612 Winona Rd · Center Harbor, NH 03226

$175,000

2 bd · 1.0 ba · 675 sqft · Other public records · 12 Days on market

Built 1965 0.56 ac lot $259/sqft · 53% below area ↓ 9% since listing

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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 +22.4/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• DSCR +7.2/10.0
• Appreciation +5.9/10.0
• Schools +4.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Discover the charm of lakeside living on beautiful Lake Winona. This 2-bedroom, 1-bath cottage sits of a 0.56+/- acre lot and has 90'+/- owned waterfront, offering direct access to one of the Lakes Region’s most peaceful 148-acre freshwater lakes. Enjoy boating, fishing, swimming, kayaking, paddleboarding, and canoeing right from your own shoreline. Lake Winona is an incredibly peaceful and quiet lake where you frequently hear the songs of the loons. The cottage does not have a functioning septic system. State and town approved septic design for 2500 gallon holding tank available and will need to be installed by new owner, location must be in location of garage per septic plan. Condit

Key facts

• 0.56 acre lot
• Garage
• Built 1965

Property features AI

Finance

• Other: Documents available: Deed, Plot Plan, Property Disclosure, Septic Design, Tax Map

Exterior

• Parking: 1-car garage
• Utilities: On-site well; On-site septic (septic design available); Electric service via NH Elec Coop with circuit breakers; Propane (LP/Bottle) gas service; Dead River fuel; No internet service listed
• Home design: Cottage/Camp style; Gray exterior
• Construction: Built in 1965; Vinyl siding and other exterior materials; Metal and shingle roof
• Exterior features: Lake frontage on Winona Lake (directly adjoining); Waterfront with exclusive waterfront rights; Wetlands on the lot; Paved, public maintained road access; Gravel driveway

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Softwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Gas stove heating
• Interior features: 4 total rooms; Softwood flooring
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $175k.

Deal economics

• At list price, monthly cash flow is $292 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Inter-Lakes School District (rural): math 40% / reading 51% proficiency, ranked #50 of 98 in NH (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Inter-Lakes Elementary School (math 46% / reading 45%, grade D-, #124 of 263 statewide, top 47%, 401 students, 34% FRL).
• Market conditions: 11 active listings in the ZIP; 301 units permitted in Belknap County in 2024 (32 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.8% local appreciation)).
• Belknap County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 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: property tax is 2.8% of price.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,000

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.22% ✓
• Cap rate: 8.29%
• Cash-on-cash: 7.14%
• DSCR: 1.32
• GRM: 6.8

CMA / ARV

• ARV (median comp): $369,320
• List price: $175,000
• Delta: -52.62%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

1.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.1%
• Equity multiple: 1.59×
• Total profit: $29,107
• Equity at exit: $67,307

10-year hold

• IRR: 14.2%
• Equity multiple: 2.87×
• Total profit: $91,786
• Equity at exit: $95,621

Cash invested: $49,000 (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 03226

• Home prices YoY: 0.5%
• Active inventory: 11
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,135 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$404 /mo · $4,851/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $292

Break-even live

Break-even rent $1,766

Max offer price $175,000

Occupancy floor 81%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-14
   status Pending 785-char remark
2. 2026-05-14
   status Pending 785-char remark
3. 2026-05-13
   status Active 785-char remark
4. 2026-05-13
   status Active 785-char remark
5. 2026-05-10
   status Pending 785-char remark
6. 2026-05-10
   status Pending 785-char remark
7. 2026-04-29
   listed $175,000 Active 785-char remark
8. 2026-04-29
   listed $175,000 Active 785-char remark

ⓘ 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: $4,851 · $404/mo
• Projected year-2 tax: $4,851 · $404/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 7/10 Severe 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% 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: $25,619
• − Mortgage interest: −$9,803
• − Property taxes: −$4,851
• − Insurance: −$875
• − Repairs & maintenance: −$2,049
• − Management: −$2,049
• − Depreciation: −$5,091
• Taxable income: $900
• Est. tax owed @ 24.0%: −$216
• After-tax cash flow: $3,284/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: Inter-Lakes School District
• NCES district ID: 3303960
• Math proficiency: 40% ▼ -14.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $59,674
• Composite: 39.94/100
• National rank: #3844
• State rank: #50 of 98 in NH

Livability — Center Harbor

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 998

Population outlook (Belknap County) Hauer SSP2

• Today (2025): 60,702 people
• By 2030: 60,353 · -0.6%
• By 2040: 58,264 · -4.0%
• By 2050: 54,533 · -10.2%
• By 2075: 45,622 · -24.8%
• By 2100: 33,772 · -44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 9% Slovak 7% Russian 3%
• Foreign-born: 3% · Canada

Political lean MEDSL · Belknap

• 2024 margin: R (+13.1) · D 43.1% · R 56.1%
• 2008→2024 swing: -14.2pp toward R · 2008: 1.2pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+10.4 2016: R+16.8 2012: R+5.0 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.82%
• Current HPI: 384.1938
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-8.6% since first listed

5 events — show timeline

• 2026-06-05 Sold (MLS) $160,000 PrimeMLS
• 2026-05-14 Pending — PrimeMLS
• 2026-05-13 Relisted — PrimeMLS
• 2026-05-10 Pending — PrimeMLS
• 2026-04-29 Listed $175,000 PrimeMLS

Property tax history

+3.4%/yr

Latest (2025): $4,851 · +10.8% YoY. Source: county tax records.