147 Hanover St · Lebanon, NH 03766

$1,200,000

7 bd · 7.0 ba · 3,992 sqft · MultiFamily public records · 52 Days on market

Built 1890 0.53 ac lot Est $978k · 23% 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 +25.8/30.0
• DSCR +8.6/10.0
• 1% rule +6.4/10.0
• Schools +4.7/10.0
• Rent growth +4.2/5.0
• Livability +3.4/5.0
• 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 (5+ Unit). Listing-text estimate: 6 units. confirmed

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

Well-maintained and thoughtfully updated, this fully leased 6-unit multifamily property offers a rare opportunity to own in highly desirable downtown Lebanon. With strong rental history and stable occupancy, this turnkey investment provides immediate income in an unbeatable location. The building features five one-bedroom units and one two-bedroom unit, offering an appealing mix for a broad tenant base. Units have been well cared for, and the property reflects consistent upkeep and ongoing improvements. A two-car garage adds additional value and convenience. Ideally situated within walking distance to Hanover Street School, Lebanon High School, public transportation, and Colburn Park, the l

Key facts

• Fully leased
• Downtown amenities
• Turnkey investment

Tags

• FULLY LEASED
• TURNKEY INVESTMENT
• TWO CAR GARAGE
• MINUTES TO DARTMOUTH COLLEGE
• DOWNTOWN AMENITIES
• SHOPS

What this means for you Summary

Snapshot

• This is a 5×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $484/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.20M).
• Recommended offer: $1.16M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 2.2% 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: Hanover Street School (math 57% / reading 62%, grade B-, #42 of 263 statewide, top 19%, 328 students, 29% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 43 active listings in the ZIP; solid renter incomes; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• At $13,678/mo this rent would consume 163% of the median local household income ($101k/yr) (locally 488% 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 $8k of loan paydown is wiped out by about $36k 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.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $336k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.
• 4 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 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,164,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.14% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.38%
• DSCR: 1.46
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $978,040
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
147 Hanover St	0.00mi	7/6.0	3,992 (0%)	1mo	$980,000	$245	95
20 Summer St	0.23mi	7/4.0	3,551 (-11%)	3mo	$810,000	$228	57
31 Bank St	0.49mi	7/4.0	3,491 (-13%)	20mo	$965,000	$276	27

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 · 6.6% rent growth · sell at horizon

5-year hold

• IRR: 3.1%
• Equity multiple: 1.12×
• Total profit: $41,958
• Equity at exit: $178,924

10-year hold

• IRR: 15.8%
• Equity multiple: 2.49×
• Total profit: $501,613
• Equity at exit: $103,754

Cash invested: $336,000 (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 03766

• Home prices YoY: -10.6%
• Rents YoY: 6.6%
• Active inventory: 43
• Price-to-rent: 44.7×

Monthly cashflow live

• Estimated rent: $13,678 medium
• Mortgage (P&I): −$6,293
• Tax from tax record: −$1,106 /mo · $13,275/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,872
• Net cashflow: $2,906

Break-even live

Break-even rent $9,999

Max offer price $1,200,000

Occupancy floor 74%

Sensitivity live

Price	-10% $3,586	-5% $3,246	+0% $2,906	+5% $2,567	+10% $2,227
Rent	-10% $1,826	-5% $2,366	+0% $2,906	+5% $3,447	+10% $3,987
Rate	-1.0pp $3,511	-0.5pp $3,212	base $2,906	+0.5pp $2,595	+1.0pp $2,279

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$11,185
1× unit	2	1	$2,494
Total (6 units)			$13,678

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-06
   status Pending
2. 2026-02-12
   listed $1,200,000 Active
3. 2024-05-09
   historical $2,700
4. 2024-04-26
   listed $2,700
5. 2024-04-07
   historical $1,450
6. 2024-04-07
   historical $1,450
7. 2024-04-06
   listed $1,450
8. 2024-03-13
   listed $2,700

ⓘ 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: $13,275 · $1,106/mo
• Projected year-2 tax: $19,718 · $1,643/mo
• Expected delta: +$6,442/yr (+$537/mo · 48.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $164,136
• − Mortgage interest: −$67,219
• − Property taxes: −$13,275
• − Insurance: −$6,000
• − Repairs & maintenance: −$13,131
• − Management: −$13,131
• − Depreciation: −$34,909
• Taxable income: $16,471
• Est. tax owed @ 24.0%: −$3,953
• After-tax cash flow: $30,924/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
• County: Grafton County · 11,195 people
• City population: 11,195
• Metro: Lebanon, NH-VT
• Population (ZIP): 11,195
• Household income: $100,881
• Rent vs Own: 47.6% rent · 52.4% own
• Severe rent burden: 488.0

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 (87%)
• Race & ethnicity: White 87% Asian 5% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 9% Slovak 4% Romanian 4%
• Foreign-born: 9% · China, Canada
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 1%

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: ▼ -43.72%
• Current HPI: 368.6264
• Rent YoY: ▲ 6.60%
• Metro: Lebanon, NH-VT
• State GDP YoY: —
• F500 in state: 0

Price history

+44344.4% since first listed

8 events — show timeline

• 2026-04-06 Pending — PrimeMLS
• 2026-02-12 Listed $1,200,000 PrimeMLS
• 2024-05-09 Rental Removed $2,700 APPFOLIO
• 2024-04-26 Listed for Rent $2,700 APPFOLIO
• 2024-04-07 Rental Removed $1,450 APPFOLIO
• 2024-04-07 Rental Removed $1,450 APPFOLIO
• 2024-04-06 Listed for Rent $1,450 APPFOLIO
• 2024-03-13 Listed for Rent $2,700 APPFOLIO

Property tax history

+3.3%/yr

Latest (2025): $13,275 · +12.8% YoY. Source: county tax records.