANCE
• LEVEL CORNER LOT
• OFF-STREET PARKING
• PAVED DRIVEWAY
• KEY UPDATES
• NATURAL GAS FURNACES

What this means for you Summary

Snapshot

• This is a 7-bed/2.5-bath multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $375k).
• Cap rate 9.6% vs local median 3.6% 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.
• Market conditions: Rents rising fast (+4.2%/yr); 108 active listings in the ZIP; solid renter incomes; 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).
• At $4,640/mo this rent would consume 71% 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 $11k 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.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $105k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $225k; list at $375k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1881 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $375,000

Questions for the listing agent

1. Built in 1881 — 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. 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.
4. 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.
5. 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: 1.24% ✓
• Cap rate: 9.57%
• Cash-on-cash: 11.70%
• DSCR: 1.52
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $453,024
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33-35 River St	0.00mi	7/2.0	2,574 (0%)	0mo	$312,500	$121	98
43-45 Charles St	0.34mi	7/3.0	2,875 (+12%)	2mo	$595,500	$207	61
63 Lafayette St	0.22mi	8/2.0 (+1)	2,374 (-8%)	17mo	$418,000	$176	56
11 Leonard St	0.46mi	6/2.0 (-1)	2,796 (+9%)	20mo	$356,000	$127	40
88 Charles St	0.56mi	6/2.0 (-1)	2,368 (-8%)	18mo	$430,000	$182	38

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: 2.5%
• Equity multiple: 1.10×
• Total profit: $10,285
• Equity at exit: $55,914

10-year hold

• IRR: 13.3%
• Equity multiple: 2.12×
• Total profit: $117,555
• Equity at exit: $32,423

Cash invested: $105,000 (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 03867

• Home prices YoY: -22.0%
• Rents YoY: 4.2%
• Active inventory: 108
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $4,640 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$519 /mo · $6,232/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$974
• Net cashflow: $1,023

Break-even live

Break-even rent $3,344

Max offer price $375,000

Occupancy floor 73%

Sensitivity live

Price	-10% $1,236	-5% $1,130	+0% $1,023	+5% $917	+10% $811
Rent	-10% $657	-5% $840	+0% $1,023	+5% $1,207	+10% $1,390
Rate	-1.0pp $1,212	-0.5pp $1,119	base $1,023	+0.5pp $926	+1.0pp $827

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,640
Total (2 units)			$4,640

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-28
   status Pending
2. 2026-04-22
   listed $375,000 Active
3. 2005-09-13
   soldstatus $225,000
4. 2004-09-30
   soldstatus $204,000 160-char remark

   Show marketing remark (160 chars)

   LARGE DUPLEX WITH MANY UPDATES. CORNER LOT. THE PROPERTY WOULD MAKE A GREAT OWNER OCCUPIED SITUATION. CALL FOR EXPENSES. 24 HOUR NOTICE TO SHOW. LAUNDRY HOOKUPS

5. 2004-08-16
   listed $199,900 160-char remark

   Show marketing remark (160 chars)

   LARGE DUPLEX WITH MANY UPDATES. CORNER LOT. THE PROPERTY WOULD MAKE A GREAT OWNER OCCUPIED SITUATION. CALL FOR EXPENSES. 24 HOUR NOTICE TO SHOW. LAUNDRY HOOKUPS

ⓘ 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: $6,232 · $519/mo
• Projected year-2 tax: $7,204 · $600/mo
• Expected delta: +$972/yr (+$81/mo · 15.6%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 18% 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: $55,680
• − Mortgage interest: −$21,006
• − Property taxes: −$6,232
• − Insurance: −$1,875
• − Repairs & maintenance: −$4,454
• − Management: −$4,454
• − Depreciation: −$10,909
• Taxable income: $6,749
• Est. tax owed @ 24.0%: −$1,620
• After-tax cash flow: $10,662/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

+87.6% since first listed

5 events — show timeline

• 2026-04-28 Pending — PrimeMLS
• 2026-04-22 Listed $375,000 PrimeMLS
• 2005-09-13 Sold (Public Records) $225,000 Public Records
• 2004-09-30 Sold (MLS) $204,000 PrimeMLS
• 2004-08-16 Listed $199,900 PrimeMLS

Property tax history

+3.9%/yr

Latest (2025): $6,232 · +3.0% YoY. Source: county tax records.