167 Norway St · Berlin, NH 03570

$117,500

3 bd · 1.0 ba · 1,071 sqft · SingleFamily public records · 75 Days on market

Built 1900 4,791 sqft lot $110/sqft · 36% below area Est $184k · 36% under ↓ 6% since listing

---

Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 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

Listing remarks MLS

Charming 2–3 bedroom home offering a flexible and functional layout. All bedrooms are located on the second floor, with one bedroom accessed through another—ideal for a home office, nursery, or bonus space. Features include a full bath, cedar closets, and an abundance of storage throughout. The main level offers a comfortable living room, dining area, and a kitchen with breakfast bar, along with convenient first-floor laundry. All appliances are included. Outside, enjoy a level, fenced backyard complete with a shed—perfect for storage or hobbies. Additional highlights include a garage, covered porch, and enclosed porch, providing great spaces to relax and enjoy year-round. Cash or Conventional Financing Only.

Key facts

• Shed
• Cedar closets
• Abundance of storage

Tags

• FULL BATH
• CEDAR CLOSETS
• ABUNDANCE OF STORAGE
• FIRST-FLOOR LAUNDRY
• LEVEL FENCED BACKYARD
• SHED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $118k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $118k).
• Recommended offer: $110k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.2% vs local median 6.2% 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: schools D, amenities F, commute 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.
• Market conditions: 102 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($812 loan paydown + $12k 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 $33k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,450 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.38% ✓
• Cap rate: 19.23%
• Cash-on-cash: 46.20%
• DSCR: 3.06
• GRM: 3.5

CMA / ARV

• ARV (median comp): $184,357
• List price: $117,500
• Delta: -36.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
263 Sweden St	0.15mi	3/1.0	1,013 (-5%)	9mo	$180,000	$178	76
191 Norway St	0.03mi	2/1.5 (-1)	1,020 (-5%)	10mo	$250,000	$245	76
56 Pershing Ave	0.38mi	2/1.0 (-1)	1,008 (-6%)	5mo	$50,000	$50	63
6 Johnsons Rd	0.18mi	3/1.0	1,200 (+12%)	13mo	$150,000	$125	60
62 Verdun St	0.45mi	3/1.0	992 (-7%)	9mo	$65,000	$66	59
402 Norway St	0.33mi	3/2.0	990 (-8%)	11mo	$177,500	$179	59
16 Rheims St	0.47mi	3/2.0	1,129 (+5%)	12mo	$210,000	$186	55
152 Howard St	0.74mi	3/1.5	1,107 (+3%)	9mo	$270,000	$244	50
380 Portland St	0.54mi	3/1.0	1,166 (+9%)	13mo	$210,000	$180	49
84 Summer St	0.59mi	2/2.0 (-1)	1,124 (+5%)	8mo	$110,000	$98	49
157 Ruby St	0.55mi	3/1.0	1,197 (+12%)	10mo	$178,000	$149	46
433 Hillside Ave	0.58mi	3/1.5	1,209 (+13%)	9mo	$135,000	$112	42

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: 60.4%
• Equity multiple: 5.40×
• Total profit: $144,789
• Equity at exit: $105,853

10-year hold

• IRR: 54.0%
• Equity multiple: 12.04×
• Total profit: $363,187
• Equity at exit: $228,277

Cash invested: $32,900 (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: 102
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,800 medium
• Mortgage (P&I): −$616
• Tax from tax record: −$280 /mo · $3,363/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $1,267

Break-even live

Break-even rent $1,197

Max offer price $117,500

Occupancy floor 50%

Sensitivity live

Price	-10% $1,333	-5% $1,300	+0% $1,267	+5% $1,233	+10% $1,200
Rent	-10% $1,045	-5% $1,156	+0% $1,267	+5% $1,377	+10% $1,488
Rate	-1.0pp $1,326	-0.5pp $1,296	base $1,267	+0.5pp $1,236	+1.0pp $1,205

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: $29,375
• Closing costs: $3,525
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1878 Riverside Dr Berlin, NH	2.0	1.0	1396	$2,800	$2.01	44d	1	1.00mi

Listing history 13 events

1. 2026-06-09
   status $117,500 Pending 75 DOM
2. 2026-06-08
   days on market $117,500 Active with Contract 75 DOM
3. 2026-06-07
   days on market $117,500 Active with Contract 74 DOM
4. 2026-06-07
   days on market $117,500 Active with Contract 73 DOM
5. 2026-06-04
   days on market $117,500 Active with Contract 70 DOM
6. 2026-06-02
   days on market $117,500 Active with Contract 69 DOM
7. 2026-06-01
   days on market $117,500 Active with Contract 68 DOM
8. 2026-05-31
   days on market $117,500 Active with Contract 67 DOM
9. 2026-05-12
   historical Active with Contract 736-char remark

