102 Orange St · Manchester, NH 03104

$1,050,000

8 bd · 4.0 ba · 4,578 sqft · MultiFamily public records · 208 Days on market

Built 1920 5,227 sqft lot $229/sqft · 75% above area

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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 +20.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +4.8/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 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

Fantastic North End 6 Unit Manchester Multi situated on a nice block flanked between a few 2 families! Self Managed for 21+ years by same owner. Property is a 'Turn Key' well oiled machine with 6 great tenants, fully rented, and easy to manage even for the unseasoned investor. All 6 units have separate utilities and offer 1 parking space per unit. Low maintenance vinyl sided with replacement windows throughout. No dogs and all non-smokers. Easy to maintain yard and COC is valid thru June of 2027. Seasoned seller is sad to part with this wonderful asset but moving on to a larger multi-family. Easy to show. Current Gross of $93,000.00 with $15,280.00 expenses (includes taxes) Solid NET of $77,720.00 (Seller is Real Estate Agent)

Key facts

• Separate utilities
• Replacement windows
• 5,227 sq ft lot

Tags

• 6 UNIT MANCHESTER MULTI
• SEPARATE UTILITIES
• 1 PARKING SPACE PER UNIT
• LOW MAINTENANCE VINYL SIDED
• REPLACEMENT WINDOWS
• EASY TO MAINTAIN YARD

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $1.05M.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $230/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.03M (1.7% below list).
• Recommended offer: $924k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 soft (-0.3%/yr); 99 active listings in the ZIP; solid renter incomes; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• At $10,318/mo this rent would consume 139% of the median local household income ($89k/yr) (locally 1606% 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 $7k of loan paydown is wiped out by about $32k 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.

Negotiation context

• It's been on market 208 days — a 12% lower offer ($924k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $407k; list at $1.05M implies a 158% 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 $924,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 208 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — 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. 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.
8. 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.
9. 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: 0.98% ✗
• Cap rate: 7.87%
• Cash-on-cash: 5.64%
• DSCR: 1.25
• GRM: 8.5

CMA / ARV

• ARV (median comp): $679,834
• List price: $1,050,000
• Delta: 54.45%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
646 Maple St	0.34mi	8/3.0	4,578 (0%)	0mo	$660,000	$144	80
280 Pearl St	0.49mi	8/3.0	4,566 (-0%)	19mo	$720,000	$158	57
284 Lowell St	0.54mi	9/3.0 (+1)	4,590 (+0%)	12mo	$745,000	$162	56
304 Amherst St	0.48mi	7/4.0 (-1)	4,454 (-3%)	18mo	$670,000	$150	53
520 Beech St #0022	0.41mi	7/4.0 (-1)	4,244 (-7%)	16mo	$820,000	$193	51
20-22 Buzzell St	0.68mi	8/3.0	3,921 (-14%)	11mo	$726,500	$185	31

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -10.8%
• Equity multiple: 0.62×
• Total profit: $-112,549
• Equity at exit: $156,558

10-year hold

• IRR: -6.2%
• Equity multiple: 0.65×
• Total profit: $-102,161
• Equity at exit: $90,785

Cash invested: $294,000 (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 03104

• Rents YoY: -0.3%
• Active inventory: 99
• Price-to-rent: 50.9×

Monthly cashflow live

• Estimated rent: $10,318 high
• Mortgage (P&I): −$5,506
• Tax from tax record: −$826 /mo · $9,913/yr
• Insurance: −$438
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,167
• Net cashflow: $1,381

Break-even live

Break-even rent $8,569

Max offer price $1,050,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$10,320
Total (6 units)			$10,318

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: $262,500
• Closing costs: $31,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $1,050,000 Active 208 DOM
2. 2026-06-17
   days on market $1,050,000 Active 207 DOM
3. 2026-06-16
   days on market $1,050,000 Active 206 DOM
4. 2026-06-15
   days on market $1,050,000 Active 205 DOM
5. 2026-06-14
   days on market $1,050,000 Active 203 DOM
6. 2026-06-13
   days on market $1,050,000 Active 202 DOM
7. 2026-06-10
   days on market $1,050,000 Active 200 DOM
8. 2026-06-09
   days on market $1,050,000 Active 199 DOM
9. 2026-06-08
   days on market $1,050,000 Active 198 DOM
10. 2026-06-07
    days on market $1,050,000 Active 197 DOM
11. 2026-06-03
    days on market $1,050,000 Active 193 DOM
12. 2026-06-02
    days on market $1,050,000 Active 192 DOM
13. 2026-06-01
    days on market $1,050,000 Active 191 DOM
14. 2026-05-31
    days on market $1,050,000 Active 190 DOM
15. 2026-05-30
    days on market $1,050,000 Active 189 DOM
16. 2026-04-23
    price $1,050,000 737-char remark

