37 39 Mead St · Manchester, NH 03104

$569,900

5 bd · 3.0 ba · 2,080 sqft · MultiFamily public records · 6 Days on market

Built 1910 2,178 sqft lot Est $516k · 10% over

---

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).

• Cash flow +15.3/30.0
• DSCR +4.7/10.0
• Livability +4.2/5.0
• 1% rule +3.7/10.0
• ARV discount +2.8/15.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.9/10.0
• 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 MLS

Saturday 15th Open House ONLY. Conveniently located 3 family. One block to Derryfield Park. ALL 3 units have been renovated in the last 12 months. 1st Floor is a clean 5 room 2/3 bedroom unit. Will be vacant for owner occupancy. Two units 2nd floor are spacious 1-bedroom units in great condition. Coin-op laundry in basement. Owner pays Heat/Hot water to all units and Electric to 2 units. Live in the first floor unit & let the top floor pay your mortgage! On street parking only. Only showings will be at Open House starting February 15th from 10am-Noon. Agent Interest

Key facts

• Updated units
• Derryfield park
• Refreshed flooring

Tags

• STRAW SMYTH NEIGHBORHOOD
• DERRYFIELD PARK
• UPDATED UNITS
• REFRESHED FLOORING
• MODERN INTERIOR FINISHES
• IMMEDIATE INCOME POTENTIAL

Property features AI

Finance

• Other: Total finished area approximately 2,080 (total building area approximately 2,985); Three rental units with month-to-month lease for Unit 1 (other unit lease terms vary)

Exterior

• Parking: No driveway
• Utilities: Public sewer; Public water; 100 Amp electric service with circuit breakers; Commercial tank fuel service; Cable available; High-speed internet available; Electric service provided by Eversource
• Home design: Multi-family building; Existing structure; Built in 1910
• Construction: Wood frame construction with clapboard siding; Asphalt shingle roof; Survey status: Unknown
• Exterior features: City lot; Paved road frontage

Interior

• Kitchen: Each unit equipped with electric range and refrigerator
• Bedrooms: Two 1-bedroom units; One 3+ bedroom unit
• Flooring: Hardwood; Laminate
• Bathrooms: Three full bathrooms (total in building)
• Heating & cooling: Oil heating with wall furnaces; Wall-mounted cooling units
• Interior features: Unfinished walk-up basement; Hardwood and laminate flooring; Wall furnace heating in sections; Wall cooling units
• Laundry & utility: Separate water heater

What this means for you Summary

Snapshot

• This is a 1×2bd/1.5ba + 2×1bd/1ba units multifamily listed at $570k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/yr) — positive. Per door: $68/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $493k (13.5% below list).
• Recommended offer: $493k (13.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.1% in Manchester — 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 83/100 on livability (#10 in NH, #879 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Manchester School District (urban): math 14% / reading 27% proficiency, ranked #96 of 98 in NH (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Mcdonough School (math 12% / reading 22%, grade F, #252 of 263 statewide, top 96%, 446 students, 62% FRL).
• Market conditions: Rents soft (-0.3%/yr); 99 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• At $4,932/mo this rent would consume 67% of the median local household income ($89k/yr) (locally 1606% 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 $4k of loan paydown is wiped out by about $17k 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.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $493,200 (13.5% below list)

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 1910 — 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. 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 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: 0.87% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.54%
• DSCR: 1.07
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $515,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 Amherst St	0.36mi	4/2.0 (-1)	2,171 (+4%)	6mo	$460,000	$212	62
112 Arlington St	0.12mi	4/2.0 (-1)	2,011 (-3%)	22mo	$490,000	$244	62
397 Merrimack St	0.53mi	5/2.0	2,003 (-4%)	9mo	$445,000	$222	58
418 LAUREL St	0.56mi	6/3.0 (+1)	2,100 (+1%)	19mo	$490,000	$233	52
386 Merrimack St	0.51mi	4/2.0 (-1)	2,013 (-3%)	13mo	$500,000	$248	51
331 Spruce St	0.73mi	5/2.0	2,067 (-1%)	14mo	$570,000	$276	49
340 Merrimack St	0.56mi	5/2.0	1,922 (-8%)	11mo	$474,000	$247	48
253 Walnut St	0.72mi	5/2.0	2,311 (+11%)	3mo	$575,000	$249	41
26 Massabesic St	0.66mi	4/2.0 (-1)	2,145 (+3%)	17mo	$320,000	$149	41
381 Merrimack St	0.54mi	4/3.0 (-1)	1,776 (-15%)	22mo	$479,900	$270	28
70-72 Walnut St	0.60mi	6/2.0 (+1)	2,352 (+13%)	18mo	$665,000	$283	27
255 Laurel St	0.60mi	6/2.0 (+1)	2,352 (+13%)	19mo	$665,000	$283	25

