575 Summer St · Manchester, NH 03103

$850,000

8 bd · 4.0 ba · 4,320 sqft · MultiFamily public records · 10 Days on market

Built 1920 5,227 sqft lot Est $747k · 14% over

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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 +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +7.2/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +1.3/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. 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

Fantastic opportunity to own a 4 family home with off street parking, separate utilities, and laundry hook ups for each unit. 2nd floor is currently vacant, completely updated and waiting for the perfect owner occupant or tenant.

Key facts

• Turnkey asset
• Multifamily property
• Washer dryer hookups

Tags

• MULTIFAMILY PROPERTY
• SEPARATELY METERED UTILITIES
• OFF-STREET PARKING
• WASHER DRYER HOOKUPS
• SHARED LAUNDRY AREA
• TURNKEY ASSET

Property features AI

Finance

• Other: Total of 4 rental units; Unit mix: two 1-bed units, one 2-bed unit, one 3+ bed unit; Unit lease terms vary: month-to-month for several units and one annual lease; Approximately 4,320 finished square feet (total building approx. 5,750 sq ft); Yellow exterior color

Exterior

• Parking: Paved driveway parking
• Utilities: Public sewer; Public water; Electric service with circuit breakers; High-speed internet available; Electric service provided by Eversource
• Home design: Multi-family building; Garden-style units; Existing structure
• Construction: Wood frame construction; Built in 1920; Flat and other roof types
• Exterior features: Paved driveway; City lot

Interior

• Bedrooms: Two 1-bedroom units; One 2-bedroom unit; One 3-bedroom unit
• Flooring: Hardwood flooring
• Bathrooms: Four full bathrooms (one in each unit)
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Unfinished basement with interior access; Hardwood and other flooring

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $653/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $850k).
• Cap rate 10.0% 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 $10,401/mo this rent would consume 170% 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 $6k of loan paydown is wiped out by about $26k 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.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $238k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 26y 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 $490k; list at $850k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $850,000

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 1920 — 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: 1.22% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.16%
• DSCR: 1.59
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $747,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
344 Maple St	0.30mi	9/3.0 (+1)	4,521 (+5%)	3mo	$621,500	$137	67
424 Cedar St	0.20mi	9/3.0 (+1)	3,960 (-8%)	2mo	$650,000	$164	66
981 Valley St	0.57mi	9/3.0 (+1)	4,378 (+1%)	17mo	$696,500	$159	48
520 Beech St #0022	0.67mi	7/4.0 (-1)	4,244 (-2%)	16mo	$820,000	$193	48
413 Merrimack St	0.35mi	9/3.0 (+1)	3,806 (-12%)	12mo	$659,900	$173	44
619 Harvard St	0.42mi	8/5.0	3,861 (-11%)	18mo	$686,000	$178	44
383 Concord St	0.59mi	8/3.0	3,739 (-13%)	6mo	$675,000	$181	41
20-22 Buzzell St	0.69mi	8/3.0	3,921 (-9%)	11mo	$726,500	$185	40
284 Lowell St	0.68mi	9/3.0 (+1)	4,590 (+6%)	12mo	$745,000	$162	39
10 Malvern St	0.62mi	9/3.0 (+1)	3,760 (-13%)	2mo	$685,000	$182	39
169 Bell St	0.54mi	9/3.0 (+1)	4,810 (+11%)	13mo	$640,000	$133	36
267 Silver St	0.62mi	9/3.0 (+1)	4,796 (+11%)	11mo	$731,000	$152	34

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: 1.7%
• Equity multiple: 1.06×
• Total profit: $15,387
• Equity at exit: $126,738

10-year hold

• IRR: 10.1%
• Equity multiple: 1.74×
• Total profit: $174,950
• Equity at exit: $73,492

Cash invested: $238,000 (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: 27.2×

Monthly cashflow live

• Estimated rent: $10,401 medium
• Mortgage (P&I): −$4,457
• Tax from tax record: −$795 /mo · $9,537/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,184
• Net cashflow: $2,610

Break-even live

Break-even rent $7,097

Max offer price $850,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$10,400
Total (4 units)			$10,401

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   days on market $850,000 Active 10 DOM
2. 2026-06-17
   days on market $850,000 Active 9 DOM
3. 2026-06-16
   days on market $850,000 Active 8 DOM
4. 2026-06-15
   days on market $850,000 Active 7 DOM
5. 2026-06-14
   days on market $850,000 Active 5 DOM
6. 2026-06-13
   days on market $850,000 Active 4 DOM
7. 2026-06-10
   days on market $850,000 Active 2 DOM
8. 2026-06-09
   remarks 699-char remark
9. 2026-06-09
   listed $850,000 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: $9,537 · $795/mo
• Projected year-2 tax: $14,034 · $1,169/mo
• Expected delta: +$4,496/yr (+$375/mo · 47.1%)

ⓘ 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 ≥94°F today · 16 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: $124,812
• − Mortgage interest: −$47,613
• − Property taxes: −$9,537
• − Insurance: −$4,250
• − Repairs & maintenance: −$9,985
• − Management: −$9,985
• − Depreciation: −$24,727
• Taxable income: $18,715
• Est. tax owed @ 24.0%: −$4,492
• After-tax cash flow: $26,833/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

+431.6% since first listed

20 events — show timeline

• 2026-06-08 Listed $850,000 PrimeMLS
• 2024-01-21 Rental Removed $1,375 APPFOLIO
• 2024-01-18 Price Changed $1,375 APPFOLIO
• 2024-01-14 Listed for Rent $1,700 APPFOLIO
• 2024-01-02 Rental Removed $1,700 APPFOLIO
• 2024-01-02 Listed for Rent $1,700 APPFOLIO
• 2023-12-29 Rental Removed $1,700 APPFOLIO
• 2023-12-28 Listed for Rent $1,700 APPFOLIO
• 2023-12-15 Rental Removed $1,400 APPFOLIO
• 2023-12-15 Listed for Rent $1,400 APPFOLIO
• 2021-06-29 Sold (Public Records) $490,000 Public Records
• 2021-06-16 Sold (MLS) $490,000 PrimeMLS
• 2021-03-28 Listed $490,000 PrimeMLS
• 2018-05-22 Sold (Public Records) $375,000 Public Records
• 2018-05-18 Sold (MLS) $375,000 PrimeMLS
• 2018-04-20 Pending — PrimeMLS
• 2018-04-20 Contingent — PrimeMLS
• 2018-04-12 Listed $375,000 PrimeMLS
• 2000-09-27 Sold (MLS) $159,900 PrimeMLS
• 2000-08-01 Listed $159,900 PrimeMLS

Property tax history

+4.1%/yr

Latest (2024): $9,537 · +3.8% YoY. Source: county tax records.