357 Maplewood Ave · Portsmouth, NH 03801

$1,200,800

28 bd · 6.0 ba · 4,206 sqft · MultiFamily public records · 9 Days on market

Built 1890 6,098 sqft 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 +28.9/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Livability +4.3/5.0
• Rent growth +3.6/5.0
• 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: 4 units. estimate disagrees with records

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

Investors, builders, and contractors—don’t miss this value-add 4-unit multifamily opportunity at 357 Maplewood Ave, Portsmouth, NH, located within walking distance to downtown Portsmouth. Prime chance to renovate and reposition in one of the Seacoast’s most desirable rental markets. The property needs significant updating, making it an ideal project for an experienced contractor or builder looking to add sweat equity and create long-term upside. Convenient to shops, dining, waterfront, and commuter routes. Bring your vision and transform this multi-family into a standout investment.

Key facts

• Convenient to shops
• Convenient to dining
• Significant updating

Tags

• MULTIFAMILY OPPORTUNITY
• WALKING DISTANCE TO DOWNTOWN
• SIGNIFICANT UPDATING
• CONVENIENT TO SHOPS
• CONVENIENT TO DINING
• CONVENIENT TO WATERFRONT

Property features AI

Finance

• Other: Total units: 4 (two 1-bed, one 2-bed, one 3-bed); Unit 1 is a basement studio rented month-to-month; Unit 3 and Unit 1 are month-to-month; Unit 2 and others listed as annual or heat included per unit details
• Financial info: Operating expenses include heat, insurance, maintenance, snow removal, utilities, and water/sewer

Exterior

• Parking: Paved driveway
• Utilities: Public water; Public sewer; Cable and internet (cable) available; Electric service via circuit breakers
• Home design: Apartment building / New Englander style; Existing construction; Built in 1890
• Construction: Clapboard exterior; Shingle (asphalt) roof; Built in 1890
• Exterior features: Paved driveway; Sidewalks; Property located in town near shopping and hospital; Surveyed

Interior

• Kitchen: Unit 4: Dishwasher, Electric range
• Bedrooms: Unit 1: 1 bedroom (basement studio); Unit 2: 2 bedrooms; Unit 3: 1 bedroom; Unit 4: 3 bedrooms
• Flooring: Carpet, vinyl, and wood flooring
• Bathrooms: Unit 1: 1 bath; Unit 2: 1 bath; Unit 3: 1 bath; Unit 4: 2 baths
• Heating & cooling: Heating: Oil and hot water systems; Cooling: None listed
• Interior features: Unfinished walk-up basement; Heat included for some units; Laundry hookup in Unit 4; Deed and property disclosure available
• Laundry & utility: Unit 4: Laundry hookup; Electric service (circuit breaker panels); Hot water heating in some units; Oil-fired heating in some units

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/5.0-bath units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.20M).
• Cap rate 10.4% vs local median 1.9% in Portsmouth — 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 86/100 on livability (#5 in NH, #354 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A+; Watch: cost of living F.
• Portsmouth School District (suburban): math 60% / reading 72% proficiency, ranked #13 of 98 in NH (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: New Franklin School (math 77% / reading 87%, grade A+, #2 of 263 statewide, top 0%, 259 students, 19% FRL) — zoned schools at 19% FRL track the district average.
• Zoned-school proficiency averages 82% at this address vs 66% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Portsmouth School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.4%/yr); 157 active listings in the ZIP; solid renter incomes; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• At $15,182/mo this rent would consume 171% of the median local household income ($107k/yr) (locally 843% 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 $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $336k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,200,800

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 1890 — 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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.26% ✓
• Cap rate: 10.37%
• Cash-on-cash: 14.55%
• DSCR: 1.65
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.41% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.26×
• Total profit: $86,840
• Equity at exit: $179,043

10-year hold

• IRR: 17.1%
• Equity multiple: 2.49×
• Total profit: $502,094
• Equity at exit: $103,823

Cash invested: $336,224 (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 03801

• Rents YoY: 4.4%
• Active inventory: 157
• Price-to-rent: 26.4×

Monthly cashflow live

• Estimated rent: $15,182 medium
• Mortgage (P&I): −$6,297
• Tax from tax record: −$1,121 /mo · $13,447/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,188
• Net cashflow: $4,076

Break-even live

Break-even rent $10,023

Max offer price $1,200,800

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	5	$15,184
Total (4 units)			$15,182

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: $300,200
• Closing costs: $36,024
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $1,200,800 Active 9 DOM
2. 2026-06-17
   days on market $1,200,800 Active 8 DOM
3. 2026-06-16
   days on market $1,200,800 Active 7 DOM
4. 2026-06-15
   days on market $1,200,800 Active 6 DOM
5. 2026-06-13
   days on market $1,200,800 Active 4 DOM
6. 2026-06-10
   remarks 589-char remark
7. 2026-06-10
   listed $1,200,800 Active 1 DOM

ⓘ 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: $13,447 · $1,121/mo
• Projected year-2 tax: $19,812 · $1,651/mo
• Expected delta: +$6,365/yr (+$530/mo · 47.3%)

ⓘ 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 5/10 Major 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $182,184
• − Mortgage interest: −$67,263
• − Property taxes: −$13,447
• − Insurance: −$6,004
• − Repairs & maintenance: −$14,575
• − Management: −$14,575
• − Depreciation: −$34,932
• Taxable income: $31,388
• Est. tax owed @ 24.0%: −$7,533
• After-tax cash flow: $41,376/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: Portsmouth School District
• NCES district ID: 3305820
• Math proficiency: 60% ▼ -9.00%
• Reading proficiency: 72% ▼ -3.00%
• Median HH income: $67,302
• Composite: 57.66/100
• National rank: #1060
• State rank: #13 of 98 in NH

Livability — Portsmouth

• Score: 86/100
• State rank: #5
• US rank: #354

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portsmouth, NH
• County: Rockingham County · 137,526 people
• City population: 23,484
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 23,484
• Household income: $106,756
• Rent vs Own: 47.0% rent · 53.0% own
• Severe rent burden: 843.0

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 316,118 people
• By 2030: 320,929 · +1.5%
• By 2040: 323,358 · +2.3%
• By 2050: 314,977 · -0.4%
• By 2075: 297,686 · -5.8%
• By 2100: 256,363 · -18.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 5% Slovak 5% Romanian 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 91% English-only · Other Indo-European 3% Spanish 2% Chinese 1%

Political lean MEDSL · Rockingham

• 2024 margin: Toss-up / Even · D 48.3% · R 50.8%
• 2008→2024 swing: -3.5pp toward R · 2008: 1.1pp · 2024: -2.4pp
• All cycles: 2024: R+2.4 2020: D+2.1 2016: R+5.8 2012: R+4.5 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -281.76%
• Current HPI: 383.8843
• Rent YoY: ▲ 4.41%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-09 Listed $1,200,800 PrimeMLS

Property tax history

+2.5%/yr

Latest (2025): $13,447 · +2.9% YoY. Source: county tax records.