25 West St · Lebanon, NH 03766

$495,000

5 bd · 3.0 ba · 1,960 sqft · MultiFamily public records · 18 Days on market

Built 1880 6,969 sqft lot Est $414k · 20% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Schools +4.7/10.0
• Rent growth +4.2/5.0
• Livability +3.4/5.0
• 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

If you’ve been trying to find a multifamily in Lebanon that actually makes sense, this is worth a look. This three-unit property is fully occupied and generating income from day one, with a proven rental history in one of the Upper Valley’s most consistently in-demand markets. You’re minutes from Dartmouth College, Dartmouth-Hitchcock Medical Center, and downtown—so vacancy risk here is about as low as it gets. The units are straightforward, functional, and easy to rent—exactly what you want in a property like this. There have already been exterior updates, including paint and porch work, so some of the heavy lifting is done. Some of the current expenses reflec

Key facts

• 6,969 sq ft lot
• Built 1880
• Listed 18 days

Property features AI

Finance

• Other: Operating expenses include heat, insurance, maintenance, management, sewer, snow removal, trash, water, and water/sewer
• Financial info: Net income reported: $31,910

Exterior

• Parking: Paved driveway
• Utilities: Public water; Public sewer; Electric service with circuit breakers; Cable and high-speed internet available
• Home design: Multi-family building; Existing structure; Built in 1880
• Construction: Wood frame construction with vinyl siding; Asphalt shingle roof; Foundation details not provided
• Exterior features: City lot in town with sidewalks; Near shopping, public transportation, hospital, and schools; Neighborhood setting; Paved driveway

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms; Unit 3: 1 bedroom
• Bathrooms: Unit 1: 1 bath; Unit 2: 1 bath; Unit 3: 1 bath
• Heating & cooling: Forced air heating; Hot water heating; No central cooling
• Interior features: Basement with interior and exterior access; 3 full bathrooms in the building

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $495k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $495k).
• Recommended offer: $488k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 2.2% 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: Hanover Street School (math 57% / reading 62%, grade B-, #42 of 263 statewide, top 19%, 328 students, 29% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 43 active listings in the ZIP; solid renter incomes; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• At $7,026/mo this rent would consume 84% of the median local household income ($101k/yr) (locally 488% 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 $15k 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.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $139k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($488k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y 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 $368k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $487,575 (1.5% below list)

Questions for the listing agent

1. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.42% ✓
• Cap rate: 11.17%
• Cash-on-cash: 17.40%
• DSCR: 1.77
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $413,560
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 Light St	0.08mi	6/3.0 (+1)	1,992 (+2%)	7mo	$420,000	$211	83
24 Parkhurst St	0.50mi	4/3.0 (-1)	1,674 (-15%)	10mo	$352,000	$210	39

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 · 6.6% rent growth · sell at horizon

5-year hold

• IRR: 12.9%
• Equity multiple: 1.54×
• Total profit: $74,362
• Equity at exit: $73,806

10-year hold

• IRR: 24.5%
• Equity multiple: 3.50×
• Total profit: $346,867
• Equity at exit: $42,799

Cash invested: $138,600 (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 03766

• Home prices YoY: -10.6%
• Rents YoY: 6.6%
• Active inventory: 43
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $7,026 medium
• Mortgage (P&I): −$2,596
• Tax from tax record: −$738 /mo · $8,860/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,475
• Net cashflow: $2,010

Break-even live

Break-even rent $4,482

Max offer price $495,000

Occupancy floor 66%

Sensitivity live

Price	-10% $2,290	-5% $2,150	+0% $2,010	+5% $1,870	+10% $1,730
Rent	-10% $1,455	-5% $1,733	+0% $2,010	+5% $2,288	+10% $2,565
Rate	-1.0pp $2,259	-0.5pp $2,136	base $2,010	+0.5pp $1,882	+1.0pp $1,751

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,026
Total (3 units)			$7,026

