511 Goebel St · Berlin, NH 03570

$249,900

6 bd · 3.0 ba · 4,102 sqft · MultiFamily public records · 61 Days on market

Built 1934 4,791 sqft lot $61/sqft · 42% above area Est $175k · 42% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0

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

This versatile industrial-zoned multi-family property offers a rare combination of income potential and exceptional workspace. Featuring expansive garage space with oversized doors, this property is ideal for contractors, hobbyists, or anyone in need of substantial storage or a functional work area. The exterior showcases beautiful custom woodwork, highlighted on the inviting covered front porch, setting the tone for the craftsmanship found throughout. The second floor hosts a spacious and well-appointed 3-bedroom apartment, complete with warm wood finishes that create a comfortable, homey feel. On the first floor, you’ll find two studio apartments, offering flexible rental opportunit

Key facts

• Covered front porch
• Custom woodwork
• 4,791 sq ft lot

Tags

• EXPANSIVE GARAGE SPACE
• CUSTOM WOODWORK
• COVERED FRONT PORCH
• THREE BEDROOM APARTMENT
• TWO STUDIO APARTMENTS
• ADDITIONAL LAUNDRY AREA

Property features AI

Exterior

• Parking: 2-car garage; Driveway: gravel and paved
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Municipal trash service
• Home design: Multi-family building; Existing structure; Built in 1934
• Construction: Wood frame construction; Shingle roof; Year built 1934
• Exterior features: Neighborhood setting; Near trails and paths including snowmobile and ATV trails; Near hospital; Public road frontage (50 ft)

Interior

• Bedrooms: Three-unit property with two 1-bedroom units and one 3+ bedroom unit
• Bathrooms: Three full bathrooms (total for the building)
• Heating & cooling: Hot water heating; No central air
• Interior features: Unfinished walk-up basement; Circuit breaker electrical

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $250k).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 7.1% in Berlin — 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 66/100 on livability (#67 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing A-; Watch: amenities F, commute F, employment 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.
• Zoned schools: Berlin Elementary School (math 35% / reading 33%, grade F, #188 of 263 statewide, top 71%, 422 students, 62% FRL); Berlin Middle School (math 14% / reading 27%, grade F, #88 of 96 statewide, top 93%, 220 students, 47% FRL); Berlin Senior High School (math 27% / reading 32%, grade F, #82 of 90 statewide, top 91%, 368 students, 39% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: 102 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 $27k of equity ($2k loan paydown + $25k 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 $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y 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 $85k; list at $250k implies a 194% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $234,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.83% ✓
• Cap rate: 14.96%
• Cash-on-cash: 30.95%
• DSCR: 2.38
• GRM: 4.6

CMA / ARV

• ARV (median comp): $175,479
• List price: $249,900
• Delta: 42.41%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
724 Third Ave	0.61mi	7/3.0 (+1)	3,588 (-12%)	2mo	$200,000	$56	44

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: 47.9%
• Equity multiple: 4.59×
• Total profit: $251,177
• Equity at exit: $225,130

10-year hold

• IRR: 41.7%
• Equity multiple: 10.28×
• Total profit: $649,502
• Equity at exit: $485,501

Cash invested: $69,972 (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: 102
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $4,567 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$388 /mo · $4,660/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$959
• Net cashflow: $1,805

Break-even live

Break-even rent $2,282

Max offer price $249,900

Occupancy floor 55%

Sensitivity live

Price	-10% $1,946	-5% $1,876	+0% $1,805	+5% $1,734	+10% $1,664
Rent	-10% $1,444	-5% $1,625	+0% $1,805	+5% $1,985	+10% $2,166
Rate	-1.0pp $1,931	-0.5pp $1,869	base $1,805	+0.5pp $1,740	+1.0pp $1,674

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,719
▸ 2× units	0	1	$2,848
Total (3 units)			$4,567

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $249,900 Active 61 DOM
2. 2026-06-21
   days on market $249,900 Active 60 DOM
3. 2026-06-18
   days on market $249,900 Active 58 DOM
4. 2026-06-17
   days on market $249,900 Active 57 DOM
5. 2026-06-16
   days on market $249,900 Active 56 DOM
6. 2026-06-15
   days on market $249,900 Active 55 DOM
7. 2026-06-13
   days on market $249,900 Active 53 DOM
8. 2026-06-12
   days on market $249,900 Active 52 DOM
9. 2026-06-09
   days on market $249,900 Active 49 DOM
10. 2026-06-08
    days on market $249,900 Active 48 DOM
11. 2026-06-07
    days on market $249,900 Active 47 DOM
12. 2026-06-07
    days on market $249,900 Active 46 DOM
13. 2026-06-04
    days on market $249,900 Active 43 DOM
14. 2026-06-02
    days on market $249,900 Active 42 DOM
15. 2026-06-01
    days on market $249,900 Active 41 DOM
16. 2026-05-31
    days on market $249,900 Active 40 DOM
17. 2026-04-21
    listed $249,900 Active 1104-char remark
18. 2024-08-26
    price $240,000
19. 2004-08-19
    soldstatus $84,900
20. 2004-04-21
    listed $89,900

ⓘ 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: $4,660 · $388/mo
• Projected year-2 tax: $5,054 · $421/mo
• Expected delta: +$394/yr (+$33/mo · 8.5%)

ⓘ 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 ≥85°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $54,804
• − Mortgage interest: −$13,998
• − Property taxes: −$4,660
• − Insurance: −$1,250
• − Repairs & maintenance: −$4,384
• − Management: −$4,384
• − Depreciation: −$7,270
• Taxable income: $18,858
• Est. tax owed @ 24.0%: −$4,526
• After-tax cash flow: $17,134/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

+178.0% since first listed

4 events — show timeline

• 2026-04-21 Listed $249,900 PrimeMLS
• 2024-08-26 Price Changed $240,000 PrimeMLS
• 2004-08-19 Sold (MLS) $84,900 PrimeMLS
• 2004-04-21 Listed $89,900 PrimeMLS

Property tax history

+4.7%/yr

Latest (2025): $4,660 · -38.0% YoY. Source: county tax records.