140 Hanover St · Lebanon, NH 03766

$377,900

3 bd · 2.0 ba · 1,574 sqft · MultiFamily public records · 39 Days on market

Built 1860 0.35 ac lot $240/sqft · 10% below area Est $421k · 10% under

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Why this score? — see what drove the D 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).

• ARV discount +12.1/15.0
• Cash flow +9.7/30.0
• Schools +4.7/10.0
• Rent growth +4.2/5.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• DSCR +2.7/10.0
• Condition / age +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: 1 unit. estimate disagrees with records

Listing remarks MLS

Wonderful in-town location, walk to everything, including school. Very well maintained cottage type antique cape. Inlaw apartment or single family home with large yard and nice garden space

Key facts

• In town location
• Close to schools
• Level lot

Tags

• IN TOWN LOCATION
• CLOSE TO SCHOOLS
• LEVEL LOT
• TRADITIONAL STYLE HOUSE

Property features AI

Exterior

• Parking: Gravel driveway
• Utilities: Public water; Public sewer; Circuit breaker electrical service; Cable internet available
• Home design: Antique architectural style; Existing structure; White exterior color; Shingle (asphalt) roof; Built in 1860
• Construction: Wood frame construction; Partial unfinished basement (dirt floor)
• Exterior features: City lot, level and in-town location; Near shopping, public transportation, and schools; Surveyed property; Easements present

Interior

• Kitchen: Main-level kitchen/dining area (19 x 21, L-shaped); Second-level kitchen (9 x 7)
• Bedrooms: Main level bedroom (17 x 15); Second level bedroom (13 x 15); Second level bedroom (16 x 14)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: 8 total rooms; Partial dirt-floor basement with interior access, unfinished space, sump pump, and basement stairs
• Laundry & utility: Utility room (10 x 10'6")

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $378k.

Deal economics

• At list price, monthly cash flow is $-252 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $333k (11.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $325k (14.0% below list).
• Recommended offer: $325k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 2.4% in Lebanon — 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 68/100 on livability (#59 in NH) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety D, amenities F, commute F.
• Lebanon School District (town): math 48% / reading 60% proficiency, ranked #26 of 98 in NH (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hanover Street School (math 57% / reading 62%, grade B-, #42 of 263 statewide, top 19%, 328 students, 29% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• This rent runs 39% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($367k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $190k; list at $378k implies a 99% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $325,087 (14.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1860 — 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 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.86% ✗
• Cap rate: 5.49%
• Cash-on-cash: -2.85%
• DSCR: 0.87
• GRM: 9.7

CMA / ARV

• ARV (median comp): $420,534
• List price: $377,900
• Delta: -10.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Parkhurst St	0.42mi	4/3.0 (+1)	1,674 (+6%)	10mo	$352,000	$210	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 · 6.6% rent growth · sell at horizon

5-year hold

• IRR: -16.7%
• Equity multiple: 0.39×
• Total profit: $-64,878
• Equity at exit: $56,346

10-year hold

• IRR: -2.7%
• Equity multiple: 0.79×
• Total profit: $-22,486
• Equity at exit: $32,674

Cash invested: $105,812 (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 03766

• Home prices YoY: -10.6%
• Rents YoY: 6.6%
• Active inventory: 43
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $3,251 medium
• Mortgage (P&I): −$1,982
• Tax from tax record: −$680 /mo · $8,166/yr
• Insurance: −$157
• HOA: −$0
• Vacancy / Maint / Mgmt: −$683
• Net cashflow: $-252

Break-even live

Break-even rent $3,569

Max offer price $333,468

Occupancy floor —

Sensitivity live

Price	-10% $-38	-5% $-145	+0% $-252	+5% $-358	+10% $-465
Rent	-10% $-508	-5% $-380	+0% $-252	+5% $-123	+10% $5
Rate	-1.0pp $-61	-0.5pp $-155	base $-252	+0.5pp $-349	+1.0pp $-449

