4 Union St · Milford, NH 03055

$425,000

None bd · 1.0 ba · 1,910 sqft · MultiFamily · 66 Days on market

Built 1920 Fair condition 1,306 sqft lot $223/sqft · 14% below area Est $492k · 14% under

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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 +30.0/30.0
• ARV discount +13.6/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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 MLS

Fantastic opportunity to purchase an investment property. This is a mixed-use commercial property. There is a three bedroom apartment on the second floor that is currently occupied and generating rental income. The first floor was a diner for many years. The space has been cleaned and is ready for a new owner to bring their business to Milford. Be surrounded by the hustle and bustle of the Milford community with lots of restaurants, shops, library and more!

Key facts

• 1,306 sq ft lot
• Built 1920
• Listed 65 days

What this means for you Summary

Snapshot

• This is a ?-bed/1.0-bath multifamily listed at $425k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $425k).
• Recommended offer: $400k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 2.5% in Milford — 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 70/100 on livability (#45 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B; Watch: amenities F, commute F, health & safety D-.
• Milford School District (suburban): math 35% / reading 50% proficiency, ranked #57 of 98 in NH (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Heron Pond Elementary School (math 37% / reading 46%, grade F, #154 of 263 statewide, top 58%, 569 students, 17% FRL); Milford Middle School (math 25% / reading 45%, grade F, #58 of 96 statewide, top 60%, 464 students, 14% FRL); Milford High School (math 57% / reading 72%, grade B-, #14 of 90 statewide, top 17%, 750 students, 12% FRL) — zoned schools at 15% FRL track the district average.
• Market conditions: 42 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• At $6,103/mo this rent would consume 75% of the median local household income ($98k/yr) (locally 495% 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.
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $119k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $345k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $399,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.44% ✓
• Cap rate: 11.61%
• Cash-on-cash: 19.00%
• DSCR: 1.85
• GRM: 5.8

CMA / ARV

• ARV (median comp): $491,545
• List price: $425,000
• Delta: -13.54%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 Union St	0.00mi	2/1.0	1,910 (0%)	12mo	$345,000	$181	90
9 Willow St	0.26mi	—/4.0	2,076 (+9%)	17mo	$525,000	$253	47
377 Nashua St	0.67mi	1/2.0	1,724 (-10%)	3mo	$425,000	$247	46
10 Monson Pl	0.47mi	4/2.0	1,690 (-12%)	16mo	$490,000	$290	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.9%
• Equity multiple: 1.43×
• Total profit: $51,235
• Equity at exit: $63,369

10-year hold

• IRR: 19.9%
• Equity multiple: 2.68×
• Total profit: $199,523
• Equity at exit: $36,746

Cash invested: $119,000 (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 03055

• Active inventory: 42
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $6,103 medium
• Mortgage (P&I): −$2,229
• Tax est. 1.5%: −$531 /mo · $6,375/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,282
• Net cashflow: $1,884

Break-even live

Break-even rent $3,718

Max offer price $425,000

Occupancy floor 64%

Sensitivity live

Price	-10% $2,178	-5% $2,031	+0% $1,884	+5% $1,737	+10% $1,591
Rent	-10% $1,402	-5% $1,643	+0% $1,884	+5% $2,125	+10% $2,366
Rate	-1.0pp $2,098	-0.5pp $1,992	base $1,884	+0.5pp $1,774	+1.0pp $1,662

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,321
▸ 2× units	0	1	$3,782
Total (3 units)			$6,103

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
297 Elm St Milford, NH	3.0	2.0	1594	$3,200	$2.01	15d	1	1.17mi

Listing history 16 events

1. 2026-06-08
   days on market $425,000 Active 66 DOM
2. 2026-06-07
   days on market $425,000 Active 65 DOM
3. 2026-06-05
   days on market $425,000 Active 62 DOM
4. 2026-06-03
   days on market $425,000 Active 61 DOM
5. 2026-06-02
   days on market $425,000 Active 60 DOM
6. 2026-06-01
   days on market $425,000 Active 59 DOM
7. 2026-05-31
   days on market $425,000 Active 58 DOM
8. 2026-05-30
   days on market $425,000 Active 57 DOM
9. 2026-05-04
   price $425,000 461-char remark

   Show marketing remark (461 chars)

   Fantastic opportunity to purchase an investment property. This is a mixed-use commercial property. There is a three bedroom apartment on the second floor that is currently occupied and generating rental income. The first floor was a diner for many years. The space has been cleaned and is ready for a new owner to bring their business to Milford. Be surrounded by the hustle and bustle of the Milford community with lots of restaurants, shops, library and more!

