114 Garvins Falls Rd · Concord, NH 03301

$675,000

7 bd · 4.0 ba · 1,691 sqft · MultiFamily public records · 1 Days on market

Built 1900 0.81 ac lot $399/sqft · 137% above area Est $606k · 11% over

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Why this score? — see what drove the F 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 +10.3/30.0
• Livability +4.5/5.0
• Rent growth +3.4/5.0
• 1% rule +3.2/10.0
• Schools +3.2/10.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0
• Appreciation +0.0/10.0

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

OPEN HOUSE CANCELLED Discover a rare opportunity to own a versatile multi-family property set along the scenic Merrimack River. Currently configured as a three-unit building, this property offers the potential to easily convert back to four units, making it ideal for investors or owner-occupants seeking flexibility and strong income potential. The property features a total of seven bedrooms and boasts over 1,200 square feet of newly constructed composite decking—perfect for relaxing or entertaining while enjoying sweeping river views. On clear days, you’ll even catch a glimpse of the State House in the distance, adding a unique and picturesque backdrop. The exterior has been recently refinished, offering a clean, updated look with low-maintenance appeal for years to come. Whether you're looking to maintain it as a long-term rental property, explore short-term rental opportunities with direct river access, or convert it into a spacious single-family home with an in-law setup, the possibilities here are extensive. Adding even more value, an approximately 900 square foot cottage located directly across the street is also available for purchase—ideal for additional rental income, guest accommodations, or extended family use. With its prime waterfront location, flexible layout, and income-generating potential, this property is a standout opportunity you won’t want to miss. Showings Begin Saturday and Sunday May 2 & 3 with open houses from 10:00am-12:00pm

Key facts

• Sweeping river views
• Four units
• Exterior refinished

Tags

• MULTI-FAMILY PROPERTY
• THREE-UNIT BUILDING
• FOUR UNITS
• SWEEPING RIVER VIEWS
• GLIMPSE OF THE STATE HOUSE
• EXTERIOR REFINISHED

What this means for you Summary

Snapshot

• This is a 7-bed/4.0-bath multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $-374 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $609k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $556k (17.7% below list).
• Recommended offer: $556k (17.7% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 2.0% in Concord — 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 91/100 on livability (#2 in NH, #60 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Concord School District (town): math 27% / reading 47% proficiency, ranked #71 of 98 in NH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 89 active listings in the ZIP; solid renter incomes; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).
• At $5,557/mo this rent would consume 77% of the median local household income ($87k/yr) (locally 1312% 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 $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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.

Risks & watch-outs

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

Recommended offer $555,700 (17.7% 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 1900 — 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. 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?
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: 0.82% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.38%
• DSCR: 0.89
• GRM: 10.1

CMA / ARV

• ARV (median comp): $605,569
• List price: $675,000
• Delta: 11.47%
• Verdict: OVERPRICED
• Comps: 8 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.71% rent growth · sell at horizon

5-year hold

• IRR: -19.4%
• Equity multiple: 0.32×
• Total profit: $-129,083
• Equity at exit: $100,645

10-year hold

• IRR: -10.7%
• Equity multiple: 0.33×
• Total profit: $-125,876
• Equity at exit: $58,362

Cash invested: $189,000 (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 03301

• Home prices YoY: -30.6%
• Rents YoY: 3.7%
• Active inventory: 89
• Price-to-rent: 28.0×

Monthly cashflow live

• Estimated rent: $5,557 medium
• Mortgage (P&I): −$3,540
• Tax from tax record: −$943 /mo · $11,321/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,167
• Net cashflow: $-374

Break-even live

Break-even rent $6,031

Max offer price $608,859

Occupancy floor —

Sensitivity live

Price	-10% $8	-5% $-183	+0% $-374	+5% $-565	+10% $-757
Rent	-10% $-813	-5% $-594	+0% $-374	+5% $-155	+10% $65
Rate	-1.0pp $-34	-0.5pp $-203	base $-374	+0.5pp $-549	+1.0pp $-727

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,009
▸ 2× units	2	1	$3,548
Total (3 units)			$5,557

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-02
   status Pending 1504-char remark

   Show marketing remark (1504 chars)