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: $94,475
• Closing costs: $11,337
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
337 Mount Support Rd #104 Lebanon, NH	2.0	2.5	1317	$3,100	$2.35	45d	1	0.84mi

Listing history 20 events

1. 2026-06-19
   days on market $377,900 Active 39 DOM
2. 2026-06-18
   days on market $377,900 Active 38 DOM
3. 2026-06-17
   days on market $377,900 Active 37 DOM
4. 2026-06-16
   days on market $377,900 Active 36 DOM
5. 2026-06-16
   price $377,900 Active 35 DOM
6. 2026-06-15
   days on market $389,900 Active 35 DOM
7. 2026-06-14
   days on market $389,900 Active 33 DOM
8. 2026-06-12
   days on market $389,900 Active 32 DOM
9. 2026-06-09
   days on market $389,900 Active 29 DOM
10. 2026-06-08
    days on market $389,900 Active 28 DOM
11. 2026-06-07
    days on market $389,900 Active 27 DOM
12. 2026-06-03
    days on market $389,900 Active 23 DOM
13. 2026-06-02
    days on market $389,900 Active 22 DOM
14. 2026-06-01
    days on market $389,900 Active 21 DOM
15. 2026-05-31
    days on market $389,900 Active 20 DOM
16. 2026-05-30
    days on market $389,900 Active 19 DOM
17. 2026-05-11
    listed $389,900 Active 356-char remark
18. 2008-08-15
    soldstatus $189,900
19. 2008-08-13
    soldstatus $189,000 189-char remark

    Show marketing remark (189 chars)

    Wonderful in-town location, walk to everything, including school. Very well maintained cottage type antique cape. Inlaw apartment or single family home with large yard and nice garden space

20. 2008-07-03
    listed $189,900 189-char remark

    Show marketing remark (189 chars)

    Wonderful in-town location, walk to everything, including school. Very well maintained cottage type antique cape. Inlaw apartment or single family home with large yard and nice garden space

ⓘ 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: $8,166 · $680/mo
• Projected year-2 tax: $8,202 · $684/mo
• Expected delta: +$36/yr (+$3/mo · 0.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,010
• − Mortgage interest: −$21,168
• − Property taxes: −$8,166
• − Insurance: −$1,890
• − Repairs & maintenance: −$3,121
• − Management: −$3,121
• − Depreciation: −$10,993
• Taxable loss: −$9,448
• Est. tax savings @ 24.0%: +$2,268
• After-tax cash flow: $-751/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: Lebanon School District
• NCES district ID: 3304230
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $56,648
• Composite: 46.7/100
• National rank: #2401
• State rank: #26 of 98 in NH

Livability — Lebanon

• Score: 68/100
• State rank: #59
• US rank: #9879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, NH
• County: Grafton County · 11,195 people
• City population: 11,195
• Metro: Lebanon, NH-VT
• Population (ZIP): 11,195
• Household income: $100,881
• Rent vs Own: 47.6% rent · 52.4% own
• Severe rent burden: 488.0

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 (87%)
• Race & ethnicity: White 87% Asian 5% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 9% Slovak 4% Romanian 4%
• Foreign-born: 9% · China, Canada
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 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: ▼ -43.72%
• Current HPI: 368.6264
• Rent YoY: ▲ 6.60%
• Metro: Lebanon, NH-VT
• State GDP YoY: —
• F500 in state: 0

Price history

+99.0% since first listed

5 events — show timeline

• 2026-06-16 Price Changed $377,900 PrimeMLS
• 2026-05-11 Listed $389,900 PrimeMLS
• 2008-08-15 Sold (Public Records) $189,900 Public Records
• 2008-08-13 Sold (MLS) $189,000 PrimeMLS
• 2008-07-03 Listed $189,900 PrimeMLS

Property tax history

+4.7%/yr

Latest (2025): $8,166 · +5.9% YoY. Source: county tax records.