11 Pine St · Franklin, NH 03235

$275,000

4 bd · 2.0 ba · 2,654 sqft · MultiFamily public records · 23 Days on market

Built 1900 9,583 sqft lot $104/sqft · 31% below area Est $417k · 34% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

OFFER DEADLINE THURSDAY MAY 7 @ 4PM Value-Add Multi-Family Opportunity in Franklin Spacious 5-bedroom, 2-bath multi-family with over 2,100 sq ft and a strong layout for renovation and long-term upside. Ideal for investors, contractors, or buyers looking to reposition an asset and build equity. Property features separate units (3-bed / 2-bed) with solid rental potential, public water/sewer, and natural gas—key fundamentals for long-term hold performance. Utilities are largely separated, supporting efficient management and tenant responsibility. Recent improvements already in place help offset upfront costs, including a newer roof (approx. 2–4 years old), updated boiler in one unit (~1 year old), and newer hot water systems. Interior updates include LVT flooring, updated cabinets, newer appliances, refreshed ceilings/paint, and bathroom improvements with ceramic walk-in shower and new vanity—providing a strong starting point for further value-add. Additional updates include select newer windows and exterior door replacements, along with a detached 2-car garage, porch, and fenced yard—features that support tenant appeal and rental stability. Priced with condition in mind, this is an opportunity to complete improvements, increase value, and optimize future income potential. Convenient in-town location near downtown Franklin, shopping, and commuter routes—supporting consistent rental demand. Bring your vision—significant upside potential with key improvements already underway.

Key facts

• Newer roof
• Flexible layout
• Natural separation

Tags

• FLEXIBLE LAYOUT
• NATURAL SEPARATION
• PUBLIC WATER
• NATURAL GAS
• NEWER ROOF
• UPDATED BOILER

🏷️ Possibly a rental listed for sale. The $275,000 price doesn't fit this home's estimated sale value (~$417,419) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 2.1% in Franklin — 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 68/100 on livability (#56 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Franklin School District (town): math 14% / reading 29% proficiency, ranked #97 of 98 in NH (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 40 active listings in the ZIP; 380 units permitted in Merrimack County in 2024 (28 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 $8k of value loss. Plan a longer hold.
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $275k implies a 205% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $270,875 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.42% ✓
• Cap rate: 11.46%
• Cash-on-cash: 18.45%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

• ARV (median comp): $417,419
• List price: $275,000
• Delta: -34.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 10.2%
• Equity multiple: 1.40×
• Total profit: $30,891
• Equity at exit: $41,003

10-year hold

• IRR: 19.3%
• Equity multiple: 2.61×
• Total profit: $124,231
• Equity at exit: $23,777

Cash invested: $77,000 (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 03235

• Home prices YoY: -9.7%
• Active inventory: 40
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $3,912 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$350 /mo · $4,201/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$822
• Net cashflow: $1,184

Break-even live

Break-even rent $2,414

Max offer price $275,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,339	-5% $1,262	+0% $1,184	+5% $1,106	+10% $1,028
Rent	-10% $875	-5% $1,029	+0% $1,184	+5% $1,338	+10% $1,493
Rate	-1.0pp $1,322	-0.5pp $1,254	base $1,184	+0.5pp $1,112	+1.0pp $1,040

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,956
1× unit	2	1	$1,956
Total (2 units)			$3,912

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-05-09
   status Pending 1532-char remark

   Show marketing remark (1668 chars)

   OFFER DEADLINE THURSDAY MAY 7 @ 4PM Opportunity to Renovate, Reconfigure & Build Equity in Franklin Spacious 5-bedroom, 2-bath home with over 2,100 sq ft, offering a flexible layout ideal for multi-generational living, an in-law setup, or potential ADU-style use (buyer to verify). Whether you're looking to create separate living areas, accommodate extended family, or design a home that evolves with your needs, this property offers a strong foundation to do so. The existing layout provides natural separation and versatility, making it well-suited for creative reconfiguration. Public water/sewer and natural gas add to the home’s overall functionality. Several key updates have already been completed, helping offset major upfront expenses, including a newer roof (approx. 2–4 years old), updated boiler (~1 year old), and newer hot water systems. Interior improvements include LVT flooring, updated cabinets, newer appliances, refreshed paint and ceilings, and bathroom updates with a ceramic walk-in shower and new vanity—offering a solid starting point for further improvements. Additional features include select newer windows, updated exterior doors, a detached 2-car garage, porch, and fenced yard—adding to the home’s usability and outdoor enjoyment. Priced with condition in mind, this is a clear opportunity to complete renovations, personalize the space, and unlock significant value. Convenient in-town location near downtown Franklin, shopping, and commuter routes. Bring your vision—whether you're creating a multi-generational home or simply looking for space and upside, the potential here is substantial.

