315 Salmon Ave · Portsmouth, NH 03801

$239,000

3 bd · 1.5 ba · 1,074 sqft · Manufactured public records · 278 Days on market

Built 1990 $223/sqft · 46% above area Est $171k · 40% over $561/mo HOA · 18% of rent

---

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 +23.2/30.0
• 1% rule +8.1/10.0
• DSCR +7.5/10.0
• Schools +5.8/10.0
• Livability +4.3/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

Key facts

• New hot water heat
• New furnace
• New doors

Tags

• NEW SHUTTERS
• TILT WINDOWS
• NEW DOORS
• NEW FRONT PORCH
• NEW HOT WATER HEAT
• NEW FURNACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $239k.

Deal economics

• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• Recommended offer: $210k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 1.7% in Portsmouth — 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 86/100 on livability (#5 in NH, #354 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: cost of living F.
• Portsmouth School District (suburban): math 60% / reading 72% proficiency, ranked #13 of 98 in NH (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+4.4%/yr); 157 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,276 units permitted in Rockingham County in 2024 (593 in 5+ unit buildings).
• This rent runs 35% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $67k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 278 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $61k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $239k implies a 583% gain — meaningful room to come down on a strong offer.

Recommended offer $210,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 278 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 A-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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.77%
• DSCR: 1.35
• GRM: 6.4

CMA / ARV

• ARV (median comp): $170,949
• List price: $239,000
• Delta: 39.81%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
407 Striped Bass Ave	0.09mi	2/1.5 (-1)	1,008 (-6%)	10mo	$172,000	$171	72
310 Salmon Ave	0.03mi	2/1.0 (-1)	924 (-14%)	16mo	$150,000	$162	55
40 Adams Park	0.70mi	2/2.0 (-1)	1,008 (-6%)	7mo	$168,000	$167	44
62 Adams Park	0.73mi	2/1.0 (-1)	1,216 (+13%)	11mo	$159,900	$131	28

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 · 4.41% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.91×
• Total profit: $-6,344
• Equity at exit: $35,636

10-year hold

• IRR: 9.1%
• Equity multiple: 1.75×
• Total profit: $50,180
• Equity at exit: $20,664

Cash invested: $66,920 (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 03801

• Rents YoY: 4.4%
• Active inventory: 157
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $3,129 high
• Mortgage (P&I): −$1,253
• Tax from tax record: −$125 /mo · $1,496/yr
• Insurance: −$100
• HOA: −$561
• Vacancy / Maint / Mgmt: −$657
• Net cashflow: $433

Break-even live

Break-even rent $2,580

Max offer price $239,000

Occupancy floor 81%

Sensitivity live

Price	-10% $569	-5% $501	+0% $433	+5% $366	+10% $298
Rent	-10% $186	-5% $310	+0% $433	+5% $557	+10% $681
Rate	-1.0pp $554	-0.5pp $494	base $433	+0.5pp $371	+1.0pp $308

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3548 Lafayette Rd Portsmouth, NH	1.0–3.0	1.0–2.0	707	$3,300	$4.66	0d	2	0.22mi
3548 Lafayette Rd Portsmouth, NH	1.0–3.0	1.0–2.0	707	$3,300	$4.66	3d	2	0.22mi
43 Beechstone Portsmouth, NH	2.0–3.0	1.0–2.0	1010	$3,464	$3.43	0d	28	0.59mi
1610 White Cedar Blvd Portsmouth, NH	2.0	1.0	804	$2,275	$2.83	3d	1	0.93mi
206 White Cedar Blvd Portsmouth, NH	2.0	1.0	804	$2,200	$2.74	3d	1	0.93mi
606 White Cedar Blvd Portsmouth, NH	2.0	1.0	800	$2,000	$2.50	5d	1	0.93mi
1007 White Cedar Blvd Portsmouth, NH	2.0	1.0	804	$2,400	$2.99	3d	1	0.95mi
1007 White Cedar Blvd Portsmouth, NH	2.0	1.0	804	$2,400	$2.99	11d	1	0.95mi
80 Constitution Ave Portsmouth, NH	2.0	2.0	974	$3,950	$4.06	16d	1	1.09mi
80 Constitution Ave Portsmouth, NH	2.0	2.0	974	$3,950	$4.06	13d	1	1.09mi

HOA detail

• Monthly dues: $561 · $6,732/yr
• Likely covers: water

Listing history 29 events

1. 2026-06-21
   days on market $239,000 Active 278 DOM
2. 2026-06-18
   days on market $239,000 Active 275 DOM
3. 2026-06-17
   days on market $239,000 Active 274 DOM
4. 2026-06-16
   days on market $239,000 Active 273 DOM
5. 2026-06-15
   days on market $239,000 Active 272 DOM
6. 2026-06-13
   days on market $239,000 Active 270 DOM
7. 2026-06-09
   days on market $239,000 Active 266 DOM
8. 2026-06-08
   days on market $239,000 Active 265 DOM
9. 2026-06-07
   days on market $239,000 Active 264 DOM
10. 2026-06-04
    days on market $239,000 Active 261 DOM
11. 2026-06-03
    days on market $239,000 Active 260 DOM
12. 2026-06-02
    days on market $239,000 Active 259 DOM
13. 2026-06-01
    days on market $239,000 Active 258 DOM
14. 2026-05-31
    days on market $239,000 Active 257 DOM
15. 2026-05-07
    price $239,000 603-char remark

    Show marketing remark (603 chars)

    Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

16. 2026-02-20
    price $269,900 603-char remark

    Show marketing remark (603 chars)

    Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

17. 2026-02-19
    status Active 603-char remark

    Show marketing remark (603 chars)

    Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

18. 2026-01-19
    historical Active with Contract 603-char remark

    Show marketing remark (603 chars)

    Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

19. 2025-12-28
    price $249,000 603-char remark

    Show marketing remark (603 chars)

    Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

20. 2025-11-09
    price $259,900 603-char remark

    Show marketing remark (603 chars)

    Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

21. 2025-10-21
    price $279,900 603-char remark

    Show marketing remark (603 chars)

    Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

22. 2025-10-20
    status Active 603-char remark

    Show marketing remark (603 chars)

    Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

23. 2025-10-15
    status Pending 603-char remark

    Show marketing remark (603 chars)

    Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

24. 2025-10-01
    historical Active with Contract 603-char remark

    Show marketing remark (603 chars)

    Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

25. 2025-09-10
    listed $299,900 Active 603-char remark

    Show marketing remark (603 chars)

    Affordable Housing in Portsmouth, NH. Three bedrooms, 2 full baths with skylights . New shutters, tilt windows, new doors and Anderson screens doors with roll up screens, new front porch and covering a few years ago, New hot water heat 2026 yrs, new furnace and new double hull oil tank, new flooring (no carpet) repainted rooms, added crown molding, replaced house and shed roof in 2012,, leveled house, 10 x 12 shed, new floor and siding on shed, Washer , dryer, crown molding , new maple cabinets, butcher block counter tops. More upgrades. Move in condition, no work needed. Call for an appointment

26. 2011-04-29
    soldstatus $35,000 176-char remark

    Show marketing remark (176 chars)

    SPACIOUS 3 BEDROOM HOME WITH 2 FULL BATHS. NEWER: PLUMBING, OIL TANK, PAD, SKIRTING, WATER HEATER AND FURNACE! MASTER WITH BATH. NICE OPEN CONCEPT ALL READY FOR YOU TO MOVE IN.

27. 2010-06-05
    listed $40,000 176-char remark

    Show marketing remark (176 chars)

    SPACIOUS 3 BEDROOM HOME WITH 2 FULL BATHS. NEWER: PLUMBING, OIL TANK, PAD, SKIRTING, WATER HEATER AND FURNACE! MASTER WITH BATH. NICE OPEN CONCEPT ALL READY FOR YOU TO MOVE IN.

28. 2008-03-18
    soldstatus $38,900
29. 2008-01-22
    listed $38,900

ⓘ 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: $1,496 · $125/mo
• Projected year-2 tax: $3,353 · $279/mo
• Expected delta: +$1,857/yr (+$155/mo · 124.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $37,548
• − Mortgage interest: −$13,388
• − Property taxes: −$1,496
• − Insurance: −$1,195
• − Repairs & maintenance: −$3,004
• − Management: −$3,004
• − HOA: −$6,732
• − Depreciation: −$6,953
• Taxable income: $1,777
• Est. tax owed @ 24.0%: −$426
• After-tax cash flow: $4,773/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: Portsmouth School District
• NCES district ID: 3305820
• Math proficiency: 60% ▼ -9.00%
• Reading proficiency: 72% ▼ -3.00%
• Median HH income: $67,302
• Composite: 57.66/100
• National rank: #1060
• State rank: #13 of 98 in NH

Livability — Portsmouth

• Score: 86/100
• State rank: #5
• US rank: #354

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portsmouth, NH
• County: Rockingham County · 137,526 people
• City population: 23,484
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 23,484
• Household income: $106,756
• Rent vs Own: 47.0% rent · 53.0% own
• Severe rent burden: 843.0

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 316,118 people
• By 2030: 320,929 · +1.5%
• By 2040: 323,358 · +2.3%
• By 2050: 314,977 · -0.4%
• By 2075: 297,686 · -5.8%
• By 2100: 256,363 · -18.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 5% Slovak 5% Romanian 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 91% English-only · Other Indo-European 3% Spanish 2% Chinese 1%

Political lean MEDSL · Rockingham

• 2024 margin: Toss-up / Even · D 48.3% · R 50.8%
• 2008→2024 swing: -3.5pp toward R · 2008: 1.1pp · 2024: -2.4pp
• All cycles: 2024: R+2.4 2020: D+2.1 2016: R+5.8 2012: R+4.5 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -281.76%
• Current HPI: 383.8843
• Rent YoY: ▲ 4.41%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: —
• F500 in state: 0

Price history

+514.4% since first listed

15 events — show timeline

• 2026-05-07 Price Changed $239,000 PrimeMLS
• 2026-02-20 Price Changed $269,900 PrimeMLS
• 2026-02-19 Relisted — PrimeMLS
• 2026-01-19 Contingent — PrimeMLS
• 2025-12-28 Price Changed $249,000 PrimeMLS
• 2025-11-09 Price Changed $259,900 PrimeMLS
• 2025-10-21 Price Changed $279,900 PrimeMLS
• 2025-10-20 Relisted — PrimeMLS
• 2025-10-15 Pending — PrimeMLS
• 2025-10-01 Contingent — PrimeMLS
• 2025-09-10 Listed $299,900 PrimeMLS
• 2011-04-29 Sold (MLS) $35,000 PrimeMLS
• 2010-06-05 Listed $40,000 PrimeMLS
• 2008-03-18 Sold (MLS) $38,900 PrimeMLS
• 2008-01-22 Listed $38,900 PrimeMLS

Property tax history

+7.7%/yr

Latest (2025): $1,496 · +3.0% YoY. Source: county tax records.