22 Tracy St · Lebanon, NH 03784

$600,000

6 bd · 2.5 ba · 3,526 sqft · MultiFamily public records · 102 Days on market

Built 1900 0.37 ac lot $170/sqft · 22% above area Est $490k · 22% over

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Why this score? — see what drove the D 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 +18.2/30.0
• DSCR +5.7/10.0
• 1% rule +5.3/10.0
• Schools +4.7/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Welcome to 22 Tracy Street in West Lebanon, New Hampshire. Well-maintained 3-unit multifamily offering an excellent opportunity for investors or owner-occupants alike. This property features three bright, sunny units with flexible living options. Ideally located close to shopping, dining, public transportation, and everyday amenities. Whether you're looking to add to your investment portfolio or live in one unit while generating rental income from the others, this property offers versatility and convenience in a desirable location. Tenant-occupied. Please do not disturb tenants.

Key facts

• 0.37 acre lot
• Built 1900
• Listed 101 days

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $538 ($6k/yr) — positive. Per door: $179/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $600k).
• Recommended offer: $546k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 2.6% in Lebanon — 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 (#59 in NH) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety D, amenities F, commute F.
• Lebanon School District (town): math 48% / reading 60% proficiency, ranked #26 of 98 in NH (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lebanon Middle School (math 41% / reading 59%, grade C, #22 of 96 statewide, top 23%, 471 students, 25% FRL); Lebanon High School (math 62% / reading 67%, grade B-, #14 of 90 statewide, top 17%, 598 students, 15% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: 19 active listings in the ZIP; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($546k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $600k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $546,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 1.03% ✓
• Cap rate: 7.37%
• Cash-on-cash: 3.84%
• DSCR: 1.17
• GRM: 8.1

CMA / ARV

• ARV (median comp): $490,000
• List price: $600,000
• Delta: 22.45%
• Verdict: OVERPRICED
• Comps: 5 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: 0.63×
• Total profit: $-62,769
• Equity at exit: $89,462

10-year hold

• IRR: -0.8%
• Equity multiple: 0.94×
• Total profit: $-9,673
• Equity at exit: $51,877

Cash invested: $168,000 (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 03784

• Home prices YoY: -15.4%
• Active inventory: 19
• Price-to-rent: 24.2×

Monthly cashflow live

• Estimated rent: $6,195 medium
• Mortgage (P&I): −$3,146
• Tax from tax record: −$960 /mo · $11,521/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,301
• Net cashflow: $538

Break-even live

Break-even rent $5,515

Max offer price $600,000

Occupancy floor 86%

Sensitivity live

Price	-10% $877	-5% $707	+0% $538	+5% $368	+10% $198
Rent	-10% $48	-5% $293	+0% $538	+5% $782	+10% $1,027
Rate	-1.0pp $840	-0.5pp $690	base $538	+0.5pp $382	+1.0pp $224

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.3	$6,195
Total (3 units)			$6,195

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $600,000 Active 102 DOM
2. 2026-06-18
   days on market $600,000 Active 101 DOM
3. 2026-06-17
   days on market $600,000 Active 100 DOM
4. 2026-06-16
   days on market $600,000 Active 99 DOM
5. 2026-06-15
   days on market $600,000 Active 98 DOM
6. 2026-06-14
   days on market $600,000 Active 96 DOM
7. 2026-06-12
   days on market $600,000 Active 95 DOM
8. 2026-06-09
   days on market $600,000 Active 92 DOM
9. 2026-06-08
   days on market $600,000 Active 91 DOM
10. 2026-06-07
    days on market $600,000 Active 90 DOM
11. 2026-06-03
    days on market $600,000 Active 86 DOM
12. 2026-06-02
    days on market $600,000 Active 85 DOM
13. 2026-06-01
    days on market $600,000 Active 84 DOM
14. 2026-05-31
    days on market $600,000 Active 83 DOM
15. 2026-05-30
    days on market $600,000 Active 82 DOM
16. 2026-03-09
    listed $600,000 Active 585-char remark

    Show marketing remark (585 chars)

    Welcome to 22 Tracy Street in West Lebanon, New Hampshire. Well-maintained 3-unit multifamily offering an excellent opportunity for investors or owner-occupants alike. This property features three bright, sunny units with flexible living options. Ideally located close to shopping, dining, public transportation, and everyday amenities. Whether you're looking to add to your investment portfolio or live in one unit while generating rental income from the others, this property offers versatility and convenience in a desirable location. Tenant-occupied. Please do not disturb tenants.

17. 2018-03-14
    soldstatus $150,000 Closed
18. 2017-12-05
    historical Active with Contract
19. 2017-10-13
    price $285,000
20. 2017-07-16
    listed $420,000 Active

ⓘ 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: $11,521 · $960/mo
• Projected year-2 tax: $12,300 · $1,025/mo
• Expected delta: +$780/yr (+$65/mo · 6.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $74,340
• − Mortgage interest: −$33,609
• − Property taxes: −$11,521
• − Insurance: −$3,000
• − Repairs & maintenance: −$5,947
• − Management: −$5,947
• − Depreciation: −$17,455
• Taxable loss: −$3,139
• Est. tax savings @ 24.0%: +$753
• After-tax cash flow: $7,203/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: Lebanon School District
• NCES district ID: 3304230
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $56,648
• Composite: 46.7/100
• National rank: #2401
• State rank: #26 of 98 in NH

Livability — Lebanon

• Score: 68/100
• State rank: #59
• US rank: #9879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, NH
• City population: 11,195
• Population (ZIP): 4,057

Population outlook (Grafton County) Hauer SSP2

• Today (2025): 88,798 people
• By 2030: 87,131 · -1.9%
• By 2040: 82,000 · -7.7%
• By 2050: 77,064 · -13.2%
• By 2075: 68,769 · -22.6%
• By 2100: 61,631 · -30.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Asian 13% Two or more races 4%
• Common ancestry: Lithuanian 8% Slovak 4% Romanian 2%
• Foreign-born: 10% · China, Canada, South Korea
• Languages at home: 84% English-only · French/Haitian/Cajun 3% Chinese 3% Arabic 3%

Political lean MEDSL · Grafton

• 2024 margin: D (+19.9) · D 59.4% · R 39.4% · Other 1.2%
• 2008→2024 swing: -7.8pp toward R · 2008: 27.7pp · 2024: 19.9pp
• All cycles: 2024: D+19.9 2020: D+24.6 2016: D+19.0 2012: D+23.8 2008: D+27.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.24%
• Current HPI: 336.0048
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+42.9% since first listed

5 events — show timeline

• 2026-03-09 Listed $600,000 PrimeMLS
• 2018-03-14 Sold (MLS) $150,000 PrimeMLS
• 2017-12-05 Contingent — PrimeMLS
• 2017-10-13 Price Changed $285,000 PrimeMLS
• 2017-07-16 Listed $420,000 PrimeMLS

Property tax history

+4.0%/yr

Latest (2025): $11,521 · +26.3% YoY. Source: county tax records.