637 Harvard St · Manchester, NH 03103

$1,399,999

7 bd · 5.0 ba · 4,413 sqft · MultiFamily public records · 1 Days on market

Built 1914 5,662 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 +24.4/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 6 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

Just reduced. Large, nicely kept 5 unit. Tin ceilings, beautiful woodwork. Very spacious first floor with security system and unique features. Two of the 1 bedroom apartments have extra room overlooking back yard. Fenced in nicely landscaped yard. Two stall garage with second floor storage.

Key facts

• Remodeled 6-unit
• Fully renovated
• Courtyard

Tags

• FULLY RENOVATED
• REMODELED 6-UNIT
• CONVERTED FROM 5-UNIT
• MULTIFAMILY WITH PERMITS
• COURTYARD
• OFF-STREET PARKING

Property features AI

Finance

• Other: Total finished area reported (approximate): 4413 total finished; Total area reported (approximate): 5844 total
• Financial info: Operating expenses include insurance, maintenance, management, snow removal, utilities, water/sewer and other expenses; Property marketed as annual lease units (annual lease terms)

Exterior

• Parking: 2-car garage capacity
• Utilities: Public sewer; Public water; Electric service by Eversource; Fuel service by Liberty Utilities; No internet service listed
• Home design: Multi-family building; Existing construction; Built in 1914
• Construction: Wood frame construction; Vinyl siding
• Exterior features: Sidewalks; Street lights; Concrete driveway; Paved, public road frontage

Interior

• Kitchen: Water heater is natural gas
• Bedrooms: Six rental units total: three 1-bedroom units, two 2-bedroom units, one 3-bedroom unit; Unit 1: 1 bedroom (level 1); Unit 2: 3 bedrooms (level 1); Unit 3: 1 bedroom (level 2); Unit 4: 2 bedrooms (level 2); Unit 5: 1 bedroom (level 3); Unit 6: 2 bedrooms (level 3)
• Bathrooms: Six full bathrooms (one per unit); Unit 1: 1 bath; Unit 2: 1 bath; Unit 3: 1 bath; Unit 4: 1 bath; Unit 5: 1 bath; Unit 6: 1 bath
• Heating & cooling: Natural gas heating; Baseboard heating; Hot air heating; No central cooling
• Interior features: Basement present with interior access; Unfinished basement; Membrane roof
• Laundry & utility: 100 Amp electric service

What this means for you Summary

Snapshot

• This is a 6 × 10-bed/6.0-bath units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $476/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.40M).
• Cap rate 8.7% 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 (+1.7%/yr); 101 active listings in the ZIP; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• At $14,702/mo this rent would consume 240% 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 $10k of loan paydown is wiped out by about $42k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 17y 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 $540k; list at $1.40M implies a 159% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — 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 $1,399,999

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 1914 — 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: 8.74%
• Cash-on-cash: 8.74%
• DSCR: 1.39
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $692,841
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
619 Harvard St	0.02mi	8/5.0 (+1)	3,861 (-12%)	18mo	$686,000	$178	58
646 Summer St	0.44mi	7/3.0	3,920 (-11%)	19mo	$615,000	$157	37
102 LINCOLN St	0.27mi	6/2.0 (-1)	3,810 (-14%)	15mo	$525,000	$138	35

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: -4.4%
• Equity multiple: 0.84×
• Total profit: $-63,902
• Equity at exit: $208,744

10-year hold

• IRR: 3.8%
• Equity multiple: 1.26×
• Total profit: $102,926
• Equity at exit: $121,046

Cash invested: $392,000 (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: 101
• Price-to-rent: 47.6×

Monthly cashflow live

• Estimated rent: $14,702 medium
• Mortgage (P&I): −$7,342
• Tax from tax record: −$834 /mo · $10,011/yr
• Insurance: −$583
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,087
• Net cashflow: $2,855

Break-even live

Break-even rent $11,088

Max offer price $1,399,999

Occupancy floor 76%

Sensitivity live

Price	-10% $3,648	-5% $3,252	+0% $2,855	+5% $2,459	+10% $2,063
Rent	-10% $1,694	-5% $2,275	+0% $2,855	+5% $3,436	+10% $4,017
Rate	-1.0pp $3,560	-0.5pp $3,211	base $2,855	+0.5pp $2,492	+1.0pp $2,123

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

Units	Beds	Baths	Est. rent
▸ 6× units	10	6	$14,700
Total (6 units)			$14,702

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: $350,000
• Closing costs: $42,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-17
   listed $1,399,999 Active 1 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: $10,011 · $834/mo
• Projected year-2 tax: $20,265 · $1,689/mo
• Expected delta: +$10,254/yr (+$855/mo · 102.4%)

ⓘ 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: $176,424
• − Mortgage interest: −$78,422
• − Property taxes: −$10,011
• − Insurance: −$7,000
• − Repairs & maintenance: −$14,114
• − Management: −$14,114
• − Depreciation: −$40,727
• Taxable income: $12,036
• Est. tax owed @ 24.0%: −$2,889
• After-tax cash flow: $31,374/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

+382.9% since first listed

6 events — show timeline

• 2026-06-17 Listed $1,399,999 PrimeMLS
• 2023-11-30 Price Changed $1,281,740 PrimeMLS
• 2022-02-08 Sold (Public Records) $540,000 Public Records
• 2010-02-19 Sold (Public Records) $270,000 Public Records
• 2010-02-19 Sold (MLS) $270,000 PrimeMLS
• 2009-09-01 Listed $289,900 PrimeMLS

Property tax history

+4.8%/yr

Latest (2024): $10,011 · +3.8% YoY. Source: county tax records.