123 Agassiz St

Bethlehem, NH 03574

$450,000A-

6 bd · 4.0 ba · 2,426 sqft · Built 1900 · MultiFamily · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,137/mo
• Mortgage (P&I): −$2,360
• Tax + insurance: −$477
• HOA: −$0
• Vac / Maint / Mgmt: −$1,289
• Net cashflow: $2,011/mo
• Annual: $24,138/yr
• Cap rate: 11.66%
• Cash-on-cash: 19.16%
• DSCR: 1.85
• 1% rule: 1.36%
• Cash to close: $126,000

Investor read

• This is a 1×3bd/2.0ba + 3×1bd/1.0ba units multifamily listed at $450k.
• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $503/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $450k).
• It's been on market 80 days — a 6% lower offer ($423k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $423k (6.0% below list) — sets the bar for market timing.
• In year one you build about $48k of equity ($3k loan paydown + $45k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#46 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Profile School District (rural): math 65% / reading 75% proficiency, ranked #32 of 171 in NH (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 36 active listings in the ZIP; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 22y ago; this cycle's ask has dropped $25k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $103k; list at $450k implies a 337% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $126k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.