47 South St

Concord, NH 03301

$849,000C

None bd · 5.0 ba · 5,104 sqft · Built 1880 · MultiFamily · Active · 210 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,750/mo
• Mortgage (P&I): −$4,452
• Tax + insurance: −$1,415
• HOA: −$0
• Vac / Maint / Mgmt: −$2,258
• Net cashflow: $2,625/mo
• Annual: $31,503/yr
• Cap rate: 10.00%
• Cash-on-cash: 13.25%
• DSCR: 1.59
• 1% rule: 1.27%
• Cash to close: $237,720

Investor read

• This is a ?-bed/5.0-bath multifamily listed at $849k. Condition is rated fair.
• 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).
• It's been on market 210 days — a 12% lower offer ($747k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $747k (12.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• 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.
• Cap rate 10.0% vs local median 2.1% 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.
• 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.

Questions for listing agent

• It's been on market 210 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

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