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-16
   status $495,000 Pending 18 DOM
2. 2026-06-15
   days on market $495,000 Active 18 DOM
3. 2026-06-14
   days on market $495,000 Active 16 DOM
4. 2026-06-12
   days on market $495,000 Active 15 DOM
5. 2026-06-09
   days on market $495,000 Active 12 DOM
6. 2026-06-08
   days on market $495,000 Active 11 DOM
7. 2026-06-07
   statusdays on market $495,000 Active 10 DOM
8. 2026-04-16
   status Pending
9. 2026-04-08
   listed $495,000 Active
10. 2026-04-06
    historical $495,000
11. 2026-04-02
    historical $1,500
12. 2026-03-18
    listed $1,500
13. 2025-10-29
    price $515,000
14. 2024-11-17
    historical $1,450
15. 2024-10-16
    listed $1,450
16. 2024-06-08
    historical $1,850
17. 2024-05-21
    listed $1,850
18. 2022-12-16
    soldstatus $368,000
19. 2022-12-15
    soldstatus $368,000 Closed
20. 2022-10-31
    status Pending
21. 2022-09-04
    listed $375,000 Active
22. 2022-05-26
    price $380,000
23. 2010-03-02
    soldstatus $158,500
24. 2010-03-01
    soldstatus $158,500
25. 2008-12-15
    listed $169,000
26. 2007-08-15
    soldstatus $200,000
27. 2006-10-29
    listed $209,900

ⓘ 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: $8,860 · $738/mo
• Projected year-2 tax: $9,826 · $819/mo
• Expected delta: +$966/yr (+$80/mo · 10.9%)

ⓘ 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 ≥91°F today · 18 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: $84,312
• − Mortgage interest: −$27,728
• − Property taxes: −$8,860
• − Insurance: −$2,475
• − Repairs & maintenance: −$6,745
• − Management: −$6,745
• − Depreciation: −$14,400
• Taxable income: $17,359
• Est. tax owed @ 24.0%: −$4,166
• After-tax cash flow: $19,955/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
• County: Grafton County · 11,195 people
• City population: 11,195
• Metro: Lebanon, NH-VT
• Population (ZIP): 11,195
• Household income: $100,881
• Rent vs Own: 47.6% rent · 52.4% own
• Severe rent burden: 488.0

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 (87%)
• Race & ethnicity: White 87% Asian 5% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 9% Slovak 4% Romanian 4%
• Foreign-born: 9% · China, Canada
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 1%

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: ▼ -43.72%
• Current HPI: 368.6264
• Rent YoY: ▲ 6.60%
• Metro: Lebanon, NH-VT
• State GDP YoY: —
• F500 in state: 0

Price history

+135.8% since first listed

20 events — show timeline

• 2026-04-16 Pending — PrimeMLS
• 2026-04-08 Listed $495,000 PrimeMLS
• 2026-04-06 Coming Soon $495,000 PrimeMLS
• 2026-04-02 Rental Removed $1,500 SHOWMOJO
• 2026-03-18 Listed for Rent $1,500 SHOWMOJO
• 2025-10-29 Price Changed $515,000 PrimeMLS
• 2024-11-17 Rental Removed $1,450 SHOWMOJO
• 2024-10-16 Listed for Rent $1,450 SHOWMOJO
• 2024-06-08 Rental Removed $1,850 APPFOLIO
• 2024-05-21 Listed for Rent $1,850 APPFOLIO
• 2022-12-16 Sold (Public Records) $368,000 Public Records
• 2022-12-15 Sold (MLS) $368,000 PrimeMLS
• 2022-10-31 Pending — PrimeMLS
• 2022-09-04 Listed $375,000 PrimeMLS
• 2022-05-26 Price Changed $380,000 PrimeMLS
• 2010-03-02 Sold (Public Records) $158,500 Public Records
• 2010-03-01 Sold (MLS) $158,500 PrimeMLS
• 2008-12-15 Listed $169,000 PrimeMLS
• 2007-08-15 Sold (MLS) $200,000 PrimeMLS
• 2006-10-29 Listed $209,900 PrimeMLS

Property tax history

+3.1%/yr

Latest (2025): $8,860 · +17.9% YoY. Source: county tax records.