358 Willard St · Berlin, NH 03570

$249,000

4 bd · 2.0 ba · 2,204 sqft · MultiFamily public records · 77 Days on market

Built 1921 5,227 sqft lot $113/sqft · 138% above area Est $181k · 37% 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 +22.2/30.0
• Appreciation +10.0/10.0
• DSCR +7.1/10.0
• 1% rule +6.8/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Income-Producing Two-Unit Property – Strong Cash Flow Opportunity Exceptional two-unit apartment building located in a desirable residential neighborhood. This well-maintained, fully up-to-code property offers excellent income potential and long-term stability, having remained in the same family ownership for nearly 60 years. The building consists of two separate units with individual electrical meters and breaker panels, allowing for simplified expense management. The first-floor main unit features two large bedrooms, hardwood floors throughout, a spacious living room, eat-in kitchen with pantry, full bathroom, and abundant closet space—ideal for owner occupancy or premium rental income. The second floor offers two oversized bedrooms, with private storage shed. A porch provides private access to the upper units, closed in and eliminating winter maintenance concerns from exterior stairways. The basement has dual access from both the bulkhead and interior stairway, adding flexibility and easy access appeal. A major value-added feature is the extensive garage and paved parking setup: a two-car garage detached with concrete floors, electronic overhead door, and walk-in access doorway. The fully paved yard provides ample parking and space for recreational vehicles, ATVs, or snow machines—an uncommon and desirable amenity for tenant. Low-maintenance vinyl siding on both the building and garages enhances durability and reduces operating costs. The stately façade and strong curb appeal further increase tenant demand and neighborhood value. This is a rare opportunity to acquire a stable, dual investment property with excellent infrastructure, strong rental flexibility, and long-term upside in a solid residential location.

Key facts

• 5,227 sq ft lot
• 2 garage spots
• Built 1921

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $249k.

Deal economics

• At list price, monthly cash flow is $404 ($5k/yr) — positive. Per door: $202/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $249k).
• Recommended offer: $234k (6.0% below list) — sets the bar for market timing.

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; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k 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 $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($234k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $234,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.18% ✓
• Cap rate: 8.24%
• Cash-on-cash: 6.95%
• DSCR: 1.31
• GRM: 7.1

CMA / ARV

• ARV (median comp): $181,209
• List price: $249,000
• Delta: 37.41%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
155 Washington St	0.27mi	5/2.0 (+1)	2,280 (+3%)	18mo	$198,000	$87	61
17 Hemlock Ln	0.64mi	5/2.0 (+1)	2,438 (+11%)	3mo	$139,000	$57	45

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: 29.4%
• Equity multiple: 3.32×
• Total profit: $161,513
• Equity at exit: $224,319

10-year hold

• IRR: 25.5%
• Equity multiple: 7.54×
• Total profit: $455,721
• Equity at exit: $483,752

Cash invested: $69,720 (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: 14.1×

Monthly cashflow live

• Estimated rent: $2,940 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$509 /mo · $6,108/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$617
• Net cashflow: $404

Break-even live

Break-even rent $2,429

Max offer price $249,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,940
Total (2 units)			$2,940

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $249,000 Active 77 DOM
2. 2026-06-17
   days on market $249,000 Active 76 DOM
3. 2026-06-16
   days on market $249,000 Active 75 DOM
4. 2026-06-15
   days on market $249,000 Active 74 DOM
5. 2026-06-13
   days on market $249,000 Active 72 DOM
6. 2026-06-12
   days on market $249,000 Active 71 DOM
7. 2026-06-09
   days on market $249,000 Active 68 DOM
8. 2026-06-08
   days on market $249,000 Active 67 DOM
9. 2026-06-07
   days on market $249,000 Active 66 DOM
10. 2026-06-07
    days on market $249,000 Active 65 DOM
11. 2026-06-04
    days on market $249,000 Active 62 DOM
12. 2026-06-02
    days on market $249,000 Active 61 DOM
13. 2026-06-01
    days on market $249,000 Active 60 DOM
14. 2026-05-31
    days on market $249,000 Active 59 DOM
15. 2026-04-02
    listed $249,000 Active 1768-char remark

    Show marketing remark (1768 chars)

    Income-Producing Two-Unit Property – Strong Cash Flow Opportunity Exceptional two-unit apartment building located in a desirable residential neighborhood. This well-maintained, fully up-to-code property offers excellent income potential and long-term stability, having remained in the same family ownership for nearly 60 years. The building consists of two separate units with individual electrical meters and breaker panels, allowing for simplified expense management. The first-floor main unit features two large bedrooms, hardwood floors throughout, a spacious living room, eat-in kitchen with pantry, full bathroom, and abundant closet space—ideal for owner occupancy or premium rental income. The second floor offers two oversized bedrooms, with private storage shed. A porch provides private access to the upper units, closed in and eliminating winter maintenance concerns from exterior stairways. The basement has dual access from both the bulkhead and interior stairway, adding flexibility and easy access appeal. A major value-added feature is the extensive garage and paved parking setup: a two-car garage detached with concrete floors, electronic overhead door, and walk-in access doorway. The fully paved yard provides ample parking and space for recreational vehicles, ATVs, or snow machines—an uncommon and desirable amenity for tenant. Low-maintenance vinyl siding on both the building and garages enhances durability and reduces operating costs. The stately façade and strong curb appeal further increase tenant demand and neighborhood value. This is a rare opportunity to acquire a stable, dual investment property with excellent infrastructure, strong rental flexibility, and long-term upside in a solid residential location.

ⓘ 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: $6,108 · $509/mo
• Projected year-2 tax: $6,108 · $509/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 8 d/yr ≥88°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $35,280
• − Mortgage interest: −$13,948
• − Property taxes: −$6,108
• − Insurance: −$1,245
• − Repairs & maintenance: −$2,822
• − Management: −$2,822
• − Depreciation: −$7,244
• Taxable income: $1,091
• Est. tax owed @ 24.0%: −$262
• After-tax cash flow: $4,587/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

1 event — show timeline

• 2026-04-02 Listed $249,000 PrimeMLS

Property tax history

+6.5%/yr

Latest (2025): $6,108 · +8.8% YoY. Source: county tax records.