3 Winter St · Lebanon, NH 03766

$450,000

5 bd · 2.0 ba · 1,920 sqft · MultiFamily public records · 139 Days on market

Built 1880 5,227 sqft lot $234/sqft · 13% above area Est $398k · 13% over

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Why this score? — see what drove the C- 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 +21.8/30.0
• DSCR +7.0/10.0
• 1% rule +6.0/10.0
• Schools +4.7/10.0
• Rent growth +4.2/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +1.6/15.0
• 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

Move-In Ready! Welcome to 3 Winter Street in Lebanon, a centrally located 2-unit duplex offering flexibility for both investors and owner-occupants. Each unit features a functional layout with in-unit laundry, recent updates throughout, and additional attic storage. The second-floor unit includes a private deck, while the property also offers a pleasant backyard space for relaxing or entertaining outdoors. Conveniently located near downtown Lebanon, Dartmouth Hitchcock Medical Center, shopping, dining, trails, public transportation, and all Upper Valley amenities. A fantastic opportunity in one of the region’s strongest rental markets.

Key facts

• Private deck
• Near shopping
• 2 unit duplex

Tags

• 2 UNIT DUPLEX
• IN UNIT LAUNDRY
• PRIVATE DECK
• BACKYARD SPACE
• NEAR DOWNTOWN LEBANON
• NEAR SHOPPING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $701 ($8k/yr) — positive. Per door: $351/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Recommended offer: $396k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 2.2% in Lebanon — 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 68/100 on livability (#59 in NH) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety D, amenities F, commute F.
• Lebanon School District (town): math 48% / reading 60% proficiency, ranked #26 of 98 in NH (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.6%/yr); 43 active listings in the ZIP; solid renter incomes; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• At $4,964/mo this rent would consume 59% of the median local household income ($101k/yr) (locally 488% 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.
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $126k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $25k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $153k; list at $450k implies a 193% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $396,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.10% ✓
• Cap rate: 8.16%
• Cash-on-cash: 6.68%
• DSCR: 1.30
• GRM: 7.6

CMA / ARV

• ARV (median comp): $398,056
• List price: $450,000
• Delta: 13.05%
• Verdict: OVERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 Light St	0.37mi	6/3.0 (+1)	1,992 (+4%)	7mo	$420,000	$211	62
139 Heater Rd	0.69mi	5/2.0	1,976 (+3%)	7mo	$360,000	$182	57
24 Parkhurst St	0.42mi	4/3.0 (-1)	1,674 (-13%)	10mo	$352,000	$210	41

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 · 6.6% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.92×
• Total profit: $-9,497
• Equity at exit: $67,096

10-year hold

• IRR: 11.4%
• Equity multiple: 2.05×
• Total profit: $132,136
• Equity at exit: $38,908

Cash invested: $126,000 (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 03766

• Home prices YoY: -10.6%
• Rents YoY: 6.6%
• Active inventory: 43
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $4,964 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$673 /mo · $8,078/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,042
• Net cashflow: $701

Break-even live

Break-even rent $4,077

Max offer price $450,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,964
Total (2 units)			$4,964

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $450,000 Active 139 DOM
2. 2026-06-18
   days on market $450,000 Active 138 DOM
3. 2026-06-17
   days on market $450,000 Active 137 DOM
4. 2026-06-16
   days on market $450,000 Active 136 DOM
5. 2026-06-15
   days on market $450,000 Active 135 DOM
6. 2026-06-14
   days on market $450,000 Active 133 DOM
7. 2026-06-12
   days on market $450,000 Active 132 DOM
8. 2026-06-09
   days on market $450,000 Active 129 DOM
9. 2026-06-08
   days on market $450,000 Active 128 DOM
10. 2026-06-07
    days on market $450,000 Active 127 DOM
11. 2026-06-03
    days on market $450,000 Active 123 DOM
12. 2026-06-02
    days on market $450,000 Active 122 DOM
13. 2026-06-01
    days on market $450,000 Active 121 DOM
14. 2026-05-31
    days on market $450,000 Active 120 DOM
15. 2026-05-30
    days on market $450,000 Active 119 DOM
16. 2026-05-13
    status Active 649-char remark

    Show marketing remark (649 chars)

    Move-In Ready! Welcome to 3 Winter Street in Lebanon, a centrally located 2-unit duplex offering flexibility for both investors and owner-occupants. Each unit features a functional layout with in-unit laundry, recent updates throughout, and additional attic storage. The second-floor unit includes a private deck, while the property also offers a pleasant backyard space for relaxing or entertaining outdoors. Conveniently located near downtown Lebanon, Dartmouth Hitchcock Medical Center, shopping, dining, trails, public transportation, and all Upper Valley amenities. A fantastic opportunity in one of the region’s strongest rental markets.

