185 Park St · Berlin, NH 03570

$240,000

6 bd · 3.0 ba · 2,590 sqft · MultiFamily public records · 289 Days on market

Built 1900 4,791 sqft lot $93/sqft · 35% above area Est $177k · 35% over

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Why this score? — see what drove the B 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
• 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
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

This 3 unit multi has spacious 2 bedroom apts. First floor unit is currently vacant to allow potential buyer an immediate owner occupancy option. Split living room space on this level allows for potential 3rd bedroom use . Second floor is rented and 3rd floor needs some work. Hardwood floors and some rooms have ceiling fans. Laundry hookups in apts. 4 year old oil heating system covers 1st and 2nd fl and 3rd floor is electric heat. Mt views from upper levels. Front and back porches. ATV directly from the property. "

Key facts

• Oil heating system
• Multi unit
• Hardwood floors

Tags

• MULTI UNIT
• OWNER OCCUPANCY OPTION
• SPLIT LIVING ROOM SPACE
• HARDWOOD FLOORS
• LAUNDRY HOOKUPS
• OIL HEATING SYSTEM

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $518/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.1% 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: 102 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 $26k of equity ($2k loan paydown + $24k 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 $67k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 289 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; list at $240k implies a 140% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $211,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 289 days. Have you received any prior offers? Is the seller open to a 12% 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 1900 — 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: 1.71% ✓
• Cap rate: 14.06%
• Cash-on-cash: 27.73%
• DSCR: 2.23
• GRM: 4.9

CMA / ARV

• ARV (median comp): $177,152
• List price: $240,000
• Delta: 35.48%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 Jolbert St	0.49mi	5/2.0 (-1)	2,672 (+3%)	4mo	$150,000	$56	59
17 Hemlock Ln	0.60mi	5/2.0 (-1)	2,438 (-6%)	3mo	$139,000	$57	51
740 2Nd Ave	0.45mi	6/2.0	2,210 (-15%)	4mo	$47,000	$21	47
155 Washington St	0.23mi	5/2.0 (-1)	2,280 (-12%)	18mo	$198,000	$87	45
835 Western Ave	0.71mi	7/2.0 (+1)	2,692 (+4%)	8mo	$185,000	$69	44

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: 45.3%
• Equity multiple: 4.42×
• Total profit: $229,703
• Equity at exit: $216,211

10-year hold

• IRR: 39.3%
• Equity multiple: 9.91×
• Total profit: $598,811
• Equity at exit: $466,267

Cash invested: $67,200 (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: 102
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $4,101 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$328 /mo · $3,938/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$861
• Net cashflow: $1,553

Break-even live

Break-even rent $2,135

Max offer price $240,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,689	-5% $1,621	+0% $1,553	+5% $1,485	+10% $1,417
Rent	-10% $1,229	-5% $1,391	+0% $1,553	+5% $1,715	+10% $1,877
Rate	-1.0pp $1,674	-0.5pp $1,614	base $1,553	+0.5pp $1,491	+1.0pp $1,428

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,101
Total (3 units)			$4,101

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $240,000 Active 289 DOM
2. 2026-06-21
   days on market $240,000 Active 288 DOM
3. 2026-06-18
   days on market $240,000 Active 286 DOM
4. 2026-06-17
   days on market $240,000 Active 285 DOM
5. 2026-06-16
   days on market $240,000 Active 284 DOM
6. 2026-06-15
   days on market $240,000 Active 283 DOM
7. 2026-06-13
   days on market $240,000 Active 281 DOM
8. 2026-06-12
   days on market $240,000 Active 280 DOM
9. 2026-06-09
   days on market $240,000 Active 277 DOM
10. 2026-06-08
    days on market $240,000 Active 276 DOM
11. 2026-06-07
    days on market $240,000 Active 275 DOM
12. 2026-06-07
    days on market $240,000 Active 274 DOM
13. 2026-06-04
    days on market $240,000 Active 271 DOM
14. 2026-06-02
    days on market $240,000 Active 270 DOM
15. 2026-06-01
    days on market $240,000 Active 269 DOM
16. 2026-05-31
    days on market $240,000 Active 268 DOM
17. 2025-09-05
    listed $240,000 Active 526-char remark

    Show marketing remark (526 chars)

    This 3 unit multi has spacious 2 bedroom apts. First floor unit is currently vacant to allow potential buyer an immediate owner occupancy option. Split living room space on this level allows for potential 3rd bedroom use . Second floor is rented and 3rd floor needs some work. Hardwood floors and some rooms have ceiling fans. Laundry hookups in apts. 4 year old oil heating system covers 1st and 2nd fl and 3rd floor is electric heat. Mt views from upper levels. Front and back porches. ATV directly from the property. "

18. 2021-12-30
    soldstatus $100,000

ⓘ 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: $3,938 · $328/mo
• Projected year-2 tax: $4,585 · $382/mo
• Expected delta: +$647/yr (+$54/mo · 16.4%)

ⓘ 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: $49,212
• − Mortgage interest: −$13,444
• − Property taxes: −$3,938
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,937
• − Management: −$3,937
• − Depreciation: −$6,982
• Taxable income: $15,775
• Est. tax owed @ 24.0%: −$3,786
• After-tax cash flow: $14,851/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

+140.0% since first listed

2 events — show timeline

• 2025-09-05 Listed $240,000 PrimeMLS
• 2021-12-30 Sold (Public Records) $100,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $3,938 · +8.8% YoY. Source: county tax records.