518 Burgess St · Berlin, NH 03570

$179,000

6 bd · 3.0 ba · 2,252 sqft · MultiFamily public records · 50 Days on market

Built 1925 4,791 sqft lot $79/sqft · 97% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Fantastic Investment Opportunity!! This multi-Family home features 2 fully occupied unit's with long term tenants! Third floor apartment has currently been updated and remodeled featuring all new appliances, and new floors. A second means of egress is needed to be able to rent out the 3rd apartment. This property is minutes away from the ATV trails, store your toys in the 2 car garage and take advantage of what the area has to offer!

Key facts

• Newer oil furnace
• Full basement
• 4,791 sq ft lot

Tags

• FULL BASEMENT
• NEWER OIL FURNACE

Property features AI

Finance

• Other: Total building finished area and unit sizes not shown in interior sections (total finished ~2252, total ~3157) — specific square footage values omitted per instructions
• Financial info: No investor cash flow or income/expense details provided
• HOA & community: No HOA details provided

Exterior

• Parking: 2-car garage
• Security: No security details provided
• Utilities: Public water; Public sewer; 100 amp electric service with circuit breakers; Oil fuel provider (Irving); Eversource electric company; Curbside municipal trash service; Cable available; High-speed internet available
• Home design: Multi-family building; Existing construction
• Construction: Wood-frame construction; Shingle (asphalt) roof; Built in 1925
• Exterior features: City lot; Paved driveway; 50' road frontage on a paved public road; Blue/grey exterior color

Interior

• Kitchen: No specific appliance details provided
• Bedrooms: Two 2-bedroom units (Units 1 and 2); One 2-bedroom unit (Unit 3)
• Flooring: No flooring details provided
• Bathrooms: Three full bathrooms (one in each unit)
• Heating & cooling: Oil heating; No central cooling
• Interior features: Full, unfinished basement with exterior walk-up access; Three total residential units
• Laundry & utility: No specific laundry details provided

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $179k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $580/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $179k).
• Recommended offer: $174k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.0% vs local median 7.1% in Berlin — 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 (#67 in NH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing A-; Watch: schools D, amenities F, commute F.
• Berlin School District (town): math 24% / reading 30% proficiency, ranked #91 of 98 in NH (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 102 active listings in the ZIP; 95 units permitted in Coos County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Coos County population projected at -19% 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 $50k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 29y 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 $115k; list at $179k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $173,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.21% ✓
• Cap rate: 17.95%
• Cash-on-cash: 41.64%
• DSCR: 2.85
• GRM: 3.8

CMA / ARV

• ARV (median comp): $90,927
• List price: $179,000
• Delta: 96.86%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
516 Champlain St	0.05mi	6/3.0	2,272 (+1%)	11mo	$195,000	$86	87
628 Hillsboro St	0.17mi	5/3.0 (-1)	2,175 (-3%)	4mo	$80,000	$37	78
472 Burgess St	0.07mi	6/3.0	2,352 (+4%)	18mo	$80,000	$34	74
467 Burgess St	0.08mi	5/3.0 (-1)	2,080 (-8%)	21mo	$195,000	$94	61
740 2Nd Ave	0.65mi	6/2.0	2,210 (-2%)	4mo	$47,000	$21	59
657 Beaudoin St	0.43mi	5/3.0 (-1)	2,344 (+4%)	12mo	$128,000	$55	58
155 Washington St	0.56mi	5/2.0 (-1)	2,280 (+1%)	18mo	$198,000	$87	47
17 Hemlock Ln	0.69mi	5/2.0 (-1)	2,438 (+8%)	3mo	$139,000	$57	43

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: 56.6%
• Equity multiple: 5.16×
• Total profit: $208,400
• Equity at exit: $161,257

10-year hold

• IRR: 50.1%
• Equity multiple: 11.51×
• Total profit: $526,894
• Equity at exit: $347,758

Cash invested: $50,120 (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 03570

• Home prices YoY: 14.3%
• Active inventory: 102
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $3,949 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$367 /mo · $4,408/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$829
• Net cashflow: $1,739

Break-even live

Break-even rent $1,748

Max offer price $179,000

Occupancy floor 51%

Sensitivity live

Price	-10% $1,840	-5% $1,790	+0% $1,739	+5% $1,688	+10% $1,638
Rent	-10% $1,427	-5% $1,583	+0% $1,739	+5% $1,895	+10% $2,051
Rate	-1.0pp $1,829	-0.5pp $1,785	base $1,739	+0.5pp $1,693	+1.0pp $1,646

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,948
Total (3 units)			$3,949

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-21
   days on market $179,000 Active 50 DOM
2. 2026-06-21
   days on market $179,000 Active 49 DOM
3. 2026-06-18
   days on market $179,000 Active 47 DOM
4. 2026-06-17
   days on market $179,000 Active 46 DOM
5. 2026-06-16
   days on market $179,000 Active 45 DOM
6. 2026-06-15
   days on market $179,000 Active 44 DOM
7. 2026-06-13
   days on market $179,000 Active 42 DOM
8. 2026-06-12
   days on market $179,000 Active 41 DOM
9. 2026-06-09
   days on market $179,000 Active 38 DOM
10. 2026-06-08
    days on market $179,000 Active 37 DOM
11. 2026-06-07
    days on market $179,000 Active 36 DOM
12. 2026-06-07
    days on market $179,000 Active 35 DOM
13. 2026-06-04
    days on market $179,000 Active 32 DOM
14. 2026-06-02
    days on market $179,000 Active 31 DOM
15. 2026-06-01
    days on market $179,000 Active 30 DOM
16. 2026-05-31
    days on market $179,000 Active 29 DOM
17. 2026-05-02
    listed $179,000 Active 494-char remark
18. 2025-09-22
    price $170,000
19. 2025-04-04
    price $180,000
20. 2025-03-12
    price $190,000
21. 2022-12-06
    soldstatus $115,000
22. 2022-11-28
    soldstatus $115,000 Closed

    Show marketing remark (437 chars)

    Fantastic Investment Opportunity!! This multi-Family home features 2 fully occupied unit's with long term tenants! Third floor apartment has currently been updated and remodeled featuring all new appliances, and new floors. A second means of egress is needed to be able to rent out the 3rd apartment. This property is minutes away from the ATV trails, store your toys in the 2 car garage and take advantage of what the area has to offer!

