22 Smith St · Pittsfield, NH 03263

$575,000

6 bd · 5.0 ba · 3,471 sqft · MultiFamily public records · 6 Days on market

Built 1900 0.39 ac lot $166/sqft · 53% above area

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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 +29.3/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Nicely maintained 5-unit investment property. All 2BR units renting for $750.00/month, heat, hot water & electric included. Quiet setting off Main Roads with a level, open lot on the Suncook River and Drakes Field just 100 feet away for your recreational enjoyment.

Key facts

• Stunning water views
• Direct water access
• Strong rental appeal

Tags

• DIRECT WATER ACCESS
• STUNNING WATER VIEWS
• STRONG RENTAL APPEAL
• NEWER HEATING SYSTEMS
• AMPLE OFF-STREET PARKING
• QUIET NEIGHBORHOOD SETTING

Property features AI

Finance

• Other: Located on Suncook River; Flood zone: yes

Exterior

• Parking: Paved driveway
• Utilities: Public sewer; Public water; High-speed internet available; Cable available; Electric varies
• Home design: Apartment building (multi-unit); Approximately 3,448 total finished square feet; Built in 1900
• Construction: Vinyl siding; Asphalt shingle roof; 200 amp electric service with circuit breakers
• Exterior features: Paved driveway; Property directly adjoins the Suncook River; Waterfront with exclusive waterfront rights; River frontage; Level lot in a neighborhood setting; Water access available

Interior

• Bedrooms: Five-unit building: one 1-bedroom unit and four 2-bedroom units
• Bathrooms: Five full bathrooms
• Heating & cooling: Propane heating (monitor type); No central air conditioning
• Interior features: Apartment building with Colonial styling; River and water view

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $318/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $575k).
• Cap rate 10.5% vs local median 1.8% in Pittsfield — 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 66/100 on livability (#72 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Pittsfield School District (rural): math 20% / reading 36% proficiency, ranked #87 of 98 in NH (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Pittsfield Elementary School (math 22% / reading 37%, grade F, #201 of 263 statewide, top 82%, 219 students, 44% FRL); Pittsfield Middle School (math 17% / reading 32%, grade F, #83 of 96 statewide, top 87%, 139 students, 43% FRL); Pittsfield High School (math 50% / reading 50%, grade D, #37 of 90 statewide, top 49%, 159 students, 35% FRL) — zoned schools at 41% FRL track the district average.
• Market conditions: 32 active listings in the ZIP; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).

Forward outlook

• In year one you build about $61k of equity ($4k loan paydown + $58k appreciation (10.0% local appreciation)).
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $161k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$99k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $184k; list at $575k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $575,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.32% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.03%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

• ARV (median comp): $373,315
• List price: $575,000
• Delta: 54.03%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Joy St	0.31mi	5/4.0 (-1)	3,446 (-1%)	18mo	$400,000	$116	60
34 Chestnut St	0.06mi	6/4.0	2,964 (-15%)	18mo	$424,000	$143	54

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: 33.0%
• Equity multiple: 3.58×
• Total profit: $414,838
• Equity at exit: $518,006

10-year hold

• IRR: 28.5%
• Equity multiple: 8.10×
• Total profit: $1,142,751
• Equity at exit: $1,117,099

Cash invested: $161,000 (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 03263

• Home prices YoY: 17.6%
• Active inventory: 32
• Price-to-rent: 31.5×

Monthly cashflow live

• Estimated rent: $7,608 medium
• Mortgage (P&I): −$3,015
• Tax from tax record: −$738 /mo · $8,862/yr
• Insurance: −$240
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,598
• Net cashflow: $1,590

Break-even live

Break-even rent $5,595

Max offer price $575,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,916	-5% $1,753	+0% $1,590	+5% $1,428	+10% $1,265
Rent	-10% $989	-5% $1,290	+0% $1,590	+5% $1,891	+10% $2,191
Rate	-1.0pp $1,880	-0.5pp $1,737	base $1,590	+0.5pp $1,441	+1.0pp $1,290

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$7,610
Total (5 units)			$7,608

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-21
   status Pending 1122-char remark
2. 2026-05-14
   listed $575,000 Active 1122-char remark
3. 2019-03-19
   soldstatus $184,333
4. 2019-03-19
   soldstatus $3,200,000
5. 2009-08-21
   soldstatus $151,360 271-char remark

   Show marketing remark (271 chars)

   Nicely maintained 5-unit investment property. All 2BR units renting for $750.00/month, heat, hot water & electric included. Quiet setting off Main Roads with a level, open lot on the Suncook River and Drakes Field just 100 feet away for your recreational enjoyment.

6. 2009-08-21
   soldstatus $151,400

   Show marketing remark (271 chars)

   Nicely maintained 5-unit investment property. All 2BR units renting for $750.00/month, heat, hot water & electric included. Quiet setting off Main Roads with a level, open lot on the Suncook River and Drakes Field just 100 feet away for your recreational enjoyment.

7. 2007-11-28
   listed $198,000 271-char remark

   Show marketing remark (271 chars)

   Nicely maintained 5-unit investment property. All 2BR units renting for $750.00/month, heat, hot water & electric included. Quiet setting off Main Roads with a level, open lot on the Suncook River and Drakes Field just 100 feet away for your recreational enjoyment.

ⓘ 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: $8,862 · $738/mo
• Projected year-2 tax: $10,698 · $892/mo
• Expected delta: +$1,836/yr (+$153/mo · 20.7%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% 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: $91,296
• − Mortgage interest: −$32,209
• − Property taxes: −$8,862
• − Insurance: −$7,994
• − Repairs & maintenance: −$7,304
• − Management: −$7,304
• − Depreciation: −$16,727
• Taxable income: $10,897
• Est. tax owed @ 24.0%: −$2,615
• After-tax cash flow: $16,469/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: Pittsfield School District
• NCES district ID: 3305730
• Math proficiency: 20% ▼ -15.00%
• Reading proficiency: 36% ▼ -6.00%
• Median HH income: $52,344
• Composite: 24.71/100
• National rank: #7610
• State rank: #87 of 98 in NH

Livability — Pittsfield

• Score: 66/100
• State rank: #72
• US rank: #12388

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pittsfield, NH
• Population (ZIP): 4,094

Population outlook (Merrimack County) Hauer SSP2

• Today (2025): 151,287 people
• By 2030: 151,867 · +0.4%
• By 2040: 149,927 · -0.9%
• By 2050: 144,081 · -4.8%
• By 2075: 132,018 · -12.7%
• By 2100: 111,733 · -26.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Lithuanian 15% Slovak 3% German 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Merrimack

• 2024 margin: Lean D (+5.2) · D 52.1% · R 46.9% · Other 1.0%
• 2008→2024 swing: -8.7pp toward R · 2008: 13.9pp · 2024: 5.2pp
• All cycles: 2024: D+5.2 2020: D+9.8 2016: D+3.1 2012: D+12.7 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 89.96%
• Current HPI: 601.9142
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+190.4% since first listed

7 events — show timeline

• 2026-05-21 Pending — PrimeMLS
• 2026-05-14 Listed $575,000 PrimeMLS
• 2019-03-19 Sold (Public Records) $3,200,000 Public Records
• 2019-03-19 Sold (Public Records) $184,333 Public Records
• 2009-08-21 Sold (Public Records) $151,400 Public Records
• 2009-08-21 Sold (MLS) $151,360 PrimeMLS
• 2007-11-28 Listed $198,000 PrimeMLS

Property tax history

+3.8%/yr

Latest (2025): $8,862 · +25.9% YoY. Source: county tax records.