358 Willard St

Berlin, NH 03570

$249,000C

4 bd · 2.0 ba · 2,204 sqft · Built 1921 · MultiFamily · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,940/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$613
• HOA: −$0
• Vac / Maint / Mgmt: −$617
• Net cashflow: $404/mo
• Annual: $4,849/yr
• Cap rate: 8.24%
• Cash-on-cash: 6.95%
• DSCR: 1.31
• 1% rule: 1.18%
• Cash to close: $69,720

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $249k.
• 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).
• It's been on market 77 days — a 6% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $234k (6.0% below list) — sets the bar for market timing.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 100 active listings in the ZIP; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.