37 Dover St · Keene, NH 03431

$410,000

4 bd · 2.0 ba · 2,064 sqft · MultiFamily public records · 2 Days on market

Built 1890 8,276 sqft lot Est $345k · 19% over

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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).

• Cash flow +19.7/30.0
• DSCR +6.3/10.0
• Livability +4.4/5.0
• 1% rule +4.3/10.0
• Rent growth +3.4/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Perfect for either owner occupied or investor! Owner occupied could live in one unit and rent the other to help pay the mortgage. Great deal for an investor as well. Good sized rooms with newer replacement windows. Both units have laundry hookups. All utilities are separate for each unit. Easy access to downtown and shopping. Exterior aluminum siding was just repainted and looks great. Plenty of parking. Won't last at this price! "Broker interest"

Key facts

• 8,276 sq ft lot
• Built 1890
• Listed 2 days

Property features AI

Finance

• Other: Total finished area approximately 2,064; Total area approximately 3,197; Two-unit property with annual leases available (Unit 1: short-term lease; Unit 2: lease info not specified)

Exterior

• Parking: Paved driveway
• Utilities: Public water; Public sewer; Cable and telephone available; Fiber optic and high-speed internet available; 100 Amp electrical service with circuit breakers
• Home design: Duplex / Multi-family; Existing property; Built in 1890
• Construction: Wood frame construction; Asphalt shingle roof; Basement present
• Exterior features: Level lot with sidewalks; In town location near shopping, hospital, and schools; Paved driveway; Public road frontage (66')

Interior

• Kitchen: Appliances included
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 2 bedrooms
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath; Total full baths: 2
• Heating & cooling: Hot water heating; Cooling: Other
• Interior features: Interior access to basement with interior stairs and walkout; Appliances included
• Laundry & utility: 100 Amp electrical service with circuit breakers

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $410k.

Deal economics

• At list price, monthly cash flow is $484 ($6k/yr) — positive. Per door: $242/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 $383k (6.5% below list).
• Recommended offer: $383k (6.5% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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.
• Market conditions: Rents rising (+3.4%/yr); 64 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 166 units permitted in Cheshire County in 2024 (0 in 5+ unit buildings).
• At $3,832/mo this rent would consume 58% 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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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.
• Current owner paid $210k; list at $410k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $383,200 (6.5% 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 1890 — 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. 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?
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 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: 0.93% ✗
• Cap rate: 7.71%
• Cash-on-cash: 5.06%
• DSCR: 1.23
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $344,688
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
251 Church St	0.24mi	3/2.0 (-1)	2,071 (+0%)	12mo	$385,000	$186	74
23 Fowler St	0.34mi	5/2.0 (+1)	1,973 (-4%)	8mo	$330,000	$167	65
16 Gurnsey St	0.12mi	4/3.0	2,191 (+6%)	18mo	$395,000	$180	65
74-76 Water St	0.44mi	5/3.0 (+1)	2,123 (+3%)	1mo	$395,000	$186	65
20 Brook St	0.14mi	4/2.0	1,789 (-13%)	8mo	$297,500	$166	64
8 Grove St	0.44mi	5/2.0 (+1)	2,136 (+4%)	12mo	$330,000	$154	58
50-52 Grove St	0.53mi	4/2.0	2,160 (+5%)	13mo	$410,000	$190	56
5 Woodbury St	0.68mi	5/2.0 (+1)	1,980 (-4%)	11mo	$320,000	$162	47
194 Marlboro St	0.67mi	3/3.0 (-1)	1,824 (-12%)	5mo	$279,900	$153	36

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 · 3.43% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.70×
• Total profit: $-34,070
• Equity at exit: $61,132

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $16,424
• Equity at exit: $35,449

Cash invested: $114,800 (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: 64
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $3,832 high
• Mortgage (P&I): −$2,150
• Tax from tax record: −$222 /mo · $2,669/yr
• Insurance: −$171
• HOA: −$0
• Vacancy / Maint / Mgmt: −$805
• Net cashflow: $484

