28 Christian Hill Rd · West Swanzey, NH 03446

$350,000

5 bd · 2.0 ba · 2,180 sqft · MultiFamily public records · 2 Days on market

Built 1787 0.54 ac lot

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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 +25.6/30.0
• Appreciation +10.0/10.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

The town of Swanzey provides residents, vacationers, and weekenders with the perfect mixture of covered bridges, historic homes, and bucolic settings. This 2-family home has one 2-bedroom unit and one 3-bedroom unit. It is sited on a knoll on 0.54+/-acres surrounded by similar homes in West Swanzey village area. It is near two covered bridges, hiking trails and Swanzey Lake. It is a quick drive to Keene for all your wants and needs. The condition of the property may not support the connection of utilities and no repairs will be done by Purchaser or Seller to make the property available for connection or de-winterization. Structural Engineer's report available upon request. This is a Fannie Mae HomePath property.

Key facts

• Large yard
• Recently renovated
• Two large porches

Tags

• RECENTLY RENOVATED
• HARDWOOD FLOORS
• DEDICATED IN UNIT LAUNDRY
• LARGE YARD
• TWO LARGE PORCHES
• ON SITE SHED

Property features AI

Finance

• Other: Property configured as a 2-unit multi-family with month-to-month leases

Exterior

• Parking: Paved driveway
• Utilities: Public sewer; Private water source; Circuit breaker electrical service; Telephone available; High-speed internet available
• Home design: New Englander style; Wood frame construction; Blue exterior; Existing building
• Construction: Built in 1787; Shingle roof; Wood frame construction; Partial, unfinished basement
• Exterior features: Paved driveway; Country setting, landscaped, level lot; Sidewalks nearby; Near paths, shopping, skiing, and snowmobile trails

Interior

• Kitchen: Unit 1: Dishwasher, Electric range, Refrigerator, Stove (wood); Unit 2: Electric range, Refrigerator
• Bedrooms: Unit 1: 3 bedrooms (level 1-2); Unit 2: 2 bedrooms (level 1-2)
• Flooring: Hardwood floors
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath; Total full baths: 2
• Heating & cooling: Propane heating with hot air; Gas heat in units; No central air
• Interior features: Partial, unfinished basement with both interior and exterior access; Deck; Six rooms in Unit 1; four rooms in Unit 2
• Laundry & utility: Unit 1: Washer and dryer; Unit 2: Washer and dryer; Water heater

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $825 ($10k/yr) — positive. Per door: $413/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).

Location & tenants

• Location reads 70/100 on livability (#44 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Monadnock Regional School District (rural): math 25% / reading 36% proficiency, ranked #82 of 98 in NH (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cutler Elementary School (math 26% / reading 30%, grade F, #217 of 263 statewide, top 83%, 289 students, 32% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 18 active listings in the ZIP; 166 units permitted in Cheshire County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Cheshire County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 24y 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 $118k; list at $350k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1787 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $350,000

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 1787 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.14% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.11%
• DSCR: 1.45
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.7%
• Equity multiple: 3.48×
• Total profit: $243,182
• Equity at exit: $315,308

10-year hold

• IRR: 27.4%
• Equity multiple: 7.89×
• Total profit: $674,800
• Equity at exit: $679,973

Cash invested: $98,000 (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 03446

• Home prices YoY: 7.0%
• Active inventory: 18
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $3,986 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$342 /mo · $4,109/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$837
• Net cashflow: $825

Break-even live

Break-even rent $2,941

Max offer price $350,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,023	-5% $924	+0% $825	+5% $726	+10% $627
Rent	-10% $510	-5% $668	+0% $825	+5% $983	+10% $1,140
Rate	-1.0pp $1,002	-0.5pp $914	base $825	+0.5pp $735	+1.0pp $642

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,969
1× unit	3	1	$2,017
Total (2 units)			$3,986

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-19
   days on market $350,000 Active 2 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $350,000 Active 1 DOM

ⓘ 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: $4,109 · $342/mo
• Projected year-2 tax: $5,870 · $489/mo
• Expected delta: +$1,760/yr (+$147/mo · 42.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,832
• − Mortgage interest: −$19,605
• − Property taxes: −$4,109
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,827
• − Management: −$3,827
• − Depreciation: −$10,182
• Taxable income: $4,533
• Est. tax owed @ 24.0%: −$1,088
• After-tax cash flow: $8,815/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: Monadnock Regional School District
• NCES district ID: 3304890
• Math proficiency: 25% ▼ -16.00%
• Reading proficiency: 36% ▼ -6.00%
• Median HH income: $56,314
• Composite: 27.18/100
• National rank: #7024
• State rank: #82 of 98 in NH

Livability — West Swanzey

• Score: 70/100
• State rank: #44
• US rank: #7404

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Swanzey, NH
• Population (ZIP): 6,486

Population outlook (Cheshire County) Hauer SSP2

• Today (2025): 74,613 people
• By 2030: 72,495 · -2.8%
• By 2040: 66,778 · -10.5%
• By 2050: 60,963 · -18.3%
• By 2075: 49,511 · -33.6%
• By 2100: 39,687 · -46.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 7% Hispanic / Latino 4% Asian 1%
• Common ancestry: Lithuanian 17% German 5% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1% Tagalog/Filipino 1%

Political lean MEDSL · Cheshire

• 2024 margin: Lean D (+9.8) · D 54.4% · R 44.6% · Other 1.1%
• 2008→2024 swing: -17.8pp toward R · 2008: 27.6pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+17.2 2016: D+12.6 2012: D+24.8 2008: D+27.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 23.76%
• Current HPI: 365.715
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+150.2% since first listed

8 events — show timeline

• 2026-06-17 Listed $350,000 PrimeMLS
• 2024-05-24 Sold (MLS) $117,500 PrimeMLS
• 2024-05-08 Contingent — PrimeMLS
• 2024-04-08 Listed $124,900 PrimeMLS
• 2002-10-17 Sold (Public Records) $138,000 Public Records
• 2002-10-15 Sold (MLS) $138,000 PrimeMLS
• 2002-08-26 Delisted — PrimeMLS
• 2002-07-04 Listed $139,900 PrimeMLS

Property tax history

+1.5%/yr

Latest (2025): $4,109 · +5.9% YoY. Source: county tax records.