4 Depot St · Pittsfield, NH 03263

$700,000

6 bd · 4.0 ba · 5,825 sqft · MultiFamily public records · 93 Days on market

Built 1851 4,356 sqft lot $120/sqft · 50% above area Est $540k · 30% over

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Why this score? — see what drove the D+ 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 +16.3/30.0
• Appreciation +10.0/10.0
• DSCR +5.1/10.0
• 1% rule +3.5/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

Strong income property available directly in downtown Pittsfield made up of 4 residential units and 1 commerical unit. 9% cap rate potential. Recent upgrades, all tenants pay for their own heat and electric. Units have their own propane and hot water hookups. 48 hours to show.

Key facts

• 4 residential units
• Tenants pay for heat
• Recent upgrades

Tags

• DOWNTOWN PITTSFIELD
• 4 RESIDENTIAL UNITS
• 1 COMMERCIAL UNIT
• RECENT UPGRADES
• TENANTS PAY FOR HEAT
• TENANTS PAY FOR ELECTRIC

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $391 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $593k (15.3% below list).
• Recommended offer: $593k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 1.9% in Pittsfield — 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 66/100 on livability (#72 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Pittsfield School District (rural): math 20% / reading 36% proficiency, ranked #87 of 98 in NH (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 32 active listings in the ZIP; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).

Forward outlook

• In year one you build about $75k of equity ($5k loan paydown + $70k appreciation (10.0% local appreciation)).
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $196k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$120k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($637k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago; this cycle's ask has dropped $50k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $550k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1851 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $592,800 (15.3% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1851 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 F-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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.85% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.39%
• DSCR: 1.11
• GRM: 9.8

CMA / ARV

• ARV (median comp): $540,220
• List price: $700,000
• Delta: 29.58%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 Depot St	0.02mi	6/6.0	5,010 (-14%)	10mo	$1,000,000	$200	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 26.0%
• Equity multiple: 3.07×
• Total profit: $405,880
• Equity at exit: $630,615

10-year hold

• IRR: 22.8%
• Equity multiple: 7.00×
• Total profit: $1,175,190
• Equity at exit: $1,359,946

Cash invested: $196,000 (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 03263

• Home prices YoY: 17.6%
• Active inventory: 32
• Price-to-rent: 39.4×

Monthly cashflow live

• Estimated rent: $5,928 medium
• Mortgage (P&I): −$3,671
• Tax from tax record: −$330 /mo · $3,958/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,245
• Net cashflow: $391

Break-even live

Break-even rent $5,433

Max offer price $700,000

Occupancy floor 88%

Sensitivity live

Price	-10% $787	-5% $589	+0% $391	+5% $193	+10% $-6
Rent	-10% $-78	-5% $157	+0% $391	+5% $625	+10% $859
Rate	-1.0pp $743	-0.5pp $569	base $391	+0.5pp $209	+1.0pp $25

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,928
Total (4 units)			$5,928

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: $175,000
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-21
   days on market $700,000 Active 93 DOM
2. 2026-06-18
   days on market $700,000 Active 91 DOM
3. 2026-06-17
   days on market $700,000 Active 90 DOM
4. 2026-06-16
   days on market $700,000 Active 89 DOM
5. 2026-06-15
   days on market $700,000 Active 88 DOM
6. 2026-06-13
   days on market $700,000 Active 86 DOM
7. 2026-06-12
   days on market $700,000 Active 85 DOM
8. 2026-06-09
   days on market $700,000 Active 82 DOM
9. 2026-06-08
   days on market $700,000 Active 81 DOM
10. 2026-06-07
    days on market $700,000 Active 80 DOM
11. 2026-06-07
    days on market $700,000 Active 79 DOM
12. 2026-06-04
    days on market $700,000 Active 76 DOM
13. 2026-06-02
    days on market $700,000 Active 75 DOM
14. 2026-06-01
    days on market $700,000 Active 74 DOM
15. 2026-05-31
    days on market $700,000 Active 73 DOM
16. 2026-04-17
    price $700,000 277-char remark

    Show marketing remark (277 chars)

    Strong income property available directly in downtown Pittsfield made up of 4 residential units and 1 commerical unit. 9% cap rate potential. Recent upgrades, all tenants pay for their own heat and electric. Units have their own propane and hot water hookups. 48 hours to show.

17. 2026-03-19
    listed $750,000 Active 277-char remark

    Show marketing remark (277 chars)

    Strong income property available directly in downtown Pittsfield made up of 4 residential units and 1 commerical unit. 9% cap rate potential. Recent upgrades, all tenants pay for their own heat and electric. Units have their own propane and hot water hookups. 48 hours to show.

