22 Pine St · Exeter, NH 03833

$1,300,000

9 bd · 12.0 ba · 3,894 sqft · MultiFamily public records · 36 Days on market

Built 1890 0.49 ac lot Est $1238k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +5.3/15.0
• Schools +4.6/10.0
• Livability +4.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

Development Opportunity intown Exeter. Combo apartment/boarding house, with 12 units rented, utilities included. Some units with kitchens, some with shared baths, this multiunit is grandfathered for 10+ units. Bring your ideas for townhouse design, condo's or single family dwelling in this desirable area behind the Exeter Inn. Developers or investors and builders looking for your next project, this may be it. In need of total renovation, this is open for you new design project.

Key facts

• Total renovation
• 0.49 acre lot
• Built 1890

Tags

• DEVELOPMENT OPPORTUNITY
• TOTAL RENOVATION

Property features AI

Exterior

• Parking: Paved driveway
• Utilities: Public water; Public sewer; Cable available; DSL internet available; Electrical service with circuit breakers
• Home design: Apartment building (conversion); Cream-colored wood frame construction; Built in 1890
• Construction: Wood frame construction; Shingle roof; Foundation details not specified
• Exterior features: Interior, level lot in town close to shopping, public transportation and hospital; Paved driveway; Public paved road frontage (approximately 143 feet)

Interior

• Bedrooms: Twelve-unit building containing ten 1-bedroom units and two 2-bedroom units
• Bathrooms: Seven full bathrooms (total in building)
• Heating & cooling: Oil-fired hot water heating; No central cooling
• Interior features: Walkout basement with bulkhead, concrete floor and unfinished space; Stairs to basement

What this means for you Summary

Snapshot

• This is a 9-bed/12.0-bath multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $10k ($122k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.30M).
• Recommended offer: $1.26M (3.0% below list) — sets the bar for market timing.
• Cap rate 15.7% vs local median 2.8% in Exeter — 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 91/100 on livability (#1 in NH, #59 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+.
• Exeter School District (suburban): math 46% / reading 57% proficiency, ranked #32 of 98 in NH (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: 142 active listings in the ZIP; high-income renter base; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• At $24,333/mo this rent would consume 245% of the median local household income ($119k/yr) (locally 485% 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 $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $364k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($1.26M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,261,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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.
6. 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.
7. 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: 1.87% ✓
• Cap rate: 15.66%
• Cash-on-cash: 33.46%
• DSCR: 2.49
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $1,238,292
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
65 67 1/2 Main St	0.47mi	10/7.0 (+1)	4,091 (+5%)	9mo	$1,300,000	$318	42
16-18 Myrtle St	0.50mi	8/4.0 (-1)	4,208 (+8%)	6mo	$850,000	$202	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 2.20×
• Total profit: $436,155
• Equity at exit: $193,834

10-year hold

• IRR: 36.1%
• Equity multiple: 4.33×
• Total profit: $1,213,842
• Equity at exit: $112,400

Cash invested: $364,000 (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 03833

• Active inventory: 142
• Price-to-rent: 53.4×

Monthly cashflow live

• Estimated rent: $24,333 medium
• Mortgage (P&I): −$6,817
• Tax from tax record: −$1,715 /mo · $20,582/yr
• Insurance: −$542
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,110
• Net cashflow: $10,149

Break-even live

Break-even rent $11,486

Max offer price $1,300,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 12× units	2	1	$24,336
Total (12 units)			$24,333

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: $325,000
• Closing costs: $39,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $1,300,000 Active 36 DOM
2. 2026-06-17
   days on market $1,300,000 Active 35 DOM
3. 2026-06-16
   days on market $1,300,000 Active 34 DOM
4. 2026-06-15
   days on market $1,300,000 Active 33 DOM
5. 2026-06-13
   days on market $1,300,000 Active 31 DOM
6. 2026-06-13
   days on market $1,300,000 Active 30 DOM
7. 2026-06-09
   days on market $1,300,000 Active 27 DOM
8. 2026-06-08
   days on market $1,300,000 Active 26 DOM
9. 2026-06-07
   days on market $1,300,000 Active 25 DOM
10. 2026-06-04
    days on market $1,300,000 Active 22 DOM
11. 2026-06-03
    days on market $1,300,000 Active 21 DOM
12. 2026-06-02
    days on market $1,300,000 Active 20 DOM
13. 2026-06-01
    days on market $1,300,000 Active 19 DOM
14. 2026-05-31
    days on market $1,300,000 Active 18 DOM
15. 2026-05-13
    listed $1,300,000 Active

ⓘ 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: $20,582 · $1,715/mo
• Projected year-2 tax: $24,461 · $2,038/mo
• Expected delta: +$3,879/yr (+$323/mo · 18.8%)

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $291,996
• − Mortgage interest: −$72,820
• − Property taxes: −$20,582
• − Insurance: −$6,500
• − Repairs & maintenance: −$23,360
• − Management: −$23,360
• − Depreciation: −$37,818
• Taxable income: $107,556
• Est. tax owed @ 24.0%: −$25,813
• After-tax cash flow: $95,973/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: Exeter School District
• NCES district ID: 3302970
• Math proficiency: 46% ▼ -21.00%
• Reading proficiency: 57% ▼ -14.00%
• Median HH income: $69,970
• Composite: 45.9/100
• National rank: #2549
• State rank: #32 of 98 in NH

Livability — Exeter

• Score: 91/100
• State rank: #1
• US rank: #59

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Exeter, NH
• County: Rockingham County · 137,526 people
• City population: 22,817
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 22,817
• Household income: $119,393
• Rent vs Own: 24.6% rent · 75.4% own
• Severe rent burden: 485.0

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 316,118 people
• By 2030: 320,929 · +1.5%
• By 2040: 323,358 · +2.3%
• By 2050: 314,977 · -0.4%
• By 2075: 297,686 · -5.8%
• By 2100: 256,363 · -18.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Asian 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 8% Slovak 5% Romanian 5%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 93% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Rockingham

• 2024 margin: Toss-up / Even · D 48.3% · R 50.8%
• 2008→2024 swing: -3.5pp toward R · 2008: 1.1pp · 2024: -2.4pp
• All cycles: 2024: R+2.4 2020: D+2.1 2016: R+5.8 2012: R+4.5 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.07%
• Current HPI: 288.0139
• Rent YoY: —
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-13 Listed $1,300,000 PrimeMLS

Property tax history

+5.7%/yr

Latest (2025): $20,582 · +5.5% YoY. Source: county tax records.