39 Church St · Lebanon, NH 03766

$420,000

4 bd · 2.0 ba · 1,862 sqft · MultiFamily public records · 7 Days on market

Built 1860 9,583 sqft lot Est $391k · 7% 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 +23.9/30.0
• DSCR +7.7/10.0
• 1% rule +6.7/10.0
• Schools +4.7/10.0
• ARV discount +4.2/15.0
• Rent growth +4.2/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

GREAT 2 FAMILY, WALK TO TOWN. UPSTAIRS VACANT SO COUND BE OWNER OCCUPIED AND HAVE RENT TO HELP WITH MORTGAGE OR GOOD INVESTMENT WITH MOST UPDATING ALREADY DONE. OWNER IS A NH LICENCED REAL ESTATE AGENT.

Key facts

• Downtown amenities
• One-car garage
• Two-unit multifamily

Tags

• TWO-UNIT MULTIFAMILY
• ONE-CAR GARAGE
• FUNCTIONAL FLOOR PLAN
• GENEROUS BEDROOM COUNT
• DOWNTOWN AMENITIES
• I-89

Property features AI

Finance

• Other: Total finished area reported as 1862
• Financial info: Operating expenses include insurance, maintenance, snow removal, trash, and water/sewer; Property configured as two rental units with annual leases

Exterior

• Parking: Detached or attached 1-car garage (1-car garage capacity)
• Utilities: Public water; Public sewer; High-speed internet available
• Home design: Multi-family building; Existing structure; Built in 1860
• Construction: Wood frame construction; Slate roof; Built in 1860
• Exterior features: Level lot in town; Gravel driveway; Public road frontage

Interior

• Kitchen: Water heater (gas)
• Bedrooms: Two 2-bedroom units (Unit 1 on level 1, Unit 2 on level 2)
• Flooring: Hardwood; Laminate; Vinyl plank
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Propane heating; Direct vent heating; Hot water heating; No central cooling
• Interior features: Basement present with interior access; Basement is partial with dirt floor
• Laundry & utility: Utilities include public water and public sewer; Electric service with circuit breakers

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $757 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $420k).
• Cap rate 8.6% 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: Rents rising fast (+6.6%/yr); 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• At $4,894/mo this rent would consume 58% 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 $3k of loan paydown is wiped out by about $13k 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 $118k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y 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: flood insurance adds $56/mo; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $420,000

Questions for the listing agent

1. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.17% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.29%
• DSCR: 1.37
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $391,020
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Parkhurst St	0.37mi	4/3.0	1,674 (-10%)	10mo	$352,000	$210	53

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: -0.3%
• Equity multiple: 0.99×
• Total profit: $-1,254
• Equity at exit: $62,623

10-year hold

• IRR: 13.0%
• Equity multiple: 2.22×
• Total profit: $143,006
• Equity at exit: $36,314

Cash invested: $117,600 (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: 14.3×

Monthly cashflow live

• Estimated rent: $4,894 medium
• Mortgage (P&I): −$2,203
• Tax from tax record: −$676 /mo · $8,110/yr
• Insurance: −$175
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,028
• Net cashflow: $757

Break-even live

Break-even rent $3,935

Max offer price $420,000

Occupancy floor 80%

Sensitivity live

Price	-10% $995	-5% $876	+0% $757	+5% $638	+10% $520
Rent	-10% $371	-5% $564	+0% $757	+5% $951	+10% $1,144
Rate	-1.0pp $969	-0.5pp $864	base $757	+0.5pp $649	+1.0pp $538

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,894
Total (2 units)			$4,894

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3 Kinne St Unit A Lebanon, NH	3.0	1.0	1400	$3,200	$2.29	45d	1	1.18mi

Listing history 6 events

1. 2026-06-16
   status $420,000 Pending 7 DOM
2. 2026-06-15
   days on market $420,000 Active 7 DOM
3. 2026-06-14
   days on market $420,000 Active 5 DOM
4. 2026-06-12
   days on market $420,000 Active 4 DOM
5. 2026-06-09
   remarks 693-char remark
6. 2026-06-09
   listed $420,000 Active 1 DOM

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

Tax reassessment forecast NH · Partial reset (capped growth)

• Current annual tax: $8,110 · $676/mo
• Projected year-2 tax: $8,633 · $719/mo
• Expected delta: +$523/yr (+$44/mo · 6.4%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 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: $58,728
• − Mortgage interest: −$23,527
• − Property taxes: −$8,110
• − Insurance: −$2,766
• − Repairs & maintenance: −$4,698
• − Management: −$4,698
• − Depreciation: −$12,218
• Taxable income: $2,710
• Est. tax owed @ 24.0%: −$650
• After-tax cash flow: $8,438/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

+148.5% since first listed

9 events — show timeline

• 2026-06-08 Listed $420,000 PrimeMLS
• 2020-05-04 Sold (Public Records) $525,000 Public Records
• 2020-05-04 Sold (Public Records) $525,000 Public Records
• 2004-03-31 Sold (MLS) $189,000 PrimeMLS
• 2004-01-12 Listed $189,000 PrimeMLS
• 2003-09-25 Sold (MLS) $160,000 PrimeMLS
• 2003-09-22 Sold (MLS) $160,000 PrimeMLS
• 2002-10-02 Listed $169,000 PrimeMLS
• 2002-10-02 Listed $169,000 PrimeMLS

Property tax history

+4.9%/yr

Latest (2025): $8,110 · +6.9% YoY. Source: county tax records.