646 Maple St · Manchester, NH 03104

$725,000

8 bd · 3.0 ba · 4,578 sqft · MultiFamily public records · 10 Days on market

Built 1920 6,098 sqft lot Est $742k · at est.

---

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 +21.2/30.0
• ARV discount +8.5/15.0
• DSCR +6.7/10.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Charming, character-filled 3-family on a quiet corner lot beside Oak Park and Wagner Park! With over 4,500 sq. ft, this beautifully maintained property offers space, warmth, and timeless appeal. Each unit features stunning original woodwork, built-ins, and elegant glass panel doors that add to the home’s unique charm. The first offers 3 bedrooms and 1.5 baths with hardwood floors and updated kitchens featuring cherry cabinets and newer appliances. The second floor has 3 bedrooms and 1.75 baths. The third floor includes 2 bedrooms and 1 bath with bright, spacious rooms. Enjoy the convenience of off-street parking, a large basement with 1-car garage access, and separate utilities for ad

Key facts

• Quiet corner lot
• Large basement
• Glass panel doors

Tags

• QUIET CORNER LOT
• ORIGINAL WOODWORK
• BUILT-INS
• GLASS PANEL DOORS
• OFF-STREET PARKING
• LARGE BASEMENT

Property features AI

Exterior

• Parking: Detached or attached garage with space for 1 car
• Utilities: Public sewer; Public water; Electric service with circuit breakers; Cable internet available
• Home design: Multi-family building; Existing construction; Slate grey exterior color
• Construction: Built in 1920; Wood frame construction; Slate roof
• Exterior features: City lot; Paved driveway

Interior

• Bedrooms: Three 3-bedroom units; One 2-bedroom unit
• Bathrooms: Three full bathrooms across the building (unit breakdown below); Unit 1: 2 baths; Unit 2: 2 baths; Unit 3: 1 bath
• Heating & cooling: Heating: Natural gas and oil with baseboard heat; No central air
• Interior features: Full basement with both interior and exterior (walkout) access; Concrete basement

What this means for you Summary

Snapshot

• This is a 3 × 3.0-bed/1.5-bath units multifamily listed at $725k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $348/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $725k).
• Cap rate 8.0% vs local median 3.1% in Manchester — 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 83/100 on livability (#10 in NH, #879 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Manchester School District (urban): math 14% / reading 27% proficiency, ranked #96 of 98 in NH (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Smyth Road School (math 17% / reading 32%, grade F, #230 of 263 statewide, top 91%, 426 students, 36% FRL).
• Market conditions: Rents soft (-0.3%/yr); 100 active listings in the ZIP; solid renter incomes; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• At $7,467/mo this rent would consume 101% of the median local household income ($89k/yr) (locally 1606% 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 $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $725,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.03% ✓
• Cap rate: 8.02%
• Cash-on-cash: 6.17%
• DSCR: 1.27
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $741,636
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
646 Maple St	0.00mi	8/3.0	4,578 (0%)	0mo	$660,000	$144	100
280 Pearl St	0.25mi	8/3.0	4,566 (-0%)	19mo	$720,000	$158	72
284 Lowell St	0.44mi	9/3.0 (+1)	4,590 (+0%)	12mo	$745,000	$162	64
304 Amherst St	0.52mi	7/4.0 (-1)	4,454 (-3%)	18mo	$670,000	$150	47
20-22 Buzzell St	0.51mi	8/3.0	3,921 (-14%)	11mo	$726,500	$185	43
520 Beech St #0022	0.50mi	7/4.0 (-1)	4,244 (-7%)	16mo	$820,000	$193	42

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.64×
• Total profit: $-72,867
• Equity at exit: $108,100

10-year hold

• IRR: -5.4%
• Equity multiple: 0.69×
• Total profit: $-62,347
• Equity at exit: $62,685

Cash invested: $203,000 (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 03104

• Rents YoY: -0.3%
• Active inventory: 100
• Price-to-rent: 24.3×

Monthly cashflow live

• Estimated rent: $7,467 high
• Mortgage (P&I): −$3,802
• Tax from tax record: −$751 /mo · $9,013/yr
• Insurance: −$302
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,568
• Net cashflow: $1,044

Break-even live

Break-even rent $6,146

Max offer price $725,000

Occupancy floor 81%

Sensitivity live

Price	-10% $1,454	-5% $1,249	+0% $1,044	+5% $839	+10% $633
Rent	-10% $454	-5% $749	+0% $1,044	+5% $1,339	+10% $1,634
Rate	-1.0pp $1,409	-0.5pp $1,228	base $1,044	+0.5pp $856	+1.0pp $665

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

Units	Beds	Baths	Est. rent
▸ 3× units	3.0	1.5	$7,467
Total (3 units)			$7,467

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: $181,250
• Closing costs: $21,750
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-10
   status Pending
2. 2026-03-31
   listed $725,000 Active
3. 2026-03-30
   historical $725,000
4. 2026-03-30
   listed $725,000 Active

ⓘ 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: $9,013 · $751/mo
• Projected year-2 tax: $12,409 · $1,034/mo
• Expected delta: +$3,396/yr (+$283/mo · 37.7%)

ⓘ 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 4/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $89,604
• − Mortgage interest: −$40,611
• − Property taxes: −$9,013
• − Insurance: −$3,625
• − Repairs & maintenance: −$7,168
• − Management: −$7,168
• − Depreciation: −$21,091
• Taxable income: $927
• Est. tax owed @ 24.0%: −$223
• After-tax cash flow: $12,303/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: Manchester School District
• NCES district ID: 3304590
• Math proficiency: 14% ▼ -10.00%
• Reading proficiency: 27% ▼ -6.00%
• Median HH income: $54,096
• Composite: 18.67/100
• National rank: #8886
• State rank: #96 of 98 in NH

Livability — Manchester

• Score: 83/100
• State rank: #10
• US rank: #879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, NH
• County: Hillsborough County · 309,362 people
• City population: 110,172
• Metro: Manchester-Nashua, NH
• Population (ZIP): 35,237
• Household income: $88,897
• Rent vs Own: 46.1% rent · 53.9% own
• Severe rent burden: 1606.0

Population outlook (Hillsborough County) Hauer SSP2

• Today (2025): 412,771 people
• By 2030: 410,974 · -0.4%
• By 2040: 399,959 · -3.1%
• By 2050: 381,542 · -7.6%
• By 2075: 339,855 · -17.7%
• By 2100: 289,270 · -29.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 10% Two or more races 9% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 1%
• Common ancestry: Lithuanian 11% Romanian 5% Slovak 3%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 2% French/Haitian/Cajun 2%

Political lean MEDSL · Hillsborough

• 2024 margin: Toss-up / Even · D 50.9% · R 48.0% · Other 1.0%
• 2008→2024 swing: -0.9pp no change · 2008: 3.8pp · 2024: 2.9pp
• All cycles: 2024: D+2.9 2020: D+7.7 2016: R+0.2 2012: D+1.7 2008: D+3.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -313.01%
• Current HPI: 347.713
• Rent YoY: ▼ -0.27%
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

4 events — show timeline

• 2026-04-10 Pending — PrimeMLS
• 2026-03-31 Listed $725,000 PrimeMLS
• 2026-03-30 Coming Soon $725,000 PrimeMLS
• 2026-03-30 Listed $725,000 PrimeMLS

Property tax history

+3.6%/yr

Latest (2024): $9,013 · +3.8% YoY. Source: county tax records.