524 Sunapee St · Newport, NH 03773

$1,675,000

None bd · 144.0 ba · 8,424 sqft · MultiFamily · 106 Days on market

Built 1920 Good condition 0.31 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 +21.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.7/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 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 MLS

Introducing Newport Heights; a 12-unit multifamily investment property located at 524 Sunapee Street in Newport, New Hampshire. Offered at $1,675,000, this well-maintained apartment building features a diversified unit mix of studio, one-bedroom, and two-bedroom apartments, providing broad tenant appeal and stable occupancy potential within the greater Newport market. The building has undergone significant capital improvements, including renovations to all residential units and common areas, enhancing both interior finishes and overall tenant experience. Additional upgrades include a roof replacement, electrical service and panel upgrades, plumbing improvements, and the installation of electronic locks on unit doors, reducing near-term capital expenditure needs for future ownership. Mechanical systems consist of oil-fueled forced hot water baseboard heat, offering efficient and reliable building-wide heating. Newport Heights benefits from functional on-site amenities, including one off-street parking space per unit and a coin-operated laundry facility that provides supplemental income. The basement also contains additional space that could be converted into tenant storage lockers, creating an opportunity for future ancillary revenue. With its recent renovations, efficient unit mix, and potential for additional income streams, Newport Heights represents a stabilized multifamily investment opportunity with operational upside in a growing Sullivan County market. Sold as a package with 37-45 Pleasant Street, Claremont, NH. Broker Interest. Financials available upon execution of NDA.

Key facts

• Roof replacement
• Capital improvements
• 0.31 acre lot

Tags

• CAPITAL IMPROVEMENTS
• ROOF REPLACEMENT
• PLUMBING IMPROVEMENTS
• ELECTRONIC LOCKS ON UNIT DOORS
• COIN-OPERATED LAUNDRY FACILITY
• TENANT STORAGE LOCKERS

What this means for you Summary

Snapshot

• This is a 4×?bd/1ba + 4×1bd/1ba + 4×2bd/1ba units multifamily listed at $1.68M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $211/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.68M).
• Recommended offer: $1.52M (9.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 2.8% in Newport — 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 76/100 on livability (#26 in NH, #3,805 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, amenities F, commute F.
• Newport School District (town): math 10% / reading 21% proficiency, ranked #98 of 98 in NH (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 70 active listings in the ZIP; 98 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $50k of value loss. Plan a longer hold.
• Sullivan County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($1.52M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,524,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% 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 1920 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.07% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.49%
• DSCR: 1.29
• GRM: 7.8

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: -6.3%
• Equity multiple: 0.77×
• Total profit: $-109,569
• Equity at exit: $249,748

10-year hold

• IRR: 3.4%
• Equity multiple: 1.24×
• Total profit: $113,749
• Equity at exit: $144,823

Cash invested: $469,000 (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 03773

• Home prices YoY: -6.0%
• Active inventory: 70
• Price-to-rent: 98.0×

Monthly cashflow live

• Estimated rent: $17,864 medium
• Mortgage (P&I): −$8,784
• Tax est. 1.5%: −$2,094 /mo · $25,125/yr
• Insurance: −$698
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,751
• Net cashflow: $2,537

Break-even live

Break-even rent $14,653

Max offer price $1,675,000

Occupancy floor 81%

Sensitivity live

Price	-10% $3,695	-5% $3,116	+0% $2,537	+5% $1,958	+10% $1,379
Rent	-10% $1,126	-5% $1,831	+0% $2,537	+5% $3,243	+10% $3,948
Rate	-1.0pp $3,381	-0.5pp $2,963	base $2,537	+0.5pp $2,103	+1.0pp $1,661

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

Units	Beds	Baths	Est. rent
▸ 4× units	0	1	$5,700
▸ 4× units	1	1	$5,888
▸ 4× units	2	1	$6,276
Total (12 units)			$17,864

