4 Elm St · Lancaster, NH 03584

$1,300,000

18 bd · 18.0 ba · 11,737 sqft · MultiFamily public records · 63 Days on market

Built 1910 0.28 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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Appreciation +4.3/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 18 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

Positioned in the heart of downtown Lancaster at the highly visible corner of Route 3 and Route 135, this 18-unit multifamily property offers investors an opportunity to acquire a stable, income-producing asset with a 7.06% cap rate. The property boasts a strong rental history with many long-term tenants, providing consistent cash flow and operational stability. Over the past several years, there have been significant capital improvements, enhancing both the functionality and long-term value of the asset. Recent upgrades include: * New rubber membrane roof * New oil tanks * Structural reinforcements * Interior apartment refreshes In addition, the fire and sprinkler system successfully passed its 5-year inspection, with ownership proactively completing all recommended (non-mandatory) improvements—demonstrating a high level of care and diligence. Looking ahead, a new boiler is scheduled for installation in May 2026, further improving efficiency and reducing future capital expenditure risk. Strategically located near major employers such as Weeks Medical Center, PAK Solutions, and Trividia Manufacturing, the property benefits from strong local demand and tenant retention. Its central location places residents within walking distance to downtown amenities, services, and major commuter routes. Investment Highlights: * 18 residential units * 7.06% cap rate * Proven rental performance with long-term tenants * Low Vacancy * Extensive recent capital improvements * Additional upside with new boiler installation (May 2026) * Prime downtown corner location * Close proximity to major employers This is an ideal opportunity for investors seeking a turnkey multifamily asset. Group Showing April 16th at 2pm. Please email to be added to the list. Do not show without contacting us.

Key facts

• New oil tanks
• 0.28 acre lot
• Built 1910

Tags

• NEW RUBBER MEMBRANE ROOF
• NEW OIL TANKS
• STRUCTURAL REINFORCEMENTS
• INTERIOR APARTMENT REFRESHES
• FIRE AND SPRINKLER SYSTEM
• STRONG RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 18 × 1-bed/1-bath units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $197/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.30M).
• Recommended offer: $1.22M (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#61 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B; Watch: schools D, amenities F, commute F.
• White Mountain Regional School District (rural): math 26% / reading 42% proficiency, ranked #80 of 98 in NH (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 52 active listings in the ZIP; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.5%/yr); year-one equity from $9k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Coos County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-1.5% appreciation + 3.0% rent growth), your $364k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $100k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $940k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,222,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.20% ✓
• Cap rate: 9.57%
• Cash-on-cash: 11.72%
• DSCR: 1.52
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.48% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.4%
• Equity multiple: 1.28×
• Total profit: $100,560
• Equity at exit: $283,939

10-year hold

• IRR: 13.4%
• Equity multiple: 2.26×
• Total profit: $457,189
• Equity at exit: $273,397

Cash invested: $364,000 (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 03584

• Home prices YoY: -0.4%
• Active inventory: 52
• Price-to-rent: 124.6×

Monthly cashflow live

• Estimated rent: $15,654 medium
• Mortgage (P&I): −$6,817
• Tax from tax record: −$1,453 /mo · $17,438/yr
• Insurance: −$542
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,287
• Net cashflow: $3,554

Break-even live

Break-even rent $11,155

Max offer price $1,300,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 18× units	1	1	$15,660
Total (18 units)			$15,654

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: $325,000
• Closing costs: $39,000
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $1,300,000 Active 63 DOM
2. 2026-06-17
   days on market $1,300,000 Active 62 DOM
3. 2026-06-16
   days on market $1,300,000 Active 61 DOM
4. 2026-06-15
   days on market $1,300,000 Active 60 DOM
5. 2026-06-13
   days on market $1,300,000 Active 58 DOM
6. 2026-06-12
   pricedays on market $1,300,000 Active 57 DOM
7. 2026-06-09
   days on market $1,400,000 Active 54 DOM
8. 2026-06-08
   days on market $1,400,000 Active 53 DOM
9. 2026-06-07
   days on market $1,400,000 Active 52 DOM
10. 2026-06-07
    days on market $1,400,000 Active 51 DOM
11. 2026-06-02
    days on market $1,400,000 Active 47 DOM
12. 2026-06-01
    days on market $1,400,000 Active 46 DOM
13. 2026-05-31
    days on market $1,400,000 Active 45 DOM
14. 2026-04-16
    listed $1,400,000 Active 1821-char remark

    Show marketing remark (1821 chars)

