227 Main St #328 · Lincoln, NH 03251

$515,000

3 bd · 3.0 ba · 1,822 sqft · Condo · 5 Days on market

Built 1987 $575/mo HOA · 4% of rent

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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
• ARV discount +7.5/15.0
• Appreciation +6.1/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Stunning 3-Bedroom + Loft Penthouse at The Nordic Inn - Breathtaking Views of South Peak-- Experience mountain living at its finest in this beautifully updated penthouse unit at The Nordic Inn, boasting some of the most inspiring views of South Peak at Loon Mountain. This spacious 3-bedroom, plus loft, unit is perfect for those who seek comfort, style, and adventure. The unit has been tastefully updated, featuring a cozy new gas stove in the living room, and modern LED ceiling lighting throughout the first level. Sold fully furnished, this turnkey property is ready for you to move in and start enjoying right away. The Nordic Inn offers outstanding amenities, including an indoor pool, jacuzzi, sauna, locker rooms, weight training facility, ski lockers, laundry room, and even an arcade for entertainment. With elevator access, convenience is at your fingertips. Located just minutes from world-class skiing at both Loon Mountain and Cannon Mountain, and across the street from some of the area's finest dining options, this penthouse is the perfect getaway for any season. Don’t miss your chance to own this mountain retreat in one of the most desirable locations in the White Mountains!

Key facts

• Private deck
• Hot tub
• Sauna

Tags

• OPEN LAYOUT
• GAS STOVE FIREPLACE
• PRIVATE DECK
• INDOOR POOL
• HOT TUB
• SAUNA

Property features AI

Finance

• HOA & community: Condo fee of $575 per month; Fee includes cable, landscaping, plowing, recreation, sewer, trash, water, condo association fee, and internet; Association amenities include exercise facility, indoor storage, elevator, indoor heated in-ground pool, sauna, and snow removal/trash removal

Exterior

• Utilities: Public water; Public sewer; Circuit breaker electrical service; High-speed internet available; Telephone available
• Home design: Condex style; Unit/lot number 328; Built in 1987
• Construction: Clapboard and wood exterior; Asphalt shingle roof
• Exterior features: Condo development; Common/shared driveway with right-of-way

Interior

• Kitchen: Dishwasher; Microwave; Gas range; Refrigerator
• Bedrooms: Three bedrooms — two with private baths
• Bathrooms: Three full bathrooms
• Heating & cooling: Propane heat; Electric heating
• Interior features: Six total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $515k.

Deal economics

• At list price, monthly cash flow is $7k ($79k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $515k).
• Cap rate 21.7% vs local median 5.9% in Lincoln — 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 (#57 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A-, housing A-; Watch: health & safety C-, amenities F, commute F.
• Lincoln-Woodstock School District (rural): math 40% / reading 40% proficiency, ranked #140 of 171 in NH (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lin-Wood Public School (Elem) (math 52% / reading 62%, grade C+, #56 of 263 statewide, top 22%, 112 students, 35% FRL) — zoned schools at 35% FRL track the district average.
• Zoned-school proficiency averages 57% at this address vs 40% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Lincoln-Woodstock School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 115 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($4k loan paydown + $11k appreciation (2.2% local appreciation)).
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $144k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 14y 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.

Recommended offer $515,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.64% ✓
• Cap rate: 21.72%
• Cash-on-cash: 55.10%
• DSCR: 3.45
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.19% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 59.2%
• Equity multiple: 4.21×
• Total profit: $462,682
• Equity at exit: $208,598

10-year hold

• IRR: 59.5%
• Equity multiple: 8.52×
• Total profit: $1,084,754
• Equity at exit: $304,642

Cash invested: $144,200 (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 03251

• Home prices YoY: 0.4%
• Active inventory: 115
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $13,614 medium
• Mortgage (P&I): −$2,701
• Tax est. 1.5%: −$644 /mo · $7,725/yr
• Insurance: −$215
• HOA: −$575
• Vacancy / Maint / Mgmt: −$2,859
• Net cashflow: $6,621

Break-even live

Break-even rent $5,233

Max offer price $515,000

Occupancy floor 46%

Sensitivity live

Price	-10% $6,977	-5% $6,799	+0% $6,621	+5% $6,443	+10% $6,265
Rent	-10% $5,545	-5% $6,083	+0% $6,621	+5% $7,158	+10% $7,696
Rate	-1.0pp $6,880	-0.5pp $6,752	base $6,621	+0.5pp $6,487	+1.0pp $6,351

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: $128,750
• Closing costs: $15,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Winter Way #4 Lincoln, NH	3.0	2.5	1443	$18,000	$12.47	44d	1	0.32mi
249 Pollard Rd Lincoln, NH	3.0	2.0	1652	$2,000	$1.21	45d	1	0.96mi

HOA detail condo

• Monthly dues: $575 · $6,900/yr
• Likely covers: gaspool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-21
   days on market $515,000 Active 5 DOM
2. 2026-06-18
   days on market $515,000 Active 3 DOM
3. 2026-06-17
   days on market $515,000 Active 2 DOM
4. 2026-06-16
   remarks 687-char remark
5. 2026-06-16
   listed $515,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $163,363
• − Mortgage interest: −$28,848
• − Property taxes: −$7,725
• − Insurance: −$2,575
• − Repairs & maintenance: −$13,069
• − Management: −$13,069
• − HOA: −$6,900
• − Depreciation: −$14,982
• Taxable income: $76,195
• Est. tax owed @ 24.0%: −$18,287
• After-tax cash flow: $61,161/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: Lincoln-Woodstock School District
• NCES district ID: 3304260
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $45,324
• Composite: 36.47/100
• National rank: #9328
• State rank: #140 of 171 in NH

Livability — Lincoln

• Score: 68/100
• State rank: #57
• US rank: #9736

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lincoln, NH
• Population (ZIP): 1,484

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 (86%)
• Race & ethnicity: White 86% Asian 12% Black 1%
• Common ancestry: Lithuanian 12% Slovak 6% Russian 3%
• Foreign-born: 12% · China, Canada, Vietnam
• Languages at home: 87% English-only · Chinese 10% French/Haitian/Cajun 1% Vietnamese 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: ▲ 2.19%
• Current HPI: 531.2395
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+186.1% since first listed

8 events — show timeline

• 2026-06-15 Listed $515,000 PrimeMLS
• 2024-12-13 Sold (MLS) $450,500 PrimeMLS
• 2024-10-28 Contingent — PrimeMLS
• 2024-10-24 Listed $424,900 PrimeMLS
• 2014-09-22 Sold (MLS) $194,000 PrimeMLS
• 2014-07-12 Listed $199,000 PrimeMLS
• 2012-09-26 Sold (MLS) $175,000 PrimeMLS
• 2012-08-12 Listed $180,000 PrimeMLS