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.41×
• Total profit: $-93,842
• Equity at exit: $84,974

10-year hold

• IRR: -15.4%
• Equity multiple: 0.24×
• Total profit: $-121,100
• Equity at exit: $49,275

Cash invested: $159,572 (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 03104

• Rents YoY: -0.3%
• Active inventory: 99
• Price-to-rent: 27.7×

Monthly cashflow live

• Estimated rent: $4,932 high
• Mortgage (P&I): −$2,989
• Tax from tax record: −$466 /mo · $5,586/yr
• Insurance: −$237
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,036
• Net cashflow: $205

Break-even live

Break-even rent $4,673

Max offer price $569,900

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$1,711
▸ 2× units	1	1	$3,220
Total (3 units)			$4,932

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: $142,475
• Closing costs: $17,097
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
416 Cedar St Unit R Manchester, NH	4.0	1.0	1786	$2,000	$1.12	21d	1	0.84mi
416 Cedar St Manchester, NH	4.0	1.0	1786	$2,000	$1.12	44d	1	0.84mi
605 Old Wellington Rd Manchester, NH	4.0	2.0	2830	$4,125	$1.46	14d	1	1.13mi
989 Union St Manchester, NH	4.0	2.0	1949	$6,999	$3.59	21d	1	1.16mi
2060 Elm St Manchester, NH	4.0	3.0	2956	$4,000	$1.35	21d	1	1.38mi

Listing history 6 events

1. 2026-06-15
   status $569,900 Pending 6 DOM
2. 2026-06-15
   days on market $569,900 Active 6 DOM
3. 2026-06-14
   days on market $569,900 Active 4 DOM
4. 2026-06-13
   days on market $569,900 Active 3 DOM
5. 2026-06-10
   remarks 639-char remark
6. 2026-06-10
   listed $569,900 Active 1 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: $5,586 · $466/mo
• Projected year-2 tax: $9,005 · $750/mo
• Expected delta: +$3,419/yr (+$285/mo · 61.2%)

ⓘ 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 ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,184
• − Mortgage interest: −$31,923
• − Property taxes: −$5,586
• − Insurance: −$2,850
• − Repairs & maintenance: −$4,735
• − Management: −$4,735
• − Depreciation: −$16,579
• Taxable loss: −$7,223
• Est. tax savings @ 24.0%: +$1,734
• After-tax cash flow: $4,190/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: Manchester School District
• NCES district ID: 3304590
• Math proficiency: 14% ▼ -10.00%
• Reading proficiency: 27% ▼ -6.00%
• Median HH income: $54,096
• Composite: 18.67/100
• National rank: #8886
• State rank: #96 of 98 in NH

Livability — Manchester

• Score: 83/100
• State rank: #10
• US rank: #879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, NH
• County: Hillsborough County · 309,362 people
• City population: 110,172
• Metro: Manchester-Nashua, NH
• Population (ZIP): 35,237
• Household income: $88,897
• Rent vs Own: 46.1% rent · 53.9% own
• Severe rent burden: 1606.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 10% Two or more races 9% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 1%
• Common ancestry: Lithuanian 11% Romanian 5% Slovak 3%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 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: ▼ -313.01%
• Current HPI: 347.713
• Rent YoY: ▼ -0.27%
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+123.5% since first listed

8 events — show timeline

• 2026-06-09 Listed $569,900 PrimeMLS
• 2025-05-31 Rental Removed $2,200 NEREN
• 2025-05-14 Listed for Rent $2,200 NEREN
• 2025-03-18 Sold (MLS) $551,000 PrimeMLS
• 2025-02-18 Contingent — PrimeMLS
• 2025-02-12 Listed $525,000 PrimeMLS
• 2022-09-01 Sold (Public Records) $330,000 Public Records
• 2003-11-06 Sold (Public Records) $255,000 Public Records

Property tax history

+3.1%/yr

Latest (2024): $5,586 · +3.8% YoY. Source: county tax records.