86 School St · Manchester, NH 03102

$650,000

8 bd · 3.0 ba · 3,560 sqft · MultiFamily public records · 6 Days on market

Built 1900 5,227 sqft lot Est $698k · 7% under

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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 +22.7/30.0
• ARV discount +10.6/15.0
• DSCR +7.3/10.0
• 1% rule +5.6/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 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

Spacious units with separate utilities. 1st floor has updated FHA/Gas furnace, other units have space heaters. Being Sold As-Is. This property qualifies for the "First Look Initiative" until May 9, 2013. Seller may pay up to 3% in closing costs with restrictions. This property needs a lot of TLC cannont go FHA. Copper has been mined. Sold As-is, no repairs.

Key facts

• 5,227 sq ft lot
• Built 1900
• Listed 6 days

Property features AI

Finance

• Financial info: Property configured as a 3-unit multi-family (three 3+ bedroom units); Total finished area approximately 3,560; Total approximate area listed as 11,086

Exterior

• Parking: Paved driveway
• Utilities: Public water; Public sewer; Circuit breaker electrical service; On-site gas; Cable internet available
• Home design: Multi-family building; Existing construction; Shingle siding; Built in 1900
• Construction: Shingle siding construction; Asphalt shingle roof; Concrete basement foundation
• Exterior features: Corner lot location, level lot; Near golf course, country club, paths, shopping, public transportation, hospital, schools; neighborhood setting; Paved driveway

Interior

• Kitchen: Unit 1: Electric range, refrigerator; Unit 2: Electric cooktop, electric range; Unit 3: Electric cooktop, electric range, refrigerator
• Bedrooms: Three 3-bedroom units
• Flooring: Hardwood, laminate, wood, vinyl plank
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Walk-up basement access; Basement with concrete floor, unfinished storage space, exterior and interior stairs
• Laundry & utility: On-demand tankless water heater(s); Water heater included for units

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $350/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• Cap rate 8.4% 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.
• Market conditions: Rents rising (+3.0%/yr); 71 active listings in the ZIP; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• At $6,883/mo this rent would consume 111% of the median local household income ($74k/yr) (locally 1368% 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 $20k 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.
• 6 sale attempts since 26y 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 $205k; list at $650k implies a 217% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $650,000

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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.06% ✓
• Cap rate: 8.36%
• Cash-on-cash: 7.37%
• DSCR: 1.33
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $697,760
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
259 Notre Dame Ave	0.51mi	8/3.0	3,584 (+1%)	1mo	$670,000	$187	74
11-15 Third St	0.00mi	9/3.0 (+1)	3,348 (-6%)	16mo	$685,000	$205	72
636 Second St	0.74mi	9/3.0 (+1)	3,564 (+0%)	10mo	$700,000	$196	51
77 Hecker St	0.34mi	8/3.0	3,262 (-8%)	23mo	$695,000	$213	51
201 Cartier St	0.48mi	9/3.0 (+1)	3,921 (+10%)	11mo	$700,000	$179	46
47 Blucher St	0.43mi	9/3.0 (+1)	3,028 (-15%)	6mo	$740,000	$244	45
258 Dubuque St	0.57mi	9/3.0 (+1)	3,732 (+5%)	19mo	$650,000	$174	44

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 · 2.96% rent growth · sell at horizon

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-38,647
• Equity at exit: $96,917

10-year hold

• IRR: 3.9%
• Equity multiple: 1.28×
• Total profit: $51,540
• Equity at exit: $56,200

Cash invested: $182,000 (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 03102

• Home prices YoY: -16.2%
• Rents YoY: 3.0%
• Active inventory: 71
• Price-to-rent: 23.6×

Monthly cashflow live

• Estimated rent: $6,883 high
• Mortgage (P&I): −$3,409
• Tax from tax record: −$641 /mo · $7,691/yr
• Insurance: −$271
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,445
• Net cashflow: $1,051

Break-even live

Break-even rent $5,553

Max offer price $650,000

Occupancy floor 80%

Sensitivity live

Price	-10% $1,419	-5% $1,235	+0% $1,051	+5% $867	+10% $683
Rent	-10% $507	-5% $779	+0% $1,051	+5% $1,323	+10% $1,594
Rate	-1.0pp $1,378	-0.5pp $1,216	base $1,051	+0.5pp $882	+1.0pp $711

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$6,882
Total (3 units)			$6,883

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-13
   statusdays on market $650,000 Pending 6 DOM
2. 2026-06-10
   days on market $650,000 Active 5 DOM
3. 2026-06-09
   days on market $650,000 Active 4 DOM
4. 2026-06-08
   days on market $650,000 Active 3 DOM
5. 2026-06-07
   remarks 683-char remark
6. 2026-06-07
   listed $650,000 Active 2 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: $7,691 · $641/mo
• Projected year-2 tax: $10,930 · $911/mo
• Expected delta: +$3,240/yr (+$270/mo · 42.1%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $82,596
• − Mortgage interest: −$36,410
• − Property taxes: −$7,691
• − Insurance: −$4,047
• − Repairs & maintenance: −$6,608
• − Management: −$6,608
• − Depreciation: −$18,909
• Taxable income: $2,323
• Est. tax owed @ 24.0%: −$558
• After-tax cash flow: $12,051/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): 33,959
• Household income: $74,327
• Rent vs Own: 59.0% rent · 41.0% own
• Severe rent burden: 1368.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 9% Two or more races 8% Black 6% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 2%
• Common ancestry: Lithuanian 11% Romanian 3% Slovak 3%
• Foreign-born: 14% · Canada, China, India
• Languages at home: 81% English-only · Spanish 5% French/Haitian/Cajun 5% Other Indo-European 3%

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: ▼ -68.62%
• Current HPI: 355.9606
• Rent YoY: ▲ 2.96%
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+441.7% since first listed

17 events — show timeline

• 2026-06-05 Listed $650,000 PrimeMLS
• 2026-06-04 Coming Soon $650,000 PrimeMLS
• 2014-03-14 Sold (Public Records) $205,000 Public Records
• 2013-06-13 Sold (MLS) $140,000 PrimeMLS
• 2013-04-24 Listed $149,900 PrimeMLS
• 2004-03-29 Sold (Public Records) $280,000 Public Records
• 2004-03-26 Sold (MLS) $280,000 PrimeMLS
• 2004-02-05 Delisted — PrimeMLS
• 2003-09-22 Listed $285,000 PrimeMLS
• 2001-11-19 Sold (Public Records) $150,000 Public Records
• 2001-11-16 Sold (MLS) $150,000 PrimeMLS
• 2001-09-28 Delisted — PrimeMLS
• 2001-09-17 Listed $164,900 PrimeMLS
• 2000-10-19 Sold (MLS) $127,000 PrimeMLS
• 2000-10-18 Listed $127,900 PrimeMLS
• 2000-09-29 Sold (MLS) $110,500 PrimeMLS
• 2000-08-19 Listed $120,000 PrimeMLS

Property tax history

+3.6%/yr

Latest (2024): $7,691 · +3.8% YoY. Source: county tax records.