322 High St · Berlin, NH 03570

$189,000

6 bd · 2.5 ba · 2,349 sqft · MultiFamily public records · 17 Days on market

Built 1910 4,791 sqft lot Est $134k · 41% 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

(869) 3 unit building, 2 means of egress, has undergone some recent work to the interior. Close to middle and high schools. Corner lot with parking at the rear of the building. Units are 2-3 bedroom and 1-2 bedroom apartments. Front and rear porches.

Key facts

• Two means of egress
• Corner lot
• 4,791 sq ft lot

Tags

• THREE UNIT APARTMENT BUILDING
• CORNER LOT
• AMPLE OFF STREET PARKING
• TWO MEANS OF EGRESS

Property features AI

Exterior

• Parking: Dirt driveway
• Utilities: Public water; Public sewer; Circuit breaker electric service; Municipal trash service; Cable and telephone available; High‑speed internet available
• Home design: Multi‑family property (3 units); Existing structure; Built in 1910
• Construction: Vinyl siding; Asphalt shingle roof; Constructed in 1910
• Exterior features: Corner lot in a neighborhood; Dirt driveway; Paved public road frontage (approximately 150' frontage)

Interior

• Kitchen: Dishwasher (in at least one unit)
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms; Unit 3: 2 bedrooms
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: Three full bathrooms (one in each unit)
• Heating & cooling: Baseboard heating; Hot water heating; No central air
• Interior features: Unfinished walkout basement with concrete floor, bulkhead, and basement stairs
• Laundry & utility: Laundry hookup in each unit

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath multifamily listed at $189k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $189k).
• Recommended offer: $186k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.4% 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 $20k of equity ($1k loan paydown + $19k 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 $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $13k; list at $189k implies a 1377% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $186,165 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.13% ✓
• Cap rate: 17.37%
• Cash-on-cash: 39.55%
• DSCR: 2.76
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $133,893
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
740 2Nd Ave	0.53mi	6/2.0	2,210 (-6%)	4mo	$47,000	$21	60
155 Washington St	0.28mi	5/2.0 (-1)	2,280 (-3%)	18mo	$198,000	$87	60
17 Hemlock Ln	0.57mi	5/2.0 (-1)	2,438 (+4%)	3mo	$139,000	$57	58
118 Jolbert St	0.58mi	5/2.0 (-1)	2,672 (+14%)	4mo	$150,000	$56	40

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: 54.9%
• Equity multiple: 5.05×
• Total profit: $214,150
• Equity at exit: $170,266

10-year hold

• IRR: 48.4%
• Equity multiple: 11.27×
• Total profit: $543,555
• Equity at exit: $367,185

Cash invested: $52,920 (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: 11.8×

Monthly cashflow live

• Estimated rent: $4,017 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$360 /mo · $4,314/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$844
• Net cashflow: $1,744

Break-even live

Break-even rent $1,809

Max offer price $189,000

Occupancy floor 52%

Sensitivity live

Price	-10% $1,851	-5% $1,798	+0% $1,744	+5% $1,691	+10% $1,637
Rent	-10% $1,427	-5% $1,585	+0% $1,744	+5% $1,903	+10% $2,061
Rate	-1.0pp $1,839	-0.5pp $1,792	base $1,744	+0.5pp $1,695	+1.0pp $1,645

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$4,017
Total (3 units)			$4,017

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $189,000 Active with Contract 17 DOM
2. 2026-06-21
   statusdays on market $189,000 Active with Contract 16 DOM
3. 2026-06-18
   days on market $189,000 Active 14 DOM
4. 2026-06-17
   days on market $189,000 Active 13 DOM
5. 2026-06-16
   days on market $189,000 Active 12 DOM
6. 2026-06-15
   days on market $189,000 Active 11 DOM
7. 2026-06-13
   days on market $189,000 Active 9 DOM
8. 2026-06-12
   days on market $189,000 Active 8 DOM
9. 2026-06-09
   days on market $189,000 Active 5 DOM
10. 2026-06-08
    days on market $189,000 Active 4 DOM
11. 2026-06-07
    days on market $189,000 Active 3 DOM
12. 2026-06-07
    remarks 699-char remark
13. 2026-06-07
    listed $189,000 Active 2 DOM

ⓘ 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: $4,314 · $360/mo
• Projected year-2 tax: $4,314 · $360/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 7 d/yr ≥85°F today · 17 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: $48,204
• − Mortgage interest: −$10,587
• − Property taxes: −$4,314
• − Insurance: −$945
• − Repairs & maintenance: −$3,856
• − Management: −$3,856
• − Depreciation: −$5,498
• Taxable income: $19,147
• Est. tax owed @ 24.0%: −$4,595
• After-tax cash flow: $16,333/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

+111.2% since first listed

7 events — show timeline

• 2026-06-03 Listed $189,000 PrimeMLS
• 2022-08-16 Price Changed $194,990 PrimeMLS
• 2012-05-11 Sold (MLS) $12,800 PrimeMLS
• 2012-02-28 Listed $11,900 PrimeMLS
• 2005-09-16 Sold (Public Records) $85,000 Public Records
• 2005-09-14 Sold (MLS) $85,000 PrimeMLS
• 2005-04-05 Listed $89,500 PrimeMLS

Property tax history

+13.8%/yr

Latest (2025): $4,314 · +8.8% YoY. Source: county tax records.