736 Union Ave #1 · Laconia, NH 03246

$450,000

None bd · 102.0 ba · 3,135 sqft · MultiFamily · 107 Days on market

Built 1900 3,920 sqft lot $144/sqft · at area comps Est $454k · at est.

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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
• ARV discount +7.9/15.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 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

This multifamily building, operated as a rooming house, is located within the recently revitalized and flourishing Lakeport District offering convenient access to a vibrant array of the arts entertainment, dining establishments, cafes, and retail opportunities. The property is comprised of ten approved units, furthermore, the Wow Trail is situated directly behind the building. Beaches and lakes are in close proximity. Don't judge a book by it's cover - this building is a cash cow and has significant room to grow NOI in the rapidly improving Lakeport area of Laconia. This property is offered as a standalone investment, or as part of a larger, 51-unit portfolio in Laconia.

Key facts

• 3,920 sq ft lot
• Built 1900
• Listed 106 days

What this means for you Summary

Snapshot

• This is a 10 × 1-bed/1-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $8k ($90k/yr) — positive. Per door: $752/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $450k).
• Recommended offer: $410k (9.0% below list) — sets the bar for market timing.
• Cap rate 26.4% vs local median 1.8% in Laconia — 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 79/100 on livability (#20 in NH, #2,314 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, commute F.
• Laconia School District (town): math 24% / reading 31% proficiency, ranked #89 of 98 in NH (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+21.6%/yr); 188 active listings in the ZIP; 301 units permitted in Belknap County in 2024 (32 in 5+ unit buildings).
• At $13,460/mo this rent would consume 221% of the median local household income ($73k/yr) (locally 722% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Belknap County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $126k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($410k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $409,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% 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 1900 — 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: 2.99% ✓
• Cap rate: 26.36%
• Cash-on-cash: 71.65%
• DSCR: 4.19
• GRM: 2.8

CMA / ARV

• ARV (median comp): $453,742
• List price: $450,000
• Delta: -0.82%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
736 Union Ave	0.00mi	12/3.5	3,135 (0%)	17mo	$285,000	$91	66
75 Valley St	0.43mi	6/2.0	2,790 (-11%)	4mo	$465,000	$167	38
319 Mechanic St	0.45mi	7/3.0	3,572 (+14%)	11mo	$600,000	$168	27
1073 Union Ave	0.64mi	5/3.0	2,696 (-14%)	17mo	$460,000	$171	13

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 76.9%
• Equity multiple: 4.79×
• Total profit: $477,596
• Equity at exit: $67,096

10-year hold

• IRR: 81.9%
• Equity multiple: 11.77×
• Total profit: $1,357,482
• Equity at exit: $38,908

Cash invested: $126,000 (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 03246

• Home prices YoY: -19.8%
• Rents YoY: 21.6%
• Active inventory: 188
• Price-to-rent: 27.9×

Monthly cashflow live

• Estimated rent: $13,460 medium
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,827
• Net cashflow: $7,524

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
▸ 10× units	1	1	$13,460
Total (10 units)			$13,460

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-01
   days on market $450,000 Active 107 DOM
2. 2026-05-31
   days on market $450,000 Active 106 DOM
3. 2026-05-31
   days on market $450,000 Active 105 DOM
4. 2026-02-15
   listed $450,000 Active 679-char remark

   Show marketing remark (679 chars)

   This multifamily building, operated as a rooming house, is located within the recently revitalized and flourishing Lakeport District offering convenient access to a vibrant array of the arts entertainment, dining establishments, cafes, and retail opportunities. The property is comprised of ten approved units, furthermore, the Wow Trail is situated directly behind the building. Beaches and lakes are in close proximity. Don't judge a book by it's cover - this building is a cash cow and has significant room to grow NOI in the rapidly improving Lakeport area of Laconia. This property is offered as a standalone investment, or as part of a larger, 51-unit portfolio in Laconia.

5. 2026-02-15
   historical $450,000 679-char remark

   Show marketing remark (679 chars)

   This multifamily building, operated as a rooming house, is located within the recently revitalized and flourishing Lakeport District offering convenient access to a vibrant array of the arts entertainment, dining establishments, cafes, and retail opportunities. The property is comprised of ten approved units, furthermore, the Wow Trail is situated directly behind the building. Beaches and lakes are in close proximity. Don't judge a book by it's cover - this building is a cash cow and has significant room to grow NOI in the rapidly improving Lakeport area of Laconia. This property is offered as a standalone investment, or as part of a larger, 51-unit portfolio in Laconia.

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% 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: $161,520
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$12,922
• − Management: −$12,922
• − Depreciation: −$13,091
• Taxable income: $88,379
• Est. tax owed @ 24.0%: −$21,211
• After-tax cash flow: $69,072/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: Laconia School District
• NCES district ID: 3304140
• Math proficiency: 24% ▼ -8.00%
• Reading proficiency: 31% ▼ -7.00%
• Median HH income: $49,155
• Composite: 24.03/100
• National rank: #7770
• State rank: #89 of 98 in NH

Livability — Laconia

• Score: 79/100
• State rank: #20
• US rank: #2314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Laconia, NH
• County: Belknap County · 17,103 people
• City population: 17,103
• Metro: Laconia, NH
• Population (ZIP): 17,103
• Household income: $73,241
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 722.0

Population outlook (Belknap County) Hauer SSP2

• Today (2025): 60,702 people
• By 2030: 60,353 · -0.6%
• By 2040: 58,264 · -4.0%
• By 2050: 54,533 · -10.2%
• By 2075: 45,622 · -24.8%
• By 2100: 33,772 · -44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Asian 1%
• Common ancestry: Lithuanian 17% Slovak 2% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Belknap

• 2024 margin: R (+13.1) · D 43.1% · R 56.1%
• 2008→2024 swing: -14.2pp toward R · 2008: 1.2pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+10.4 2016: R+16.8 2012: R+5.0 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -96.22%
• Current HPI: 389.8118
• Rent YoY: ▲ 21.59%
• Metro: Laconia, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

2 events — show timeline

• 2026-02-15 Listed $450,000 PrimeMLS
• 2026-02-15 Coming Soon $450,000 PrimeMLS