44 Arlene Dr · Laconia, NH 03220

$354,300

5 bd · 2.0 ba · 1,464 sqft · MultiFamily public records · 185 Days on market

Built 1978 3.61 ac lot $242/sqft · 34% above area Est $509k · 30% under

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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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Livability +4.0/5.0
• Schools +3.3/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Investors take notice of this duplex sitting on over 3 acres located minutes from Lake Winnisquam. One unit offers 2 bedrooms and 1 bathroom and the other offers 3 bedrooms and 1 bathroom. A little elbow grease will go a long way for a great income property with long term tenants or great AirBnb potential being so close to the lake. The home is winterized and will not be de-winterized. Sold as is. Buyer to do all due diligence. DO NOT go up the side stairs.

Key facts

• Over 3 acres
• Winterized
• Airbnb potential

Tags

• DUPLEX
• OVER 3 ACRES
• MINUTES FROM LAKE WINNISQUAM
• AIRBNB POTENTIAL
• WINTERIZED

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $354k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $572/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $354k).
• Recommended offer: $312k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 1.8% in Laconia — 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 79/100 on livability (#20 in NH, #2,314 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, commute F.
• Shaker Regional School District (rural): math 27% / reading 45% proficiency, ranked #70 of 98 in NH (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 62 active listings in the ZIP; 301 units permitted in Belknap County in 2024 (32 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Belknap County population projected at -10% 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 $99k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($312k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $45k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $279k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $311,784 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 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 1978 — 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 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. 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: 1.30% ✓
• Cap rate: 10.17%
• Cash-on-cash: 13.84%
• DSCR: 1.62
• GRM: 6.4

CMA / ARV

• ARV (median comp): $508,958
• List price: $354,300
• Delta: -30.39%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.1%
• Equity multiple: 1.16×
• Total profit: $15,559
• Equity at exit: $52,827

10-year hold

• IRR: 13.6%
• Equity multiple: 2.09×
• Total profit: $107,773
• Equity at exit: $30,633

Cash invested: $99,204 (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 03220

• Home prices YoY: -6.7%
• Active inventory: 62
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $4,600 medium
• Mortgage (P&I): −$1,858
• Tax from tax record: −$484 /mo · $5,810/yr
• Insurance: −$148
• HOA: −$0
• Vacancy / Maint / Mgmt: −$966
• Net cashflow: $1,144

Break-even live

Break-even rent $3,152

Max offer price $354,300

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,600
Total (2 units)			$4,600

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: $88,575
• Closing costs: $10,629
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $354,300 Active 185 DOM
2. 2026-06-18
   days on market $354,300 Active 184 DOM
3. 2026-06-17
   days on market $354,300 Active 183 DOM
4. 2026-06-16
   days on market $354,300 Active 182 DOM
5. 2026-06-15
   days on market $354,300 Active 181 DOM
6. 2026-06-14
   days on market $354,300 Active 179 DOM
7. 2026-06-13
   days on market $354,300 Active 178 DOM
8. 2026-06-10
   days on market $354,300 Active 176 DOM
9. 2026-06-09
   days on market $354,300 Active 175 DOM
10. 2026-06-08
    days on market $354,300 Active 174 DOM
11. 2026-06-07
    days on market $354,300 Active 173 DOM
12. 2026-06-05
    days on market $354,300 Active 170 DOM
13. 2026-06-03
    days on market $354,300 Active 169 DOM
14. 2026-06-03
    price $354,300 Active 168 DOM
15. 2026-06-02
    days on market $370,000 Active 168 DOM
16. 2026-06-01
    days on market $370,000 Active 167 DOM
17. 2026-05-31
    days on market $370,000 Active 166 DOM
18. 2026-05-30
    days on market $370,000 Active 165 DOM
19. 2026-04-20
    price $370,000 461-char remark

    Show marketing remark (461 chars)

    Investors take notice of this duplex sitting on over 3 acres located minutes from Lake Winnisquam. One unit offers 2 bedrooms and 1 bathroom and the other offers 3 bedrooms and 1 bathroom. A little elbow grease will go a long way for a great income property with long term tenants or great AirBnb potential being so close to the lake. The home is winterized and will not be de-winterized. Sold as is. Buyer to do all due diligence. DO NOT go up the side stairs.

20. 2026-03-17
    status Active 461-char remark

    Show marketing remark (461 chars)

    Investors take notice of this duplex sitting on over 3 acres located minutes from Lake Winnisquam. One unit offers 2 bedrooms and 1 bathroom and the other offers 3 bedrooms and 1 bathroom. A little elbow grease will go a long way for a great income property with long term tenants or great AirBnb potential being so close to the lake. The home is winterized and will not be de-winterized. Sold as is. Buyer to do all due diligence. DO NOT go up the side stairs.

