3481 Us Route 3 · Thornton, NH 03285

$639,000

3 bd · 3.5 ba · 1,494 sqft · Other · 302 Days on market

Built 1930 1.68 ac lot

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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).

• Appreciation +10.0/10.0
• Cash flow +7.7/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• 1% rule +1.6/10.0

Listing remarks

A truly unique property with potential for someone who wants to run an in-home business. Lovingly restored to have the best of old and new, great updated kitchen, with recent appliances, nice covered porch that could easily be screened in, backyard and deck w/ hot-tub, new roof and many other upgrades, including a newer kitchen and baths, stone fireplace, family room on the lower level. Amazing stonework on exterior of some of the buildings, and around the property, a rental unit with kitchenette, bath and fireplace, shop building with gargage parking, heat and a half bath, and potential storefront that was at one time an office. Large yard on two levels, close to skiing and White Mountain

Key facts

• Covered porch
• Hot tub
• Backyard and deck

Tags

• UPDATED KITCHEN
• COVERED PORCH
• BACKYARD AND DECK
• HOT TUB
• NEW ROOF
• STONE FIREPLACE

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Drilled well; Septic system; Circuit breaker electrical; Cable internet available; Cable service available; Propane (LP) available; Telephone at site
• Home design: Ranch-style home; Existing construction; White exterior color; Shingle roof; Surveyed
• Construction: Built in 1930; Wood frame construction with vinyl and wood siding; Shingle roof; Full basement (partially finished, walkout)
• Exterior features: Country setting; Interior lot; Landscaped grounds; Major road frontage; In town location; Near paths, shopping, skiing and snowmobile trails; Paved and gravel shared driveway; Road frontage on a public paved road

Interior

• Kitchen: Electric range / stove; Dishwasher; Refrigerator; Exhaust hood; Mini fridge
• Flooring: Wood
• Bathrooms: One full bathroom; One 3/4 bathroom; Three half bathrooms
• Heating & cooling: Oil heat; Hot water heating
• Interior features: Seven total rooms; Wood flooring; Full, partially finished walkout basement
• Laundry & utility: Washer; Dryer; Tankless water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath other listed at $639k.

Deal economics

• At list price, monthly cash flow is $-742 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $508k (20.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $419k (34.5% below list).
• Recommended offer: $419k (34.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Pemi-Baker Regional School District (rural): math 45% / reading 70% proficiency, ranked #77 of 171 in NH (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 54 active listings in the ZIP; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).

Forward outlook

• In year one you build about $68k of equity ($4k loan paydown + $64k appreciation (10.0% local appreciation)).
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$110k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 302 days — a 12% lower offer ($562k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $418,722 (34.5% 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. It's been on market 302 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 0.66% ✗
• Cap rate: 4.90%
• Cash-on-cash: -4.98%
• DSCR: 0.78
• GRM: 12.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.7%
• Equity multiple: 2.68×
• Total profit: $300,575
• Equity at exit: $575,662

10-year hold

• IRR: 18.8%
• Equity multiple: 6.15×
• Total profit: $922,003
• Equity at exit: $1,241,436

Cash invested: $178,920 (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 03285

• Home prices YoY: 29.5%
• Active inventory: 54
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $4,187 medium
• Mortgage (P&I): −$3,351
• Tax from tax record: −$433 /mo · $5,196/yr
• Insurance: −$266
• HOA: −$0
• Vacancy / Maint / Mgmt: −$879
• Net cashflow: $-742

Break-even live

Break-even rent $5,127

Max offer price $507,864

Occupancy floor —

Sensitivity live

Price	-10% $-381	-5% $-561	+0% $-742	+5% $-923	+10% $-1,104
Rent	-10% $-1,073	-5% $-908	+0% $-742	+5% $-577	+10% $-412
Rate	-1.0pp $-421	-0.5pp $-580	base $-742	+0.5pp $-908	+1.0pp $-1,076

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: $159,750
• Closing costs: $19,170
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $639,000 Active 302 DOM
2. 2026-06-18
   days on market $639,000 Active 300 DOM
3. 2026-06-17
   days on market $639,000 Active 299 DOM
4. 2026-06-16
   days on market $639,000 Active 298 DOM
5. 2026-06-15
   days on market $639,000 Active 297 DOM
6. 2026-06-13
   days on market $639,000 Active 295 DOM
7. 2026-06-12
   days on market $639,000 Active 294 DOM
8. 2026-06-09
   days on market $639,000 Active 291 DOM
9. 2026-06-08
   days on market $639,000 Active 290 DOM
10. 2026-06-07
    days on market $639,000 Active 289 DOM
11. 2026-06-07
    days on market $639,000 Active 288 DOM
12. 2026-06-05
    pricedays on market $639,000 Active 287 DOM
13. 2026-06-04
    days on market $642,000 Active 285 DOM
14. 2026-06-02
    days on market $642,000 Active 284 DOM
15. 2026-06-01
    days on market $642,000 Active 283 DOM
16. 2026-05-31
    days on market $642,000 Active 282 DOM
17. 2025-08-22
    listed $642,000 Active

ⓘ 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: $5,196 · $433/mo
• Projected year-2 tax: $9,563 · $797/mo
• Expected delta: +$4,367/yr (+$364/mo · 84.0%)

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

Taxation est. · year 1

• Rental income: $50,247
• − Mortgage interest: −$35,794
• − Property taxes: −$5,196
• − Insurance: −$3,195
• − Repairs & maintenance: −$4,020
• − Management: −$4,020
• − Depreciation: −$18,589
• Taxable loss: −$20,567
• Est. tax savings @ 24.0%: +$4,936
• After-tax cash flow: $-3,972/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: Pemi-Baker Regional School District
• NCES district ID: 3399965
• Math proficiency: 45% ▲ 10.00%
• Reading proficiency: 70% ▲ 15.00%
• Median HH income: $42,275
• Composite: 49.93/100
• National rank: #4161
• State rank: #77 of 171 in NH

Livability — Thornton

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 2,763

Population outlook (Grafton County) Hauer SSP2

• Today (2025): 88,798 people
• By 2030: 87,131 · -1.9%
• By 2040: 82,000 · -7.7%
• By 2050: 77,064 · -13.2%
• By 2075: 68,769 · -22.6%
• By 2100: 61,631 · -30.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Slovak 14% Lithuanian 12% Romanian 5%
• Foreign-born: 6% · Canada
• Languages at home: 97% English-only · Russian/Polish/Slavic 1% Tagalog/Filipino 1%

Political lean MEDSL · Grafton

• 2024 margin: D (+19.9) · D 59.4% · R 39.4% · Other 1.2%
• 2008→2024 swing: -7.8pp toward R · 2008: 27.7pp · 2024: 19.9pp
• All cycles: 2024: D+19.9 2020: D+24.6 2016: D+19.0 2012: D+23.8 2008: D+27.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 106.72%
• Current HPI: 468.1616
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2025-08-22 Listed $642,000 PrimeMLS

Property tax history

+2.1%/yr

Latest (2025): $5,196 · +3.3% YoY. Source: county tax records.