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: $418,750
• Closing costs: $50,250
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-16
   days on market $1,675,000 Active 106 DOM
2. 2026-06-15
   days on market $1,675,000 Active 105 DOM
3. 2026-06-14
   days on market $1,675,000 Active 103 DOM
4. 2026-06-12
   days on market $1,675,000 Active 102 DOM
5. 2026-06-09
   days on market $1,675,000 Active 99 DOM
6. 2026-06-08
   days on market $1,675,000 Active 98 DOM
7. 2026-06-07
   days on market $1,675,000 Active 97 DOM
8. 2026-06-05
   days on market $1,675,000 Active 94 DOM
9. 2026-06-03
   days on market $1,675,000 Active 93 DOM
10. 2026-06-02
    days on market $1,675,000 Active 92 DOM
11. 2026-06-01
    days on market $1,675,000 Active 91 DOM
12. 2026-05-31
    days on market $1,675,000 Active 90 DOM
13. 2026-05-30
    days on market $1,675,000 Active 89 DOM
14. 2026-03-02
    listed $1,675,000 Active 1605-char remark

    Show marketing remark (1605 chars)

    Introducing Newport Heights; a 12-unit multifamily investment property located at 524 Sunapee Street in Newport, New Hampshire. Offered at $1,675,000, this well-maintained apartment building features a diversified unit mix of studio, one-bedroom, and two-bedroom apartments, providing broad tenant appeal and stable occupancy potential within the greater Newport market. The building has undergone significant capital improvements, including renovations to all residential units and common areas, enhancing both interior finishes and overall tenant experience. Additional upgrades include a roof replacement, electrical service and panel upgrades, plumbing improvements, and the installation of electronic locks on unit doors, reducing near-term capital expenditure needs for future ownership. Mechanical systems consist of oil-fueled forced hot water baseboard heat, offering efficient and reliable building-wide heating. Newport Heights benefits from functional on-site amenities, including one off-street parking space per unit and a coin-operated laundry facility that provides supplemental income. The basement also contains additional space that could be converted into tenant storage lockers, creating an opportunity for future ancillary revenue. With its recent renovations, efficient unit mix, and potential for additional income streams, Newport Heights represents a stabilized multifamily investment opportunity with operational upside in a growing Sullivan County market. Sold as a package with 37-45 Pleasant Street, Claremont, NH. Broker Interest. Financials available upon execution of NDA.

ⓘ 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: $214,368
• − Mortgage interest: −$93,826
• − Property taxes: −$25,125
• − Insurance: −$8,375
• − Repairs & maintenance: −$17,149
• − Management: −$17,149
• − Depreciation: −$48,727
• Taxable income: $4,016
• Est. tax owed @ 24.0%: −$964
• After-tax cash flow: $29,480/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 · 12 photos

Good 75/100 Cosmetic rehab

This 12-unit multifamily property is in good condition with cosmetic updates needed. It offers a good investment opportunity with potential for rental and resale value increases through targeted renovations.

Value-add opportunities

• Both Paint exterior siding — Fresh paint can enhance curb appeal and property value.
• Both Replace carpet in units — New carpet can improve tenant satisfaction and increase rental rates.
• Both Upgrade kitchen appliances — Modern appliances can attract tenants and increase rental rates.
• Both Install smart home devices — Smart home devices can improve tenant experience and increase property value.
• Both Add energy-efficient windows — Energy-efficient windows can reduce utility costs and increase property value.
• Both Upgrade HVAC system — A new HVAC system can improve comfort and energy efficiency, attracting tenants and increasing property value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Fresh paint can enhance curb appeal and property value. ↑
• Both Replace carpet in units — New carpet can improve tenant satisfaction and increase rental rates. ↑
• Both Upgrade kitchen appliances — Modern appliances can attract tenants and increase rental rates. ↑
• Both Install smart home devices — Smart home devices can improve tenant experience and increase property value. ↑
• Both Add energy-efficient windows — Energy-efficient windows can reduce utility costs and increase property value. ↑
• Both Upgrade HVAC system — A new HVAC system can improve comfort and energy efficiency, attracting tenants and increasing property value. ↑

ⓘ 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: Newport School District
• NCES district ID: 3305310
• Math proficiency: 10% ▼ -11.00%
• Reading proficiency: 21% ▼ -13.00%
• Median HH income: $49,710
• Composite: 14.12/100
• National rank: #9459
• State rank: #98 of 98 in NH

Livability — Newport

• Score: 76/100
• State rank: #26
• US rank: #3805

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 7,905
• Population (ZIP): 7,905

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 (93%)
• Race & ethnicity: White 93% Two or more races 5% Black 1%
• Common ancestry: Lithuanian 14% Slovak 4% Romanian 3%
• Foreign-born: 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: ▼ -22.59%
• Current HPI: 352.2789
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-03-02 Listed $1,675,000 PrimeMLS