74-76 Water St · Keene, NH 03431

$415,000

15 bd · 9.0 ba · 2,123 sqft · MultiFamily · 10 Days on market

Built 1900 Good condition 8,276 sqft lot $195/sqft · 20% above area Est $346k · 20% over ↓ 8% since listing

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Why this score? — see what drove the C 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 +27.4/30.0
• DSCR +9.6/10.0
• 1% rule +7.5/10.0
• Livability +4.4/5.0
• Condition / age +3.8/5.0
• Rent growth +3.4/5.0
• Schools +3.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Well-maintained 3-unit multifamily property in a convenient downtown Keene location. Each tenant pays their own heat, hot water, and electricity, helping keep owner expenses low. Newer on-demand Rinnai tankless water heaters fueled by Liberty gas provide efficient and reliable service. The property also features vinyl siding and a newer roof for reduced maintenance. The building includes one studio unit and two 2-bedroom apartments. Both 2-bedroom units offer onsite washer and dryer access. Renovated and well cared for throughout, this property presents a strong opportunity for both owner-occupants and investors. Skylights provide abundant natural sunlight, creating bright and inviting livi

Key facts

• 8,276 sq ft lot
• Garage
• Built 1900

Property features AI

Finance

• Financial info: Operating expenses include insurance, maintenance, snow removal, trash, water/sewer and other

Exterior

• Parking: One-car garage; Common/shared crushed stone driveway
• Utilities: Public water; Public sewer; Gas underground; Electric service by Eversource; High-speed internet available; Fuel service by Liberty
• Home design: Multi-family building; Existing construction; Built in 1900
• Construction: Vinyl siding; Shingle roof; Built in 1900
• Exterior features: Corner city lot, landscaped and level; Sidewalks and nearby trail; In-town location near shopping, public transportation and schools; Shared crushed-stone driveway

Interior

• Kitchen: On-demand (tankless) water heater
• Bedrooms: Three-unit property: one 1-bedroom unit and two 2-bedroom units
• Flooring: Combination flooring including carpet, vinyl, and vinyl plank
• Bathrooms: Each unit has one bathroom
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: Unfinished basement with interior access; Combination of carpet and vinyl/vinyl plank flooring
• Laundry & utility: Circuit breaker electric service

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 2×2bd/1ba units multifamily listed at $415k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $405/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $415k).
• Cap rate 9.8% vs local median 4.2% in Keene — 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 88/100 on livability (#4 in NH, #192 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Keene School District (town): math 26% / reading 47% proficiency, ranked #76 of 98 in NH (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wheelock Elementary School (math 22% / reading 32%, grade F, #219 of 263 statewide, top 86%, 194 students, 52% FRL) — zoned schools average 52% FRL vs 29% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 63 active listings in the ZIP; solid renter incomes; 166 units permitted in Cheshire County in 2024 (0 in 5+ unit buildings).
• At $5,169/mo this rent would consume 78% of the median local household income ($80k/yr) (locally 716% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Cheshire County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $116k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $415,000

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. Built in 1900 — 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. 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 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: 1.25% ✓
• Cap rate: 9.81%
• Cash-on-cash: 12.55%
• DSCR: 1.56
• GRM: 6.7

CMA / ARV

• ARV (median comp): $345,733
• List price: $415,000
• Delta: 20.03%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.43% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.11×
• Total profit: $12,494
• Equity at exit: $61,878

10-year hold

• IRR: 12.8%
• Equity multiple: 2.03×
• Total profit: $120,182
• Equity at exit: $35,882

Cash invested: $116,200 (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 03431

• Home prices YoY: -34.4%
• Rents YoY: 3.4%
• Active inventory: 63
• Price-to-rent: 21.2×

Monthly cashflow live

• Estimated rent: $5,169 high
• Mortgage (P&I): −$2,176
• Tax est. 1.5%: −$519 /mo · $6,225/yr
• Insurance: −$173
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,085
• Net cashflow: $1,216

Break-even live

Break-even rent $3,630

Max offer price $415,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,635
▸ 2× units	2	1	$3,534
Total (3 units)			$5,169

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: $103,750
• Closing costs: $12,450
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-19
   status Pending 1070-char remark
2. 2026-05-16
   price $415,000 1070-char remark
3. 2026-05-08
   listed $430,000 Active 1070-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $62,028
• − Mortgage interest: −$23,246
• − Property taxes: −$6,225
• − Insurance: −$2,075
• − Repairs & maintenance: −$4,962
• − Management: −$4,962
• − Depreciation: −$12,073
• Taxable income: $8,484
• Est. tax owed @ 24.0%: −$2,036
• After-tax cash flow: $12,550/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 · 1 photo

Good 75/100 Cosmetic rehab

This well-maintained 3-unit multifamily property in Keene, NH, presents a strong opportunity for both owner-occupants and investors. The property features vinyl siding, a newer roof, and efficient tankless water heaters, making it a low-maintenance investment.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace worn-out windows — Improves energy efficiency and resale value
• Both Upgrade HVAC system — Enhances comfort and reduces utility costs

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace worn-out windows — Improves energy efficiency and resale value ↑
• Both Upgrade HVAC system — Enhances comfort and reduces utility costs ↑

ⓘ 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: Keene School District
• NCES district ID: 3304050
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 47% ▼ -5.00%
• Median HH income: $51,158
• Composite: 31.62/100
• National rank: #5943
• State rank: #76 of 98 in NH

Livability — Keene

• Score: 88/100
• State rank: #4
• US rank: #192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Keene, NH
• County: Cheshire County · 25,065 people
• City population: 25,065
• Metro: Keene, NH
• Population (ZIP): 25,065
• Household income: $79,541
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 716.0

Population outlook (Cheshire County) Hauer SSP2

• Today (2025): 74,613 people
• By 2030: 72,495 · -2.8%
• By 2040: 66,778 · -10.5%
• By 2050: 60,963 · -18.3%
• By 2075: 49,511 · -33.6%
• By 2100: 39,687 · -46.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Lithuanian 10% Slovak 4% Romanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · French/Haitian/Cajun 1% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Cheshire

• 2024 margin: Lean D (+9.8) · D 54.4% · R 44.6% · Other 1.1%
• 2008→2024 swing: -17.8pp toward R · 2008: 27.6pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+17.2 2016: D+12.6 2012: D+24.8 2008: D+27.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.55%
• Current HPI: 387.6804
• Rent YoY: ▲ 3.43%
• Metro: Keene, NH
• State GDP YoY: —
• F500 in state: 0

Price history

-8.1% since first listed

4 events — show timeline

• 2026-05-27 Sold (MLS) $395,000 PrimeMLS
• 2026-05-19 Pending — PrimeMLS
• 2026-05-16 Price Changed $415,000 PrimeMLS
• 2026-05-08 Listed $430,000 PrimeMLS