10. 2026-04-03
    listed $450,000 Active 461-char remark

    Show marketing remark (461 chars)

    Fantastic opportunity to purchase an investment property. This is a mixed-use commercial property. There is a three bedroom apartment on the second floor that is currently occupied and generating rental income. The first floor was a diner for many years. The space has been cleaned and is ready for a new owner to bring their business to Milford. Be surrounded by the hustle and bustle of the Milford community with lots of restaurants, shops, library and more!

11. 2025-06-27
    soldstatus $345,000 Closed 969-char remark

    Show marketing remark (969 chars)

    Unique opportunity to own this iconic Milford Diner, in business for over a century, with a 2 bedroom apartment on the second floor. The attached History details the fascinating journey this property has endured, and the myriad opportunities it has offered it's owners over the years. Originally sited on South Street as a furniture store, it was moved to it's current location somewhere in the late 1800's or early 1900's. Long-time residents, like myself, will remember this Diner fondly with it's many iterations over the years. Solid and well maintained, with a truly prime location, there are endless opportunities here as Milford has established itself as a bit of a dining mecca. Bring your new vision, or continue it's current operation as a breakfast and lunch Diner. A complete list of appliance and equipment inventory is attached. Sale is based on Real Estate and there are no financials from current owner. Very unique opportunity for the discerning Buyer.

12. 2025-06-10
    historical Active with Contract 969-char remark

    Show marketing remark (969 chars)

    Unique opportunity to own this iconic Milford Diner, in business for over a century, with a 2 bedroom apartment on the second floor. The attached History details the fascinating journey this property has endured, and the myriad opportunities it has offered it's owners over the years. Originally sited on South Street as a furniture store, it was moved to it's current location somewhere in the late 1800's or early 1900's. Long-time residents, like myself, will remember this Diner fondly with it's many iterations over the years. Solid and well maintained, with a truly prime location, there are endless opportunities here as Milford has established itself as a bit of a dining mecca. Bring your new vision, or continue it's current operation as a breakfast and lunch Diner. A complete list of appliance and equipment inventory is attached. Sale is based on Real Estate and there are no financials from current owner. Very unique opportunity for the discerning Buyer.

13. 2025-05-08
    price $389,900 969-char remark

    Show marketing remark (969 chars)

    Unique opportunity to own this iconic Milford Diner, in business for over a century, with a 2 bedroom apartment on the second floor. The attached History details the fascinating journey this property has endured, and the myriad opportunities it has offered it's owners over the years. Originally sited on South Street as a furniture store, it was moved to it's current location somewhere in the late 1800's or early 1900's. Long-time residents, like myself, will remember this Diner fondly with it's many iterations over the years. Solid and well maintained, with a truly prime location, there are endless opportunities here as Milford has established itself as a bit of a dining mecca. Bring your new vision, or continue it's current operation as a breakfast and lunch Diner. A complete list of appliance and equipment inventory is attached. Sale is based on Real Estate and there are no financials from current owner. Very unique opportunity for the discerning Buyer.

14. 2025-04-07
    price $399,900 969-char remark

    Show marketing remark (969 chars)

    Unique opportunity to own this iconic Milford Diner, in business for over a century, with a 2 bedroom apartment on the second floor. The attached History details the fascinating journey this property has endured, and the myriad opportunities it has offered it's owners over the years. Originally sited on South Street as a furniture store, it was moved to it's current location somewhere in the late 1800's or early 1900's. Long-time residents, like myself, will remember this Diner fondly with it's many iterations over the years. Solid and well maintained, with a truly prime location, there are endless opportunities here as Milford has established itself as a bit of a dining mecca. Bring your new vision, or continue it's current operation as a breakfast and lunch Diner. A complete list of appliance and equipment inventory is attached. Sale is based on Real Estate and there are no financials from current owner. Very unique opportunity for the discerning Buyer.

