47 South St · Concord, NH 03301

$849,000

None bd · 5.0 ba · 5,104 sqft · MultiFamily · 208 Days on market

Built 1880 Fair condition 4,356 sqft lot $166/sqft · 27% above area Est $667k · 27% over

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Why this score? — see what drove the C 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 +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• Livability +4.5/5.0
• Rent growth +3.4/5.0
• Schools +3.2/10.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

"Mixed use", multi family with 4 apartments and 1 commercial unit/store, this property has gone through many improvements, some increased rents. and is now ready for new ownership. The commercial space (store) is now vacant and ready for immediate occupancy.

Key facts

• 4,356 sq ft lot
• 3 garage spots
• Built 1880

What this means for you Summary

Snapshot

• This is a ?-bed/5.0-bath multifamily listed at $849k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $849k).
• Recommended offer: $747k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 2.0% in Concord — 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 91/100 on livability (#2 in NH, #60 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Concord School District (town): math 27% / reading 47% proficiency, ranked #71 of 98 in NH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 89 active listings in the ZIP; solid renter incomes; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).
• At $10,750/mo this rent would consume 149% of the median local household income ($87k/yr) (locally 1312% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k 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 + 3.7% rent growth), your $238k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 208 days — a 12% lower offer ($747k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $747,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 208 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 1.27% ✓
• Cap rate: 10.00%
• Cash-on-cash: 13.25%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (median comp): $667,467
• List price: $849,000
• Delta: 27.20%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10-12 S State St	0.36mi	8/5.0	5,123 (+0%)	12mo	$715,000	$140	72
21-23 Fayette St	0.27mi	—/6.0	4,760 (-7%)	13mo	$625,000	$131	61
113 School St	0.58mi	—/6.0	5,312 (+4%)	15mo	$790,000	$149	50
39 Rumford St	0.58mi	6/5.0	4,358 (-15%)	19mo	$800,000	$184	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.71% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.16×
• Total profit: $37,525
• Equity at exit: $126,589

10-year hold

• IRR: 14.2%
• Equity multiple: 2.18×
• Total profit: $280,833
• Equity at exit: $73,406

Cash invested: $237,720 (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 03301

• Home prices YoY: -30.6%
• Rents YoY: 3.7%
• Active inventory: 89
• Price-to-rent: 32.9×

Monthly cashflow live

• Estimated rent: $10,750 high
• Mortgage (P&I): −$4,452
• Tax est. 1.5%: −$1,061 /mo · $12,735/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,258
• Net cashflow: $2,625

Break-even live

Break-even rent $7,427

Max offer price $849,000

Occupancy floor 71%

Sensitivity live

Price	-10% $3,212	-5% $2,919	+0% $2,625	+5% $2,332	+10% $2,039
Rent	-10% $1,776	-5% $2,201	+0% $2,625	+5% $3,050	+10% $3,475
Rate	-1.0pp $3,053	-0.5pp $2,841	base $2,625	+0.5pp $2,405	+1.0pp $2,181

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$10,750
Total (5 units)			$10,750

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: $212,250
• Closing costs: $25,470
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $849,000 Active 208 DOM
2. 2026-06-18
   days on market $849,000 Active 207 DOM
3. 2026-06-17
   days on market $849,000 Active 206 DOM
4. 2026-06-16
   days on market $849,000 Active 205 DOM
5. 2026-06-15
   days on market $849,000 Active 204 DOM
6. 2026-06-14
   days on market $849,000 Active 202 DOM
7. 2026-06-13
   days on market $849,000 Active 201 DOM
8. 2026-06-10
   days on market $849,000 Active 199 DOM
9. 2026-06-09
   days on market $849,000 Active 198 DOM
10. 2026-06-08
    days on market $849,000 Active 197 DOM
11. 2026-06-07
    days on market $849,000 Active 196 DOM
12. 2026-06-05
    days on market $849,000 Active 193 DOM
13. 2026-06-02
    days on market $849,000 Active 191 DOM
14. 2026-06-01
    days on market $849,000 Active 190 DOM
15. 2026-05-31
    days on market $849,000 Active 189 DOM
16. 2026-05-30
    days on market $849,000 Active 188 DOM
17. 2026-03-12
    price $849,000 269-char remark

    Show marketing remark (269 chars)

    "Mixed use", multi family with 4 apartments and 1 commercial unit/store, this property has gone through many improvements, some increased rents. and is now ready for new ownership. The commercial space (store) is now vacant and ready for immediate occupancy.

