326 High St · Berlin, NH 03570

$198,000

6 bd · 3.0 ba · 2,068 sqft · MultiFamily public records · 42 Days on market

Built 1907 4,791 sqft lot $96/sqft · 31% above area Est $151k · 31% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0

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

Well maintained 3 unit apartment building with long term tenants. Each unit has two bedrooms, living room, kitchen and bath. Washer/dryer hookups in all units. Plenty of parking and three sheds for the tenants storage needs. Fully rented for a total of $2,000 per month. Rents up to date. Desirable location, walking distance to downtown and parks. Direct ATV access.

Key facts

• 4,791 sq ft lot
• Built 1907
• Listed 42 days

Property features AI

Exterior

• Parking: Common/shared driveway with dirt and gravel surfaces
• Utilities: Public, metered water; Metered sewer; 100 Amp electric service with circuit breaker panel; Cable available; Fiber optic and high-speed internet available; Curbside municipal trash service
• Home design: Multi-family building; Existing construction
• Construction: Built in 1907; Wood frame construction with shingle siding and wood exterior; Asphalt shingle roof; Unfinished basement (foundation present)
• Exterior features: City lot in town with level terrain and sidewalks; Near trails and ATV trail, neighborhood setting

Interior

• Kitchen: Kitchens present in each unit
• Bedrooms: Three 2-bedroom units (one on first floor back, one on first floor front, one on second floor front)
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Oil heating with hot water distribution; No central cooling
• Interior features: Unfinished interior basement with interior access
• Laundry & utility: Utility systems include oil-fired hot water heating

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $198k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $198k).
• Recommended offer: $192k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.2% vs local median 7.1% in Berlin — 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 (#67 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing A-; Watch: amenities F, commute F, employment F.
• Berlin School District (town): math 24% / reading 30% proficiency, ranked #91 of 98 in NH (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Berlin Elementary School (math 35% / reading 33%, grade F, #188 of 263 statewide, top 71%, 422 students, 62% FRL).
• Market conditions: 100 active listings in the ZIP; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Coos County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 $148k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $192,060 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 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 1907 — 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. 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?
5. 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.
6. 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.
7. 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: 1.99% ✓
• Cap rate: 16.19%
• Cash-on-cash: 35.36%
• DSCR: 2.57
• GRM: 4.2

CMA / ARV

• ARV (median comp): $151,085
• List price: $198,000
• Delta: 31.05%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
740 2Nd Ave	0.54mi	6/2.0	2,210 (+7%)	4mo	$47,000	$21	56
428 High St	0.15mi	6/3.0	2,352 (+14%)	24mo	$222,000	$94	50
155 Washington St	0.29mi	5/2.0 (-1)	2,280 (+10%)	18mo	$198,000	$87	45

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 51.4%
• Equity multiple: 4.82×
• Total profit: $212,007
• Equity at exit: $178,374

10-year hold

• IRR: 45.1%
• Equity multiple: 10.79×
• Total profit: $542,754
• Equity at exit: $384,670

Cash invested: $55,440 (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 03570

• Home prices YoY: 14.3%
• Active inventory: 100
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $3,936 medium
• Mortgage (P&I): −$1,038
• Tax from tax record: −$355 /mo · $4,260/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$827
• Net cashflow: $1,634

Break-even live

Break-even rent $1,868

Max offer price $198,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,936
Total (3 units)			$3,936

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $198,000 Active 42 DOM
2. 2026-06-17
   days on market $198,000 Active 41 DOM
3. 2026-06-16
   days on market $198,000 Active 40 DOM
4. 2026-06-15
   days on market $198,000 Active 39 DOM
5. 2026-06-13
   days on market $198,000 Active 37 DOM
6. 2026-06-12
   days on market $198,000 Active 36 DOM
7. 2026-06-09
   days on market $198,000 Active 33 DOM
8. 2026-06-08
   days on market $198,000 Active 32 DOM
9. 2026-06-07
   days on market $198,000 Active 31 DOM
10. 2026-06-07
    days on market $198,000 Active 30 DOM
11. 2026-06-04
    days on market $198,000 Active 27 DOM
12. 2026-06-02
    days on market $198,000 Active 26 DOM
13. 2026-06-01
    days on market $198,000 Active 25 DOM
14. 2026-05-31
    days on market $198,000 Active 24 DOM
15. 2026-05-07
    listed $198,000 Active 247-char remark
16. 2021-12-30
    soldstatus $147,533
17. 2021-09-22
    soldstatus $112,500 Closed 367-char remark

    Show marketing remark (367 chars)

    Well maintained 3 unit apartment building with long term tenants. Each unit has two bedrooms, living room, kitchen and bath. Washer/dryer hookups in all units. Plenty of parking and three sheds for the tenants storage needs. Fully rented for a total of $2,000 per month. Rents up to date. Desirable location, walking distance to downtown and parks. Direct ATV access.

