433 2Nd Ave · Berlin, NH 03570

$214,900

3 bd · 2.0 ba · 2,016 sqft · SingleFamily public records · 244 Days on market

Built 1924 7,840 sqft lot $107/sqft · 6% below area Est $229k · 6% under

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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).

• ARV discount +10.4/15.0
• Appreciation +10.0/10.0
• Cash flow +6.9/30.0
• 1% rule +3.4/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• DSCR +1.1/10.0

Listing remarks MLS

Must-see! Over 2,000 sq ft of living space in this spacious 3 bed, 2 bath home on a quiet . 18-acre lot. Features rare 4-car off street parking and is just minutes from everything the city has to offer. Motivated sellers!

Key facts

• Bright kitchen
• Outdoor recreation
• Sun-filled layout

Tags

• CLASSIC CHARM
• SPACIOUS LIVING
• SUN-FILLED LAYOUT
• BRIGHT KITCHEN
• FLEXIBLE BONUS SPACES
• OUTDOOR RECREATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-321 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (26.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (15.7% below list).
• Recommended offer: $158k (26.4% below list) — sets the bar for cash-flow.
• Cap rate 4.5% vs local median 7.1% in Berlin — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 $23k of equity ($1k loan paydown + $21k 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.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 244 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 29y ago; this cycle's ask has dropped $54k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $215k implies a 105% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $158,141 (26.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 244 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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?
8. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 4.50%
• Cash-on-cash: -6.41%
• DSCR: 0.71
• GRM: 9.9

CMA / ARV

• ARV (median comp): $229,468
• List price: $214,900
• Delta: -6.35%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 1St Ave	0.21mi	3/1.5	1,966 (-2%)	7mo	$180,000	$92	78
79 Mount Forist St	0.32mi	4/2.0 (+1)	1,873 (-7%)	11mo	$109,900	$59	59
305 Burgess St	0.66mi	3/1.0	1,856 (-8%)	10mo	$210,000	$113	43
480 Western Ave	0.37mi	2/1.5 (-1)	1,744 (-14%)	15mo	$195,000	$112	41
371 Burgess St	0.69mi	4/2.0 (+1)	1,890 (-6%)	19mo	$196,000	$104	37
498 goebel St	0.72mi	4/2.0 (+1)	1,835 (-9%)	20mo	$180,000	$98	30
85 Hinchey St	0.68mi	3/1.5	1,720 (-15%)	22mo	$260,000	$151	23

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: 19.8%
• Equity multiple: 2.61×
• Total profit: $96,768
• Equity at exit: $193,599

10-year hold

• IRR: 18.2%
• Equity multiple: 6.01×
• Total profit: $301,441
• Equity at exit: $417,503

Cash invested: $60,172 (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: 9.9×

Monthly cashflow live

• Estimated rent: $1,812 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$536 /mo · $6,438/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $-321

Break-even live

Break-even rent $2,219

Max offer price $158,141

Occupancy floor —

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-01
   days on market $214,900 Active 244 DOM
2. 2026-05-31
   days on market $214,900 Active 243 DOM
3. 2026-04-14
   price $214,900 221-char remark

   Show marketing remark (221 chars)

   Must-see! Over 2,000 sq ft of living space in this spacious 3 bed, 2 bath home on a quiet . 18-acre lot. Features rare 4-car off street parking and is just minutes from everything the city has to offer. Motivated sellers!

4. 2026-04-03
   price $224,900 221-char remark

   Show marketing remark (221 chars)

   Must-see! Over 2,000 sq ft of living space in this spacious 3 bed, 2 bath home on a quiet . 18-acre lot. Features rare 4-car off street parking and is just minutes from everything the city has to offer. Motivated sellers!

5. 2026-03-25
   price $229,900 221-char remark

   Show marketing remark (221 chars)

   Must-see! Over 2,000 sq ft of living space in this spacious 3 bed, 2 bath home on a quiet . 18-acre lot. Features rare 4-car off street parking and is just minutes from everything the city has to offer. Motivated sellers!

6. 2026-03-06
   price $235,000 221-char remark

   Show marketing remark (221 chars)

   Must-see! Over 2,000 sq ft of living space in this spacious 3 bed, 2 bath home on a quiet . 18-acre lot. Features rare 4-car off street parking and is just minutes from everything the city has to offer. Motivated sellers!

7. 2026-01-22
   price $255,000 221-char remark

   Show marketing remark (221 chars)

   Must-see! Over 2,000 sq ft of living space in this spacious 3 bed, 2 bath home on a quiet . 18-acre lot. Features rare 4-car off street parking and is just minutes from everything the city has to offer. Motivated sellers!

8. 2025-11-04
   price $264,000 221-char remark

   Show marketing remark (221 chars)

   Must-see! Over 2,000 sq ft of living space in this spacious 3 bed, 2 bath home on a quiet . 18-acre lot. Features rare 4-car off street parking and is just minutes from everything the city has to offer. Motivated sellers!

9. 2025-09-30
   listed $269,000 Active 221-char remark

   Show marketing remark (221 chars)

   Must-see! Over 2,000 sq ft of living space in this spacious 3 bed, 2 bath home on a quiet . 18-acre lot. Features rare 4-car off street parking and is just minutes from everything the city has to offer. Motivated sellers!

