459 Lake St · Bristol, NH 03222

$634,900

20 bd · None ba · 5,280 sqft · MultiFamily · 26 Days on market

Built 1986 Good condition 0.95 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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

COMMERCIAL OPPORTUNITY--This well maintained 4 unit multi-use building offers a reliable stream of income with great exposure on Lake Street in Bristol, the gateway to Newfound Lake. Divided into 4 units with extensive renovations in 2018, the main floor commercial space is comprised of 5 rooms with a lobby/reception area, 1/2 bath & laundry hookups. The basement level is a professional office with 3 private offices, a common work room with built-in stations, conference room, 1/2 bath & kitchen area. The 2nd floor is beautiful 3 bedroom apartment with palladium windows in the kitchen & the living room. All cosmetics including kitchen were redone in 2018. The 3rd floor is

Key facts

• Room for 15 cars
• Ideal location
• Palladium windows

Tags

• EXTENSIVE RENOVATIONS
• MAIN FLOOR COMMERCIAL SPACE
• PALLADIUM WINDOWS
• LEVEL PARKING LOT
• ROOM FOR 15 CARS
• IDEAL LOCATION

Property features AI

Finance

• Financial info: Net income reported: $41,820; Operating expenses include heat, insurance, maintenance, sewer, snow removal, trash, utilities, and water/sewer

Exterior

• Parking: Paved driveway
• Security: Smoke detectors
• Utilities: Public water; Public sewer; 200 amp electric service with circuit breakers; Cable available (Breezeline); Fiber optic and high-speed internet available; Telephone service at site; Fuel service available (Dead River)
• Home design: Colonial-style multi-unit building; Mixed commercial and residential use (includes commercial/office and commercial space); Existing construction; Tan exterior color; Wood frame construction with clapboard/wood exterior
• Construction: Built in 1986; Shingle (asphalt) roof; Wood frame construction; Finished full basement with bulkhead
• Exterior features: Paved driveway; Corner lot in a landscaped city setting; Municipal water access to nearby Newfound Lake (residents only); Public road frontage

Interior

• Kitchen: Ranges (electric in some units); Refrigerators included in several units; Dishwasher in at least one unit
• Bedrooms: One 3-bedroom apartment; One 2-bedroom apartment; Two studio/zero-bedroom units
• Flooring: Carpet; Vinyl and vinyl plank flooring
• Bathrooms: Four 1-bath units (each unit has 1 bathroom)
• Heating & cooling: Propane heating; Direct vent heating; Electric heating; Central air conditioning in some units; Generator present
• Interior features: Finished full basement with bulkhead access; Sunroom; Smoke detectors; Heat included in some units; Hot water included in some units
• Laundry & utility: Washer and dryer included in some units; Laundry hookups available; Shared water heater; Gas/LP bottled water heater

What this means for you Summary

Snapshot

• This is a 1×3bd/1ba + 3×?bd/0.5ba units multifamily listed at $635k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $683/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $635k).
• Recommended offer: $625k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 3.3% in Bristol — 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 66/100 on livability (#70 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, crime B+; Watch: health & safety C-, amenities F, commute F.
• Newfound Area School District (rural): math 35% / reading 48% proficiency, ranked #61 of 98 in NH (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bristol Elementary School (math 32% / reading 52%, grade F, #141 of 263 statewide, top 58%, 188 students, 38% FRL).
• Market conditions: 60 active listings in the ZIP; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $178k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($625k) is reasonable based on typical stale-listing flexibility.

Recommended offer $625,376 (1.5% below list)

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. 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: 1.42% ✓
• Cap rate: 11.46%
• Cash-on-cash: 18.45%
• DSCR: 1.82
• GRM: 5.9

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: 10.2%
• Equity multiple: 1.40×
• Total profit: $71,347
• Equity at exit: $94,666

10-year hold

• IRR: 19.3%
• Equity multiple: 2.61×
• Total profit: $286,852
• Equity at exit: $54,895

Cash invested: $177,772 (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 03222

• Home prices YoY: -2.6%
• Active inventory: 60
• Price-to-rent: 23.5×

Monthly cashflow live

• Estimated rent: $9,014 medium
• Mortgage (P&I): −$3,329
• Tax est. 1.5%: −$794 /mo · $9,524/yr
• Insurance: −$265
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,893
• Net cashflow: $2,733

Break-even live

Break-even rent $5,554

Max offer price $634,900

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,254
▸ 3× units	0	0.5	$6,762
Total (4 units)			$9,014

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: $158,725
• Closing costs: $19,047
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $634,900 Active 26 DOM
2. 2026-06-17
   days on market $634,900 Active 25 DOM
3. 2026-06-16
   days on market $634,900 Active 24 DOM
4. 2026-06-15
   days on market $634,900 Active 23 DOM
5. 2026-06-13
   days on market $634,900 Active 21 DOM
6. 2026-06-12
   days on market $634,900 Active 20 DOM
7. 2026-06-09
   days on market $634,900 Active 17 DOM
8. 2026-06-08
   days on market $634,900 Active 16 DOM
9. 2026-06-07
   days on market $634,900 Active 15 DOM
10. 2026-06-07
    days on market $634,900 Active 14 DOM
11. 2026-06-04
    days on market $634,900 Active 11 DOM
12. 2026-06-02
    days on market $634,900 Active 10 DOM
13. 2026-06-01
    days on market $634,900 Active 9 DOM
14. 2026-05-31
    days on market $634,900 Active 8 DOM
15. 2026-05-22
    listed $634,900 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: $108,168
• − Mortgage interest: −$35,564
• − Property taxes: −$9,524
• − Insurance: −$3,174
• − Repairs & maintenance: −$8,653
• − Management: −$8,653
• − Depreciation: −$18,470
• Taxable income: $24,129
• Est. tax owed @ 24.0%: −$5,791
• After-tax cash flow: $27,010/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 · 30 photos

Good 80/100 Cosmetic rehab

This multi-family property offers a reliable stream of income with extensive renovations in 2018. The property is in good condition with minimal maintenance required.

Value-add opportunities

• Both Paint the exterior siding — Enhances curb appeal and value
• Both Replace the window seals — Improves energy efficiency and appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Enhances curb appeal and value ↑
• Both Replace the window seals — Improves energy efficiency and appearance ↑

ⓘ 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: Newfound Area School District
• NCES district ID: 3305220
• Math proficiency: 35% ▼ -9.00%
• Reading proficiency: 48% ▼ -7.00%
• Median HH income: $53,994
• Composite: 36.07/100
• National rank: #4766
• State rank: #61 of 98 in NH

Livability — Bristol

• Score: 66/100
• State rank: #70
• US rank: #12048

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bristol, NH
• Population (ZIP): 6,135

Population outlook (Grafton County) Hauer SSP2

• Today (2025): 88,798 people
• By 2030: 87,131 · -1.9%
• By 2040: 82,000 · -7.7%
• By 2050: 77,064 · -13.2%
• By 2075: 68,769 · -22.6%
• By 2100: 61,631 · -30.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Asian 2% Hispanic / Latino 2%
• Common ancestry: Lithuanian 12% Slovak 4% Serbian 4%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Other Asian/Pacific 2% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Grafton

• 2024 margin: D (+19.9) · D 59.4% · R 39.4% · Other 1.2%
• 2008→2024 swing: -7.8pp toward R · 2008: 27.7pp · 2024: 19.9pp
• All cycles: 2024: D+19.9 2020: D+24.6 2016: D+19.0 2012: D+23.8 2008: D+27.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.83%
• Current HPI: 410.261
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-22 Listed $634,900 PrimeMLS