27 Seminary Hill Rd · Lebanon, NH 03784

$585,000

4 bd · 2.0 ba · 2,621 sqft · MultiFamily public records · 43 Days on market

Built 1910 0.46 ac lot $223/sqft · 25% above area Est $467k · 25% over

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Why this score? — see what drove the D+ 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 +20.1/30.0
• DSCR +6.4/10.0
• 1% rule +5.6/10.0
• Schools +4.7/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to 27 Seminary Hill Road, a well-maintained multi-family property with classic New England charm. Conveniently located near Hanover, Lebanon shopping, and a variety of dining options, this spacious and versatile home is perfect for investors or owner-occupants seeking rental income. This nicely updated two-unit property features large, thoughtfully designed kitchens and generous living spaces. With a blend of character and modern conveniences, both units offer comfortable and functional living arrangements. Finish the ¾ story third floor for a third bedroom and en suite bathroom. Set on a beautiful, expansive lot, the property boasts a fully fenced-in backyard, providing ample space for outdoor activities, gardening, or pets. Additionally, with the appropriate approvals from the city of Lebanon, there is potential for an additional structure. A detached two-car garage adds extra convenience and storage, ideal for tenants or homeowners needing additional space for vehicles, tools, or recreational equipment. The second-floor unit is currently vacant, allowing an owner-occupant to move in immediately. It was previously rented for $2,500 plus utilities, while the first-floor unit is currently rented for $2,350 plus utilities, offering strong rental income potential. Showings are delayed. Private showings and Open House begin on March 23rd.

Key facts

• 0.46 acre lot
• 2 garage spots
• Built 1910

Property features AI

Finance

• Other: Total finished area approximately 2,621 (total building area listed separately)
• Financial info: Annual leases for units

Exterior

• Parking: 2-car garage
• Utilities: Public water; Public sewer; Cable available; High-speed internet available
• Home design: Multi-family, New Englander style; Existing property built in 1910; Two-unit building
• Construction: Wood frame construction with wood siding; Shingle roof; Foundation details not specified
• Exterior features: Paved driveway; Lot suited for recreational use; in town and near shopping in a neighborhood setting; Road frontage on a public, paved, maintained road

Interior

• Kitchen: Each unit includes a range (electric), microwave, refrigerator, and dishwasher (Unit 1)
• Bedrooms: Two 2-bedroom units (one 1st level, one 2nd level)
• Flooring: Carpet; Vinyl
• Bathrooms: Each unit has one full bathroom (total 2 full baths)
• Heating & cooling: Oil heat; No central air
• Interior features: Walk-up basement with exterior access and basement stairs; Porches on each unit
• Laundry & utility: Washer and dryer included in each unit; Oil heating; 100 amp electrical service with circuit breaker panel

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $585k.

Deal economics

• At list price, monthly cash flow is $728 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $585k).
• Recommended offer: $567k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.6% in Lebanon — 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 68/100 on livability (#59 in NH) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety D, amenities F, commute F.
• Lebanon School District (town): math 48% / reading 60% proficiency, ranked #26 of 98 in NH (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lebanon Middle School (math 41% / reading 59%, grade C, #22 of 96 statewide, top 23%, 471 students, 25% FRL); Lebanon High School (math 62% / reading 67%, grade B-, #14 of 90 statewide, top 17%, 598 students, 15% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: 19 active listings in the ZIP; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($567k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Risks & watch-outs

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

Recommended offer $567,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.06% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.33%
• DSCR: 1.24
• GRM: 7.9

CMA / ARV

• ARV (median comp): $466,886
• List price: $585,000
• Delta: 25.30%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
128 N Main St	0.59mi	4/2.0	2,416 (-8%)	13mo	$565,000	$234	48
167 S Main St	0.60mi	5/3.0 (+1)	2,508 (-4%)	15mo	$162,500	$65	43

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.71×
• Total profit: $-48,286
• Equity at exit: $87,225

10-year hold

• IRR: 1.6%
• Equity multiple: 1.11×
• Total profit: $18,312
• Equity at exit: $50,580

Cash invested: $163,800 (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 03784

• Home prices YoY: -15.4%
• Active inventory: 19
• Price-to-rent: 23.6×

Monthly cashflow live

• Estimated rent: $6,195 medium
• Mortgage (P&I): −$3,068
• Tax from tax record: −$855 /mo · $10,259/yr
• Insurance: −$244
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,301
• Net cashflow: $728

Break-even live

Break-even rent $5,274

Max offer price $585,000

Occupancy floor 83%

Sensitivity live

Price	-10% $1,059	-5% $893	+0% $728	+5% $562	+10% $396
Rent	-10% $238	-5% $483	+0% $728	+5% $972	+10% $1,217
Rate	-1.0pp $1,022	-0.5pp $876	base $728	+0.5pp $576	+1.0pp $422