   OPEN HOUSE CANCELLED Discover a rare opportunity to own a versatile multi-family property set along the scenic Merrimack River. Currently configured as a three-unit building, this property offers the potential to easily convert back to four units, making it ideal for investors or owner-occupants seeking flexibility and strong income potential. The property features a total of seven bedrooms and boasts over 1,200 square feet of newly constructed composite decking—perfect for relaxing or entertaining while enjoying sweeping river views. On clear days, you’ll even catch a glimpse of the State House in the distance, adding a unique and picturesque backdrop. The exterior has been recently refinished, offering a clean, updated look with low-maintenance appeal for years to come. Whether you're looking to maintain it as a long-term rental property, explore short-term rental opportunities with direct river access, or convert it into a spacious single-family home with an in-law setup, the possibilities here are extensive. Adding even more value, an approximately 900 square foot cottage located directly across the street is also available for purchase—ideal for additional rental income, guest accommodations, or extended family use. With its prime waterfront location, flexible layout, and income-generating potential, this property is a standout opportunity you won’t want to miss. Showings Begin Saturday and Sunday May 2 & 3 with open houses from 10:00am-12:00pm

2. 2026-05-02
   status Pending 1502-char remark

   Show marketing remark (1504 chars)

   OPEN HOUSE CANCELLED Discover a rare opportunity to own a versatile multi-family property set along the scenic Merrimack River. Currently configured as a three-unit building, this property offers the potential to easily convert back to four units, making it ideal for investors or owner-occupants seeking flexibility and strong income potential. The property features a total of seven bedrooms and boasts over 1,200 square feet of newly constructed composite decking—perfect for relaxing or entertaining while enjoying sweeping river views. On clear days, you’ll even catch a glimpse of the State House in the distance, adding a unique and picturesque backdrop. The exterior has been recently refinished, offering a clean, updated look with low-maintenance appeal for years to come. Whether you're looking to maintain it as a long-term rental property, explore short-term rental opportunities with direct river access, or convert it into a spacious single-family home with an in-law setup, the possibilities here are extensive. Adding even more value, an approximately 900 square foot cottage located directly across the street is also available for purchase—ideal for additional rental income, guest accommodations, or extended family use. With its prime waterfront location, flexible layout, and income-generating potential, this property is a standout opportunity you won’t want to miss. Showings Begin Saturday and Sunday May 2 & 3 with open houses from 10:00am-12:00pm

3. 2026-05-02
   listed $675,000 Active 1504-char remark

   Show marketing remark (1504 chars)

   OPEN HOUSE CANCELLED Discover a rare opportunity to own a versatile multi-family property set along the scenic Merrimack River. Currently configured as a three-unit building, this property offers the potential to easily convert back to four units, making it ideal for investors or owner-occupants seeking flexibility and strong income potential. The property features a total of seven bedrooms and boasts over 1,200 square feet of newly constructed composite decking—perfect for relaxing or entertaining while enjoying sweeping river views. On clear days, you’ll even catch a glimpse of the State House in the distance, adding a unique and picturesque backdrop. The exterior has been recently refinished, offering a clean, updated look with low-maintenance appeal for years to come. Whether you're looking to maintain it as a long-term rental property, explore short-term rental opportunities with direct river access, or convert it into a spacious single-family home with an in-law setup, the possibilities here are extensive. Adding even more value, an approximately 900 square foot cottage located directly across the street is also available for purchase—ideal for additional rental income, guest accommodations, or extended family use. With its prime waterfront location, flexible layout, and income-generating potential, this property is a standout opportunity you won’t want to miss. Showings Begin Saturday and Sunday May 2 & 3 with open houses from 10:00am-12:00pm

4. 2026-05-02
   listed $675,000 Active 1502-char remark

   Show marketing remark (1504 chars)

   OPEN HOUSE CANCELLED Discover a rare opportunity to own a versatile multi-family property set along the scenic Merrimack River. Currently configured as a three-unit building, this property offers the potential to easily convert back to four units, making it ideal for investors or owner-occupants seeking flexibility and strong income potential. The property features a total of seven bedrooms and boasts over 1,200 square feet of newly constructed composite decking—perfect for relaxing or entertaining while enjoying sweeping river views. On clear days, you’ll even catch a glimpse of the State House in the distance, adding a unique and picturesque backdrop. The exterior has been recently refinished, offering a clean, updated look with low-maintenance appeal for years to come. Whether you're looking to maintain it as a long-term rental property, explore short-term rental opportunities with direct river access, or convert it into a spacious single-family home with an in-law setup, the possibilities here are extensive. Adding even more value, an approximately 900 square foot cottage located directly across the street is also available for purchase—ideal for additional rental income, guest accommodations, or extended family use. With its prime waterfront location, flexible layout, and income-generating potential, this property is a standout opportunity you won’t want to miss. Showings Begin Saturday and Sunday May 2 & 3 with open houses from 10:00am-12:00pm

