186 Bell St · Manchester, NH 03103

$700,000

9 bd · 3.0 ba · 4,893 sqft · MultiFamily public records · 7 Days on market

Built 1901 5,227 sqft lot Est $705k · at est.

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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 +22.1/30.0
• ARV discount +7.8/15.0
• DSCR +7.1/10.0
• 1% rule +5.5/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• 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

If large, "just-like-home" style units are the name of your investing game, look no further than 186 Bell St. This gargantuan three-unit features all four bedroom units, two of which have been extensively renovated to feature all new plumbing, flooring, kitchens, and baths! Tenants pay their own heat, hot water, and electric PLUS you even have coin-op washer and dryer in the basement to offset that water/sewer bill. Vinyl siding, natural gas utilities, rubber roof, and off-street parking round out this perfectly prepared package. Current COC in place. 48-hour minimum notice to show as building is fully occupied!

Key facts

• Separate utilities
• Recent updates
• Off street parking

Tags

• OFF STREET PARKING
• PRIVATE BACKYARD
• SEPARATE UTILITIES
• RECENT UPDATES
• SOLID RENTAL HISTORY
• EASY ACCESS TO MAJOR HIGHWAYS

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/2.0-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $377/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $700k).
• Cap rate 8.2% 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.
• Zoned schools: Beech Street School (math 5% / reading 11%, grade F, #262 of 263 statewide, top 100%, 473 students, 85% FRL); Southside Middle School (math 8% / reading 24%, grade F, #93 of 96 statewide, top 97%, 750 students, 50% FRL); Manchester Central High School (math 37% / reading 57%, grade D-, #47 of 90 statewide, top 57%, 1,168 students, 47% FRL).
• Market conditions: Rents rising (+1.7%/yr); 99 active listings in the ZIP; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• At $7,344/mo this rent would consume 120% of the median local household income ($74k/yr) (locally 1809% 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 $21k 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 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago; this cycle's ask is 5% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $600k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $700,000

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 1901 — 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. 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: 1.05% ✓
• Cap rate: 8.23%
• Cash-on-cash: 6.92%
• DSCR: 1.31
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $704,592
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
169 Bell St	0.03mi	9/3.0	4,810 (-2%)	13mo	$640,000	$133	85
206 Bell St	0.02mi	10/3.0 (+1)	4,890 (-0%)	18mo	$715,000	$146	79
267 Silver St	0.36mi	9/3.0	4,796 (-2%)	12mo	$731,000	$152	70
293 Hayward St	0.22mi	9/3.0	4,971 (+2%)	24mo	$715,000	$144	68
344 Maple St	0.40mi	9/3.0	4,521 (-8%)	3mo	$621,500	$137	66
328 Cedar St	0.32mi	10/4.0 (+1)	4,515 (-8%)	6mo	$715,000	$158	58
294 Spruce St	0.48mi	9/4.0	5,492 (+12%)	11mo	$760,000	$138	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 · 1.73% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.74×
• Total profit: $-50,673
• Equity at exit: $104,372

10-year hold

• IRR: 0.9%
• Equity multiple: 1.06×
• Total profit: $11,572
• Equity at exit: $60,523

Cash invested: $196,000 (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 03103

• Rents YoY: 1.7%
• Active inventory: 99
• Price-to-rent: 23.8×

Monthly cashflow live

• Estimated rent: $7,344 high
• Mortgage (P&I): −$3,671
• Tax from tax record: −$708 /mo · $8,502/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,542
• Net cashflow: $1,131

Break-even live

Break-even rent $5,913

Max offer price $700,000

Occupancy floor 80%

Sensitivity live

Price	-10% $1,527	-5% $1,329	+0% $1,131	+5% $933	+10% $734
Rent	-10% $551	-5% $841	+0% $1,131	+5% $1,421	+10% $1,711
Rate	-1.0pp $1,483	-0.5pp $1,309	base $1,131	+0.5pp $949	+1.0pp $765

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	2	$7,344
Total (3 units)			$7,344

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: $175,000
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-18
   price $700,000
2. 2025-11-14
   status Pending
3. 2025-11-06
   listed $664,999 Active
4. 2025-10-02
   price $724,900
5. 2025-09-18
   price $749,999
6. 2022-09-09
   soldstatus $600,000 Closed 630-char remark

   Show marketing remark (630 chars)

   If large, "just-like-home" style units are the name of your investing game, look no further than 186 Bell St. This gargantuan three-unit features all four bedroom units, two of which have been extensively renovated to feature all new plumbing, flooring, kitchens, and baths! Tenants pay their own heat, hot water, and electric PLUS you even have coin-op washer and dryer in the basement to offset that water/sewer bill. Vinyl siding, natural gas utilities, rubber roof, and off-street parking round out this perfectly prepared package. Current COC in place. 48-hour minimum notice to show as building is fully occupied!

