101-107 Putnam St · Manchester, NH 03102

$1,899,900

26 bd · 9.0 ba · 10,826 sqft · MultiFamily public records · 50 Days on market

Built 1890 0.36 ac lot $175/sqft · 69% above area

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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 +25.7/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This 9-unit residential building strikes a solid balance between cash flow, efficiency, and long-term value making it a prime opportunity for investors looking for a dependable income property. The building offers a practical mix of layouts: three 4-bedroom/1-bathroom units and six 3-bedroom/1-bathroom units. The layouts are efficiently designed with good natural light, and each unit includes washer and dryer hookups for added tenant convenience. The unit mix appeals to a broad range of renters, supporting consistent occupancy. For investors, the numbers speak for themselves: a diverse unit mix, low-maintenance layout, and strong tenant demand add up to a property built for steady, reliable returns well into the future.

Key facts

• 0.36 acre lot
• Built 1890
• Listed 50 days

What this means for you Summary

Snapshot

• This is a 3×4bd/1ba + 6×3bd/1ba units multifamily listed at $1.90M.

Deal economics

• At list price, monthly cash flow is $5k ($55k/yr) — positive. Per door: $509/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.90M).
• Recommended offer: $1.84M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.1% in Manchester — 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 83/100 on livability (#10 in NH, #879 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Manchester School District (urban): math 14% / reading 27% proficiency, ranked #96 of 98 in NH (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.0%/yr); 71 active listings in the ZIP; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• At $21,533/mo this rent would consume 348% of the median local household income ($74k/yr) (locally 1368% 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 $13k of loan paydown is wiped out by about $57k of value loss. Plan a longer hold.
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($1.84M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $100k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.32M; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 24% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,842,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.13% ✓
• Cap rate: 9.18%
• Cash-on-cash: 10.33%
• DSCR: 1.46
• GRM: 7.4

CMA / ARV

• ARV (median comp): $1,154,083
• List price: $1,899,900
• Delta: 64.62%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.96% rent growth · sell at horizon

5-year hold

• IRR: -0.9%
• Equity multiple: 0.97×
• Total profit: $-17,270
• Equity at exit: $283,281

10-year hold

• IRR: 8.8%
• Equity multiple: 1.67×
• Total profit: $356,426
• Equity at exit: $164,269

Cash invested: $531,972 (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 03102

• Home prices YoY: -16.2%
• Rents YoY: 3.0%
• Active inventory: 71
• Price-to-rent: 63.5×

Monthly cashflow live

• Estimated rent: $21,533 high
• Mortgage (P&I): −$9,963
• Tax from tax record: −$1,678 /mo · $20,140/yr
• Insurance: −$792
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,522
• Net cashflow: $4,578

Break-even live

Break-even rent $15,738

Max offer price $1,899,900

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	1	$7,476
▸ 6× units	3	1	$14,058
Total (9 units)			$21,533

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: $474,975
• Closing costs: $56,997
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $1,899,900 Active 50 DOM
2. 2026-06-17
   days on market $1,899,900 Active 49 DOM
3. 2026-06-16
   days on market $1,899,900 Active 48 DOM
4. 2026-06-15
   pricedays on market $1,899,900 Active 47 DOM
5. 2026-06-14
   days on market $2,000,000 Active 45 DOM
6. 2026-06-13
   days on market $2,000,000 Active 44 DOM
7. 2026-06-10
   days on market $2,000,000 Active 42 DOM
8. 2026-06-09
   days on market $2,000,000 Active 41 DOM
9. 2026-06-08
   days on market $2,000,000 Active 40 DOM
10. 2026-06-07
    days on market $2,000,000 Active 39 DOM
11. 2026-06-03
    days on market $2,000,000 Active 35 DOM
12. 2026-06-02
    days on market $2,000,000 Active 34 DOM
13. 2026-06-01
    days on market $2,000,000 Active 33 DOM
14. 2026-05-31
    days on market $2,000,000 Active 32 DOM
15. 2026-05-30
    days on market $2,000,000 Active 31 DOM
16. 2026-04-29
    listed $2,000,000 Active 729-char remark

    Show marketing remark (729 chars)

    This 9-unit residential building strikes a solid balance between cash flow, efficiency, and long-term value making it a prime opportunity for investors looking for a dependable income property. The building offers a practical mix of layouts: three 4-bedroom/1-bathroom units and six 3-bedroom/1-bathroom units. The layouts are efficiently designed with good natural light, and each unit includes washer and dryer hookups for added tenant convenience. The unit mix appeals to a broad range of renters, supporting consistent occupancy. For investors, the numbers speak for themselves: a diverse unit mix, low-maintenance layout, and strong tenant demand add up to a property built for steady, reliable returns well into the future.

17. 2021-12-22
    soldstatus $1,325,000 Closed 340-char remark

    Show marketing remark (340 chars)

    BACK TO THE MARKET -- Gross income $168,780 NOI $132,475.97 Cap rate 9.5% Investors take note: Rare opportunity to own a 9 unit multi family consisting of highly sought after 3 and 4 bedroom units. This building consists of six 3 bedrooms and three 4 bedrooms with washer dryer hookups in each unit and the tenants pay their own utilities.

18. 2021-12-22
    soldstatus $1,325,000

    Show marketing remark (340 chars)

    BACK TO THE MARKET -- Gross income $168,780 NOI $132,475.97 Cap rate 9.5% Investors take note: Rare opportunity to own a 9 unit multi family consisting of highly sought after 3 and 4 bedroom units. This building consists of six 3 bedrooms and three 4 bedrooms with washer dryer hookups in each unit and the tenants pay their own utilities.

