187,355-357,489 Merrimack, & Pine St #15 · Manchester, NH 03104

$3,129,900

None bd · 20.0 ba · 12,271 sqft · MultiFamily · 33 Days on market

Built 1920 Good condition 0.40 ac lot Est $2503k · 25% over

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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 +24.0/30.0
• DSCR +7.7/10.0
• 1% rule +6.2/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +2.4/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

An outstanding opportunity to invest in 3 multifamily properties in Manchester, NH. This portfolio includes 19 units with a 7%+ CAP return, located at 489 Pine Street, 187 Merrimack St, and 355-357 Merrimack St, Total portfolio gross monthly rents are $27,805, totaling a gross annual income of $333,660. Unit mix = (1) three-bedroom unit, eight (8) two-bedroom units, three (3) one-bedroom units, and seven (7) studio-style units. 489 Pine Street has 8 units, one (1) unit with 2 bedrooms & 1 bathroom, and seven (7) studio units with 1 bathroom each. Monthly gross returns total $10,765. 187 Merrimack St has six (6) units, two (2) - 1 bedroom and 1 bathroom units, and four (4) - 2 bedrooms

Key facts

• 0.4 acre lot
• Garage
• Built 1920

Property features AI

Finance

• Other: Taxes listed for 2024; taxes may be to be determined
• Financial info: Reported net income: $221,651.07; Operating expenses may include insurance, maintenance, management, snow removal, utilities, water/sewer, and other expenses
• HOA & community: Association trash removal included

Exterior

• Parking: 1-car garage capacity
• Security: No specific security features provided
• Utilities: Public sewer; Public water; Electric service: 100 Amp; Internet: cable available; Gas available on-site
• Home design: Apartment building / multi-family detached structure with additions; Existing construction
• Construction: Built in 1920; Wood frame construction with vinyl siding; Asphalt shingle roof; Foundation details not specified
• Exterior features: Level lot; Paved driveway; Curbside trash service; Road frontage on a paved, public road (approximately 200 feet)

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: Total of 19 residential units: 10 one-bedroom units, 8 two-bedroom units, 1 three-plus bedroom unit
• Flooring: No specific flooring information provided
• Bathrooms: 20 full bathrooms across the building
• Heating & cooling: Multiple heating types: propane, natural gas, oil, hot air, hot water, and space heaters; No central cooling
• Interior features: Full basement with interior and exterior access; Basement includes bulkhead, concrete and dirt floors, insulated areas, assigned and locked storage, storage space, and unfinished areas; Interior stair and exterior stair access to basement; Some areas described as 'Other'
• Laundry & utility: On-site gas available

What this means for you Summary

Snapshot

• This is a ?-bed/20.0-bath multifamily listed at $3.13M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $6k ($73k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($35k rent vs $3.13M).
• Recommended offer: $3.04M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.0% in Manchester — 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 83/100 on livability (#10 in NH, #879 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Manchester School District (urban): math 14% / reading 27% proficiency, ranked #96 of 98 in NH (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Beech Street School (math 5% / reading 11%, grade F, #262 of 263 statewide, top 100%, 473 students, 85% FRL); Southside Middle School (math 8% / reading 24%, grade F, #93 of 96 statewide, top 97%, 750 students, 50% FRL); Manchester Central High School (math 37% / reading 57%, grade D-, #47 of 90 statewide, top 57%, 1,168 students, 47% FRL).
• Market conditions: Rents soft (-0.3%/yr); 100 active listings in the ZIP; solid renter incomes; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• At $35,107/mo this rent would consume 474% of the median local household income ($89k/yr) (locally 1606% 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 $22k of loan paydown is wiped out by about $94k of value loss. Plan a longer hold.
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($3.04M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $3,036,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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: 1.12% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.36%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $2,503,284
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213-219 Laurel St	0.53mi	—/—	11,294 (-8%)	11mo	$2,300,000	$204	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.75×
• Total profit: $-220,735
• Equity at exit: $466,678

10-year hold

• IRR: -1.7%
• Equity multiple: 0.90×
• Total profit: $-87,029
• Equity at exit: $270,617

Cash invested: $876,372 (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 03104

• Rents YoY: -0.3%
• Active inventory: 100
• Price-to-rent: 109.1×

Monthly cashflow live

• Estimated rent: $35,107 high
• Mortgage (P&I): −$16,414
• Tax est. 1.5%: −$3,912 /mo · $46,948/yr
• Insurance: −$1,304
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,372
• Net cashflow: $6,104