18. 2025-11-22
    listed $869,000 Active 269-char remark

    Show marketing remark (269 chars)

    "Mixed use", multi family with 4 apartments and 1 commercial unit/store, this property has gone through many improvements, some increased rents. and is now ready for new ownership. The commercial space (store) is now vacant and ready for immediate occupancy.

19. 2025-02-10
    soldstatus $750,000 Closed 236-char remark

    Show marketing remark (236 chars)

    Opportunity awaits with this 4 unit apartment building with 1 commercial space located at street level. The commercial space is currently being used as a family run neighborhood grocery store that has been in business for generations.

20. 2024-12-06
    historical Active with Contract 236-char remark

    Show marketing remark (236 chars)

    Opportunity awaits with this 4 unit apartment building with 1 commercial space located at street level. The commercial space is currently being used as a family run neighborhood grocery store that has been in business for generations.

21. 2024-11-21
    price $999,500 236-char remark

    Show marketing remark (236 chars)

    Opportunity awaits with this 4 unit apartment building with 1 commercial space located at street level. The commercial space is currently being used as a family run neighborhood grocery store that has been in business for generations.

22. 2024-11-09
    price $999,900 236-char remark

    Show marketing remark (236 chars)

    Opportunity awaits with this 4 unit apartment building with 1 commercial space located at street level. The commercial space is currently being used as a family run neighborhood grocery store that has been in business for generations.

23. 2024-10-01
    listed $799,999 Active 236-char remark

    Show marketing remark (236 chars)

    Opportunity awaits with this 4 unit apartment building with 1 commercial space located at street level. The commercial space is currently being used as a family run neighborhood grocery store that has been in business for generations.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $129,000
• − Mortgage interest: −$47,557
• − Property taxes: −$12,735
• − Insurance: −$4,245
• − Repairs & maintenance: −$10,320
• − Management: −$10,320
• − Depreciation: −$24,698
• Taxable income: $19,125
• Est. tax owed @ 24.0%: −$4,590
• After-tax cash flow: $26,913/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.

Condition & rehab AI · 11 photos

Fair 45/100 Moderate rehab

The property is in fair condition with moderate repairs needed, primarily focusing on exterior and HVAC maintenance. Upgrading the exterior and HVAC can significantly enhance its value for both resale and rental.

Repairs flagged

• Moderate Exterior paint — Weathered and may need repainting.
• Minor Roof inspection — No visible damage, but may need inspection for minor issues.

Value-add opportunities

• Both Painting and minor repairs to exterior — Enhances both resale and rental value by improving curb appeal and overall condition.
• Rental HVAC maintenance — Ensures the property is ready for tenants and improves comfort and energy efficiency.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior paint · Weathered and may need repainting.	Moderate	$3,000–15,000
Roof inspection · No visible damage, but may need inspection for minor issues.	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both Painting and minor repairs to exterior — Enhances both resale and rental value by improving curb appeal and overall condition. ↑
• Rental HVAC maintenance — Ensures the property is ready for tenants and improves comfort and energy efficiency. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Concord School District
• NCES district ID: 3302460
• Math proficiency: 27% ▼ -21.00%
• Reading proficiency: 47% ▼ -12.00%
• Median HH income: $55,419
• Composite: 32.45/100
• National rank: #5719
• State rank: #71 of 98 in NH

Livability — Concord

• Score: 91/100
• State rank: #2
• US rank: #60

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Concord, NH
• County: Merrimack County · 65,598 people
• City population: 33,995
• Metro: Concord, NH
• Population (ZIP): 33,995
• Household income: $86,840
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 1312.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Hispanic / Latino 4% Asian 4%
• Common ancestry: Lithuanian 12% Romanian 3% Slovak 3%
• Foreign-born: 9% · Canada, India
• Languages at home: 90% English-only · Spanish 2% Other Indo-European 2% 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: ▼ -161.92%
• Current HPI: 367.965
• Rent YoY: ▲ 3.71%
• Metro: Concord, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+6.1% since first listed

7 events — show timeline

• 2026-03-12 Price Changed $849,000 PrimeMLS
• 2025-11-22 Listed $869,000 PrimeMLS
• 2025-02-10 Sold (MLS) $750,000 PrimeMLS
• 2024-12-06 Contingent — PrimeMLS
• 2024-11-21 Price Changed $999,500 PrimeMLS
• 2024-11-09 Price Changed $999,900 PrimeMLS
• 2024-10-01 Listed $799,999 PrimeMLS