19. 2021-10-25
    status Pending 340-char remark

    Show marketing remark (340 chars)

    BACK TO THE MARKET -- Gross income $168,780 NOI $132,475.97 Cap rate 9.5% Investors take note: Rare opportunity to own a 9 unit multi family consisting of highly sought after 3 and 4 bedroom units. This building consists of six 3 bedrooms and three 4 bedrooms with washer dryer hookups in each unit and the tenants pay their own utilities.

20. 2021-10-07
    status Active 340-char remark

    Show marketing remark (340 chars)

    BACK TO THE MARKET -- Gross income $168,780 NOI $132,475.97 Cap rate 9.5% Investors take note: Rare opportunity to own a 9 unit multi family consisting of highly sought after 3 and 4 bedroom units. This building consists of six 3 bedrooms and three 4 bedrooms with washer dryer hookups in each unit and the tenants pay their own utilities.

21. 2021-09-14
    status Pending 340-char remark

    Show marketing remark (340 chars)

    BACK TO THE MARKET -- Gross income $168,780 NOI $132,475.97 Cap rate 9.5% Investors take note: Rare opportunity to own a 9 unit multi family consisting of highly sought after 3 and 4 bedroom units. This building consists of six 3 bedrooms and three 4 bedrooms with washer dryer hookups in each unit and the tenants pay their own utilities.

22. 2021-09-02
    listed $1,400,000 Active 340-char remark

    Show marketing remark (340 chars)

    BACK TO THE MARKET -- Gross income $168,780 NOI $132,475.97 Cap rate 9.5% Investors take note: Rare opportunity to own a 9 unit multi family consisting of highly sought after 3 and 4 bedroom units. This building consists of six 3 bedrooms and three 4 bedrooms with washer dryer hookups in each unit and the tenants pay their own utilities.

23. 2019-12-20
    soldstatus $800,000 Closed
24. 2019-12-20
    soldstatus $800,000
25. 2019-10-26
    status Pending
26. 2019-10-22
    listed $750,000 Active
27. 2004-07-06
    soldstatus $500,000
28. 2004-07-02
    soldstatus $500,000
29. 2004-07-01
    historical
30. 2004-06-30
    listed $529,000
31. 2004-04-14
    soldstatus $400,000

ⓘ 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: $20,140 · $1,678/mo
• Projected year-2 tax: $30,779 · $2,565/mo
• Expected delta: +$10,639/yr (+$887/mo · 52.8%)

ⓘ 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 ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 24% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $258,396
• − Mortgage interest: −$106,424
• − Property taxes: −$20,140
• − Insurance: −$9,500
• − Repairs & maintenance: −$20,672
• − Management: −$20,672
• − Depreciation: −$55,270
• Taxable income: $25,719
• Est. tax owed @ 24.0%: −$6,173
• After-tax cash flow: $48,761/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: Manchester School District
• NCES district ID: 3304590
• Math proficiency: 14% ▼ -10.00%
• Reading proficiency: 27% ▼ -6.00%
• Median HH income: $54,096
• Composite: 18.67/100
• National rank: #8886
• State rank: #96 of 98 in NH

Livability — Manchester

• Score: 83/100
• State rank: #10
• US rank: #879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, NH
• County: Hillsborough County · 309,362 people
• City population: 110,172
• Metro: Manchester-Nashua, NH
• Population (ZIP): 33,959
• Household income: $74,327
• Rent vs Own: 59.0% rent · 41.0% own
• Severe rent burden: 1368.0

Population outlook (Hillsborough County) Hauer SSP2

• Today (2025): 412,771 people
• By 2030: 410,974 · -0.4%
• By 2040: 399,959 · -3.1%
• By 2050: 381,542 · -7.6%
• By 2075: 339,855 · -17.7%
• By 2100: 289,270 · -29.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 9% Two or more races 8% Black 6% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 2%
• Common ancestry: Lithuanian 11% Romanian 3% Slovak 3%
• Foreign-born: 14% · Canada, China, India
• Languages at home: 81% English-only · Spanish 5% French/Haitian/Cajun 5% Other Indo-European 3%

Political lean MEDSL · Hillsborough

• 2024 margin: Toss-up / Even · D 50.9% · R 48.0% · Other 1.0%
• 2008→2024 swing: -0.9pp no change · 2008: 3.8pp · 2024: 2.9pp
• All cycles: 2024: D+2.9 2020: D+7.7 2016: R+0.2 2012: D+1.7 2008: D+3.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.62%
• Current HPI: 355.9606
• Rent YoY: ▲ 2.96%
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+400.0% since first listed

16 events — show timeline

• 2026-04-29 Listed $2,000,000 PrimeMLS
• 2021-12-22 Sold (Public Records) $1,325,000 Public Records
• 2021-12-22 Sold (MLS) $1,325,000 PrimeMLS
• 2021-10-25 Pending — PrimeMLS
• 2021-10-07 Relisted — PrimeMLS
• 2021-09-14 Pending — PrimeMLS
• 2021-09-02 Listed $1,400,000 PrimeMLS
• 2019-12-20 Sold (Public Records) $800,000 Public Records
• 2019-12-20 Sold (MLS) $800,000 PrimeMLS
• 2019-10-26 Pending — PrimeMLS
• 2019-10-22 Listed $750,000 PrimeMLS
• 2004-07-06 Sold (MLS) $500,000 PrimeMLS
• 2004-07-02 Sold (Public Records) $500,000 Public Records
• 2004-07-01 Delisted — PrimeMLS
• 2004-06-30 Listed $529,000 PrimeMLS
• 2004-04-14 Sold (Public Records) $400,000 Public Records

Property tax history

+6.7%/yr

Latest (2024): $20,140 · +3.8% YoY. Source: county tax records.