189 Denmark St · Berlin, NH 03570

$149,000

3 bd · 1.5 ba · 1,505 sqft · SingleFamily public records · 80 Days on market

Built 1902 10,018 sqft lot $99/sqft · 14% below area Est $173k · 14% under

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Why this score? — see what drove the A- 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
• ARV discount +13.7/15.0
• 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

Listing remarks MLS

Charming 3-bedroom, 1.5-bath home offering plenty of space and character! Enjoy your mornings or unwind in the evenings on the amazing wrap-around porch—perfect for relaxing with a cup of coffee. Step inside to a spacious first floor featuring two comfortable living rooms (1 has a woodstove), a dining room, a functional kitchen, and a convenient half bath—ideal for both everyday living and entertaining. Upstairs, you’ll find three bedrooms and a full bath, providing a great layout for family or guests. Outside, the large detached 2-car garage offers ample storage and space for vehicles, hobbies, or toys. Cash or conventional financing only.

Key facts

• Functional kitchen
• Wrap-around porch
• Two living rooms

Tags

• WRAP-AROUND PORCH
• TWO LIVING ROOMS
• FUNCTIONAL KITCHEN
• LARGE DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $990 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $149k).
• Recommended offer: $140k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.3% 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: schools D, amenities F, commute 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.
• Market conditions: 100 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k 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 $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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 $50k; list at $149k implies a 195% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.88% ✓
• Cap rate: 14.27%
• Cash-on-cash: 28.47%
• DSCR: 2.27
• GRM: 4.4

CMA / ARV

• ARV (median comp): $172,849
• List price: $149,000
• Delta: -13.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
71 Denmark St	0.16mi	2/1.5 (-1)	1,413 (-6%)	1mo	$146,900	$104	76
40 12th St	0.52mi	3/1.5	1,363 (-9%)	1mo	$230,000	$169	59
539 Lincoln Ave	0.49mi	3/1.0	1,396 (-7%)	13mo	$295,000	$211	52
1816 Hutchins St	0.36mi	2/2.0 (-1)	1,288 (-14%)	5mo	$167,900	$130	48
216 Prospect St	0.69mi	3/1.0	1,728 (+15%)	2mo	$234,900	$136	40
59 12th St	0.50mi	2/1.0 (-1)	1,716 (+14%)	15mo	$165,000	$96	34
14 Grandview Dr	0.66mi	2/2.0 (-1)	1,722 (+14%)	7mo	$330,000	$192	32
28 Rheims St	0.58mi	4/1.0 (+1)	1,700 (+13%)	14mo	$280,000	$165	32
386 High St	0.75mi	4/1.5 (+1)	1,670 (+11%)	12mo	$170,000	$102	32
86 Spruce St	0.64mi	4/1.0 (+1)	1,279 (-15%)	8mo	$169,000	$132	32
418 High St	0.75mi	3/1.0	1,730 (+15%)	10mo	$151,000	$87	30
60 Poplar St	0.53mi	2/2.5 (-1)	1,296 (-14%)	18mo	$210,000	$162	28

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: 45.9%
• Equity multiple: 4.46×
• Total profit: $144,361
• Equity at exit: $134,231

10-year hold

• IRR: 39.9%
• Equity multiple: 10.01×
• Total profit: $375,855
• Equity at exit: $289,474

Cash invested: $41,720 (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: 100
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,800 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$379 /mo · $4,543/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $990

Break-even live

Break-even rent $1,547

Max offer price $149,000

Occupancy floor 60%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1878 Riverside Dr Berlin, NH	2.0	1.0	1396	$2,800	$2.01	44d	1	0.98mi

Listing history 18 events

1. 2026-06-18
   days on market $149,000 Active 80 DOM
2. 2026-06-17
   days on market $149,000 Active 79 DOM
3. 2026-06-16
   days on market $149,000 Active 78 DOM
4. 2026-06-15
   days on market $149,000 Active 77 DOM
5. 2026-06-13
   days on market $149,000 Active 75 DOM
6. 2026-06-12
   days on market $149,000 Active 74 DOM
7. 2026-06-09
   days on market $149,000 Active 71 DOM
8. 2026-06-08
   days on market $149,000 Active 70 DOM
9. 2026-06-07
   days on market $149,000 Active 69 DOM
10. 2026-06-07
    days on market $149,000 Active 68 DOM
11. 2026-06-04
    days on market $149,000 Active 65 DOM
12. 2026-06-02
    days on market $149,000 Active 64 DOM
13. 2026-06-01
    days on market $149,000 Active 63 DOM
14. 2026-05-31
    days on market $149,000 Active 62 DOM
15. 2026-03-30
    listed $149,000 Active 666-char remark

    Show marketing remark (666 chars)

    Charming 3-bedroom, 1.5-bath home offering plenty of space and character! Enjoy your mornings or unwind in the evenings on the amazing wrap-around porch—perfect for relaxing with a cup of coffee. Step inside to a spacious first floor featuring two comfortable living rooms (1 has a woodstove), a dining room, a functional kitchen, and a convenient half bath—ideal for both everyday living and entertaining. Upstairs, you’ll find three bedrooms and a full bath, providing a great layout for family or guests. Outside, the large detached 2-car garage offers ample storage and space for vehicles, hobbies, or toys. Cash or conventional financing only.

16. 2014-08-15
    soldstatus $50,500 395-char remark

    Show marketing remark (395 chars)

    Priced to SELL!! This lovely 3 bedroom, 1 1/2 bath home is situated on . 23 acres. Beautiful wrap around porch to sit and enjoy your morning coffee on. Spacious and bright kitchen, living room and dining room. Another room on the first floor could easily be made into another bedroom or office area. Vinyl windows, boiler and roof in excellent condition. Garage and workshop. A must see!! (1221)

17. 2014-08-15
    soldstatus $50,533

    Show marketing remark (395 chars)

    Priced to SELL!! This lovely 3 bedroom, 1 1/2 bath home is situated on . 23 acres. Beautiful wrap around porch to sit and enjoy your morning coffee on. Spacious and bright kitchen, living room and dining room. Another room on the first floor could easily be made into another bedroom or office area. Vinyl windows, boiler and roof in excellent condition. Garage and workshop. A must see!! (1221)

18. 2013-04-01
    listed $56,500 395-char remark

    Show marketing remark (395 chars)

    Priced to SELL!! This lovely 3 bedroom, 1 1/2 bath home is situated on . 23 acres. Beautiful wrap around porch to sit and enjoy your morning coffee on. Spacious and bright kitchen, living room and dining room. Another room on the first floor could easily be made into another bedroom or office area. Vinyl windows, boiler and roof in excellent condition. Garage and workshop. A must see!! (1221)

ⓘ 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: $4,543 · $379/mo
• Projected year-2 tax: $4,543 · $379/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 6/10 Major FEMA zone X (unshaded) · 57% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥88°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: $33,600
• − Mortgage interest: −$8,346
• − Property taxes: −$4,543
• − Insurance: −$745
• − Repairs & maintenance: −$2,688
• − Management: −$2,688
• − Depreciation: −$4,335
• Taxable income: $10,255
• Est. tax owed @ 24.0%: −$2,461
• After-tax cash flow: $9,418/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

+163.7% since first listed

4 events — show timeline

• 2026-03-30 Listed $149,000 PrimeMLS
• 2014-08-15 Sold (Public Records) $50,533 Public Records
• 2014-08-15 Sold (MLS) $50,500 PrimeMLS
• 2013-04-01 Listed $56,500 PrimeMLS

Property tax history

+2.3%/yr

Latest (2025): $4,543 · +8.8% YoY. Source: county tax records.