15. 2025-03-17
    price $414,900 969-char remark

    Show marketing remark (969 chars)

    Unique opportunity to own this iconic Milford Diner, in business for over a century, with a 2 bedroom apartment on the second floor. The attached History details the fascinating journey this property has endured, and the myriad opportunities it has offered it's owners over the years. Originally sited on South Street as a furniture store, it was moved to it's current location somewhere in the late 1800's or early 1900's. Long-time residents, like myself, will remember this Diner fondly with it's many iterations over the years. Solid and well maintained, with a truly prime location, there are endless opportunities here as Milford has established itself as a bit of a dining mecca. Bring your new vision, or continue it's current operation as a breakfast and lunch Diner. A complete list of appliance and equipment inventory is attached. Sale is based on Real Estate and there are no financials from current owner. Very unique opportunity for the discerning Buyer.

16. 2025-03-03
    listed $424,900 Active 969-char remark

    Show marketing remark (969 chars)

    Unique opportunity to own this iconic Milford Diner, in business for over a century, with a 2 bedroom apartment on the second floor. The attached History details the fascinating journey this property has endured, and the myriad opportunities it has offered it's owners over the years. Originally sited on South Street as a furniture store, it was moved to it's current location somewhere in the late 1800's or early 1900's. Long-time residents, like myself, will remember this Diner fondly with it's many iterations over the years. Solid and well maintained, with a truly prime location, there are endless opportunities here as Milford has established itself as a bit of a dining mecca. Bring your new vision, or continue it's current operation as a breakfast and lunch Diner. A complete list of appliance and equipment inventory is attached. Sale is based on Real Estate and there are no financials from current owner. Very unique opportunity for the discerning Buyer.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $73,236
• − Mortgage interest: −$23,807
• − Property taxes: −$6,375
• − Insurance: −$2,125
• − Repairs & maintenance: −$5,859
• − Management: −$5,859
• − Depreciation: −$12,364
• Taxable income: $16,848
• Est. tax owed @ 24.0%: −$4,044
• After-tax cash flow: $18,568/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations, including kitchen appliances, bathroom fixtures, and exterior painting, to improve its resale and rental value.

Repairs flagged

• Moderate Kitchen appliances — Worn and dated
• Major Bathroom fixtures — No visible photos, but likely outdated
• Moderate Exterior siding — Weathered appearance

Value-add opportunities

• Resale Kitchen appliances — Modern appliances can attract more buyers
• Rental Bathroom fixtures — Upgraded bathrooms can attract more renters
• Both Exterior painting — Fresh paint can improve curb appeal and value
• Both Landscaping — Fresh landscaping can enhance curb appeal and attract more tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Worn and dated	Moderate	$3,000–15,000
Bathroom fixtures · No visible photos, but likely outdated	Major	$15,000–50,000
Exterior siding · Weathered appearance	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$21,000–80,000

Value-add ROI direction

• Resale Kitchen appliances — Modern appliances can attract more buyers ↑
• Rental Bathroom fixtures — Upgraded bathrooms can attract more renters ↑
• Both Exterior painting — Fresh paint can improve curb appeal and value ↑
• Both Landscaping — Fresh landscaping can enhance curb appeal and attract more tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Milford School District
• NCES district ID: 3304830
• Math proficiency: 35% ▼ -18.00%
• Reading proficiency: 50% ▼ -6.00%
• Median HH income: $67,496
• Composite: 38.18/100
• National rank: #4262
• State rank: #57 of 98 in NH

Livability — Milford

• Score: 70/100
• State rank: #45
• US rank: #7432

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milford, NH
• County: Hillsborough County · 309,362 people
• City population: 16,337
• Metro: Manchester-Nashua, NH
• Population (ZIP): 16,337
• Household income: $97,768
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 495.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 8% Hispanic / Latino 2% Asian 2%
• Common ancestry: Lithuanian 11% Estonian 4% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Other Indo-European 4% Spanish 1% Other Asian/Pacific 1%

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: ▼ -111.91%
• Current HPI: 207.1058
• Rent YoY: —
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

8 events — show timeline

• 2026-05-04 Price Changed $425,000 PrimeMLS
• 2026-04-03 Listed $450,000 PrimeMLS
• 2025-06-27 Sold (MLS) $345,000 PrimeMLS
• 2025-06-10 Contingent — PrimeMLS
• 2025-05-08 Price Changed $389,900 PrimeMLS
• 2025-04-07 Price Changed $399,900 PrimeMLS
• 2025-03-17 Price Changed $414,900 PrimeMLS
• 2025-03-03 Listed $424,900 PrimeMLS