5. 2026-04-30
   historical $675,000 1502-char remark

   Show marketing remark (1504 chars)

   OPEN HOUSE CANCELLED Discover a rare opportunity to own a versatile multi-family property set along the scenic Merrimack River. Currently configured as a three-unit building, this property offers the potential to easily convert back to four units, making it ideal for investors or owner-occupants seeking flexibility and strong income potential. The property features a total of seven bedrooms and boasts over 1,200 square feet of newly constructed composite decking—perfect for relaxing or entertaining while enjoying sweeping river views. On clear days, you’ll even catch a glimpse of the State House in the distance, adding a unique and picturesque backdrop. The exterior has been recently refinished, offering a clean, updated look with low-maintenance appeal for years to come. Whether you're looking to maintain it as a long-term rental property, explore short-term rental opportunities with direct river access, or convert it into a spacious single-family home with an in-law setup, the possibilities here are extensive. Adding even more value, an approximately 900 square foot cottage located directly across the street is also available for purchase—ideal for additional rental income, guest accommodations, or extended family use. With its prime waterfront location, flexible layout, and income-generating potential, this property is a standout opportunity you won’t want to miss. Showings Begin Saturday and Sunday May 2 & 3 with open houses from 10:00am-12:00pm

6. 2026-04-30
   historical $675,000 1504-char remark

   Show marketing remark (1504 chars)

   OPEN HOUSE CANCELLED Discover a rare opportunity to own a versatile multi-family property set along the scenic Merrimack River. Currently configured as a three-unit building, this property offers the potential to easily convert back to four units, making it ideal for investors or owner-occupants seeking flexibility and strong income potential. The property features a total of seven bedrooms and boasts over 1,200 square feet of newly constructed composite decking—perfect for relaxing or entertaining while enjoying sweeping river views. On clear days, you’ll even catch a glimpse of the State House in the distance, adding a unique and picturesque backdrop. The exterior has been recently refinished, offering a clean, updated look with low-maintenance appeal for years to come. Whether you're looking to maintain it as a long-term rental property, explore short-term rental opportunities with direct river access, or convert it into a spacious single-family home with an in-law setup, the possibilities here are extensive. Adding even more value, an approximately 900 square foot cottage located directly across the street is also available for purchase—ideal for additional rental income, guest accommodations, or extended family use. With its prime waterfront location, flexible layout, and income-generating potential, this property is a standout opportunity you won’t want to miss. Showings Begin Saturday and Sunday May 2 & 3 with open houses from 10:00am-12:00pm

7. 2026-04-30
   listed $675,000 Active 1504-char remark

   Show marketing remark (1504 chars)

   OPEN HOUSE CANCELLED Discover a rare opportunity to own a versatile multi-family property set along the scenic Merrimack River. Currently configured as a three-unit building, this property offers the potential to easily convert back to four units, making it ideal for investors or owner-occupants seeking flexibility and strong income potential. The property features a total of seven bedrooms and boasts over 1,200 square feet of newly constructed composite decking—perfect for relaxing or entertaining while enjoying sweeping river views. On clear days, you’ll even catch a glimpse of the State House in the distance, adding a unique and picturesque backdrop. The exterior has been recently refinished, offering a clean, updated look with low-maintenance appeal for years to come. Whether you're looking to maintain it as a long-term rental property, explore short-term rental opportunities with direct river access, or convert it into a spacious single-family home with an in-law setup, the possibilities here are extensive. Adding even more value, an approximately 900 square foot cottage located directly across the street is also available for purchase—ideal for additional rental income, guest accommodations, or extended family use. With its prime waterfront location, flexible layout, and income-generating potential, this property is a standout opportunity you won’t want to miss. Showings Begin Saturday and Sunday May 2 & 3 with open houses from 10:00am-12:00pm

8. 2026-04-30
   listed $675,000 Active 1502-char remark

   Show marketing remark (1504 chars)

   OPEN HOUSE CANCELLED Discover a rare opportunity to own a versatile multi-family property set along the scenic Merrimack River. Currently configured as a three-unit building, this property offers the potential to easily convert back to four units, making it ideal for investors or owner-occupants seeking flexibility and strong income potential. The property features a total of seven bedrooms and boasts over 1,200 square feet of newly constructed composite decking—perfect for relaxing or entertaining while enjoying sweeping river views. On clear days, you’ll even catch a glimpse of the State House in the distance, adding a unique and picturesque backdrop. The exterior has been recently refinished, offering a clean, updated look with low-maintenance appeal for years to come. Whether you're looking to maintain it as a long-term rental property, explore short-term rental opportunities with direct river access, or convert it into a spacious single-family home with an in-law setup, the possibilities here are extensive. Adding even more value, an approximately 900 square foot cottage located directly across the street is also available for purchase—ideal for additional rental income, guest accommodations, or extended family use. With its prime waterfront location, flexible layout, and income-generating potential, this property is a standout opportunity you won’t want to miss. Showings Begin Saturday and Sunday May 2 & 3 with open houses from 10:00am-12:00pm