17. 2026-04-19
    historical Active with Contract 649-char remark

    Show marketing remark (649 chars)

    Move-In Ready! Welcome to 3 Winter Street in Lebanon, a centrally located 2-unit duplex offering flexibility for both investors and owner-occupants. Each unit features a functional layout with in-unit laundry, recent updates throughout, and additional attic storage. The second-floor unit includes a private deck, while the property also offers a pleasant backyard space for relaxing or entertaining outdoors. Conveniently located near downtown Lebanon, Dartmouth Hitchcock Medical Center, shopping, dining, trails, public transportation, and all Upper Valley amenities. A fantastic opportunity in one of the region’s strongest rental markets.

18. 2026-04-09
    price $450,000 649-char remark

    Show marketing remark (649 chars)

    Move-In Ready! Welcome to 3 Winter Street in Lebanon, a centrally located 2-unit duplex offering flexibility for both investors and owner-occupants. Each unit features a functional layout with in-unit laundry, recent updates throughout, and additional attic storage. The second-floor unit includes a private deck, while the property also offers a pleasant backyard space for relaxing or entertaining outdoors. Conveniently located near downtown Lebanon, Dartmouth Hitchcock Medical Center, shopping, dining, trails, public transportation, and all Upper Valley amenities. A fantastic opportunity in one of the region’s strongest rental markets.

19. 2026-01-31
    listed $475,000 Active 649-char remark

    Show marketing remark (649 chars)

    Move-In Ready! Welcome to 3 Winter Street in Lebanon, a centrally located 2-unit duplex offering flexibility for both investors and owner-occupants. Each unit features a functional layout with in-unit laundry, recent updates throughout, and additional attic storage. The second-floor unit includes a private deck, while the property also offers a pleasant backyard space for relaxing or entertaining outdoors. Conveniently located near downtown Lebanon, Dartmouth Hitchcock Medical Center, shopping, dining, trails, public transportation, and all Upper Valley amenities. A fantastic opportunity in one of the region’s strongest rental markets.

20. 2012-12-21
    soldstatus $153,495 359-char remark

    Show marketing remark (359 chars)

    Delightful neighborhood in West Lebanon, walk out basement waiting to be finished, hard wood floods and fresh paint. What a wonderful home on a dead end street in West Lebanon. Minutes to shopping and downtown Hanover. Standing seam roof and new windows, this home is in move in condition and priced below town assessment. Spend Thanksgiving in your new home.

21. 2012-09-26
    listed $159,999 359-char remark

    Show marketing remark (359 chars)

    Delightful neighborhood in West Lebanon, walk out basement waiting to be finished, hard wood floods and fresh paint. What a wonderful home on a dead end street in West Lebanon. Minutes to shopping and downtown Hanover. Standing seam roof and new windows, this home is in move in condition and priced below town assessment. Spend Thanksgiving in your new home.

ⓘ 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: $8,078 · $673/mo
• Projected year-2 tax: $8,944 · $745/mo
• Expected delta: +$866/yr (+$72/mo · 10.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,568
• − Mortgage interest: −$25,207
• − Property taxes: −$8,078
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,765
• − Management: −$4,765
• − Depreciation: −$13,091
• Taxable income: $1,411
• Est. tax owed @ 24.0%: −$339
• After-tax cash flow: $8,074/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: Lebanon School District
• NCES district ID: 3304230
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $56,648
• Composite: 46.7/100
• National rank: #2401
• State rank: #26 of 98 in NH

Livability — Lebanon

• Score: 68/100
• State rank: #59
• US rank: #9879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, NH
• County: Grafton County · 11,195 people
• City population: 11,195
• Metro: Lebanon, NH-VT
• Population (ZIP): 11,195
• Household income: $100,881
• Rent vs Own: 47.6% rent · 52.4% own
• Severe rent burden: 488.0

Population outlook (Grafton County) Hauer SSP2

• Today (2025): 88,798 people
• By 2030: 87,131 · -1.9%
• By 2040: 82,000 · -7.7%
• By 2050: 77,064 · -13.2%
• By 2075: 68,769 · -22.6%
• By 2100: 61,631 · -30.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Asian 5% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 9% Slovak 4% Romanian 4%
• Foreign-born: 9% · China, Canada
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Grafton

• 2024 margin: D (+19.9) · D 59.4% · R 39.4% · Other 1.2%
• 2008→2024 swing: -7.8pp toward R · 2008: 27.7pp · 2024: 19.9pp
• All cycles: 2024: D+19.9 2020: D+24.6 2016: D+19.0 2012: D+23.8 2008: D+27.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.72%
• Current HPI: 368.6264
• Rent YoY: ▲ 6.60%
• Metro: Lebanon, NH-VT
• State GDP YoY: —
• F500 in state: 0

Price history

+181.3% since first listed

6 events — show timeline

• 2026-05-13 Relisted — PrimeMLS
• 2026-04-19 Contingent — PrimeMLS
• 2026-04-09 Price Changed $450,000 PrimeMLS
• 2026-01-31 Listed $475,000 PrimeMLS
• 2012-12-21 Sold (MLS) $153,495 PrimeMLS
• 2012-09-26 Listed $159,999 PrimeMLS

Property tax history

+4.4%/yr

Latest (2025): $8,078 · +6.5% YoY. Source: county tax records.