21 Greenfield Dr · East Merrimack, NH 03054

$390,000

4 bd · 1.0 ba · 1,705 sqft · SingleFamily public records · 6 Days on market

Built 1971 0.56 ac lot Est $500k · 22% 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 +15.0/15.0
• Cash flow +11.6/30.0
• Schools +4.3/10.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• DSCR +3.4/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This is the opportunity smart buyers have been waiting for. While the competition fights over turnkey homes at peak prices, this 4-bed, 1 bath Merrimack split-level sits on a quiet dead-end street in an established neighborhood, priced for the buyer who sees what it can become. The . 56-acre corner lot gives you privacy and space. The oversized detached 2-car garage with storage gives you the workshop, the hobby space, or a contractor's dream setup. Four bedrooms, a few bonus rooms and over 1,700 square feet give you the canvas. Cash buyers, investors, contractor-owners, and buyers with a renovation vision — this is where equity is built. All contents convey. Sold as-is. OFFER DEADLIN

Key facts

• Workshop space
• Corner lot
• Hobby space

Tags

• QUIET DEAD-END STREET
• ESTABLISHED NEIGHBORHOOD
• CORNER LOT
• OVERSIZED DETACHED GARAGE
• WORKSHOP SPACE
• HOBBY SPACE

Property features AI

Exterior

• Parking: 2-car garage
• Utilities: Drilled well for water; Septic system; 200 Amp electrical service; Cable available; Internet availability unknown
• Home design: Split-level design; Blue exterior
• Construction: Built in 1971; Wood siding; Asphalt shingle roof
• Exterior features: Corner lot; Level, neighborhood lot; Paved driveway; Road frontage (paved)

Interior

• Kitchen: Dishwasher; Microwave; Electric range; Refrigerator
• Flooring: Hardwood; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Oil-fired forced air heat; Central air conditioning
• Interior features: 6 total rooms; Finished basement with interior and exterior access; walkout and interior stairs
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $390k.

Deal economics

• At list price, monthly cash flow is $-123 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $368k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $347k (11.0% below list).
• Recommended offer: $347k (11.0% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.2% in East Merrimack — 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 76/100 on livability (#23 in NH, #3,310 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Merrimack School District (suburban): math 36% / reading 55% proficiency, ranked #41 of 98 in NH (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: James Mastricola Elementary School (math 42% / reading 47%, grade F, #126 of 263 statewide, top 52%, 420 students, 10% FRL) — zoned schools at 10% FRL track the district average.
• Market conditions: Rents rising (+3.4%/yr); 97 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• This rent runs 33% of the median local income ($127k/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 $12k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $347,249 (11.0% 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. Built in 1971 — 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 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.89% ✗
• Cap rate: 5.91%
• Cash-on-cash: -1.35%
• DSCR: 0.94
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $499,565
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7 Fairway Dr	0.13mi	3/1.0 (-1)	1,708 (+0%)	11mo	$410,000	$240	79
49 Fairway Dr	0.29mi	3/1.5 (-1)	1,724 (+1%)	22mo	$480,000	$278	59
5 Dumpling Way	0.26mi	3/2.0 (-1)	1,834 (+8%)	14mo	$470,000	$256	55
11 Mount Lawny Ln	0.26mi	3/1.5 (-1)	1,559 (-9%)	15mo	$485,000	$311	54
10 Waterville Dr	0.66mi	4/2.0	1,750 (+3%)	9mo	$513,000	$293	53
68 Back River Rd	0.41mi	3/2.0 (-1)	1,660 (-3%)	23mo	$575,000	$346	48
51 Back River Rd	0.61mi	3/1.0 (-1)	1,920 (+13%)	8mo	$475,000	$247	39
10 Brookfield Dr	0.73mi	3/2.0 (-1)	1,711 (+0%)	22mo	$480,000	$281	38
40 Belmont Dr	0.63mi	4/2.0	1,492 (-12%)	18mo	$490,000	$328	30
31 Belmont Dr	0.71mi	3/1.0 (-1)	1,512 (-11%)	19mo	$475,000	$314	27

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 · 3.42% rent growth · sell at horizon

5-year hold

• IRR: -18.0%
• Equity multiple: 0.36×
• Total profit: $-69,396
• Equity at exit: $58,150

10-year hold

• IRR: -9.3%
• Equity multiple: 0.42×
• Total profit: $-63,772
• Equity at exit: $33,720

Cash invested: $109,200 (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 03054

• Rents YoY: 3.4%
• Active inventory: 97
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $3,472 medium
• Mortgage (P&I): −$2,045
• Tax from tax record: −$658 /mo · $7,902/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$729
• Net cashflow: $-123

Break-even live

Break-even rent $3,628

Max offer price $368,283

Occupancy floor 99%

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Aspen Ln Merrimack, NH	3.0	3.0	2080	$3,300	$1.59	13d	1	0.21mi
7A Mustang Dr Litchfield, NH	3.0	2.5	1440	$3,400	$2.36	13d	1	1.29mi
540 Charles Bancroft Hwy Unit 6B Litchfield, NH	3.0	2.5	1450	$3,600	$2.48	13d	1	1.44mi

Listing history 7 events

1. 2026-06-13
   status $390,000 Pending 6 DOM
2. 2026-06-10
   remarks 693-char remark
3. 2026-06-10
   days on market $390,000 Active 6 DOM
4. 2026-06-09
   days on market $390,000 Active 5 DOM
5. 2026-06-08
   days on market $390,000 Active 4 DOM
6. 2026-06-07
   remarks 679-char remark
7. 2026-06-07
   listed $390,000 Active 3 DOM

ⓘ 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: $7,902 · $658/mo
• Projected year-2 tax: $8,202 · $684/mo
• Expected delta: +$300/yr (+$25/mo · 3.8%)

ⓘ 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 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,670
• − Mortgage interest: −$21,846
• − Property taxes: −$7,902
• − Insurance: −$1,950
• − Repairs & maintenance: −$3,334
• − Management: −$3,334
• − Depreciation: −$11,345
• Taxable loss: −$8,041
• Est. tax savings @ 24.0%: +$1,930
• After-tax cash flow: $455/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: Merrimack School District
• NCES district ID: 3304740
• Math proficiency: 36% ▼ -18.00%
• Reading proficiency: 55% ▼ -2.00%
• Median HH income: $91,055
• Composite: 42.9/100
• National rank: #3121
• State rank: #41 of 98 in NH

Livability — East Merrimack

• Score: 76/100
• State rank: #23
• US rank: #3310

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hillsborough County · 309,362 people
• Metro: Manchester-Nashua, NH
• Population (ZIP): 28,176
• Household income: $127,303
• Rent vs Own: 11.1% rent · 88.9% own
• Severe rent burden: 124.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 5% Asian 5% Two or more races 4%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Lithuanian 10% Romanian 4% Italian 3%
• Foreign-born: 7% · Canada, South Korea, Jamaica
• Languages at home: 92% English-only · Other Indo-European 2% Spanish 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: ▼ -229.70%
• Current HPI: 346.4656
• Rent YoY: ▲ 3.42%
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-04 Listed $390,000 PrimeMLS

Property tax history

+3.2%/yr

Latest (2025): $7,902 · +6.9% YoY. Source: county tax records.