9. 2014-09-09
   soldstatus $235,000
10. 2014-09-05
    soldstatus $235,000

    Show marketing remark (553 chars)

    You will not find another location like this! The only home on the Merrimack River between Franklin and Hooksett! Stunning views of the Capitol from every floor, with breathtaking sunsets and a wooded lot offering privacy. Every floor has a deck that overlooks the river and the former owners creative touch is interwoven in every space, ready for your TLC. First floor apartment, second floor inlaw with kitchen and third & fourth floors all offer expansive living areas with many options for deriving an income. A once in a lifetime opportunity!

11. 2014-05-07
    listed $244,500

    Show marketing remark (553 chars)

    You will not find another location like this! The only home on the Merrimack River between Franklin and Hooksett! Stunning views of the Capitol from every floor, with breathtaking sunsets and a wooded lot offering privacy. Every floor has a deck that overlooks the river and the former owners creative touch is interwoven in every space, ready for your TLC. First floor apartment, second floor inlaw with kitchen and third & fourth floors all offer expansive living areas with many options for deriving an income. A once in a lifetime opportunity!

12. 2006-11-29
    soldstatus $325,000

ⓘ 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: $11,321 · $943/mo
• Projected year-2 tax: $13,018 · $1,085/mo
• Expected delta: +$1,697/yr (+$141/mo · 15.0%)

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

Taxation est. · year 1

• Rental income: $66,684
• − Mortgage interest: −$37,810
• − Property taxes: −$11,321
• − Insurance: −$3,375
• − Repairs & maintenance: −$5,335
• − Management: −$5,335
• − Depreciation: −$19,636
• Taxable loss: −$16,128
• Est. tax savings @ 24.0%: +$3,871
• After-tax cash flow: $-622/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: Concord School District
• NCES district ID: 3302460
• Math proficiency: 27% ▼ -21.00%
• Reading proficiency: 47% ▼ -12.00%
• Median HH income: $55,419
• Composite: 32.45/100
• National rank: #5719
• State rank: #71 of 98 in NH

Livability — Concord

• Score: 91/100
• State rank: #2
• US rank: #60

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Concord, NH
• County: Merrimack County · 65,598 people
• City population: 33,995
• Metro: Concord, NH
• Population (ZIP): 33,995
• Household income: $86,840
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 1312.0

Population outlook (Merrimack County) Hauer SSP2

• Today (2025): 151,287 people
• By 2030: 151,867 · +0.4%
• By 2040: 149,927 · -0.9%
• By 2050: 144,081 · -4.8%
• By 2075: 132,018 · -12.7%
• By 2100: 111,733 · -26.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Hispanic / Latino 4% Asian 4%
• Common ancestry: Lithuanian 12% Romanian 3% Slovak 3%
• Foreign-born: 9% · Canada, India
• Languages at home: 90% English-only · Spanish 2% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Merrimack

• 2024 margin: Lean D (+5.2) · D 52.1% · R 46.9% · Other 1.0%
• 2008→2024 swing: -8.7pp toward R · 2008: 13.9pp · 2024: 5.2pp
• All cycles: 2024: D+5.2 2020: D+9.8 2016: D+3.1 2012: D+12.7 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.92%
• Current HPI: 367.965
• Rent YoY: ▲ 3.71%
• Metro: Concord, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+115.4% since first listed

10 events — show timeline

• 2026-06-02 Sold (Public Records) $700,000 Public Records
• 2026-06-01 Sold (MLS) $700,000 PrimeMLS
• 2026-05-02 Pending — PrimeMLS
• 2026-05-02 Listed $675,000 PrimeMLS
• 2026-04-30 Coming Soon $675,000 PrimeMLS
• 2026-04-30 Listed $675,000 PrimeMLS
• 2014-09-09 Sold (Public Records) $235,000 Public Records
• 2014-09-05 Sold (MLS) $235,000 PrimeMLS
• 2014-05-07 Listed $244,500 PrimeMLS
• 2006-11-29 Sold (Public Records) $325,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $11,321 · +26.5% YoY. Source: county tax records.