31 & 33 Colby St · Colebrook, NH 03576

$275,000

None bd · None ba · 2,513 sqft · MultiFamily · 448 Days on market

Built 1840 0.28 ac lot $109/sqft · 35% above area Est $203k · 35% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.6/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

ATTENTION INVESTORS!!! This property consists of two buildings with a total of 6 fully occupied apartments! Conveniently located within walking distance to Colebrook's Main Street shops and restaurants! One of the buildings has 4 - 1-Bedroom units and the other building has 2 - 2-bedroom units. With ATV access from here and close proximity to the Balsams and Dixville Notch, this property has potential to be used as an AirBnB rental or continued use as apartments. Call to schedule your appointment today!

Key facts

• Atv access
• 0.28 acre lot
• Built 1840

Tags

• FULLY OCCUPIED APARTMENTS
• WALKING DISTANCE TO SHOPS
• ATV ACCESS
• CLOSE PROXIMITY TO BALSAMS
• POTENTIAL FOR AIRBNB RENTAL

What this means for you Summary

Snapshot

• This is a multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.3% vs local median 3.8% in Colebrook — 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 71/100 on livability (#43 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: schools D+, employment D+, amenities F.
• Colebrook School District (rural): math 30% / reading 45% proficiency, ranked #144 of 171 in NH (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 80 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 $29k of equity ($2k loan paydown + $28k 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 $77k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 448 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $145k; list at $275k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1840 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 448 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1840 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.14% ✓
• Cap rate: 18.31%
• Cash-on-cash: 42.94%
• DSCR: 2.91
• GRM: 3.9

CMA / ARV

• ARV (median comp): $203,358
• List price: $275,000
• Delta: 35.23%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6 First St	0.75mi	3/1.0	2,157 (-14%)	10mo	$329,000	$153	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 57.7%
• Equity multiple: 5.23×
• Total profit: $325,329
• Equity at exit: $247,742

10-year hold

• IRR: 51.2%
• Equity multiple: 11.65×
• Total profit: $820,231
• Equity at exit: $534,265

Cash invested: $77,000 (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 03576

• Home prices YoY: 25.2%
• Active inventory: 80
• Price-to-rent: 24.1×

Monthly cashflow live

• Estimated rent: $5,893 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,238
• Net cashflow: $2,755

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,808
▸ 2× units	2	1	$2,086
Total (6 units)			$5,893

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $275,000 Active 448 DOM
2. 2026-06-17
   days on market $275,000 Active 447 DOM
3. 2026-06-16
   days on market $275,000 Active 446 DOM
4. 2026-06-15
   days on market $275,000 Active 445 DOM
5. 2026-06-13
   days on market $275,000 Active 443 DOM
6. 2026-06-12
   days on market $275,000 Active 442 DOM
7. 2026-06-09
   days on market $275,000 Active 439 DOM
8. 2026-06-08
   days on market $275,000 Active 438 DOM
9. 2026-06-07
   days on market $275,000 Active 437 DOM
10. 2026-06-07
    days on market $275,000 Active 436 DOM
11. 2026-06-04
    days on market $275,000 Active 433 DOM
12. 2026-06-02
    days on market $275,000 Active 432 DOM
13. 2026-06-01
    days on market $275,000 Active 431 DOM
14. 2026-05-31
    days on market $275,000 Active 430 DOM
15. 2025-07-31
    price $275,000 511-char remark

    Show marketing remark (511 chars)

    ATTENTION INVESTORS!!! This property consists of two buildings with a total of 6 fully occupied apartments! Conveniently located within walking distance to Colebrook's Main Street shops and restaurants! One of the buildings has 4 - 1-Bedroom units and the other building has 2 - 2-bedroom units. With ATV access from here and close proximity to the Balsams and Dixville Notch, this property has potential to be used as an AirBnB rental or continued use as apartments. Call to schedule your appointment today!

16. 2025-03-27
    listed $289,000 Active 511-char remark

    Show marketing remark (511 chars)

    ATTENTION INVESTORS!!! This property consists of two buildings with a total of 6 fully occupied apartments! Conveniently located within walking distance to Colebrook's Main Street shops and restaurants! One of the buildings has 4 - 1-Bedroom units and the other building has 2 - 2-bedroom units. With ATV access from here and close proximity to the Balsams and Dixville Notch, this property has potential to be used as an AirBnB rental or continued use as apartments. Call to schedule your appointment today!

17. 2008-02-01
    soldstatus $145,000 350-char remark

    Show marketing remark (350 chars)

    Investment! 6 units with good rental history, all occupied, in good condition and in convenient location to stores and schools. Two seperate buildings, front bldg has 4 units where tenants pay for heat and modern back bldg has 2 units with FHW heat included. Easy care vinyl siding and metal roofing. Other 2 one bedroom unit's income: $350. and $300

18. 2007-11-08
    listed $155,000 350-char remark

    Show marketing remark (350 chars)

    Investment! 6 units with good rental history, all occupied, in good condition and in convenient location to stores and schools. Two seperate buildings, front bldg has 4 units where tenants pay for heat and modern back bldg has 2 units with FHW heat included. Easy care vinyl siding and metal roofing. Other 2 one bedroom unit's income: $350. and $300

19. 2005-07-29
    soldstatus $145,000
20. 2005-05-02
    listed $158,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 8 d/yr ≥86°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% 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: $70,716
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$5,657
• − Management: −$5,657
• − Depreciation: −$8,000
• Taxable income: $30,497
• Est. tax owed @ 24.0%: −$7,319
• After-tax cash flow: $25,741/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: Colebrook School District
• NCES district ID: 3302400
• Math proficiency: 30% ▲ 5.00%
• Reading proficiency: 45% ▼ -5.00%
• Median HH income: $40,800
• Composite: 34.04/100
• National rank: #10302
• State rank: #144 of 171 in NH

Livability — Colebrook

• Score: 71/100
• State rank: #43
• US rank: #6943

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Colebrook, NH
• Population (ZIP): 2,740

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 (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Lithuanian 11% Slovak 4% Scotch-Irish 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · French/Haitian/Cajun 4% Spanish 1%

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: ▲ 62.27%
• Current HPI: 309.5893
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+73.5% since first listed

6 events — show timeline

• 2025-07-31 Price Changed $275,000 PrimeMLS
• 2025-03-27 Listed $289,000 PrimeMLS
• 2008-02-01 Sold (MLS) $145,000 PrimeMLS
• 2007-11-08 Listed $155,000 PrimeMLS
• 2005-07-29 Sold (MLS) $145,000 PrimeMLS
• 2005-05-02 Listed $158,500 PrimeMLS