21. 2025-12-31
    historical Active with Contract 461-char remark

    Show marketing remark (461 chars)

    Investors take notice of this duplex sitting on over 3 acres located minutes from Lake Winnisquam. One unit offers 2 bedrooms and 1 bathroom and the other offers 3 bedrooms and 1 bathroom. A little elbow grease will go a long way for a great income property with long term tenants or great AirBnb potential being so close to the lake. The home is winterized and will not be de-winterized. Sold as is. Buyer to do all due diligence. DO NOT go up the side stairs.

22. 2025-12-16
    listed $399,000 Active 461-char remark

    Show marketing remark (461 chars)

    Investors take notice of this duplex sitting on over 3 acres located minutes from Lake Winnisquam. One unit offers 2 bedrooms and 1 bathroom and the other offers 3 bedrooms and 1 bathroom. A little elbow grease will go a long way for a great income property with long term tenants or great AirBnb potential being so close to the lake. The home is winterized and will not be de-winterized. Sold as is. Buyer to do all due diligence. DO NOT go up the side stairs.

23. 2025-05-30
    price $339,900
24. 2025-05-30
    price $329,900
25. 2021-10-12
    soldstatus $279,000
26. 2021-10-08
    soldstatus $279,000 Closed
27. 2021-10-04
    historical
28. 2021-07-29
    historical Active with Contract
29. 2021-07-14
    listed $279,000 Active
30. 2005-11-15
    soldstatus $195,000
31. 2005-11-14
    soldstatus $195,000
32. 2005-08-08
    listed $214,900

ⓘ 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: $5,810 · $484/mo
• Projected year-2 tax: $6,767 · $564/mo
• Expected delta: +$957/yr (+$80/mo · 16.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% 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: $55,200
• − Mortgage interest: −$19,846
• − Property taxes: −$5,810
• − Insurance: −$1,772
• − Repairs & maintenance: −$4,416
• − Management: −$4,416
• − Depreciation: −$10,307
• Taxable income: $8,633
• Est. tax owed @ 24.0%: −$2,072
• After-tax cash flow: $11,659/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: Shaker Regional School District
• NCES district ID: 3306180
• Math proficiency: 27% ▼ -14.00%
• Reading proficiency: 45% ▼ -10.00%
• Median HH income: $65,177
• Composite: 32.56/100
• National rank: #5684
• State rank: #70 of 98 in NH

Livability — Laconia

• Score: 79/100
• State rank: #20
• US rank: #2314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 17,103
• Population (ZIP): 7,376

Population outlook (Belknap County) Hauer SSP2

• Today (2025): 60,702 people
• By 2030: 60,353 · -0.6%
• By 2040: 58,264 · -4.0%
• By 2050: 54,533 · -10.2%
• By 2075: 45,622 · -24.8%
• By 2100: 33,772 · -44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 3% Two or more races 2% Asian 1%
• Common ancestry: Lithuanian 19% Slovak 5% Russian 3%
• Foreign-born: 2% · Canada
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Belknap

• 2024 margin: R (+13.1) · D 43.1% · R 56.1%
• 2008→2024 swing: -14.2pp toward R · 2008: 1.2pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+10.4 2016: R+16.8 2012: R+5.0 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.74%
• Current HPI: 416.6523
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+72.2% since first listed

14 events — show timeline

• 2026-04-20 Price Changed $370,000 PrimeMLS
• 2026-03-17 Relisted — PrimeMLS
• 2025-12-31 Contingent — PrimeMLS
• 2025-12-16 Listed $399,000 PrimeMLS
• 2025-05-30 Price Changed $339,900 PrimeMLS
• 2025-05-30 Price Changed $329,900 PrimeMLS
• 2021-10-12 Sold (Public Records) $279,000 Public Records
• 2021-10-08 Sold (MLS) $279,000 PrimeMLS
• 2021-10-04 Delisted — PrimeMLS
• 2021-07-29 Contingent — PrimeMLS
• 2021-07-14 Listed $279,000 PrimeMLS
• 2005-11-15 Sold (Public Records) $195,000 Public Records
• 2005-11-14 Sold (MLS) $195,000 PrimeMLS
• 2005-08-08 Listed $214,900 PrimeMLS

Property tax history

+3.3%/yr

Latest (2025): $5,810 · +10.5% YoY. Source: county tax records.