    Positioned in the heart of downtown Lancaster at the highly visible corner of Route 3 and Route 135, this 18-unit multifamily property offers investors an opportunity to acquire a stable, income-producing asset with a 7.06% cap rate. The property boasts a strong rental history with many long-term tenants, providing consistent cash flow and operational stability. Over the past several years, there have been significant capital improvements, enhancing both the functionality and long-term value of the asset. Recent upgrades include: * New rubber membrane roof * New oil tanks * Structural reinforcements * Interior apartment refreshes In addition, the fire and sprinkler system successfully passed its 5-year inspection, with ownership proactively completing all recommended (non-mandatory) improvements—demonstrating a high level of care and diligence. Looking ahead, a new boiler is scheduled for installation in May 2026, further improving efficiency and reducing future capital expenditure risk. Strategically located near major employers such as Weeks Medical Center, PAK Solutions, and Trividia Manufacturing, the property benefits from strong local demand and tenant retention. Its central location places residents within walking distance to downtown amenities, services, and major commuter routes. Investment Highlights: * 18 residential units * 7.06% cap rate * Proven rental performance with long-term tenants * Low Vacancy * Extensive recent capital improvements * Additional upside with new boiler installation (May 2026) * Prime downtown corner location * Close proximity to major employers This is an ideal opportunity for investors seeking a turnkey multifamily asset. Group Showing April 16th at 2pm. Please email to be added to the list. Do not show without contacting us.

15. 2026-04-07
    historical $1,400,000 1821-char remark

    Show marketing remark (1821 chars)

    Positioned in the heart of downtown Lancaster at the highly visible corner of Route 3 and Route 135, this 18-unit multifamily property offers investors an opportunity to acquire a stable, income-producing asset with a 7.06% cap rate. The property boasts a strong rental history with many long-term tenants, providing consistent cash flow and operational stability. Over the past several years, there have been significant capital improvements, enhancing both the functionality and long-term value of the asset. Recent upgrades include: * New rubber membrane roof * New oil tanks * Structural reinforcements * Interior apartment refreshes In addition, the fire and sprinkler system successfully passed its 5-year inspection, with ownership proactively completing all recommended (non-mandatory) improvements—demonstrating a high level of care and diligence. Looking ahead, a new boiler is scheduled for installation in May 2026, further improving efficiency and reducing future capital expenditure risk. Strategically located near major employers such as Weeks Medical Center, PAK Solutions, and Trividia Manufacturing, the property benefits from strong local demand and tenant retention. Its central location places residents within walking distance to downtown amenities, services, and major commuter routes. Investment Highlights: * 18 residential units * 7.06% cap rate * Proven rental performance with long-term tenants * Low Vacancy * Extensive recent capital improvements * Additional upside with new boiler installation (May 2026) * Prime downtown corner location * Close proximity to major employers This is an ideal opportunity for investors seeking a turnkey multifamily asset. Group Showing April 16th at 2pm. Please email to be added to the list. Do not show without contacting us.

16. 2026-03-30
    listed $1,400,000 Active 1821-char remark

    Show marketing remark (1821 chars)

    Positioned in the heart of downtown Lancaster at the highly visible corner of Route 3 and Route 135, this 18-unit multifamily property offers investors an opportunity to acquire a stable, income-producing asset with a 7.06% cap rate. The property boasts a strong rental history with many long-term tenants, providing consistent cash flow and operational stability. Over the past several years, there have been significant capital improvements, enhancing both the functionality and long-term value of the asset. Recent upgrades include: * New rubber membrane roof * New oil tanks * Structural reinforcements * Interior apartment refreshes In addition, the fire and sprinkler system successfully passed its 5-year inspection, with ownership proactively completing all recommended (non-mandatory) improvements—demonstrating a high level of care and diligence. Looking ahead, a new boiler is scheduled for installation in May 2026, further improving efficiency and reducing future capital expenditure risk. Strategically located near major employers such as Weeks Medical Center, PAK Solutions, and Trividia Manufacturing, the property benefits from strong local demand and tenant retention. Its central location places residents within walking distance to downtown amenities, services, and major commuter routes. Investment Highlights: * 18 residential units * 7.06% cap rate * Proven rental performance with long-term tenants * Low Vacancy * Extensive recent capital improvements * Additional upside with new boiler installation (May 2026) * Prime downtown corner location * Close proximity to major employers This is an ideal opportunity for investors seeking a turnkey multifamily asset. Group Showing April 16th at 2pm. Please email to be added to the list. Do not show without contacting us.

