2 Depot & 27 Carroll St · Pittsfield, NH 03263

$729,900

5 bd · 3.0 ba · 13,133 sqft · MultiFamily public records · 39 Days on market

Built 1960 0.76 ac lot

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Why this score? — see what drove the B+ 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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investors, look no further for a deal of a lifetime. This large 5-unit property offers 6,769 SF of finished space with a cap rate exceeding 13.5%, along with potential for additional units through subdivision of the commercial spaces or expansion of the existing layouts. A current storage area also presents the opportunity for conversion into an additional unit. The interior residential units are well maintained with solid long term tenants. In the past 3 years, the largest unit has been updated throughout, featuring a renovated kitchen with beautiful granite countertops, stainless steel appliances, and newer flooring. The bathrooms have also been remodeled with updated tubs and vanities. The smaller one-bedroom unit offers a cozy layout and has seen updates as well, including new carpeting, along with improvements to the kitchen and bathroom. The property’s large footprint offers the potential for 6+ additional residential units through conversion of the commercial spaces, along with the possibility of 5+ more units in the unfinished attic — creating the opportunity for an intriguing combined 15+ unit building. Parking would be needed as required by the town for the increased units but that can be fulfilled with the sale of the property across the street that can be purchased as a package (MLS # 5088311). Other updates include a young roof and a young highly efficient Buderus boiler. Located in the heart of downtown Pittsfield, tenants enjoy walkable access to shops, restaurants, and everyday conveniences in a true small-town setting. Nearby Drake Field offers outdoor recreation along the Suncook River with trails, fields, and courts. Commuting is also convenient, with Concord under 30 minutes away and Boston & Portsmouth less than an hour. PRIVATE SHOWINGS Friday 4-6PM and Saturday 1-3PM.

Key facts

• 30 parking spaces
• Renovated kitchens
• Newer flooring

Tags

• 30 PARKING SPACES
• 5 UNIT BUILDING
• RENOVATED KITCHENS
• RENOVATED BATHS
• NEWER FLOORING
• YOUNG ROOF

Property features AI

Exterior

• Parking: Paved driveway
• Utilities: Public sewer; Public water; 100 Amp electric service; Cable internet available
• Home design: Apartment building / Multi-family with addition; Existing structure built in 1960
• Construction: Vinyl siding; Shingle roof; Built in 1960
• Exterior features: City lot on a corner; Paved driveway; Public-maintained paved road frontage

Interior

• Bedrooms: Total of 10 units: two 1-bedroom units, one 2-bedroom unit, one 3+-bedroom unit, remaining units include studios/efficiencies
• Bathrooms: Units include a mix of 1-bath and multi-bath layouts (examples include several 1-bath units and one unit with 3 baths)
• Heating & cooling: Heating provided by oil-fired systems including baseboard and hot water; No central cooling
• Interior features: Basement present with interior access; Crawl space and storage space in basement

What this means for you Summary

Snapshot

• This is a 5 × 7-bed/10.0-bath units multifamily listed at $730k.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive. Per door: $746/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $730k).
• Recommended offer: $708k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 1.8% in Pittsfield — 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 66/100 on livability (#72 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Pittsfield School District (rural): math 20% / reading 36% proficiency, ranked #87 of 98 in NH (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Pittsfield Elementary School (math 22% / reading 37%, grade F, #201 of 263 statewide, top 82%, 219 students, 44% FRL); Pittsfield Middle School (math 17% / reading 32%, grade F, #83 of 96 statewide, top 87%, 139 students, 43% FRL); Pittsfield High School (math 50% / reading 50%, grade D, #37 of 90 statewide, top 49%, 159 students, 35% FRL) — zoned schools at 41% FRL track the district average.
• Market conditions: 32 active listings in the ZIP; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).

Forward outlook

• In year one you build about $78k of equity ($5k loan paydown + $73k appreciation (10.0% local appreciation)).
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $204k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$125k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($708k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask is 52% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $708,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.43% ✓
• Cap rate: 12.43%
• Cash-on-cash: 21.90%
• DSCR: 1.97
• GRM: 5.8

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: 40.7%
• Equity multiple: 4.11×
• Total profit: $634,938
• Equity at exit: $657,552

10-year hold

• IRR: 35.1%
• Equity multiple: 9.23×
• Total profit: $1,682,650
• Equity at exit: $1,418,035

Cash invested: $204,372 (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 03263

• Home prices YoY: 17.6%
• Active inventory: 32
• Price-to-rent: 29.1×

Monthly cashflow live

• Estimated rent: $10,458 medium
• Mortgage (P&I): −$3,828
• Tax from tax record: −$400 /mo · $4,799/yr
• Insurance: −$304
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,196
• Net cashflow: $3,730