   Show marketing remark (736 chars)

   Charming 2–3 bedroom home offering a flexible and functional layout. All bedrooms are located on the second floor, with one bedroom accessed through another—ideal for a home office, nursery, or bonus space. Features include a full bath, cedar closets, and an abundance of storage throughout. The main level offers a comfortable living room, dining area, and a kitchen with breakfast bar, along with convenient first-floor laundry. All appliances are included. Outside, enjoy a level, fenced backyard complete with a shed—perfect for storage or hobbies. Additional highlights include a garage, covered porch, and enclosed porch, providing great spaces to relax and enjoy year-round. Cash or Conventional Financing Only.

10. 2026-05-11
    price $117,500 736-char remark

    Show marketing remark (736 chars)

    Charming 2–3 bedroom home offering a flexible and functional layout. All bedrooms are located on the second floor, with one bedroom accessed through another—ideal for a home office, nursery, or bonus space. Features include a full bath, cedar closets, and an abundance of storage throughout. The main level offers a comfortable living room, dining area, and a kitchen with breakfast bar, along with convenient first-floor laundry. All appliances are included. Outside, enjoy a level, fenced backyard complete with a shed—perfect for storage or hobbies. Additional highlights include a garage, covered porch, and enclosed porch, providing great spaces to relax and enjoy year-round. Cash or Conventional Financing Only.

11. 2026-04-06
    status Active 736-char remark

    Show marketing remark (736 chars)

    Charming 2–3 bedroom home offering a flexible and functional layout. All bedrooms are located on the second floor, with one bedroom accessed through another—ideal for a home office, nursery, or bonus space. Features include a full bath, cedar closets, and an abundance of storage throughout. The main level offers a comfortable living room, dining area, and a kitchen with breakfast bar, along with convenient first-floor laundry. All appliances are included. Outside, enjoy a level, fenced backyard complete with a shed—perfect for storage or hobbies. Additional highlights include a garage, covered porch, and enclosed porch, providing great spaces to relax and enjoy year-round. Cash or Conventional Financing Only.

12. 2026-03-29
    historical Active with Contract 736-char remark

    Show marketing remark (736 chars)

    Charming 2–3 bedroom home offering a flexible and functional layout. All bedrooms are located on the second floor, with one bedroom accessed through another—ideal for a home office, nursery, or bonus space. Features include a full bath, cedar closets, and an abundance of storage throughout. The main level offers a comfortable living room, dining area, and a kitchen with breakfast bar, along with convenient first-floor laundry. All appliances are included. Outside, enjoy a level, fenced backyard complete with a shed—perfect for storage or hobbies. Additional highlights include a garage, covered porch, and enclosed porch, providing great spaces to relax and enjoy year-round. Cash or Conventional Financing Only.

13. 2026-03-25
    listed $125,000 Active 736-char remark

    Show marketing remark (736 chars)

    Charming 2–3 bedroom home offering a flexible and functional layout. All bedrooms are located on the second floor, with one bedroom accessed through another—ideal for a home office, nursery, or bonus space. Features include a full bath, cedar closets, and an abundance of storage throughout. The main level offers a comfortable living room, dining area, and a kitchen with breakfast bar, along with convenient first-floor laundry. All appliances are included. Outside, enjoy a level, fenced backyard complete with a shed—perfect for storage or hobbies. Additional highlights include a garage, covered porch, and enclosed porch, providing great spaces to relax and enjoy year-round. Cash or Conventional Financing Only.

ⓘ 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: $3,363 · $280/mo
• Projected year-2 tax: $3,363 · $280/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 8 d/yr ≥88°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% 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: $33,600
• − Mortgage interest: −$6,582
• − Property taxes: −$3,363
• − Insurance: −$588
• − Repairs & maintenance: −$2,688
• − Management: −$2,688
• − Depreciation: −$3,418
• Taxable income: $14,273
• Est. tax owed @ 24.0%: −$3,426
• After-tax cash flow: $11,774/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

-6.0% since first listed

5 events — show timeline

• 2026-05-12 Contingent — PrimeMLS
• 2026-05-11 Price Changed $117,500 PrimeMLS
• 2026-04-06 Relisted — PrimeMLS
• 2026-03-29 Contingent — PrimeMLS
• 2026-03-25 Listed $125,000 PrimeMLS

Property tax history

+3.4%/yr

Latest (2025): $3,363 · +8.8% YoY. Source: county tax records.