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$6,195
Total (3 units)			$6,195

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: $146,250
• Closing costs: $17,550
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $585,000 Active 43 DOM
2. 2026-06-18
   days on market $585,000 Active 42 DOM
3. 2026-06-17
   days on market $585,000 Active 41 DOM
4. 2026-06-16
   days on market $585,000 Active 40 DOM
5. 2026-06-15
   days on market $585,000 Active 39 DOM
6. 2026-06-14
   days on market $585,000 Active 37 DOM
7. 2026-06-12
   days on market $585,000 Active 36 DOM
8. 2026-06-09
   days on market $585,000 Active 33 DOM
9. 2026-06-08
   days on market $585,000 Active 32 DOM
10. 2026-06-07
    days on market $585,000 Active 31 DOM
11. 2026-06-03
    days on market $585,000 Active 27 DOM
12. 2026-06-02
    days on market $585,000 Active 26 DOM
13. 2026-06-01
    days on market $585,000 Active 25 DOM
14. 2026-05-31
    days on market $585,000 Active 24 DOM
15. 2026-05-30
    days on market $585,000 Active 23 DOM
16. 2026-05-07
    listed $585,000 Active 1132-char remark
17. 2026-05-02
    historical $585,000 1132-char remark
18. 2025-04-10
    soldstatus $545,000 Closed 1372-char remark

    Show marketing remark (1372 chars)

    Welcome to 27 Seminary Hill Road, a well-maintained multi-family property with classic New England charm. Conveniently located near Hanover, Lebanon shopping, and a variety of dining options, this spacious and versatile home is perfect for investors or owner-occupants seeking rental income. This nicely updated two-unit property features large, thoughtfully designed kitchens and generous living spaces. With a blend of character and modern conveniences, both units offer comfortable and functional living arrangements. Finish the ¾ story third floor for a third bedroom and en suite bathroom. Set on a beautiful, expansive lot, the property boasts a fully fenced-in backyard, providing ample space for outdoor activities, gardening, or pets. Additionally, with the appropriate approvals from the city of Lebanon, there is potential for an additional structure. A detached two-car garage adds extra convenience and storage, ideal for tenants or homeowners needing additional space for vehicles, tools, or recreational equipment. The second-floor unit is currently vacant, allowing an owner-occupant to move in immediately. It was previously rented for $2,500 plus utilities, while the first-floor unit is currently rented for $2,350 plus utilities, offering strong rental income potential. Showings are delayed. Private showings and Open House begin on March 23rd.

19. 2025-03-24
    status Pending 1372-char remark

    Show marketing remark (1372 chars)

    Welcome to 27 Seminary Hill Road, a well-maintained multi-family property with classic New England charm. Conveniently located near Hanover, Lebanon shopping, and a variety of dining options, this spacious and versatile home is perfect for investors or owner-occupants seeking rental income. This nicely updated two-unit property features large, thoughtfully designed kitchens and generous living spaces. With a blend of character and modern conveniences, both units offer comfortable and functional living arrangements. Finish the ¾ story third floor for a third bedroom and en suite bathroom. Set on a beautiful, expansive lot, the property boasts a fully fenced-in backyard, providing ample space for outdoor activities, gardening, or pets. Additionally, with the appropriate approvals from the city of Lebanon, there is potential for an additional structure. A detached two-car garage adds extra convenience and storage, ideal for tenants or homeowners needing additional space for vehicles, tools, or recreational equipment. The second-floor unit is currently vacant, allowing an owner-occupant to move in immediately. It was previously rented for $2,500 plus utilities, while the first-floor unit is currently rented for $2,350 plus utilities, offering strong rental income potential. Showings are delayed. Private showings and Open House begin on March 23rd.

20. 2025-03-13
    listed $540,000 Active - Delayed Showings 1372-char remark

    Show marketing remark (1372 chars)

    Welcome to 27 Seminary Hill Road, a well-maintained multi-family property with classic New England charm. Conveniently located near Hanover, Lebanon shopping, and a variety of dining options, this spacious and versatile home is perfect for investors or owner-occupants seeking rental income. This nicely updated two-unit property features large, thoughtfully designed kitchens and generous living spaces. With a blend of character and modern conveniences, both units offer comfortable and functional living arrangements. Finish the ¾ story third floor for a third bedroom and en suite bathroom. Set on a beautiful, expansive lot, the property boasts a fully fenced-in backyard, providing ample space for outdoor activities, gardening, or pets. Additionally, with the appropriate approvals from the city of Lebanon, there is potential for an additional structure. A detached two-car garage adds extra convenience and storage, ideal for tenants or homeowners needing additional space for vehicles, tools, or recreational equipment. The second-floor unit is currently vacant, allowing an owner-occupant to move in immediately. It was previously rented for $2,500 plus utilities, while the first-floor unit is currently rented for $2,350 plus utilities, offering strong rental income potential. Showings are delayed. Private showings and Open House begin on March 23rd.

