20 Wolf Rd Unit A8 · Lebanon, NH 03755

$145,000

2 bd · 1.0 ba · 640 sqft · Condo · 77 Days on market

Built 1986 Good condition $227/sqft · 9% below area Est $159k · 9% under $565/mo HOA · 18% of rent

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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
• ARV discount +11.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move right into this updated, exceptionally well maintained two bedroom, one bath Boulders unit. Includes range, refrigerator, dishwasher and wall air conditioner. Condo fee includes heat, trash removal, lawn care, snow removal, sewer and water! All new windows and blinds. Coin operated laundry on premises. Centrally located to DHMC and on Advanced Transit bus stop. Convenient to schools, Upper Valley restaurants and shopping. Great place to live, and/or for investment.

Key facts

• Updated
• Centrally located
• Well maintained

Tags

• UPDATED
• WELL MAINTAINED
• NEW WINDOWS
• CENTRALLY LOCATED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $145k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $860 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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: 40 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 + 3.0% rent growth), your $41k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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?
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: 13.41%
• Cash-on-cash: 25.41%
• DSCR: 2.13
• GRM: 3.9

CMA / ARV

• ARV (median comp): $158,980
• List price: $145,000
• Delta: -8.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 19.2%
• Equity multiple: 1.78×
• Total profit: $31,660
• Equity at exit: $21,620

10-year hold

• IRR: 27.6%
• Equity multiple: 3.46×
• Total profit: $99,683
• Equity at exit: $12,537

Cash invested: $40,600 (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 03755

• Home prices YoY: -31.4%
• Active inventory: 40
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $3,072 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$565
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $860

Break-even live

Break-even rent $1,984

Max offer price $145,000

Occupancy floor 67%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
343 Mount Support Rd Lebanon, NH	1.0	1.0	636	$3,072	$4.83	44d	13	0.55mi

HOA detail condo

• Monthly dues: $565 · $6,780/yr
• Likely covers: watersewertrashlandscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-19
   days on market $145,000 Active 77 DOM
2. 2026-06-18
   days on market $145,000 Active 76 DOM
3. 2026-06-17
   days on market $145,000 Active 75 DOM
4. 2026-06-16
   days on market $145,000 Active 74 DOM
5. 2026-06-15
   days on market $145,000 Active 73 DOM
6. 2026-06-14
   days on market $145,000 Active 71 DOM
7. 2026-06-12
   days on market $145,000 Active 70 DOM
8. 2026-06-09
   days on market $145,000 Active 67 DOM
9. 2026-06-08
   days on market $145,000 Active 66 DOM
10. 2026-06-07
    remarks 562-char remark
11. 2026-06-07
    days on market $145,000 Active 65 DOM
12. 2026-06-03
    days on market $145,000 Active 61 DOM
13. 2026-06-02
    days on market $145,000 Active 60 DOM
14. 2026-06-01
    days on market $145,000 Active 59 DOM
15. 2026-05-31
    days on market $145,000 Active 58 DOM
16. 2026-05-30
    days on market $145,000 Active 57 DOM
17. 2026-04-02
    listed $145,000 Active 474-char remark

    Show marketing remark (474 chars)

    Move right into this updated, exceptionally well maintained two bedroom, one bath Boulders unit. Includes range, refrigerator, dishwasher and wall air conditioner. Condo fee includes heat, trash removal, lawn care, snow removal, sewer and water! All new windows and blinds. Coin operated laundry on premises. Centrally located to DHMC and on Advanced Transit bus stop. Convenient to schools, Upper Valley restaurants and shopping. Great place to live, and/or for investment.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 16 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: $36,864
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$2,949
• − Management: −$2,949
• − HOA: −$6,780
• − Depreciation: −$4,218
• Taxable income: $8,945
• Est. tax owed @ 24.0%: −$2,147
• After-tax cash flow: $8,171/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.

Condition & rehab AI · 11 photos

Good 75/100 Cosmetic rehab

This well-maintained two-bedroom condo is move-in ready with minor updates needed to modernize the kitchen and bathroom. The location and amenities make it an attractive investment opportunity.

Repairs flagged

• Minor kitchen cabinets — dated design
• Minor bathroom fixtures — standard design

Value-add opportunities

• Resale update kitchen cabinets — modernizing kitchen
• Resale update bathroom fixtures — modernizing bathroom
• Both landscaping and curb appeal — enhances curb appeal and resale value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated design	Minor	$500–3,000
bathroom fixtures · standard design	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale update kitchen cabinets — modernizing kitchen ↑
• Resale update bathroom fixtures — modernizing bathroom ↑
• Both landscaping and curb appeal — enhances curb appeal and resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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
• City population: 11,195
• Population (ZIP): 10,563

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 (71%)
• Race & ethnicity: White 71% Asian 12% Two or more races 9% Hispanic / Latino 5% Black 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 5% Slovak 5% Italian 4%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 84% English-only · Chinese 3% Other Indo-European 3% Other Asian/Pacific 2%

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: ▼ -171.81%
• Current HPI: 376.0449
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-04-02 Listed $145,000 PrimeMLS