135 Mt. Forist St · Berlin, NH 03570

$139,900

5 bd · 2.5 ba · 1,488 sqft · MultiFamily public records · 280 Days on market

Built 1920 4,791 sqft lot $94/sqft · 17% below area Est $224k · 37% 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 +26.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.8/10.0
• 1% rule +8.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

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

This property has experienced freeze damage, which is reflected in the current asking price of $139,900. An estimate from a licensed plumbing and heating contractor places the cost of remediation between $8,500 and $11,500. Estimate documentation is available to qualified buyers upon request. Property is being sold “AS IS, ” presenting a great opportunity for investors, contractors, or buyers looking to build equity. This single-family home offers a spacious and functional layout with strong potential. The first floor features a bright kitchen with island and dining area, convenient first-floor laundry and half bath, and a dedicated storage room. The living room provides an open layout with additional space suitable for a media area or expanded seating. The second level includes a primary bedroom suite with full bath, walk-in closet, and private enclosed back porch, along with a second bedroom, a ¾ bath, and a flexible office or den area. Situated on a corner lot, the property offers a deck, storage shed, ample off-street parking, and mountain views. Outdoor enthusiasts will appreciate direct ATV trail access from the property.

Key facts

• Storage room
• First floor laundry
• Open concept design

Tags

• BRIGHT OPEN KITCHEN
• FIRST FLOOR LAUNDRY
• STORAGE ROOM
• OPEN CONCEPT DESIGN
• WALK IN CLOSET
• PRIVATE ENCLOSED BACK PORCH

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $349 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 7.1% in Berlin — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 66/100 on livability (#67 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing A-; Watch: schools D, amenities F, commute F.
• Berlin School District (town): math 24% / reading 30% proficiency, ranked #91 of 98 in NH (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 100 active listings in the ZIP; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($967 loan paydown + $14k appreciation (10.0% local appreciation)).
• Coos County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 280 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y ago; this cycle's ask has dropped $57k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $140k implies a 180% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 280 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.33% ✓
• Cap rate: 9.29%
• Cash-on-cash: 10.69%
• DSCR: 1.48
• GRM: 6.3

CMA / ARV

• ARV (median comp): $223,753
• List price: $139,900
• Delta: -37.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
134 York St	0.39mi	4/2.0 (-1)	1,548 (+4%)	7mo	$135,000	$87	62
1 Bell Ln	0.41mi	4/2.0 (-1)	1,664 (+12%)	7mo	$129,900	$78	48
88 Pine St	0.45mi	5/2.0	1,680 (+13%)	9mo	$125,000	$74	48
437 Willard St	0.72mi	4/2.0 (-1)	1,664 (+12%)	4mo	$155,000	$93	37

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: 32.1%
• Equity multiple: 3.52×
• Total profit: $98,543
• Equity at exit: $126,033

10-year hold

• IRR: 27.8%
• Equity multiple: 7.97×
• Total profit: $272,961
• Equity at exit: $271,795

Cash invested: $39,172 (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 03570

• Home prices YoY: 14.3%
• Active inventory: 100
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,862 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$330 /mo · $3,965/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $349

Break-even live

Break-even rent $1,421

Max offer price $139,900

Occupancy floor 76%

Sensitivity live

Price	-10% $428	-5% $389	+0% $349	+5% $309	+10% $270
Rent	-10% $202	-5% $275	+0% $349	+5% $423	+10% $496
Rate	-1.0pp $419	-0.5pp $385	base $349	+0.5pp $313	+1.0pp $276

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $139,900 Active 280 DOM
2. 2026-06-17
   days on market $139,900 Active 279 DOM
3. 2026-06-16
   days on market $139,900 Active 278 DOM
4. 2026-06-15
   days on market $139,900 Active 277 DOM
5. 2026-06-13
   days on market $139,900 Active 275 DOM
6. 2026-06-12
   days on market $139,900 Active 274 DOM
7. 2026-06-09
   days on market $139,900 Active 271 DOM
8. 2026-06-08
   days on market $139,900 Active 270 DOM
9. 2026-06-07
   days on market $139,900 Active 269 DOM
10. 2026-06-07
    days on market $139,900 Active 268 DOM
11. 2026-06-04
    days on market $139,900 Active 265 DOM
12. 2026-06-02
    days on market $139,900 Active 264 DOM
13. 2026-06-01
    days on market $139,900 Active 263 DOM
14. 2026-05-31
    days on market $139,900 Active 262 DOM
15. 2026-03-11
    price $139,900 1164-char remark

    Show marketing remark (1164 chars)

    This property has experienced freeze damage, which is reflected in the current asking price of $139,900. An estimate from a licensed plumbing and heating contractor places the cost of remediation between $8,500 and $11,500. Estimate documentation is available to qualified buyers upon request. Property is being sold “AS IS, ” presenting a great opportunity for investors, contractors, or buyers looking to build equity. This single-family home offers a spacious and functional layout with strong potential. The first floor features a bright kitchen with island and dining area, convenient first-floor laundry and half bath, and a dedicated storage room. The living room provides an open layout with additional space suitable for a media area or expanded seating. The second level includes a primary bedroom suite with full bath, walk-in closet, and private enclosed back porch, along with a second bedroom, a ¾ bath, and a flexible office or den area. Situated on a corner lot, the property offers a deck, storage shed, ample off-street parking, and mountain views. Outdoor enthusiasts will appreciate direct ATV trail access from the property.

