38 Railroad St · Charlestown, NH 03603

$875,000

9 bd · 10.0 ba · 4,506 sqft · MultiFamily public records · 230 Days on market

Built 1850 0.55 ac lot

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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
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 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

Unique opportunity for right buyer offering a 10 unit multifamily property in down town Charlestown NH property is fully occupied and road frontage on Depot st and Railroad st . Tenants pay own lights and rest is included in the rent . Need notice to tenants to show property . Sits on a half acre lot with plenty of parking and easy access to I-91 short drive to Keene NH, Springfield VT . Pictures are from before tenants moved in and property is fully occupied. Seller is offering 10,000.00 at closing towards updates.

Key facts

• Multifamily property
• Plenty of parking
• Road frontage

Tags

• MULTIFAMILY PROPERTY
• FULLY OCCUPIED
• ROAD FRONTAGE
• HALF ACRE LOT
• PLENTY OF PARKING
• EASY ACCESS TO I-91

Property features AI

Exterior

• Parking: Driveway parking
• Utilities: Public water; Public sewer; Circuit breaker electrical service; DSL and cable internet available
• Home design: Multi-family property; Existing structure; Grey exterior
• Construction: Wood frame construction; Asphalt shingle roof; Originally built in 1850
• Exterior features: Level lot; Gravel driveway; Paved, publicly maintained road frontage (approximately 290 feet)

Interior

• Bedrooms: Building contains ten residential units (eight 1-bedroom units and two 2-bedroom units)
• Heating & cooling: Hot water heating; No central air cooling
• Interior features: Full unfinished basement with interior access

What this means for you Summary

Snapshot

• This is a 10 × 1-bed/?-bath units multifamily listed at $875k.

Deal economics

• At list price, monthly cash flow is $5k ($61k/yr) — positive. Per door: $506/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $875k).
• Recommended offer: $770k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 3.4% in Charlestown — 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 71/100 on livability (#39 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, employment A; Watch: housing D, health & safety D, amenities F.
• Fall Mountain Regional School District (rural): math 32% / reading 47% proficiency, ranked #65 of 98 in NH (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Charlestown Primary School (math 27% / reading 32%, grade F, #201 of 263 statewide, top 82%, 218 students, 47% FRL) — zoned schools average 47% FRL vs 29% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 98 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $94k of equity ($6k loan paydown + $88k appreciation (10.0% local appreciation)).
• Sullivan County population projected at -20% 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 $245k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$150k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 230 days — a 12% lower offer ($770k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $104k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $770,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 230 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 1850 — 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. 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.
8. 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.
9. 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: 1.61% ✓
• Cap rate: 13.23%
• Cash-on-cash: 24.79%
• DSCR: 2.10
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.9%
• Equity multiple: 4.26×
• Total profit: $799,073
• Equity at exit: $788,269

10-year hold

• IRR: 37.1%
• Equity multiple: 9.57×
• Total profit: $2,100,096
• Equity at exit: $1,699,933

Cash invested: $245,000 (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 03603

• Home prices YoY: 8.6%
• Active inventory: 35
• Price-to-rent: 51.9×

Monthly cashflow live

• Estimated rent: $14,061 medium
• Mortgage (P&I): −$4,589
• Tax from tax record: −$1,094 /mo · $13,133/yr
• Insurance: −$365
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,953
• Net cashflow: $5,061

Break-even live

Break-even rent $7,655

Max offer price $875,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 10× units	1	—	$14,060
Total (10 units)			$14,061

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: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-04-27
   status Pending
2. 2026-02-23
   price $875,000
3. 2026-01-08
   price $899,000
4. 2025-11-15
   price $925,000
5. 2025-11-15
   status Active
6. 2025-06-03
   status Pending
7. 2025-05-22
   price $949,000
8. 2025-05-20
   price $975,000
9. 2025-03-28
   listed $979,000 Active
10. 2024-04-10
    historical $850
11. 2024-03-26
    listed $850
12. 2024-03-14
    historical $1,050
13. 2023-11-24
    listed $1,050
14. 2023-10-21
    historical $1,100
15. 2023-09-09
    listed $1,100
16. 2023-08-11
    historical
17. 2023-08-10
    listed

ⓘ 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: $13,133 · $1,094/mo
• Projected year-2 tax: $16,104 · $1,342/mo
• Expected delta: +$2,971/yr (+$248/mo · 22.6%)

ⓘ 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 3/10 Moderate 7 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $168,732
• − Mortgage interest: −$49,014
• − Property taxes: −$13,133
• − Insurance: −$4,375
• − Repairs & maintenance: −$13,499
• − Management: −$13,499
• − Depreciation: −$25,455
• Taxable income: $49,759
• Est. tax owed @ 24.0%: −$11,942
• After-tax cash flow: $48,785/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: Fall Mountain Regional School District
• NCES district ID: 3302990
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 47% ▼ -7.00%
• Median HH income: $53,411
• Composite: 34.35/100
• National rank: #5227
• State rank: #65 of 98 in NH

Livability — Charlestown

• Score: 71/100
• State rank: #39
• US rank: #6553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlestown, NH
• Population (ZIP): 5,272

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 41,322 people
• By 2030: 39,910 · -3.4%
• By 2040: 36,447 · -11.8%
• By 2050: 32,917 · -20.3%
• By 2075: 25,997 · -37.1%
• By 2100: 19,479 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 7% Asian 2%
• Common ancestry: Lithuanian 11% Slovak 4% Serbian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Chinese 2% French/Haitian/Cajun 1%

Political lean MEDSL · Sullivan

• 2024 margin: Toss-up / Even · D 49.1% · R 49.8% · Other 1.2%
• 2008→2024 swing: -18.7pp toward R · 2008: 18.0pp · 2024: -0.7pp
• All cycles: 2024: R+0.7 2020: D+3.6 2016: R+2.6 2012: D+13.3 2008: D+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 25.27%
• Current HPI: 320.9344
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+79445.5% since first listed

17 events — show timeline

• 2026-04-27 Pending — PrimeMLS
• 2026-02-23 Price Changed $875,000 PrimeMLS
• 2026-01-08 Price Changed $899,000 PrimeMLS
• 2025-11-15 Price Changed $925,000 PrimeMLS
• 2025-11-15 Relisted — PrimeMLS
• 2025-06-03 Pending — PrimeMLS
• 2025-05-22 Price Changed $949,000 PrimeMLS
• 2025-05-20 Price Changed $975,000 PrimeMLS
• 2025-03-28 Listed $979,000 PrimeMLS
• 2024-04-10 Rental Removed $850 APPFOLIO
• 2024-03-26 Listed for Rent $850 APPFOLIO
• 2024-03-14 Rental Removed $1,050 APPFOLIO
• 2023-11-24 Listed for Rent $1,050 APPFOLIO
• 2023-10-21 Rental Removed $1,100 APPFOLIO
• 2023-09-09 Listed for Rent $1,100 APPFOLIO
• 2023-08-11 Rental Removed — APPFOLIO
• 2023-08-10 Listed for Rent — APPFOLIO

Property tax history

+5.5%/yr

Latest (2024): $13,133 · +6.0% YoY. Source: county tax records.