Break-even live

Break-even rent $5,736

Max offer price $729,900

Occupancy floor 59%

Sensitivity live

Price	-10% $4,143	-5% $3,937	+0% $3,730	+5% $3,524	+10% $3,317
Rent	-10% $2,904	-5% $3,317	+0% $3,730	+5% $4,143	+10% $4,556
Rate	-1.0pp $4,098	-0.5pp $3,916	base $3,730	+0.5pp $3,541	+1.0pp $3,349

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

Units	Beds	Baths	Est. rent
▸ 5× units	7	10	$10,460
Total (5 units)			$10,458

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: $182,475
• Closing costs: $21,897
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $729,900 Active 39 DOM
2. 2026-06-21
   days on market $729,900 Active 38 DOM
3. 2026-06-18
   days on market $729,900 Active 36 DOM
4. 2026-06-17
   days on market $729,900 Active 35 DOM
5. 2026-06-16
   days on market $729,900 Active 34 DOM
6. 2026-06-15
   days on market $729,900 Active 33 DOM
7. 2026-06-13
   days on market $729,900 Active 31 DOM
8. 2026-06-12
   days on market $729,900 Active 30 DOM
9. 2026-06-09
   days on market $729,900 Active 27 DOM
10. 2026-06-08
    days on market $729,900 Active 26 DOM
11. 2026-06-07
    days on market $729,900 Active 25 DOM
12. 2026-06-07
    days on market $729,900 Active 24 DOM
13. 2026-06-04
    days on market $729,900 Active 21 DOM
14. 2026-06-02
    days on market $729,900 Active 20 DOM
15. 2026-06-01
    days on market $729,900 Active 19 DOM
16. 2026-05-31
    days on market $729,900 Active 18 DOM
17. 2026-05-15
    listed $479,900 Active 1839-char remark

    Show marketing remark (1839 chars)

    Investors, look no further for a deal of a lifetime. This large 5-unit property offers 6,769 SF of finished space with a cap rate exceeding 13.5%, along with potential for additional units through subdivision of the commercial spaces or expansion of the existing layouts. A current storage area also presents the opportunity for conversion into an additional unit. The interior residential units are well maintained with solid long term tenants. In the past 3 years, the largest unit has been updated throughout, featuring a renovated kitchen with beautiful granite countertops, stainless steel appliances, and newer flooring. The bathrooms have also been remodeled with updated tubs and vanities. The smaller one-bedroom unit offers a cozy layout and has seen updates as well, including new carpeting, along with improvements to the kitchen and bathroom. The property’s large footprint offers the potential for 6+ additional residential units through conversion of the commercial spaces, along with the possibility of 5+ more units in the unfinished attic — creating the opportunity for an intriguing combined 15+ unit building. Parking would be needed as required by the town for the increased units but that can be fulfilled with the sale of the property across the street that can be purchased as a package (MLS # 5088311). Other updates include a young roof and a young highly efficient Buderus boiler. Located in the heart of downtown Pittsfield, tenants enjoy walkable access to shops, restaurants, and everyday conveniences in a true small-town setting. Nearby Drake Field offers outdoor recreation along the Suncook River with trails, fields, and courts. Commuting is also convenient, with Concord under 30 minutes away and Boston & Portsmouth less than an hour. PRIVATE SHOWINGS Friday 4-6PM and Saturday 1-3PM.

18. 2026-05-13
    listed $729,900 Active 1530-char remark
19. 2026-05-13
    historical $729,900 1530-char remark
20. 2026-05-13
    listed $729,900 Active 1530-char remark
21. 2026-05-11
    historical $479,900 1839-char remark

    Show marketing remark (1839 chars)

    Investors, look no further for a deal of a lifetime. This large 5-unit property offers 6,769 SF of finished space with a cap rate exceeding 13.5%, along with potential for additional units through subdivision of the commercial spaces or expansion of the existing layouts. A current storage area also presents the opportunity for conversion into an additional unit. The interior residential units are well maintained with solid long term tenants. In the past 3 years, the largest unit has been updated throughout, featuring a renovated kitchen with beautiful granite countertops, stainless steel appliances, and newer flooring. The bathrooms have also been remodeled with updated tubs and vanities. The smaller one-bedroom unit offers a cozy layout and has seen updates as well, including new carpeting, along with improvements to the kitchen and bathroom. The property’s large footprint offers the potential for 6+ additional residential units through conversion of the commercial spaces, along with the possibility of 5+ more units in the unfinished attic — creating the opportunity for an intriguing combined 15+ unit building. Parking would be needed as required by the town for the increased units but that can be fulfilled with the sale of the property across the street that can be purchased as a package (MLS # 5088311). Other updates include a young roof and a young highly efficient Buderus boiler. Located in the heart of downtown Pittsfield, tenants enjoy walkable access to shops, restaurants, and everyday conveniences in a true small-town setting. Nearby Drake Field offers outdoor recreation along the Suncook River with trails, fields, and courts. Commuting is also convenient, with Concord under 30 minutes away and Boston & Portsmouth less than an hour. PRIVATE SHOWINGS Friday 4-6PM and Saturday 1-3PM.

