74 S State St · Concord, NH 03301

$850,000

5 bd · 5.5 ba · 3,368 sqft · MultiFamily public records · 3 Days on market

Built 1880 7,405 sqft lot

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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 +21.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.5/10.0
• Livability +4.5/5.0
• Rent growth +3.4/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

This 5-Unit Residential building located in the heart of Concord offers a mix of 2-two-bedroom and 3-one-bedroom units. Each unit is equipped with the essential amenities and designed for low-maintenance living. Building has some off-street parking and on-property laundry facilities. Close to Downtown and major roadways. Great investment opportunity.

Key facts

• Major roadways
• Off-street parking
• Close to downtown

Tags

• OFF-STREET PARKING
• ON-PROPERTY LAUNDRY FACILITIES
• CLOSE TO DOWNTOWN
• MAJOR ROADWAYS
• INVESTMENT OPPORTUNITY

Property features AI

Finance

• Other: Total of 5 units: three 1-bed units and two 2-bed units; units are occupied month-to-month
• Financial info: Operating expenses include heat, insurance, utilities, and water/sewer

Exterior

• Parking: 1-car garage; Shared/common driveway
• Utilities: Public sewer; Public water; Electric service with circuit breakers (Unitil); Gas on-site (Liberty Utilities); Cable available and internet via cable (xFinity/Comcast); telephone available; municipal trash
• Home design: Multi-family building; Existing construction; White exterior color
• Construction: Built in 1880; Wood frame construction with aluminum siding; Asphalt shingle roof
• Exterior features: Corner city lot, landscaped, level with sidewalks; near hospital; paved public road frontage (approximately 57'); Common/shared dirt driveway

Interior

• Kitchen: Unit 1: Range (electric), refrigerator; Unit 2: Range (gas), refrigerator; Unit 3: Range (electric), refrigerator; Unit 4: Range (gas), refrigerator; Unit 5: Electric cooktop, refrigerator
• Bedrooms: Unit 1: 2 bedrooms (level 1); Unit 2: 1 bedroom (level 1, studio style); Unit 3: 2 bedrooms (level 2); Unit 4: 1 bedroom (level 2); Unit 5: 1 bedroom (basement level)
• Flooring: Carpet, ceramic tile, vinyl, vinyl plank, and wood flooring throughout
• Bathrooms: Three full bathrooms in the building total; Unit 1: 2 baths; Unit 2: 1 bath; Unit 3: 1 bath; Unit 4: 1 bath; Unit 5: 1 bath
• Heating & cooling: Natural gas heating with steam system; heat included in individual units; No central cooling
• Interior features: Walkout basement with exterior access, bulkhead, dirt floor, sump pump; basement houses apartments and has no tenant access
• Laundry & utility: Water heater; Heat included in units (see heating section)

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 3×1bd/1ba units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $260/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $850k).
• Cap rate 8.1% vs local median 2.0% in Concord — 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 91/100 on livability (#2 in NH, #60 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Concord School District (town): math 27% / reading 47% proficiency, ranked #71 of 98 in NH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Abbot-Downing School (math 27% / reading 42%, grade F, #179 of 263 statewide, top 71%, 342 students, 29% FRL) — zoned schools at 29% FRL track the district average.
• Market conditions: Rents rising (+3.7%/yr); 89 active listings in the ZIP; solid renter incomes; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).
• At $8,951/mo this rent would consume 124% of the median local household income ($87k/yr) (locally 1312% 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 $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $850,000

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 1880 — 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: 1.05% ✓
• Cap rate: 8.13%
• Cash-on-cash: 6.56%
• DSCR: 1.29
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $562,456
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17 Shawmut St	0.36mi	5/2.0	3,296 (-2%)	1mo	$550,000	$167	65

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 · 3.71% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-48,351
• Equity at exit: $126,738

10-year hold

• IRR: 5.1%
• Equity multiple: 1.39×
• Total profit: $91,709
• Equity at exit: $73,492

Cash invested: $238,000 (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 03301

• Home prices YoY: -30.6%
• Rents YoY: 3.7%
• Active inventory: 89
• Price-to-rent: 36.9×

Monthly cashflow live

• Estimated rent: $8,951 medium
• Mortgage (P&I): −$4,457
• Tax from tax record: −$958 /mo · $11,501/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,880
• Net cashflow: $1,301

Break-even live

Break-even rent $7,304

Max offer price $850,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,842
▸ 3× units	1	1	$5,109
Total (5 units)			$8,951

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-02
   status $850,000 Pending 3 DOM
2. 2026-06-01
   days on market $850,000 Active 3 DOM
3. 2026-05-31
   days on market $850,000 Active 2 DOM
4. 2026-05-29
   listed $850,000 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: $11,501 · $958/mo
• Projected year-2 tax: $15,016 · $1,251/mo
• Expected delta: +$3,514/yr (+$293/mo · 30.6%)

ⓘ 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 ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% 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: $107,412
• − Mortgage interest: −$47,613
• − Property taxes: −$11,501
• − Insurance: −$4,250
• − Repairs & maintenance: −$8,593
• − Management: −$8,593
• − Depreciation: −$24,727
• Taxable income: $2,135
• Est. tax owed @ 24.0%: −$512
• After-tax cash flow: $15,102/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: Concord School District
• NCES district ID: 3302460
• Math proficiency: 27% ▼ -21.00%
• Reading proficiency: 47% ▼ -12.00%
• Median HH income: $55,419
• Composite: 32.45/100
• National rank: #5719
• State rank: #71 of 98 in NH

Livability — Concord

• Score: 91/100
• State rank: #2
• US rank: #60

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Concord, NH
• County: Merrimack County · 65,598 people
• City population: 33,995
• Metro: Concord, NH
• Population (ZIP): 33,995
• Household income: $86,840
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 1312.0

Population outlook (Merrimack County) Hauer SSP2

• Today (2025): 151,287 people
• By 2030: 151,867 · +0.4%
• By 2040: 149,927 · -0.9%
• By 2050: 144,081 · -4.8%
• By 2075: 132,018 · -12.7%
• By 2100: 111,733 · -26.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Hispanic / Latino 4% Asian 4%
• Common ancestry: Lithuanian 12% Romanian 3% Slovak 3%
• Foreign-born: 9% · Canada, India
• Languages at home: 90% English-only · Spanish 2% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Merrimack

• 2024 margin: Lean D (+5.2) · D 52.1% · R 46.9% · Other 1.0%
• 2008→2024 swing: -8.7pp toward R · 2008: 13.9pp · 2024: 5.2pp
• All cycles: 2024: D+5.2 2020: D+9.8 2016: D+3.1 2012: D+12.7 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.92%
• Current HPI: 367.965
• Rent YoY: ▲ 3.71%
• Metro: Concord, NH
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-29 Listed $850,000 PrimeMLS

Property tax history

+4.7%/yr

Latest (2025): $11,501 · +3.3% YoY. Source: county tax records.