    Show marketing remark (737 chars)

    Fantastic North End 6 Unit Manchester Multi situated on a nice block flanked between a few 2 families! Self Managed for 21+ years by same owner. Property is a 'Turn Key' well oiled machine with 6 great tenants, fully rented, and easy to manage even for the unseasoned investor. All 6 units have separate utilities and offer 1 parking space per unit. Low maintenance vinyl sided with replacement windows throughout. No dogs and all non-smokers. Easy to maintain yard and COC is valid thru June of 2027. Seasoned seller is sad to part with this wonderful asset but moving on to a larger multi-family. Easy to show. Current Gross of $93,000.00 with $15,280.00 expenses (includes taxes) Solid NET of $77,720.00 (Seller is Real Estate Agent)

17. 2026-04-23
    status Active 737-char remark

    Show marketing remark (737 chars)

    Fantastic North End 6 Unit Manchester Multi situated on a nice block flanked between a few 2 families! Self Managed for 21+ years by same owner. Property is a 'Turn Key' well oiled machine with 6 great tenants, fully rented, and easy to manage even for the unseasoned investor. All 6 units have separate utilities and offer 1 parking space per unit. Low maintenance vinyl sided with replacement windows throughout. No dogs and all non-smokers. Easy to maintain yard and COC is valid thru June of 2027. Seasoned seller is sad to part with this wonderful asset but moving on to a larger multi-family. Easy to show. Current Gross of $93,000.00 with $15,280.00 expenses (includes taxes) Solid NET of $77,720.00 (Seller is Real Estate Agent)

18. 2026-04-02
    historical 737-char remark

    Show marketing remark (737 chars)

    Fantastic North End 6 Unit Manchester Multi situated on a nice block flanked between a few 2 families! Self Managed for 21+ years by same owner. Property is a 'Turn Key' well oiled machine with 6 great tenants, fully rented, and easy to manage even for the unseasoned investor. All 6 units have separate utilities and offer 1 parking space per unit. Low maintenance vinyl sided with replacement windows throughout. No dogs and all non-smokers. Easy to maintain yard and COC is valid thru June of 2027. Seasoned seller is sad to part with this wonderful asset but moving on to a larger multi-family. Easy to show. Current Gross of $93,000.00 with $15,280.00 expenses (includes taxes) Solid NET of $77,720.00 (Seller is Real Estate Agent)

19. 2025-11-01
    listed $1,095,000 Active 737-char remark

    Show marketing remark (737 chars)

    Fantastic North End 6 Unit Manchester Multi situated on a nice block flanked between a few 2 families! Self Managed for 21+ years by same owner. Property is a 'Turn Key' well oiled machine with 6 great tenants, fully rented, and easy to manage even for the unseasoned investor. All 6 units have separate utilities and offer 1 parking space per unit. Low maintenance vinyl sided with replacement windows throughout. No dogs and all non-smokers. Easy to maintain yard and COC is valid thru June of 2027. Seasoned seller is sad to part with this wonderful asset but moving on to a larger multi-family. Easy to show. Current Gross of $93,000.00 with $15,280.00 expenses (includes taxes) Solid NET of $77,720.00 (Seller is Real Estate Agent)

20. 2004-09-01
    soldstatus $407,000

ⓘ 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: $9,913 · $826/mo
• Projected year-2 tax: $16,402 · $1,367/mo
• Expected delta: +$6,488/yr (+$541/mo · 65.5%)

ⓘ 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: $123,816
• − Mortgage interest: −$58,816
• − Property taxes: −$9,913
• − Insurance: −$5,250
• − Repairs & maintenance: −$9,905
• − Management: −$9,905
• − Depreciation: −$30,545
• Taxable loss: −$519
• Est. tax savings @ 24.0%: +$125
• After-tax cash flow: $16,701/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): 35,237
• Household income: $88,897
• Rent vs Own: 46.1% rent · 53.9% own
• Severe rent burden: 1606.0

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: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 10% Two or more races 9% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 1%
• Common ancestry: Lithuanian 11% Romanian 5% Slovak 3%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -313.01%
• Current HPI: 347.713
• Rent YoY: ▼ -0.27%
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+158.0% since first listed

5 events — show timeline

• 2026-04-23 Price Changed $1,050,000 PrimeMLS
• 2026-04-23 Relisted — PrimeMLS
• 2026-04-02 Delisted — PrimeMLS
• 2025-11-01 Listed $1,095,000 PrimeMLS
• 2004-09-01 Sold (Public Records) $407,000 Public Records

Property tax history

+5.2%/yr

Latest (2024): $9,913 · +3.8% YoY. Source: county tax records.