18. 2021-06-25
    historical Active with Contract 367-char remark

    Show marketing remark (367 chars)

    Well maintained 3 unit apartment building with long term tenants. Each unit has two bedrooms, living room, kitchen and bath. Washer/dryer hookups in all units. Plenty of parking and three sheds for the tenants storage needs. Fully rented for a total of $2,000 per month. Rents up to date. Desirable location, walking distance to downtown and parks. Direct ATV access.

19. 2021-06-14
    listed $114,900 Active 367-char remark

    Show marketing remark (367 chars)

    Well maintained 3 unit apartment building with long term tenants. Each unit has two bedrooms, living room, kitchen and bath. Washer/dryer hookups in all units. Plenty of parking and three sheds for the tenants storage needs. Fully rented for a total of $2,000 per month. Rents up to date. Desirable location, walking distance to downtown and parks. Direct ATV access.

20. 2020-09-30
    soldstatus $93,000
21. 2020-09-29
    soldstatus $93,000 Closed

    Show marketing remark (403 chars)

    Well maintained three unit apartment building with a great rental history and long term tenants still occuping the building. All three apartments features four rooms, two bedrooms and bath. There is ample off street parking and three sheds for the tenants storage needs. Nice location and within walking distance to Berlin Public schools, parks and downtown. It also has direct ATV city street access.

22. 2020-09-21
    status Pending

    Show marketing remark (403 chars)

    Well maintained three unit apartment building with a great rental history and long term tenants still occuping the building. All three apartments features four rooms, two bedrooms and bath. There is ample off street parking and three sheds for the tenants storage needs. Nice location and within walking distance to Berlin Public schools, parks and downtown. It also has direct ATV city street access.

23. 2020-08-04
    historical Active with Contract

    Show marketing remark (403 chars)

    Well maintained three unit apartment building with a great rental history and long term tenants still occuping the building. All three apartments features four rooms, two bedrooms and bath. There is ample off street parking and three sheds for the tenants storage needs. Nice location and within walking distance to Berlin Public schools, parks and downtown. It also has direct ATV city street access.

24. 2020-05-13
    listed $105,000 Active

    Show marketing remark (403 chars)

    Well maintained three unit apartment building with a great rental history and long term tenants still occuping the building. All three apartments features four rooms, two bedrooms and bath. There is ample off street parking and three sheds for the tenants storage needs. Nice location and within walking distance to Berlin Public schools, parks and downtown. It also has direct ATV city street access.

ⓘ 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: $4,260 · $355/mo
• Projected year-2 tax: $4,288 · $357/mo
• Expected delta: +$28/yr (+$2/mo · 0.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥85°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,232
• − Mortgage interest: −$11,091
• − Property taxes: −$4,260
• − Insurance: −$990
• − Repairs & maintenance: −$3,779
• − Management: −$3,779
• − Depreciation: −$5,760
• Taxable income: $17,574
• Est. tax owed @ 24.0%: −$4,218
• After-tax cash flow: $15,386/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: Berlin School District
• NCES district ID: 3301860
• Math proficiency: 24% ▼ -5.00%
• Reading proficiency: 30% ▼ -12.00%
• Median HH income: $37,494
• Composite: 22.5/100
• National rank: #8095
• State rank: #91 of 98 in NH

Livability — Berlin

• Score: 66/100
• State rank: #67
• US rank: #11665

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Berlin, NH
• City population: 9,473
• Population (ZIP): 9,473

Population outlook (Coos County) Hauer SSP2

• Today (2025): 30,912 people
• By 2030: 29,872 · -3.4%
• By 2040: 27,449 · -11.2%
• By 2050: 25,049 · -19.0%
• By 2075: 19,584 · -36.6%
• By 2100: 13,818 · -55.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 5% Black 4% Two or more races 4%
• Common ancestry: Lithuanian 21% German 2% Romanian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 88% English-only · French/Haitian/Cajun 8% Spanish 4%

Political lean MEDSL · Coos

• 2024 margin: R (+13.8) · D 42.7% · R 56.5%
• 2008→2024 swing: -32.1pp toward R · 2008: 18.3pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+5.9 2016: R+9.1 2012: D+17.6 2008: D+18.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 55.16%
• Current HPI: 440.9127
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+88.6% since first listed

10 events — show timeline

• 2026-05-07 Listed $198,000 PrimeMLS
• 2021-12-30 Sold (Public Records) $147,533 Public Records
• 2021-09-22 Sold (MLS) $112,500 PrimeMLS
• 2021-06-25 Contingent — PrimeMLS
• 2021-06-14 Listed $114,900 PrimeMLS
• 2020-09-30 Sold (Public Records) $93,000 Public Records
• 2020-09-29 Sold (MLS) $93,000 PrimeMLS
• 2020-09-21 Pending — PrimeMLS
• 2020-08-04 Contingent — PrimeMLS
• 2020-05-13 Listed $105,000 PrimeMLS

Property tax history

+6.2%/yr

Latest (2025): $4,260 · +8.8% YoY. Source: county tax records.