Break-even live

Break-even rent $27,380

Max offer price $3,129,900

Occupancy floor 78%

Sensitivity live

Price	-10% $8,267	-5% $7,186	+0% $6,104	+5% $5,023	+10% $3,941
Rent	-10% $3,331	-5% $4,718	+0% $6,104	+5% $7,491	+10% $8,878
Rate	-1.0pp $7,681	-0.5pp $6,901	base $6,104	+0.5pp $5,293	+1.0pp $4,468

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,392
▸ 8× units	2	1	$15,160
▸ 3× units	1	1	$5,082
▸ 7× units	0	1	$12,474
Total (19 units)			$35,107

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: $782,475
• Closing costs: $93,897
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $3,129,900 Active 33 DOM
2. 2026-06-18
   days on market $3,129,900 Active 30 DOM
3. 2026-06-17
   days on market $3,129,900 Active 29 DOM
4. 2026-06-16
   days on market $3,129,900 Active 28 DOM
5. 2026-06-15
   days on market $3,129,900 Active 27 DOM
6. 2026-06-14
   days on market $3,129,900 Active 25 DOM
7. 2026-06-13
   days on market $3,129,900 Active 24 DOM
8. 2026-06-10
   days on market $3,129,900 Active 22 DOM
9. 2026-06-09
   days on market $3,129,900 Active 21 DOM
10. 2026-06-08
    days on market $3,129,900 Active 20 DOM
11. 2026-06-07
    days on market $3,129,900 Active 19 DOM
12. 2026-06-03
    days on market $3,129,900 Active 15 DOM
13. 2026-06-02
    days on market $3,129,900 Active 14 DOM
14. 2026-06-01
    days on market $3,129,900 Active 13 DOM
15. 2026-05-31
    days on market $3,129,900 Active 12 DOM
16. 2026-05-30
    days on market $3,129,900 Active 11 DOM
17. 2026-05-19
    listed $3,129,900 Active

ⓘ 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: $421,284
• − Mortgage interest: −$175,323
• − Property taxes: −$46,948
• − Insurance: −$15,650
• − Repairs & maintenance: −$33,703
• − Management: −$33,703
• − Depreciation: −$91,052
• Taxable income: $24,906
• Est. tax owed @ 24.0%: −$5,977
• After-tax cash flow: $67,277/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 80/100 Cosmetic rehab

This multifamily property is in good condition with modern amenities and a good location. Minor updates to exterior and interior paint, windows, and smart home devices can significantly enhance its value.

Value-add opportunities

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace windows with energy-efficient ones — Improved energy efficiency and better insulation
• Both Install smart home devices — Enhances home's marketability and tenant appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace windows with energy-efficient ones — Improved energy efficiency and better insulation ↑
• Both Install smart home devices — Enhances home's marketability and tenant appeal ↑

ⓘ 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: Manchester School District
• NCES district ID: 3304590
• Math proficiency: 14% ▼ -10.00%
• Reading proficiency: 27% ▼ -6.00%
• Median HH income: $54,096
• Composite: 18.67/100
• National rank: #8886
• State rank: #96 of 98 in NH

Livability — Manchester

• Score: 83/100
• State rank: #10
• US rank: #879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, NH
• County: Hillsborough County · 309,362 people
• City population: 110,172
• Metro: Manchester-Nashua, NH
• Population (ZIP): 35,237
• Household income: $88,897
• Rent vs Own: 46.1% rent · 53.9% own
• Severe rent burden: 1606.0

Population outlook (Hillsborough County) Hauer SSP2

• Today (2025): 412,771 people
• By 2030: 410,974 · -0.4%
• By 2040: 399,959 · -3.1%
• By 2050: 381,542 · -7.6%
• By 2075: 339,855 · -17.7%
• By 2100: 289,270 · -29.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 10% Two or more races 9% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 1%
• Common ancestry: Lithuanian 11% Romanian 5% Slovak 3%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 2% French/Haitian/Cajun 2%

Political lean MEDSL · Hillsborough

• 2024 margin: Toss-up / Even · D 50.9% · R 48.0% · Other 1.0%
• 2008→2024 swing: -0.9pp no change · 2008: 3.8pp · 2024: 2.9pp
• All cycles: 2024: D+2.9 2020: D+7.7 2016: R+0.2 2012: D+1.7 2008: D+3.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -313.01%
• Current HPI: 347.713
• Rent YoY: ▼ -0.27%
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-19 Listed $3,129,900 PrimeMLS