22. 2026-05-11
    listed $479,900 Active 1839-char remark

    Show marketing remark (1839 chars)

    Investors, look no further for a deal of a lifetime. This large 5-unit property offers 6,769 SF of finished space with a cap rate exceeding 13.5%, along with potential for additional units through subdivision of the commercial spaces or expansion of the existing layouts. A current storage area also presents the opportunity for conversion into an additional unit. The interior residential units are well maintained with solid long term tenants. In the past 3 years, the largest unit has been updated throughout, featuring a renovated kitchen with beautiful granite countertops, stainless steel appliances, and newer flooring. The bathrooms have also been remodeled with updated tubs and vanities. The smaller one-bedroom unit offers a cozy layout and has seen updates as well, including new carpeting, along with improvements to the kitchen and bathroom. The property’s large footprint offers the potential for 6+ additional residential units through conversion of the commercial spaces, along with the possibility of 5+ more units in the unfinished attic — creating the opportunity for an intriguing combined 15+ unit building. Parking would be needed as required by the town for the increased units but that can be fulfilled with the sale of the property across the street that can be purchased as a package (MLS # 5088311). Other updates include a young roof and a young highly efficient Buderus boiler. Located in the heart of downtown Pittsfield, tenants enjoy walkable access to shops, restaurants, and everyday conveniences in a true small-town setting. Nearby Drake Field offers outdoor recreation along the Suncook River with trails, fields, and courts. Commuting is also convenient, with Concord under 30 minutes away and Boston & Portsmouth less than an hour. PRIVATE SHOWINGS Friday 4-6PM and Saturday 1-3PM.

23. 2023-12-01
    price $479,000

ⓘ 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: $4,799 · $400/mo
• Projected year-2 tax: $10,355 · $863/mo
• Expected delta: +$5,556/yr (+$463/mo · 115.8%)

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

Taxation est. · year 1

• Rental income: $125,496
• − Mortgage interest: −$40,886
• − Property taxes: −$4,799
• − Insurance: −$3,650
• − Repairs & maintenance: −$10,040
• − Management: −$10,040
• − Depreciation: −$21,233
• Taxable income: $34,849
• Est. tax owed @ 24.0%: −$8,364
• After-tax cash flow: $36,397/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: Pittsfield School District
• NCES district ID: 3305730
• Math proficiency: 20% ▼ -15.00%
• Reading proficiency: 36% ▼ -6.00%
• Median HH income: $52,344
• Composite: 24.71/100
• National rank: #7610
• State rank: #87 of 98 in NH

Livability — Pittsfield

• Score: 66/100
• State rank: #72
• US rank: #12388

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pittsfield, NH
• Population (ZIP): 4,094

Population outlook (Merrimack County) Hauer SSP2

• Today (2025): 151,287 people
• By 2030: 151,867 · +0.4%
• By 2040: 149,927 · -0.9%
• By 2050: 144,081 · -4.8%
• By 2075: 132,018 · -12.7%
• By 2100: 111,733 · -26.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Lithuanian 15% Slovak 3% German 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Merrimack

• 2024 margin: Lean D (+5.2) · D 52.1% · R 46.9% · Other 1.0%
• 2008→2024 swing: -8.7pp toward R · 2008: 13.9pp · 2024: 5.2pp
• All cycles: 2024: D+5.2 2020: D+9.8 2016: D+3.1 2012: D+12.7 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 89.96%
• Current HPI: 601.9142
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.2% since first listed

7 events — show timeline

• 2026-05-15 Listed $479,900 PrimeMLS
• 2026-05-13 Listed $729,900 PrimeMLS
• 2026-05-13 Coming Soon $729,900 PrimeMLS
• 2026-05-13 Listed $729,900 PrimeMLS
• 2026-05-11 Coming Soon $479,900 PrimeMLS
• 2026-05-11 Listed $479,900 PrimeMLS
• 2023-12-01 Price Changed $479,000 PrimeMLS