2. 2026-05-09
   status Pending 1668-char remark

   Show marketing remark (1668 chars)

   OFFER DEADLINE THURSDAY MAY 7 @ 4PM Opportunity to Renovate, Reconfigure & Build Equity in Franklin Spacious 5-bedroom, 2-bath home with over 2,100 sq ft, offering a flexible layout ideal for multi-generational living, an in-law setup, or potential ADU-style use (buyer to verify). Whether you're looking to create separate living areas, accommodate extended family, or design a home that evolves with your needs, this property offers a strong foundation to do so. The existing layout provides natural separation and versatility, making it well-suited for creative reconfiguration. Public water/sewer and natural gas add to the home’s overall functionality. Several key updates have already been completed, helping offset major upfront expenses, including a newer roof (approx. 2–4 years old), updated boiler (~1 year old), and newer hot water systems. Interior improvements include LVT flooring, updated cabinets, newer appliances, refreshed paint and ceilings, and bathroom updates with a ceramic walk-in shower and new vanity—offering a solid starting point for further improvements. Additional features include select newer windows, updated exterior doors, a detached 2-car garage, porch, and fenced yard—adding to the home’s usability and outdoor enjoyment. Priced with condition in mind, this is a clear opportunity to complete renovations, personalize the space, and unlock significant value. Convenient in-town location near downtown Franklin, shopping, and commuter routes. Bring your vision—whether you're creating a multi-generational home or simply looking for space and upside, the potential here is substantial.

3. 2026-05-05
   price $275,000 1532-char remark

   Show marketing remark (1668 chars)

   OFFER DEADLINE THURSDAY MAY 7 @ 4PM Opportunity to Renovate, Reconfigure & Build Equity in Franklin Spacious 5-bedroom, 2-bath home with over 2,100 sq ft, offering a flexible layout ideal for multi-generational living, an in-law setup, or potential ADU-style use (buyer to verify). Whether you're looking to create separate living areas, accommodate extended family, or design a home that evolves with your needs, this property offers a strong foundation to do so. The existing layout provides natural separation and versatility, making it well-suited for creative reconfiguration. Public water/sewer and natural gas add to the home’s overall functionality. Several key updates have already been completed, helping offset major upfront expenses, including a newer roof (approx. 2–4 years old), updated boiler (~1 year old), and newer hot water systems. Interior improvements include LVT flooring, updated cabinets, newer appliances, refreshed paint and ceilings, and bathroom updates with a ceramic walk-in shower and new vanity—offering a solid starting point for further improvements. Additional features include select newer windows, updated exterior doors, a detached 2-car garage, porch, and fenced yard—adding to the home’s usability and outdoor enjoyment. Priced with condition in mind, this is a clear opportunity to complete renovations, personalize the space, and unlock significant value. Convenient in-town location near downtown Franklin, shopping, and commuter routes. Bring your vision—whether you're creating a multi-generational home or simply looking for space and upside, the potential here is substantial.

4. 2026-05-05
   price $275,000 1668-char remark

   Show marketing remark (1668 chars)

   OFFER DEADLINE THURSDAY MAY 7 @ 4PM Opportunity to Renovate, Reconfigure & Build Equity in Franklin Spacious 5-bedroom, 2-bath home with over 2,100 sq ft, offering a flexible layout ideal for multi-generational living, an in-law setup, or potential ADU-style use (buyer to verify). Whether you're looking to create separate living areas, accommodate extended family, or design a home that evolves with your needs, this property offers a strong foundation to do so. The existing layout provides natural separation and versatility, making it well-suited for creative reconfiguration. Public water/sewer and natural gas add to the home’s overall functionality. Several key updates have already been completed, helping offset major upfront expenses, including a newer roof (approx. 2–4 years old), updated boiler (~1 year old), and newer hot water systems. Interior improvements include LVT flooring, updated cabinets, newer appliances, refreshed paint and ceilings, and bathroom updates with a ceramic walk-in shower and new vanity—offering a solid starting point for further improvements. Additional features include select newer windows, updated exterior doors, a detached 2-car garage, porch, and fenced yard—adding to the home’s usability and outdoor enjoyment. Priced with condition in mind, this is a clear opportunity to complete renovations, personalize the space, and unlock significant value. Convenient in-town location near downtown Franklin, shopping, and commuter routes. Bring your vision—whether you're creating a multi-generational home or simply looking for space and upside, the potential here is substantial.