23. 2022-09-29
    status Pending

    Show marketing remark (437 chars)

    Fantastic Investment Opportunity!! This multi-Family home features 2 fully occupied unit's with long term tenants! Third floor apartment has currently been updated and remodeled featuring all new appliances, and new floors. A second means of egress is needed to be able to rent out the 3rd apartment. This property is minutes away from the ATV trails, store your toys in the 2 car garage and take advantage of what the area has to offer!

24. 2022-09-18
    listed $120,900 Active

    Show marketing remark (437 chars)

    Fantastic Investment Opportunity!! This multi-Family home features 2 fully occupied unit's with long term tenants! Third floor apartment has currently been updated and remodeled featuring all new appliances, and new floors. A second means of egress is needed to be able to rent out the 3rd apartment. This property is minutes away from the ATV trails, store your toys in the 2 car garage and take advantage of what the area has to offer!

25. 2021-08-26
    soldstatus $64,533
26. 2021-08-24
    soldstatus $64,500 Closed
27. 2021-07-22
    status Pending
28. 2021-05-06
    historical Active with Contract
29. 2020-11-19
    listed $71,900 Active
30. 2007-07-05
    soldstatus $82,000
31. 2007-02-22
    listed $85,900
32. 2004-05-21
    soldstatus $45,100
33. 2004-03-02
    historical
34. 2003-11-24
    listed $54,900
35. 2002-05-31
    soldstatus $40,300
36. 2000-12-05
    soldstatus $33,000
37. 1997-03-06
    listed $33,900

ⓘ 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: $4,408 · $367/mo
• Projected year-2 tax: $4,408 · $367/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 7 d/yr ≥85°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $47,388
• − Mortgage interest: −$10,027
• − Property taxes: −$4,408
• − Insurance: −$895
• − Repairs & maintenance: −$3,791
• − Management: −$3,791
• − Depreciation: −$5,207
• Taxable income: $19,269
• Est. tax owed @ 24.0%: −$4,625
• After-tax cash flow: $16,245/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: Berlin School District
• NCES district ID: 3301860
• Math proficiency: 24% ▼ -5.00%
• Reading proficiency: 30% ▼ -12.00%
• Median HH income: $37,494
• Composite: 22.5/100
• National rank: #8095
• State rank: #91 of 98 in NH

Livability — Berlin

• Score: 66/100
• State rank: #67
• US rank: #11665

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Berlin, NH
• City population: 9,473
• Population (ZIP): 9,473

Population outlook (Coos County) Hauer SSP2

• Today (2025): 30,912 people
• By 2030: 29,872 · -3.4%
• By 2040: 27,449 · -11.2%
• By 2050: 25,049 · -19.0%
• By 2075: 19,584 · -36.6%
• By 2100: 13,818 · -55.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 5% Black 4% Two or more races 4%
• Common ancestry: Lithuanian 21% German 2% Romanian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 88% English-only · French/Haitian/Cajun 8% Spanish 4%

Political lean MEDSL · Coos

• 2024 margin: R (+13.8) · D 42.7% · R 56.5%
• 2008→2024 swing: -32.1pp toward R · 2008: 18.3pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+5.9 2016: R+9.1 2012: D+17.6 2008: D+18.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 55.16%
• Current HPI: 440.9127
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+428.0% since first listed

21 events — show timeline

• 2026-05-02 Listed $179,000 PrimeMLS
• 2025-09-22 Price Changed $170,000 PrimeMLS
• 2025-04-04 Price Changed $180,000 PrimeMLS
• 2025-03-12 Price Changed $190,000 PrimeMLS
• 2022-12-06 Sold (Public Records) $115,000 Public Records
• 2022-11-28 Sold (MLS) $115,000 PrimeMLS
• 2022-09-29 Pending — PrimeMLS
• 2022-09-18 Listed $120,900 PrimeMLS
• 2021-08-26 Sold (Public Records) $64,533 Public Records
• 2021-08-24 Sold (MLS) $64,500 PrimeMLS
• 2021-07-22 Pending — PrimeMLS
• 2021-05-06 Contingent — PrimeMLS
• 2020-11-19 Listed $71,900 PrimeMLS
• 2007-07-05 Sold (MLS) $82,000 PrimeMLS
• 2007-02-22 Listed $85,900 PrimeMLS
• 2004-05-21 Sold (MLS) $45,100 PrimeMLS
• 2004-03-02 Delisted — PrimeMLS
• 2003-11-24 Listed $54,900 PrimeMLS
• 2002-05-31 Sold (Public Records) $40,300 Public Records
• 2000-12-05 Sold (MLS) $33,000 PrimeMLS
• 1997-03-06 Listed $33,900 PrimeMLS

Property tax history

+5.5%/yr

Latest (2025): $4,408 · +8.8% YoY. Source: county tax records.