17. 2024-01-26
    soldstatus $940,000
18. 2024-01-25
    soldstatus $940,000 Closed 764-char remark

    Show marketing remark (764 chars)

    Cash flowing 18-Unit Multi-Family with Value Add and Upside Opportunities. 13% CAP Rate. NOI $124,036. Thirteen updated units, four units with long term tenants and one unit ready for your renovation ideas. Over $270K in CapEx expenditures in just the last year including a brand-new rubber roof, new oil tanks, structural reinforcements, apartment renovations and more! Building also has updated electrical, hardwired smoke detectors/fire system, and sprinklers. Parking on site. Located in downtown Lancaster at the corner of Route 3 and Route 135, this 18 unit multi-family is at the center of it all and near major employers such as Weeks Medical Center, PAK Solutions and Trividia Manufacturing. Showings begin 11/3/23. Seller is a licensed real estate agent.

19. 2023-11-08
    status Pending 764-char remark

    Show marketing remark (764 chars)

    Cash flowing 18-Unit Multi-Family with Value Add and Upside Opportunities. 13% CAP Rate. NOI $124,036. Thirteen updated units, four units with long term tenants and one unit ready for your renovation ideas. Over $270K in CapEx expenditures in just the last year including a brand-new rubber roof, new oil tanks, structural reinforcements, apartment renovations and more! Building also has updated electrical, hardwired smoke detectors/fire system, and sprinklers. Parking on site. Located in downtown Lancaster at the corner of Route 3 and Route 135, this 18 unit multi-family is at the center of it all and near major employers such as Weeks Medical Center, PAK Solutions and Trividia Manufacturing. Showings begin 11/3/23. Seller is a licensed real estate agent.

20. 2023-10-31
    listed $950,000 Active - Delayed Showings 764-char remark

    Show marketing remark (764 chars)

    Cash flowing 18-Unit Multi-Family with Value Add and Upside Opportunities. 13% CAP Rate. NOI $124,036. Thirteen updated units, four units with long term tenants and one unit ready for your renovation ideas. Over $270K in CapEx expenditures in just the last year including a brand-new rubber roof, new oil tanks, structural reinforcements, apartment renovations and more! Building also has updated electrical, hardwired smoke detectors/fire system, and sprinklers. Parking on site. Located in downtown Lancaster at the corner of Route 3 and Route 135, this 18 unit multi-family is at the center of it all and near major employers such as Weeks Medical Center, PAK Solutions and Trividia Manufacturing. Showings begin 11/3/23. Seller is a licensed real estate agent.

21. 2022-04-29
    soldstatus $474,000 Closed
22. 2022-02-04
    historical Active with Contract
23. 2021-12-30
    price $558,000
24. 2021-11-12
    listed $588,000 Active

ⓘ 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: $17,438 · $1,453/mo
• Projected year-2 tax: $22,889 · $1,907/mo
• Expected delta: +$5,451/yr (+$454/mo · 31.3%)

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

Taxation est. · year 1

• Rental income: $187,848
• − Mortgage interest: −$72,820
• − Property taxes: −$17,438
• − Insurance: −$6,500
• − Repairs & maintenance: −$15,028
• − Management: −$15,028
• − Depreciation: −$37,818
• Taxable income: $23,216
• Est. tax owed @ 24.0%: −$5,572
• After-tax cash flow: $37,082/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: White Mountain Regional School District
• NCES district ID: 3307050
• Math proficiency: 26% ▼ -18.00%
• Reading proficiency: 42% ▼ -10.00%
• Median HH income: $47,902
• Composite: 29.26/100
• National rank: #6563
• State rank: #80 of 98 in NH

Livability — Lancaster

• Score: 67/100
• State rank: #61
• US rank: #10534

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, NH
• Population (ZIP): 3,439

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 (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Lithuanian 12% Serbian 3% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 2%

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: ▼ -1.48%
• Current HPI: 351.8805
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+138.1% since first listed

11 events — show timeline

• 2026-04-16 Listed $1,400,000 PrimeMLS
• 2026-04-07 Coming Soon $1,400,000 PrimeMLS
• 2026-03-30 Listed $1,400,000 PrimeMLS
• 2024-01-26 Sold (Public Records) $940,000 Public Records
• 2024-01-25 Sold (MLS) $940,000 PrimeMLS
• 2023-11-08 Pending — PrimeMLS
• 2023-10-31 Listed $950,000 PrimeMLS
• 2022-04-29 Sold (MLS) $474,000 PrimeMLS
• 2022-02-04 Contingent — PrimeMLS
• 2021-12-30 Price Changed $558,000 PrimeMLS
• 2021-11-12 Listed $588,000 PrimeMLS

Property tax history

+8.5%/yr

Latest (2025): $17,438 · +16.3% YoY. Source: county tax records.