5. 2026-04-16
   listed $300,000 Active 1532-char remark

   Show marketing remark (1668 chars)

   OFFER DEADLINE THURSDAY MAY 7 @ 4PM Opportunity to Renovate, Reconfigure & Build Equity in Franklin Spacious 5-bedroom, 2-bath home with over 2,100 sq ft, offering a flexible layout ideal for multi-generational living, an in-law setup, or potential ADU-style use (buyer to verify). Whether you're looking to create separate living areas, accommodate extended family, or design a home that evolves with your needs, this property offers a strong foundation to do so. The existing layout provides natural separation and versatility, making it well-suited for creative reconfiguration. Public water/sewer and natural gas add to the home’s overall functionality. Several key updates have already been completed, helping offset major upfront expenses, including a newer roof (approx. 2–4 years old), updated boiler (~1 year old), and newer hot water systems. Interior improvements include LVT flooring, updated cabinets, newer appliances, refreshed paint and ceilings, and bathroom updates with a ceramic walk-in shower and new vanity—offering a solid starting point for further improvements. Additional features include select newer windows, updated exterior doors, a detached 2-car garage, porch, and fenced yard—adding to the home’s usability and outdoor enjoyment. Priced with condition in mind, this is a clear opportunity to complete renovations, personalize the space, and unlock significant value. Convenient in-town location near downtown Franklin, shopping, and commuter routes. Bring your vision—whether you're creating a multi-generational home or simply looking for space and upside, the potential here is substantial.

6. 2026-04-16
   listed $300,000 Active 1668-char remark

   Show marketing remark (1668 chars)

   OFFER DEADLINE THURSDAY MAY 7 @ 4PM Opportunity to Renovate, Reconfigure & Build Equity in Franklin Spacious 5-bedroom, 2-bath home with over 2,100 sq ft, offering a flexible layout ideal for multi-generational living, an in-law setup, or potential ADU-style use (buyer to verify). Whether you're looking to create separate living areas, accommodate extended family, or design a home that evolves with your needs, this property offers a strong foundation to do so. The existing layout provides natural separation and versatility, making it well-suited for creative reconfiguration. Public water/sewer and natural gas add to the home’s overall functionality. Several key updates have already been completed, helping offset major upfront expenses, including a newer roof (approx. 2–4 years old), updated boiler (~1 year old), and newer hot water systems. Interior improvements include LVT flooring, updated cabinets, newer appliances, refreshed paint and ceilings, and bathroom updates with a ceramic walk-in shower and new vanity—offering a solid starting point for further improvements. Additional features include select newer windows, updated exterior doors, a detached 2-car garage, porch, and fenced yard—adding to the home’s usability and outdoor enjoyment. Priced with condition in mind, this is a clear opportunity to complete renovations, personalize the space, and unlock significant value. Convenient in-town location near downtown Franklin, shopping, and commuter routes. Bring your vision—whether you're creating a multi-generational home or simply looking for space and upside, the potential here is substantial.

7. 2017-06-06
   soldstatus $90,100
8. 2017-06-05
   soldstatus $90,000 Closed
9. 2017-05-09
   historical
10. 2017-04-21
    status Pending
11. 2016-11-08
    listed $99,900 Active
12. 2001-07-31
    soldstatus $99,000
13. 2001-06-11
    historical
14. 2000-08-28
    listed $99,000

ⓘ 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: $4,201 · $350/mo
• Projected year-2 tax: $5,098 · $425/mo
• Expected delta: +$897/yr (+$75/mo · 21.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,944
• − Mortgage interest: −$15,404
• − Property taxes: −$4,201
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,756
• − Management: −$3,756
• − Depreciation: −$8,000
• Taxable income: $10,453
• Est. tax owed @ 24.0%: −$2,509
• After-tax cash flow: $11,696/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: Franklin School District
• NCES district ID: 3303090
• Math proficiency: 14% ▼ -5.00%
• Reading proficiency: 29% ▼ -3.00%
• Median HH income: $45,220
• Composite: 18.64/100
• National rank: #8892
• State rank: #97 of 98 in NH

Livability — Franklin

• Score: 68/100
• State rank: #56
• US rank: #9637

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin, NH
• City population: 8,843
• Population (ZIP): 8,843

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 (94%)
• Race & ethnicity: White 94% Two or more races 4%
• Common ancestry: Lithuanian 9% Slovak 6% Subsaharan African 5%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Russian/Polish/Slavic 3% 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: ▼ -48.30%
• Current HPI: 449.6758
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+177.8% since first listed

14 events — show timeline

• 2026-05-09 Pending — PrimeMLS
• 2026-05-09 Pending — PrimeMLS
• 2026-05-05 Price Changed $275,000 PrimeMLS
• 2026-05-05 Price Changed $275,000 PrimeMLS
• 2026-04-16 Listed $300,000 PrimeMLS
• 2026-04-16 Listed $300,000 PrimeMLS
• 2017-06-06 Sold (Public Records) $90,100 Public Records
• 2017-06-05 Sold (MLS) $90,000 PrimeMLS
• 2017-05-09 Delisted — PrimeMLS
• 2017-04-21 Pending — PrimeMLS
• 2016-11-08 Listed $99,900 PrimeMLS
• 2001-07-31 Sold (MLS) $99,000 PrimeMLS
• 2001-06-11 Delisted — PrimeMLS
• 2000-08-28 Listed $99,000 PrimeMLS

Property tax history

+2.0%/yr

Latest (2025): $4,201 · +2.8% YoY. Source: county tax records.