107 Messer St · Laconia, NH 03246

$449,000

5 bd · 3.0 ba · 2,126 sqft · MultiFamily public records · 16 Days on market

Built 1890 9,583 sqft lot Est $336k · 34% over

---

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 +26.4/30.0
• DSCR +9.0/10.0
• 1% rule +6.6/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Investors take notice! This multi family has 3 units in total. The town currently allows for 2 of the units to be rented however, a third one can be added as a rental by the town application process. This property is close to shopping, schools and hospital. Live in one unit and rent the others!

Key facts

• 9,583 sq ft lot
• Built 1890
• Listed 16 days

Property features AI

Finance

• Financial info: Assessment year 2025; Assessment amount reported; Tax year 2025

Exterior

• Parking: Crushed stone driveway (on-site parking)
• Utilities: Public water; Public sewer; Circuit breaker electrical service; High-speed internet available; Other utilities listed
• Home design: Multi-family property; Existing structure; Built in 1890
• Construction: Wood frame construction; Shingle (asphalt) roof; Survey status: Unknown
• Exterior features: City lot; Crushed stone driveway; Paved public road frontage

Interior

• Bedrooms: Three-bedroom unit (Unit 1); Two-bedroom unit (Unit 2); Two-bedroom unit (Unit 3)
• Bathrooms: One bathroom in each unit (3 total)
• Heating & cooling: Oil heating; No central cooling listed
• Interior features: Unfinished interior basement with interior access

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $449k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $372/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $449k).
• Recommended offer: $442k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 $5,187/mo this rent would consume 85% 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 $13k 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 ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($442k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $218k; list at $449k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $442,265 (1.5% below list)

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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.16% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.18%
• DSCR: 1.50
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $335,908
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Parker St	0.21mi	4/3.0 (-1)	1,989 (-6%)	3mo	$315,000	$158	72
32 Summer St	0.35mi	4/2.0 (-1)	2,088 (-2%)	5mo	$385,000	$184	68
106 Messer St	0.02mi	6/— (+1)	2,419 (+14%)	10mo	$366,500	$152	62
85 Summer St	0.48mi	5/2.0	2,076 (-2%)	14mo	$390,000	$188	58
141 Union Ave	0.40mi	4/3.0 (-1)	2,278 (+7%)	23mo	$460,000	$202	46
27 High St	0.44mi	4/2.0 (-1)	2,248 (+6%)	19mo	$270,000	$120	45
61 Pine St	0.71mi	6/2.0 (+1)	2,240 (+5%)	20mo	$329,000	$147	33

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: 5.0%
• Equity multiple: 1.20×
• Total profit: $25,727
• Equity at exit: $66,947

10-year hold

• IRR: 18.5%
• Equity multiple: 2.90×
• Total profit: $238,693
• Equity at exit: $38,821

Cash invested: $125,720 (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: 21.6×

Monthly cashflow live

• Estimated rent: $5,187 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$385 /mo · $4,616/yr
• Insurance: −$187
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,089
• Net cashflow: $1,116

Break-even live

Break-even rent $3,775

Max offer price $449,000

Occupancy floor 73%

Sensitivity live

Price	-10% $1,370	-5% $1,243	+0% $1,116	+5% $989	+10% $862
Rent	-10% $706	-5% $911	+0% $1,116	+5% $1,321	+10% $1,526
Rate	-1.0pp $1,342	-0.5pp $1,230	base $1,116	+0.5pp $999	+1.0pp $881

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,187
Total (3 units)			$5,187

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-16
   status $449,000 Pending 16 DOM
2. 2026-06-15
   days on market $449,000 Active 16 DOM
3. 2026-06-14
   days on market $449,000 Active 14 DOM
4. 2026-06-12
   days on market $449,000 Active 13 DOM
5. 2026-06-09
   days on market $449,000 Active 10 DOM
6. 2026-06-08
   days on market $449,000 Active 9 DOM
7. 2026-06-07
   days on market $449,000 Active 8 DOM
8. 2026-06-04
   days on market $449,000 Active 4 DOM
9. 2026-06-02
   days on market $449,000 Active 3 DOM
10. 2026-06-01
    days on market $449,000 Active 2 DOM
11. 2026-05-31
    statusdays on market $449,000 Active 1 DOM
12. 2026-05-27
    historical $449,000
13. 2021-08-13
    soldstatus $217,533
14. 2021-04-14
    soldstatus $180,000 Closed 296-char remark

    Show marketing remark (296 chars)

    Investors take notice! This multi family has 3 units in total. The town currently allows for 2 of the units to be rented however, a third one can be added as a rental by the town application process. This property is close to shopping, schools and hospital. Live in one unit and rent the others!

15. 2021-03-07
    historical Active with Contract 296-char remark

    Show marketing remark (296 chars)

    Investors take notice! This multi family has 3 units in total. The town currently allows for 2 of the units to be rented however, a third one can be added as a rental by the town application process. This property is close to shopping, schools and hospital. Live in one unit and rent the others!

16. 2020-10-16
    listed $207,000 Active 296-char remark

    Show marketing remark (296 chars)

    Investors take notice! This multi family has 3 units in total. The town currently allows for 2 of the units to be rented however, a third one can be added as a rental by the town application process. This property is close to shopping, schools and hospital. Live in one unit and rent the others!

ⓘ 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: $4,616 · $385/mo
• Projected year-2 tax: $7,202 · $600/mo
• Expected delta: +$2,586/yr (+$216/mo · 56.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $62,244
• − Mortgage interest: −$25,151
• − Property taxes: −$4,616
• − Insurance: −$2,912
• − Repairs & maintenance: −$4,980
• − Management: −$4,980
• − Depreciation: −$13,062
• Taxable income: $6,545
• Est. tax owed @ 24.0%: −$1,571
• After-tax cash flow: $11,819/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

+116.9% since first listed

5 events — show timeline

• 2026-05-27 Coming Soon $449,000 PrimeMLS
• 2021-08-13 Sold (Public Records) $217,533 Public Records
• 2021-04-14 Sold (MLS) $180,000 PrimeMLS
• 2021-03-07 Contingent — PrimeMLS
• 2020-10-16 Listed $207,000 PrimeMLS

Property tax history

+4.3%/yr

Latest (2025): $4,616 · +0.2% YoY. Source: county tax records.