21. 2023-09-08
    soldstatus $460,000 Closed

    Show marketing remark (717 chars)

    New England style home currently used as a 2 family. Front entryway has sweeping rounded corners and a beautiful banister. Upstairs has 2 bedrooms, full bath, living room, dining room, laundry, enclosed porch and access to the 3rd floor walk-up attic space (great storage or consider finishing it for more living space). First floor offers 2 bedrooms, full bath, living room, dining room, kitchen, laundry and enclosed porch. The basement is home to the utilities including 2 newer oil tanks, 2 FHW heating systems (1 was new in 2021), 2 hot water tanks (one is rented). The 2 car garage has a divider which could add value if rented. 2 large partially fenced yards complete the picture. Owner is a Real Estate Agent.

22. 2023-08-07
    status Pending

    Show marketing remark (717 chars)

    New England style home currently used as a 2 family. Front entryway has sweeping rounded corners and a beautiful banister. Upstairs has 2 bedrooms, full bath, living room, dining room, laundry, enclosed porch and access to the 3rd floor walk-up attic space (great storage or consider finishing it for more living space). First floor offers 2 bedrooms, full bath, living room, dining room, kitchen, laundry and enclosed porch. The basement is home to the utilities including 2 newer oil tanks, 2 FHW heating systems (1 was new in 2021), 2 hot water tanks (one is rented). The 2 car garage has a divider which could add value if rented. 2 large partially fenced yards complete the picture. Owner is a Real Estate Agent.

23. 2023-08-02
    listed $399,900 Active

    Show marketing remark (717 chars)

    New England style home currently used as a 2 family. Front entryway has sweeping rounded corners and a beautiful banister. Upstairs has 2 bedrooms, full bath, living room, dining room, laundry, enclosed porch and access to the 3rd floor walk-up attic space (great storage or consider finishing it for more living space). First floor offers 2 bedrooms, full bath, living room, dining room, kitchen, laundry and enclosed porch. The basement is home to the utilities including 2 newer oil tanks, 2 FHW heating systems (1 was new in 2021), 2 hot water tanks (one is rented). The 2 car garage has a divider which could add value if rented. 2 large partially fenced yards complete the picture. Owner is a Real Estate Agent.

ⓘ 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: $10,259 · $855/mo
• Projected year-2 tax: $11,506 · $959/mo
• Expected delta: +$1,247/yr (+$104/mo · 12.2%)

ⓘ 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 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $74,340
• − Mortgage interest: −$32,769
• − Property taxes: −$10,259
• − Insurance: −$2,925
• − Repairs & maintenance: −$5,947
• − Management: −$5,947
• − Depreciation: −$17,018
• Taxable loss: −$526
• Est. tax savings @ 24.0%: +$126
• After-tax cash flow: $8,857/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: Lebanon School District
• NCES district ID: 3304230
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $56,648
• Composite: 46.7/100
• National rank: #2401
• State rank: #26 of 98 in NH

Livability — Lebanon

• Score: 68/100
• State rank: #59
• US rank: #9879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, NH
• City population: 11,195
• Population (ZIP): 4,057

Population outlook (Grafton County) Hauer SSP2

• Today (2025): 88,798 people
• By 2030: 87,131 · -1.9%
• By 2040: 82,000 · -7.7%
• By 2050: 77,064 · -13.2%
• By 2075: 68,769 · -22.6%
• By 2100: 61,631 · -30.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Asian 13% Two or more races 4%
• Common ancestry: Lithuanian 8% Slovak 4% Romanian 2%
• Foreign-born: 10% · China, Canada, South Korea
• Languages at home: 84% English-only · French/Haitian/Cajun 3% Chinese 3% Arabic 3%

Political lean MEDSL · Grafton

• 2024 margin: D (+19.9) · D 59.4% · R 39.4% · Other 1.2%
• 2008→2024 swing: -7.8pp toward R · 2008: 27.7pp · 2024: 19.9pp
• All cycles: 2024: D+19.9 2020: D+24.6 2016: D+19.0 2012: D+23.8 2008: D+27.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.24%
• Current HPI: 336.0048
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+46.3% since first listed

8 events — show timeline

• 2026-05-07 Listed $585,000 PrimeMLS
• 2026-05-02 Coming Soon $585,000 PrimeMLS
• 2025-04-10 Sold (MLS) $545,000 PrimeMLS
• 2025-03-24 Pending — PrimeMLS
• 2025-03-13 Listed $540,000 PrimeMLS
• 2023-09-08 Sold (MLS) $460,000 PrimeMLS
• 2023-08-07 Pending — PrimeMLS
• 2023-08-02 Listed $399,900 PrimeMLS

Property tax history

+4.9%/yr

Latest (2025): $10,259 · +8.1% YoY. Source: county tax records.