18. 2024-03-04
    soldstatus $550,000 Closed 1028-char remark

    Show marketing remark (1028 chars)

    5 unit building in Downtown Pittsfield. 3 Units currently rented as residential. The 4th residential unit, a 3-bedroom apartment was recently vacated and freshened up for the next tenant. The 5th unit has received approval to convert from commercial space to a 2-3 bedroom residential. All tenants pay for their own heat, electricity, & cable. The owner pays for the town water and sewer, so owner expenses are quite low. Cap rate is 4.16%, with 2 units currently vacant. There has been ongoing maintenance and upgrades. Unit 2 was remodeled 1.5 years ago and again the past couple of weeks. Unit 5 was totally remodeled, barely a year ago. Outside drainage and new siding done. A new concrete floor in the basement. Individualized propane and hot water hookups. All tenants have a perfect on-time payment history. See attached income documents. Drake field, home to the locally famous hot air balloon festival, is just across the street. This property has been withdrawn since July. Please call agent to schedule showings.

19. 2024-01-21
    historical 1028-char remark

    Show marketing remark (1028 chars)

    5 unit building in Downtown Pittsfield. 3 Units currently rented as residential. The 4th residential unit, a 3-bedroom apartment was recently vacated and freshened up for the next tenant. The 5th unit has received approval to convert from commercial space to a 2-3 bedroom residential. All tenants pay for their own heat, electricity, & cable. The owner pays for the town water and sewer, so owner expenses are quite low. Cap rate is 4.16%, with 2 units currently vacant. There has been ongoing maintenance and upgrades. Unit 2 was remodeled 1.5 years ago and again the past couple of weeks. Unit 5 was totally remodeled, barely a year ago. Outside drainage and new siding done. A new concrete floor in the basement. Individualized propane and hot water hookups. All tenants have a perfect on-time payment history. See attached income documents. Drake field, home to the locally famous hot air balloon festival, is just across the street. This property has been withdrawn since July. Please call agent to schedule showings.

20. 2023-11-12
    historical Active with Contract 1028-char remark

    Show marketing remark (1028 chars)

    5 unit building in Downtown Pittsfield. 3 Units currently rented as residential. The 4th residential unit, a 3-bedroom apartment was recently vacated and freshened up for the next tenant. The 5th unit has received approval to convert from commercial space to a 2-3 bedroom residential. All tenants pay for their own heat, electricity, & cable. The owner pays for the town water and sewer, so owner expenses are quite low. Cap rate is 4.16%, with 2 units currently vacant. There has been ongoing maintenance and upgrades. Unit 2 was remodeled 1.5 years ago and again the past couple of weeks. Unit 5 was totally remodeled, barely a year ago. Outside drainage and new siding done. A new concrete floor in the basement. Individualized propane and hot water hookups. All tenants have a perfect on-time payment history. See attached income documents. Drake field, home to the locally famous hot air balloon festival, is just across the street. This property has been withdrawn since July. Please call agent to schedule showings.

21. 2023-10-02
    status Active 1028-char remark

    Show marketing remark (1028 chars)

    5 unit building in Downtown Pittsfield. 3 Units currently rented as residential. The 4th residential unit, a 3-bedroom apartment was recently vacated and freshened up for the next tenant. The 5th unit has received approval to convert from commercial space to a 2-3 bedroom residential. All tenants pay for their own heat, electricity, & cable. The owner pays for the town water and sewer, so owner expenses are quite low. Cap rate is 4.16%, with 2 units currently vacant. There has been ongoing maintenance and upgrades. Unit 2 was remodeled 1.5 years ago and again the past couple of weeks. Unit 5 was totally remodeled, barely a year ago. Outside drainage and new siding done. A new concrete floor in the basement. Individualized propane and hot water hookups. All tenants have a perfect on-time payment history. See attached income documents. Drake field, home to the locally famous hot air balloon festival, is just across the street. This property has been withdrawn since July. Please call agent to schedule showings.

22. 2023-07-22
    historical 1028-char remark

    Show marketing remark (1028 chars)

    5 unit building in Downtown Pittsfield. 3 Units currently rented as residential. The 4th residential unit, a 3-bedroom apartment was recently vacated and freshened up for the next tenant. The 5th unit has received approval to convert from commercial space to a 2-3 bedroom residential. All tenants pay for their own heat, electricity, & cable. The owner pays for the town water and sewer, so owner expenses are quite low. Cap rate is 4.16%, with 2 units currently vacant. There has been ongoing maintenance and upgrades. Unit 2 was remodeled 1.5 years ago and again the past couple of weeks. Unit 5 was totally remodeled, barely a year ago. Outside drainage and new siding done. A new concrete floor in the basement. Individualized propane and hot water hookups. All tenants have a perfect on-time payment history. See attached income documents. Drake field, home to the locally famous hot air balloon festival, is just across the street. This property has been withdrawn since July. Please call agent to schedule showings.