7. 2022-09-09
   soldstatus $600,000

   Show marketing remark (630 chars)

   If large, "just-like-home" style units are the name of your investing game, look no further than 186 Bell St. This gargantuan three-unit features all four bedroom units, two of which have been extensively renovated to feature all new plumbing, flooring, kitchens, and baths! Tenants pay their own heat, hot water, and electric PLUS you even have coin-op washer and dryer in the basement to offset that water/sewer bill. Vinyl siding, natural gas utilities, rubber roof, and off-street parking round out this perfectly prepared package. Current COC in place. 48-hour minimum notice to show as building is fully occupied!

8. 2022-07-28
   status Pending 630-char remark

   Show marketing remark (630 chars)

   If large, "just-like-home" style units are the name of your investing game, look no further than 186 Bell St. This gargantuan three-unit features all four bedroom units, two of which have been extensively renovated to feature all new plumbing, flooring, kitchens, and baths! Tenants pay their own heat, hot water, and electric PLUS you even have coin-op washer and dryer in the basement to offset that water/sewer bill. Vinyl siding, natural gas utilities, rubber roof, and off-street parking round out this perfectly prepared package. Current COC in place. 48-hour minimum notice to show as building is fully occupied!

9. 2022-07-24
   price $570,000 630-char remark

   Show marketing remark (630 chars)

   If large, "just-like-home" style units are the name of your investing game, look no further than 186 Bell St. This gargantuan three-unit features all four bedroom units, two of which have been extensively renovated to feature all new plumbing, flooring, kitchens, and baths! Tenants pay their own heat, hot water, and electric PLUS you even have coin-op washer and dryer in the basement to offset that water/sewer bill. Vinyl siding, natural gas utilities, rubber roof, and off-street parking round out this perfectly prepared package. Current COC in place. 48-hour minimum notice to show as building is fully occupied!

10. 2022-06-27
    listed $580,000 Active 630-char remark

    Show marketing remark (630 chars)

    If large, "just-like-home" style units are the name of your investing game, look no further than 186 Bell St. This gargantuan three-unit features all four bedroom units, two of which have been extensively renovated to feature all new plumbing, flooring, kitchens, and baths! Tenants pay their own heat, hot water, and electric PLUS you even have coin-op washer and dryer in the basement to offset that water/sewer bill. Vinyl siding, natural gas utilities, rubber roof, and off-street parking round out this perfectly prepared package. Current COC in place. 48-hour minimum notice to show as building is fully occupied!

ⓘ 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: $8,502 · $708/mo
• Projected year-2 tax: $11,881 · $990/mo
• Expected delta: +$3,379/yr (+$282/mo · 39.7%)

ⓘ 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 4/10 Moderate 7 d/yr ≥96°F today · 15 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: $88,128
• − Mortgage interest: −$39,211
• − Property taxes: −$8,502
• − Insurance: −$3,500
• − Repairs & maintenance: −$7,050
• − Management: −$7,050
• − Depreciation: −$20,364
• Taxable income: $2,451
• Est. tax owed @ 24.0%: −$588
• After-tax cash flow: $12,980/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): 37,775
• Household income: $73,540
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 1809.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 62% Hispanic / Latino 24% Two or more races 13% Asian 7% Black 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7% Dominican 5%
• Common ancestry: Lithuanian 9% Romanian 3% Slovak 2%
• Foreign-born: 22% · Canada, Vietnam, Jamaica
• Languages at home: 66% English-only · Spanish 18% Other Indo-European 3% Vietnamese 2%

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: ▼ -301.43%
• Current HPI: 345.8593
• Rent YoY: ▲ 1.73%
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+20.7% since first listed

10 events — show timeline

• 2026-04-18 Price Changed $700,000 PrimeMLS
• 2025-11-14 Pending — PrimeMLS
• 2025-11-06 Listed $664,999 PrimeMLS
• 2025-10-02 Price Changed $724,900 PrimeMLS
• 2025-09-18 Price Changed $749,999 PrimeMLS
• 2022-09-09 Sold (Public Records) $600,000 Public Records
• 2022-09-09 Sold (MLS) $600,000 PrimeMLS
• 2022-07-28 Pending — PrimeMLS
• 2022-07-24 Price Changed $570,000 PrimeMLS
• 2022-06-27 Listed $580,000 PrimeMLS

Property tax history

+3.5%/yr

Latest (2024): $8,502 · +3.8% YoY. Source: county tax records.