368 Stage Rd · Raymond, NH 03291

$399,000

3 bd · 1.0 ba · 3,123 sqft · MultiFamily · 15 Days on market

Built 1824 Fair condition 1.49 ac 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 +16.2/30.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• DSCR +5.0/10.0
• Appreciation +5.0/10.0
• 1% rule +4.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Historic mixed-use investment and redevelopment opportunity in the heart of West Nottingham. Formerly home to the well-known Demmons Store, this landmark property has served the community for generations and continues to house the local Post Office within the building. Once a stagecoach stop and then a recognizable gathering place and longtime centerpiece of the village, the property offers a unique blend of history, visibility, and future potential. The building includes commercial space along with a 3 bedroom residential apartment and presents a rare opportunity for investors, developers, entrepreneurs, or preservation-minded buyers. Whether your vision is to revitalize the storefront, ma

Key facts

• Historic property
• Prominent location
• Commercial space

Tags

• MIXED-USE INVESTMENT
• REDEVELOPMENT OPPORTUNITY
• HISTORIC PROPERTY
• COMMERCIAL SPACE
• RESIDENTIAL APARTMENT
• PROMINENT LOCATION

Property features AI

Finance

• Other: Total finished area reported (approximate); Total of 3 residential units with one unit on month-to-month lease

Exterior

• Parking: Paved driveway
• Utilities: Drilled well and dug well water sources; Private sewer; Electric service with circuit breakers; Other utilities reported
• Home design: Colonial-style multi-unit building (3 units total); Existing construction
• Construction: Wood-frame construction; Shingle (asphalt) roof; Built in 1824
• Exterior features: Corner lot; Paved, public road frontage (road frontage length reported)

Interior

• Bedrooms: Unit 1 has 3 bedrooms
• Bathrooms: Unit 1 has 1 bathroom; Property contains one full bath in a unit
• Heating & cooling: Oil heating; Wall air conditioning units (no central AC)
• Interior features: Full, unfinished basement with interior access; 6 total rooms in Unit 1

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $399k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $213 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $376k (5.8% below list).
• Recommended offer: $376k (5.8% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 1.6% in Raymond — 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 67/100 on livability (#63 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A, health & safety A; Watch: schools C-, amenities F, commute F.
• Nottingham School District (rural): math 61% / reading 62% proficiency, ranked #14 of 98 in NH (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: 2 active listings in the ZIP; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($3k loan paydown + $12k appreciation (3.0% local appreciation)).
• At projected returns (3.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1824 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $376,000 (5.8% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1824 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.94% ✗
• Cap rate: 6.93%
• Cash-on-cash: 2.29%
• DSCR: 1.10
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 9.6%
• Equity multiple: 1.55×
• Total profit: $61,688
• Equity at exit: $179,408

10-year hold

• IRR: 12.0%
• Equity multiple: 2.80×
• Total profit: $200,732
• Equity at exit: $276,489

Cash invested: $111,720 (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 03291

• Active inventory: 2
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $3,760 medium
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$790
• Net cashflow: $213

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 89%

Sensitivity live

Price	-10% $489	-5% $351	+0% $213	+5% $75	+10% $-63
Rent	-10% $-84	-5% $64	+0% $213	+5% $362	+10% $510
Rate	-1.0pp $414	-0.5pp $314	base $213	+0.5pp $110	+1.0pp $4

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,760
Total (2 units)			$3,760

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $399,000 Active 15 DOM
2. 2026-06-18
   days on market $399,000 Active 13 DOM
3. 2026-06-17
   days on market $399,000 Active 12 DOM
4. 2026-06-16
   days on market $399,000 Active 11 DOM
5. 2026-06-15
   days on market $399,000 Active 10 DOM
6. 2026-06-13
   days on market $399,000 Active 8 DOM
7. 2026-06-12
   days on market $399,000 Active 7 DOM
8. 2026-06-09
   days on market $399,000 Active 4 DOM
9. 2026-06-08
   days on market $399,000 Active 3 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $399,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $45,120
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$3,610
• − Management: −$3,610
• − Depreciation: −$11,607
• Taxable loss: −$4,037
• Est. tax savings @ 24.0%: +$969
• After-tax cash flow: $3,525/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant repairs and maintenance, including a new roof, exterior painting, HVAC replacement, and landscaping. While it has historical charm, the current condition detracts from its value. Investing in these improvements will significantly enhance its resale and rental potential.

Repairs flagged

• Major roof — Signs of significant damage
• Major exterior siding — Severe peeling
• Major HVAC/mechanicals — Exposed and possibly outdated
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both repair roof — Fixing the roof will improve both resale and rental value
• Both paint exterior — Fresh paint will enhance curb appeal and attract potential buyers
• Both replace HVAC — Upgrading HVAC will improve comfort and energy efficiency
• Both landscape — A well-maintained landscape will increase curb appeal and attract potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of significant damage	Major	$15,000–50,000
exterior siding · Severe peeling	Major	$15,000–50,000
HVAC/mechanicals · Exposed and possibly outdated	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both repair roof — Fixing the roof will improve both resale and rental value ↑
• Both paint exterior — Fresh paint will enhance curb appeal and attract potential buyers ↑
• Both replace HVAC — Upgrading HVAC will improve comfort and energy efficiency ↑
• Both landscape — A well-maintained landscape will increase curb appeal and attract potential buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Nottingham School District
• NCES district ID: 3305460
• Math proficiency: 61% ▼ -9.00%
• Reading proficiency: 62% ▼ -7.00%
• Median HH income: $88,533
• Composite: 56.01/100
• National rank: #1192
• State rank: #14 of 98 in NH

Livability — Raymond

• Score: 67/100
• State rank: #63
• US rank: #10832

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

No demographic data for this ZIP.

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-05 Listed $399,000 PrimeMLS