Break-even live

Break-even rent $3,219

Max offer price $410,000

Occupancy floor 82%

Sensitivity live

Price	-10% $716	-5% $600	+0% $484	+5% $368	+10% $252
Rent	-10% $181	-5% $333	+0% $484	+5% $635	+10% $787
Rate	-1.0pp $690	-0.5pp $588	base $484	+0.5pp $378	+1.0pp $270

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,832
Total (2 units)			$3,832

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: $102,500
• Closing costs: $12,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
90 Elm St Keene, NH	3.0	2.0	2200	$2,200	$1.00	45d	1	0.47mi

Listing history 8 events

1. 2026-05-23
   listed $410,000 Active
2. 2026-05-20
   historical $410,000
3. 2022-01-21
   soldstatus $210,500 Closed 461-char remark

   Show marketing remark (461 chars)

   Perfect for either owner occupied or investor! Owner occupied could live in one unit and rent the other to help pay the mortgage. Great deal for an investor as well. Good sized rooms with newer replacement windows. Both units have laundry hookups. All utilities are separate for each unit. Easy access to downtown and shopping. Exterior aluminum siding was just repainted and looks great. Plenty of parking. Won't last at this price! "Broker interest"

4. 2021-12-08
   status Pending 461-char remark

   Show marketing remark (461 chars)

   Perfect for either owner occupied or investor! Owner occupied could live in one unit and rent the other to help pay the mortgage. Great deal for an investor as well. Good sized rooms with newer replacement windows. Both units have laundry hookups. All utilities are separate for each unit. Easy access to downtown and shopping. Exterior aluminum siding was just repainted and looks great. Plenty of parking. Won't last at this price! "Broker interest"

5. 2021-12-02
   price $209,000 461-char remark

   Show marketing remark (461 chars)

   Perfect for either owner occupied or investor! Owner occupied could live in one unit and rent the other to help pay the mortgage. Great deal for an investor as well. Good sized rooms with newer replacement windows. Both units have laundry hookups. All utilities are separate for each unit. Easy access to downtown and shopping. Exterior aluminum siding was just repainted and looks great. Plenty of parking. Won't last at this price! "Broker interest"

6. 2021-11-23
   price $219,000 461-char remark

   Show marketing remark (461 chars)

   Perfect for either owner occupied or investor! Owner occupied could live in one unit and rent the other to help pay the mortgage. Great deal for an investor as well. Good sized rooms with newer replacement windows. Both units have laundry hookups. All utilities are separate for each unit. Easy access to downtown and shopping. Exterior aluminum siding was just repainted and looks great. Plenty of parking. Won't last at this price! "Broker interest"

7. 2021-11-08
   listed $229,000 Active 461-char remark

   Show marketing remark (461 chars)

   Perfect for either owner occupied or investor! Owner occupied could live in one unit and rent the other to help pay the mortgage. Great deal for an investor as well. Good sized rooms with newer replacement windows. Both units have laundry hookups. All utilities are separate for each unit. Easy access to downtown and shopping. Exterior aluminum siding was just repainted and looks great. Plenty of parking. Won't last at this price! "Broker interest"

8. 2014-02-28
   soldstatus $96,000

ⓘ 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: $2,669 · $222/mo
• Projected year-2 tax: $5,804 · $484/mo
• Expected delta: +$3,134/yr (+$261/mo · 117.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $45,984
• − Mortgage interest: −$22,966
• − Property taxes: −$2,669
• − Insurance: −$2,050
• − Repairs & maintenance: −$3,679
• − Management: −$3,679
• − Depreciation: −$11,927
• Taxable loss: −$986
• Est. tax savings @ 24.0%: +$237
• After-tax cash flow: $6,044/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: 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

+327.1% since first listed

8 events — show timeline

• 2026-05-23 Listed $410,000 PrimeMLS
• 2026-05-20 Coming Soon $410,000 PrimeMLS
• 2022-01-21 Sold (MLS) $210,500 PrimeMLS
• 2021-12-08 Pending — PrimeMLS
• 2021-12-02 Price Changed $209,000 PrimeMLS
• 2021-11-23 Price Changed $219,000 PrimeMLS
• 2021-11-08 Listed $229,000 PrimeMLS
• 2014-02-28 Sold (Public Records) $96,000 Public Records