14 & 16 Main St

Northumberland, NH 03582

$475,000F

4 bd · 2.0 ba · 2,342 sqft · Built 1900 · MultiFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,652/mo
• Mortgage (P&I): −$2,491
• Tax + insurance: −$345
• HOA: −$0
• Vac / Maint / Mgmt: −$557
• Net cashflow: $-741/mo
• Annual: $-8,893/yr
• Cap rate: 4.42%
• Cash-on-cash: -6.69%
• DSCR: 0.70
• 1% rule: 0.56%
• Cash to close: $133,000

Investor read

• This is a 3 × 1-bed/?-bath units multifamily listed at $475k.
• At list price, monthly cash flow is $-741 ($-9k/yr) — negative. Per door: $-247/mo.
• To cash-flow at today's rent, offer at most $344k (27.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (44.2% below list).
• It's been on market 17 days — a 2% lower offer ($468k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $265k (44.2% below list) — sets the bar for 1% rule.
• In year one you build about $23k of equity ($3k loan paydown + $19k appreciation (4.0% local appreciation)).
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Northumberland School District (rural): math 25% / reading 40% proficiency, ranked #154 of 171 in NH (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Groveton Elementary School (math 17% / reading 32%, grade F, #230 of 263 statewide, top 91%, 127 students, 53% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).
• Coos County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 4y 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 $150k; list at $475k implies a 217% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.