424 Forbush Ave · Berlin, NH 03570

$145,000

3 bd · 2.0 ba · 1,463 sqft · MultiFamily public records · 20 Days on market

Built 1922 10,018 sqft lot

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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 +22.2/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• DSCR +7.1/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

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

Currently set up as a 2-unit property offering great flexibility for owner-occupants or investors alike, with the potential to easily convert back into a single-family home if desired! The first-floor unit features 3 bedrooms, first-floor laundry, and a spacious living room perfect for gathering and entertaining. The second-floor unit offers a cozy 1-bedroom layout. Enjoy relaxing and unwinding on the inviting front porch overlooking the spacious yard. The large yard provides plenty of room for gardening, entertaining, pets, or outdoor activities. Additional features include a garage for extra storage, two driveways for ample parking, and low-maintenance vinyl siding for easy upkeep. The above-ground pool on the property has not been opened in many years. Conveniently located with plenty of potential and possibilities! ATV from home to the trails.

Key facts

• Inviting front porch
• First floor laundry
• Large yard

Tags

• 2 UNIT PROPERTY
• FIRST FLOOR LAUNDRY
• SPACIOUS LIVING ROOM
• INVITING FRONT PORCH
• LARGE YARD
• GARAGE FOR EXTRA STORAGE

Property features AI

Exterior

• Parking: 1-car garage
• Utilities: Public water on-site; Public sewer on-site; 100 amp electric service with circuit breakers; High-speed internet available; Cable available
• Home design: Multi-level home; Existing construction
• Construction: Vinyl siding; Shingle roof; Built in 1922
• Exterior features: Corner lot; Paved driveway; Road frontage on a public maintained road

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating
• Interior features: 6 total rooms; Basement with concrete floor; Walkout basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $143k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#67 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing A-; Watch: amenities F, commute F, employment F.
• Berlin School District (town): math 24% / reading 30% proficiency, ranked #91 of 98 in NH (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Berlin Elementary School (math 35% / reading 33%, grade F, #188 of 263 statewide, top 71%, 422 students, 62% FRL).
• Market conditions: 100 active listings in the ZIP; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• Coos County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $75k; list at $145k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $142,825 (1.5% below list)

Questions for the listing agent

1. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.22% ✓
• Cap rate: 8.24%
• Cash-on-cash: 6.94%
• DSCR: 1.31
• GRM: 6.8

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: 29.4%
• Equity multiple: 3.32×
• Total profit: $94,059
• Equity at exit: $130,627

10-year hold

• IRR: 25.5%
• Equity multiple: 7.54×
• Total profit: $265,473
• Equity at exit: $281,703

Cash invested: $40,600 (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 03570

• Home prices YoY: 14.3%
• Active inventory: 100
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,770 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$342 /mo · $4,106/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $235

Break-even live

Break-even rent $1,472

Max offer price $145,000

Occupancy floor 82%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $145,000 Active 20 DOM
2. 2026-06-17
   days on market $145,000 Active 19 DOM
3. 2026-06-16
   days on market $145,000 Active 18 DOM
4. 2026-06-15
   days on market $145,000 Active 17 DOM
5. 2026-06-13
   days on market $145,000 Active 15 DOM
6. 2026-06-12
   days on market $145,000 Active 14 DOM
7. 2026-06-09
   days on market $145,000 Active 11 DOM
8. 2026-06-08
   days on market $145,000 Active 10 DOM
9. 2026-06-07
   days on market $145,000 Active 9 DOM
10. 2026-06-07
    days on market $145,000 Active 8 DOM
11. 2026-06-04
    days on market $145,000 Active 5 DOM
12. 2026-06-02
    days on market $145,000 Active 4 DOM
13. 2026-06-01
    days on market $145,000 Active 3 DOM
14. 2026-05-31
    days on market $145,000 Active 2 DOM
15. 2026-05-28
    listed $145,000 Active

    Show marketing remark (860 chars)

    Currently set up as a 2-unit property offering great flexibility for owner-occupants or investors alike, with the potential to easily convert back into a single-family home if desired! The first-floor unit features 3 bedrooms, first-floor laundry, and a spacious living room perfect for gathering and entertaining. The second-floor unit offers a cozy 1-bedroom layout. Enjoy relaxing and unwinding on the inviting front porch overlooking the spacious yard. The large yard provides plenty of room for gardening, entertaining, pets, or outdoor activities. Additional features include a garage for extra storage, two driveways for ample parking, and low-maintenance vinyl siding for easy upkeep. The above-ground pool on the property has not been opened in many years. Conveniently located with plenty of potential and possibilities! ATV from home to the trails.

16. 2026-05-28
    listed $145,000 Active 860-char remark

    Show marketing remark (860 chars)

    Currently set up as a 2-unit property offering great flexibility for owner-occupants or investors alike, with the potential to easily convert back into a single-family home if desired! The first-floor unit features 3 bedrooms, first-floor laundry, and a spacious living room perfect for gathering and entertaining. The second-floor unit offers a cozy 1-bedroom layout. Enjoy relaxing and unwinding on the inviting front porch overlooking the spacious yard. The large yard provides plenty of room for gardening, entertaining, pets, or outdoor activities. Additional features include a garage for extra storage, two driveways for ample parking, and low-maintenance vinyl siding for easy upkeep. The above-ground pool on the property has not been opened in many years. Conveniently located with plenty of potential and possibilities! ATV from home to the trails.

17. 2004-11-03
    soldstatus $75,000

ⓘ 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: $4,106 · $342/mo
• Projected year-2 tax: $4,106 · $342/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 7 d/yr ≥85°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,234
• − Mortgage interest: −$8,122
• − Property taxes: −$4,106
• − Insurance: −$725
• − Repairs & maintenance: −$1,699
• − Management: −$1,699
• − Depreciation: −$4,218
• Taxable income: $665
• Est. tax owed @ 24.0%: −$160
• After-tax cash flow: $2,660/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: Berlin School District
• NCES district ID: 3301860
• Math proficiency: 24% ▼ -5.00%
• Reading proficiency: 30% ▼ -12.00%
• Median HH income: $37,494
• Composite: 22.5/100
• National rank: #8095
• State rank: #91 of 98 in NH

Livability — Berlin

• Score: 66/100
• State rank: #67
• US rank: #11665

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Berlin, NH
• City population: 9,473
• Population (ZIP): 9,473

Population outlook (Coos County) Hauer SSP2

• Today (2025): 30,912 people
• By 2030: 29,872 · -3.4%
• By 2040: 27,449 · -11.2%
• By 2050: 25,049 · -19.0%
• By 2075: 19,584 · -36.6%
• By 2100: 13,818 · -55.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 5% Black 4% Two or more races 4%
• Common ancestry: Lithuanian 21% German 2% Romanian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 88% English-only · French/Haitian/Cajun 8% Spanish 4%

Political lean MEDSL · Coos

• 2024 margin: R (+13.8) · D 42.7% · R 56.5%
• 2008→2024 swing: -32.1pp toward R · 2008: 18.3pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+5.9 2016: R+9.1 2012: D+17.6 2008: D+18.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 55.16%
• Current HPI: 440.9127
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+93.3% since first listed

3 events — show timeline

• 2026-05-28 Listed $145,000 PrimeMLS
• 2026-05-28 Listed $145,000 PrimeMLS
• 2004-11-03 Sold (Public Records) $75,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $4,106 · +8.8% YoY. Source: county tax records.