23. 2023-07-20
    listed $550,000 Active - Delayed Showings 1028-char remark

    Show marketing remark (1028 chars)

    5 unit building in Downtown Pittsfield. 3 Units currently rented as residential. The 4th residential unit, a 3-bedroom apartment was recently vacated and freshened up for the next tenant. The 5th unit has received approval to convert from commercial space to a 2-3 bedroom residential. All tenants pay for their own heat, electricity, & cable. The owner pays for the town water and sewer, so owner expenses are quite low. Cap rate is 4.16%, with 2 units currently vacant. There has been ongoing maintenance and upgrades. Unit 2 was remodeled 1.5 years ago and again the past couple of weeks. Unit 5 was totally remodeled, barely a year ago. Outside drainage and new siding done. A new concrete floor in the basement. Individualized propane and hot water hookups. All tenants have a perfect on-time payment history. See attached income documents. Drake field, home to the locally famous hot air balloon festival, is just across the street. This property has been withdrawn since July. Please call agent to schedule showings.

24. 2021-11-30
    soldstatus $325,000 Closed
25. 2021-10-23
    historical Active with Contract
26. 2021-10-04
    listed $325,000 Active
27. 2018-04-27
    soldstatus $80,000 Closed
28. 2018-04-27
    soldstatus $80,000
29. 2018-04-03
    historical Active with Contract
30. 2018-02-22
    listed $85,000 Active
31. 2007-03-30
    soldstatus $155,000
32. 2007-03-30
    soldstatus $155,000
33. 2006-05-19
    listed $185,000

ⓘ 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: $3,958 · $330/mo
• Projected year-2 tax: $9,609 · $801/mo
• Expected delta: +$5,651/yr (+$471/mo · 142.8%)

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

Taxation est. · year 1

• Rental income: $71,136
• − Mortgage interest: −$39,211
• − Property taxes: −$3,958
• − Insurance: −$3,500
• − Repairs & maintenance: −$5,691
• − Management: −$5,691
• − Depreciation: −$20,364
• Taxable loss: −$7,278
• Est. tax savings @ 24.0%: +$1,747
• After-tax cash flow: $6,436/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: Pittsfield School District
• NCES district ID: 3305730
• Math proficiency: 20% ▼ -15.00%
• Reading proficiency: 36% ▼ -6.00%
• Median HH income: $52,344
• Composite: 24.71/100
• National rank: #7610
• State rank: #87 of 98 in NH

Livability — Pittsfield

• Score: 66/100
• State rank: #72
• US rank: #12388

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pittsfield, NH
• Population (ZIP): 4,094

Population outlook (Merrimack County) Hauer SSP2

• Today (2025): 151,287 people
• By 2030: 151,867 · +0.4%
• By 2040: 149,927 · -0.9%
• By 2050: 144,081 · -4.8%
• By 2075: 132,018 · -12.7%
• By 2100: 111,733 · -26.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Lithuanian 15% Slovak 3% German 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Merrimack

• 2024 margin: Lean D (+5.2) · D 52.1% · R 46.9% · Other 1.0%
• 2008→2024 swing: -8.7pp toward R · 2008: 13.9pp · 2024: 5.2pp
• All cycles: 2024: D+5.2 2020: D+9.8 2016: D+3.1 2012: D+12.7 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 89.96%
• Current HPI: 601.9142
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+278.4% since first listed

18 events — show timeline

• 2026-04-17 Price Changed $700,000 PrimeMLS
• 2026-03-19 Listed $750,000 PrimeMLS
• 2024-03-04 Sold (MLS) $550,000 PrimeMLS
• 2024-01-21 Delisted — PrimeMLS
• 2023-11-12 Contingent — PrimeMLS
• 2023-10-02 Relisted — PrimeMLS
• 2023-07-22 Delisted — PrimeMLS
• 2023-07-20 Listed $550,000 PrimeMLS
• 2021-11-30 Sold (MLS) $325,000 PrimeMLS
• 2021-10-23 Contingent — PrimeMLS
• 2021-10-04 Listed $325,000 PrimeMLS
• 2018-04-27 Sold (Public Records) $80,000 Public Records
• 2018-04-27 Sold (MLS) $80,000 PrimeMLS
• 2018-04-03 Contingent — PrimeMLS
• 2018-02-22 Listed $85,000 PrimeMLS
• 2007-03-30 Sold (Public Records) $155,000 Public Records
• 2007-03-30 Sold (MLS) $155,000 PrimeMLS
• 2006-05-19 Listed $185,000 PrimeMLS