10. 2018-06-01
    soldstatus $104,933
11. 2018-05-31
    soldstatus $104,900 Closed 452-char remark

    Show marketing remark (452 chars)

    Move right in! This gorgeous well maintained in town home has been completely renovated over the past few years. Great floor plan. Wood floors, beautiful built-in wall unit in living room. Pellet Stove. Two lovely baths, beautiful and bright kitchen-dining arrangement with granite counter tops. 3 large bedrooms, and large porches. neat basement with newer boiler and spray foamed walls for added warmth. Fenced yard for the kids or pets. A must see!!

12. 2018-04-16
    status Pending 452-char remark

    Show marketing remark (452 chars)

    Move right in! This gorgeous well maintained in town home has been completely renovated over the past few years. Great floor plan. Wood floors, beautiful built-in wall unit in living room. Pellet Stove. Two lovely baths, beautiful and bright kitchen-dining arrangement with granite counter tops. 3 large bedrooms, and large porches. neat basement with newer boiler and spray foamed walls for added warmth. Fenced yard for the kids or pets. A must see!!

13. 2016-05-07
    price $99,900 452-char remark

    Show marketing remark (452 chars)

    Move right in! This gorgeous well maintained in town home has been completely renovated over the past few years. Great floor plan. Wood floors, beautiful built-in wall unit in living room. Pellet Stove. Two lovely baths, beautiful and bright kitchen-dining arrangement with granite counter tops. 3 large bedrooms, and large porches. neat basement with newer boiler and spray foamed walls for added warmth. Fenced yard for the kids or pets. A must see!!

14. 2016-03-03
    price $119,900 452-char remark

    Show marketing remark (452 chars)

    Move right in! This gorgeous well maintained in town home has been completely renovated over the past few years. Great floor plan. Wood floors, beautiful built-in wall unit in living room. Pellet Stove. Two lovely baths, beautiful and bright kitchen-dining arrangement with granite counter tops. 3 large bedrooms, and large porches. neat basement with newer boiler and spray foamed walls for added warmth. Fenced yard for the kids or pets. A must see!!

15. 2015-12-31
    status Active 452-char remark

    Show marketing remark (452 chars)

    Move right in! This gorgeous well maintained in town home has been completely renovated over the past few years. Great floor plan. Wood floors, beautiful built-in wall unit in living room. Pellet Stove. Two lovely baths, beautiful and bright kitchen-dining arrangement with granite counter tops. 3 large bedrooms, and large porches. neat basement with newer boiler and spray foamed walls for added warmth. Fenced yard for the kids or pets. A must see!!

16. 2015-12-31
    historical 452-char remark

    Show marketing remark (452 chars)

    Move right in! This gorgeous well maintained in town home has been completely renovated over the past few years. Great floor plan. Wood floors, beautiful built-in wall unit in living room. Pellet Stove. Two lovely baths, beautiful and bright kitchen-dining arrangement with granite counter tops. 3 large bedrooms, and large porches. neat basement with newer boiler and spray foamed walls for added warmth. Fenced yard for the kids or pets. A must see!!

17. 2015-09-04
    listed $124,900 Active 452-char remark

    Show marketing remark (452 chars)

    Move right in! This gorgeous well maintained in town home has been completely renovated over the past few years. Great floor plan. Wood floors, beautiful built-in wall unit in living room. Pellet Stove. Two lovely baths, beautiful and bright kitchen-dining arrangement with granite counter tops. 3 large bedrooms, and large porches. neat basement with newer boiler and spray foamed walls for added warmth. Fenced yard for the kids or pets. A must see!!

18. 2009-01-23
    soldstatus $59,900
19. 2008-11-24
    listed $59,900
20. 1998-04-30
    soldstatus $49,900
21. 1998-04-01
    historical
22. 1997-12-31
    listed $49,900

ⓘ 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: $6,438 · $536/mo
• Projected year-2 tax: $6,438 · $536/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 7 d/yr ≥88°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% 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: $21,747
• − Mortgage interest: −$12,038
• − Property taxes: −$6,438
• − Insurance: −$1,074
• − Repairs & maintenance: −$1,740
• − Management: −$1,740
• − Depreciation: −$6,252
• Taxable loss: −$7,534
• Est. tax savings @ 24.0%: +$1,808
• After-tax cash flow: $-2,047/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

+330.7% since first listed

20 events — show timeline

• 2026-04-14 Price Changed $214,900 PrimeMLS
• 2026-04-03 Price Changed $224,900 PrimeMLS
• 2026-03-25 Price Changed $229,900 PrimeMLS
• 2026-03-06 Price Changed $235,000 PrimeMLS
• 2026-01-22 Price Changed $255,000 PrimeMLS
• 2025-11-04 Price Changed $264,000 PrimeMLS
• 2025-09-30 Listed $269,000 PrimeMLS
• 2018-06-01 Sold (Public Records) $104,933 Public Records
• 2018-05-31 Sold (MLS) $104,900 PrimeMLS
• 2018-04-16 Pending — PrimeMLS
• 2016-05-07 Price Changed $99,900 PrimeMLS
• 2016-03-03 Price Changed $119,900 PrimeMLS
• 2015-12-31 Relisted — PrimeMLS
• 2015-12-31 Delisted — PrimeMLS
• 2015-09-04 Listed $124,900 PrimeMLS
• 2009-01-23 Sold (MLS) $59,900 PrimeMLS
• 2008-11-24 Listed $59,900 PrimeMLS
• 1998-04-30 Sold (MLS) $49,900 PrimeMLS
• 1998-04-01 Delisted — PrimeMLS
• 1997-12-31 Listed $49,900 PrimeMLS

Property tax history

+5.4%/yr

Latest (2025): $6,438 · +8.8% YoY. Source: county tax records.