16. 2026-02-18
    price $172,000 1164-char remark

    Show marketing remark (1164 chars)

    This property has experienced freeze damage, which is reflected in the current asking price of $139,900. An estimate from a licensed plumbing and heating contractor places the cost of remediation between $8,500 and $11,500. Estimate documentation is available to qualified buyers upon request. Property is being sold “AS IS, ” presenting a great opportunity for investors, contractors, or buyers looking to build equity. This single-family home offers a spacious and functional layout with strong potential. The first floor features a bright kitchen with island and dining area, convenient first-floor laundry and half bath, and a dedicated storage room. The living room provides an open layout with additional space suitable for a media area or expanded seating. The second level includes a primary bedroom suite with full bath, walk-in closet, and private enclosed back porch, along with a second bedroom, a ¾ bath, and a flexible office or den area. Situated on a corner lot, the property offers a deck, storage shed, ample off-street parking, and mountain views. Outdoor enthusiasts will appreciate direct ATV trail access from the property.

17. 2025-10-28
    price $189,000 1164-char remark

    Show marketing remark (1164 chars)

    This property has experienced freeze damage, which is reflected in the current asking price of $139,900. An estimate from a licensed plumbing and heating contractor places the cost of remediation between $8,500 and $11,500. Estimate documentation is available to qualified buyers upon request. Property is being sold “AS IS, ” presenting a great opportunity for investors, contractors, or buyers looking to build equity. This single-family home offers a spacious and functional layout with strong potential. The first floor features a bright kitchen with island and dining area, convenient first-floor laundry and half bath, and a dedicated storage room. The living room provides an open layout with additional space suitable for a media area or expanded seating. The second level includes a primary bedroom suite with full bath, walk-in closet, and private enclosed back porch, along with a second bedroom, a ¾ bath, and a flexible office or den area. Situated on a corner lot, the property offers a deck, storage shed, ample off-street parking, and mountain views. Outdoor enthusiasts will appreciate direct ATV trail access from the property.

18. 2025-09-11
    listed $197,000 Active 1164-char remark

    Show marketing remark (1164 chars)

    This property has experienced freeze damage, which is reflected in the current asking price of $139,900. An estimate from a licensed plumbing and heating contractor places the cost of remediation between $8,500 and $11,500. Estimate documentation is available to qualified buyers upon request. Property is being sold “AS IS, ” presenting a great opportunity for investors, contractors, or buyers looking to build equity. This single-family home offers a spacious and functional layout with strong potential. The first floor features a bright kitchen with island and dining area, convenient first-floor laundry and half bath, and a dedicated storage room. The living room provides an open layout with additional space suitable for a media area or expanded seating. The second level includes a primary bedroom suite with full bath, walk-in closet, and private enclosed back porch, along with a second bedroom, a ¾ bath, and a flexible office or den area. Situated on a corner lot, the property offers a deck, storage shed, ample off-street parking, and mountain views. Outdoor enthusiasts will appreciate direct ATV trail access from the property.

19. 2016-03-14
    price $78,000
20. 2009-05-12
    soldstatus $50,000
21. 2009-05-08
    soldstatus $50,000
22. 2008-04-06
    listed $55,000
23. 2004-08-19
    soldstatus $72,900
24. 2004-07-21
    listed $74,900

ⓘ 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: $3,965 · $330/mo
• Projected year-2 tax: $3,965 · $330/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 8 d/yr ≥88°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% 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: $22,349
• − Mortgage interest: −$7,837
• − Property taxes: −$3,965
• − Insurance: −$700
• − Repairs & maintenance: −$1,788
• − Management: −$1,788
• − Depreciation: −$4,070
• Taxable income: $2,203
• Est. tax owed @ 24.0%: −$529
• After-tax cash flow: $3,659/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: Berlin School District
• NCES district ID: 3301860
• Math proficiency: 24% ▼ -5.00%
• Reading proficiency: 30% ▼ -12.00%
• Median HH income: $37,494
• Composite: 22.5/100
• National rank: #8095
• State rank: #91 of 98 in NH

Livability — Berlin

• Score: 66/100
• State rank: #67
• US rank: #11665

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Berlin, NH
• City population: 9,473
• Population (ZIP): 9,473

Population outlook (Coos County) Hauer SSP2

• Today (2025): 30,912 people
• By 2030: 29,872 · -3.4%
• By 2040: 27,449 · -11.2%
• By 2050: 25,049 · -19.0%
• By 2075: 19,584 · -36.6%
• By 2100: 13,818 · -55.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 5% Black 4% Two or more races 4%
• Common ancestry: Lithuanian 21% German 2% Romanian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 88% English-only · French/Haitian/Cajun 8% Spanish 4%

Political lean MEDSL · Coos

• 2024 margin: R (+13.8) · D 42.7% · R 56.5%
• 2008→2024 swing: -32.1pp toward R · 2008: 18.3pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+5.9 2016: R+9.1 2012: D+17.6 2008: D+18.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 55.16%
• Current HPI: 440.9127
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+86.8% since first listed

10 events — show timeline

• 2026-03-11 Price Changed $139,900 PrimeMLS
• 2026-02-18 Price Changed $172,000 PrimeMLS
• 2025-10-28 Price Changed $189,000 PrimeMLS
• 2025-09-11 Listed $197,000 PrimeMLS
• 2016-03-14 Price Changed $78,000 PrimeMLS
• 2009-05-12 Sold (Public Records) $50,000 Public Records
• 2009-05-08 Sold (MLS) $50,000 PrimeMLS
• 2008-04-06 Listed $55,000 PrimeMLS
• 2004-08-19 Sold (MLS) $72,900 PrimeMLS
• 2004-07-21 Listed $74,900 PrimeMLS

Property tax history

+6.5%/yr

Latest (2025): $3,965 · +8.8% YoY. Source: county tax records.