18-22 Main St · Pittsfield, NH 03263

$249,900

None bd · None ba · 13,002 sqft · MultiFamily · 15 Days on market

Built 1895 Poor condition 4,356 sqft 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 +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
• Schools +2.5/10.0
• Condition / age +1.0/5.0

Multi-family units

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

Listing remarks

Union Block – Historic Commercial Opportunity Step into history with the iconic Union Block, a landmark commercial building built in 1895 and filled with potential. Situated in a prominent Main Street location, this versatile property presents an exceptional opportunity for investors, entrepreneurs, and business owners to bring their vision to life. The former Main Street Variety storefront has been updated and is ready for its next chapter. Currently set it up for another convenience store, the space also offers excellent potential for a coffee shop, bakery, café, boutique retail shop, or other commercial venture. Recent improvements include updated finishes and efficient mini

Key facts

• Main street location
• Updated finishes
• Flexible layout

Tags

• MAIN STREET LOCATION
• UPDATED FINISHES
• FLEXIBLE LAYOUT

Property features AI

Exterior

• Parking: No driveway
• Utilities: Public water on site; Public sewer on site; Circuit breakers, fuses, and knob-and-tube electric; Cable and telephone available; Fiber optic internet available
• Home design: Two-unit property; Brick exterior; Other architectural style; Existing construction; Flat and membrane roof; Built in 1895
• Construction: Brick exterior; Flat and membrane roof; Built in 1895
• Exterior features: City lot; Public water on site; Public sewer on site; Paved public road frontage; road is publicly maintained

Interior

• Heating & cooling: No central heating; No cooling
• Interior features: Full basement with interior access and interior stairs

What this means for you Summary

Snapshot

• This is a 3 × ?-bed/?-bath units multifamily listed at $250k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $706/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.5% vs local median 1.6% 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: amenities F, commute F, employment 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.
• Zoned schools: Pittsfield Elementary School (math 22% / reading 37%, grade F, #201 of 263 statewide, top 82%, 219 students, 44% FRL) — zoned schools at 44% FRL track the district average.
• 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 $27k of equity ($2k loan paydown + $25k 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 $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,151 (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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1895 — 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 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?
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: 1.95% ✓
• Cap rate: 16.46%
• Cash-on-cash: 36.32%
• DSCR: 2.62
• GRM: 4.3

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: 52.2%
• Equity multiple: 4.87×
• Total profit: $271,068
• Equity at exit: $225,130

10-year hold

• IRR: 45.8%
• Equity multiple: 10.89×
• Total profit: $692,317
• Equity at exit: $485,501

Cash invested: $69,972 (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: 12.8×

Monthly cashflow live

• Estimated rent: $4,867 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,022
• Net cashflow: $2,118

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 51%

Sensitivity live

Price	-10% $2,291	-5% $2,204	+0% $2,118	+5% $2,032	+10% $1,945
Rent	-10% $1,733	-5% $1,926	+0% $2,118	+5% $2,310	+10% $2,502
Rate	-1.0pp $2,244	-0.5pp $2,181	base $2,118	+0.5pp $2,053	+1.0pp $1,987

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

Units	Beds	Baths	Est. rent
▸ 3× units	0	0	$4,866
Total (3 units)			$4,867

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $249,900 Active 15 DOM
2. 2026-06-18
   days on market $249,900 Active 13 DOM
3. 2026-06-17
   days on market $249,900 Active 12 DOM
4. 2026-06-16
   days on market $249,900 Active 11 DOM
5. 2026-06-15
   days on market $249,900 Active 10 DOM
6. 2026-06-13
   days on market $249,900 Active 8 DOM
7. 2026-06-12
   days on market $249,900 Active 7 DOM
8. 2026-06-09
   days on market $249,900 Active 4 DOM
9. 2026-06-08
   days on market $249,900 Active 3 DOM
10. 2026-06-07
    days on market $249,900 Active 2 DOM
11. 2026-06-07
    remarks 686-char remark
12. 2026-06-07
    listed $249,900 Active 1 DOM

ⓘ 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: $58,404
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$4,672
• − Management: −$4,672
• − Depreciation: −$7,270
• Taxable income: $22,793
• Est. tax owed @ 24.0%: −$5,470
• After-tax cash flow: $19,945/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 · 7 photos

Poor 20/100 Extensive rehab

This historic commercial building requires extensive repairs and maintenance to bring it up to a livable condition. Significant work is needed on the roof, exterior walls, flooring, and interior walls/paint. Upgrades to HVAC, landscaping, and curb appeal would significantly increase its resale and rental value.

Repairs flagged

• Major roof — Signs of significant wear and tear.
• Major exterior walls — Visible cracks and discoloration.
• Major flooring — Significant wear and tear.
• Major interior walls/paint — Visible cracks and discoloration.
• Major landscaping — Overgrown vegetation and lack of maintenance.
• Major HVAC/mechanicals — No visible signs of HVAC or mechanical systems in the provided photos.

Value-add opportunities

• Both exterior painting — Improves curb appeal and property value.
• Both landscaping — Enhances curb appeal and property value.
• Both HVAC and mechanical upgrades — Improves comfort and energy efficiency, attracting tenants and buyers.
• Both roof replacement — Extends the life of the roof and improves property value.
• Both interior painting and repairs — Enhances the interior appearance and attracts tenants and buyers.
• Both flooring replacement — Improves the overall appearance and functionality of the property, attracting tenants and buyers.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of significant wear and tear.	Major	$15,000–50,000
exterior walls · Visible cracks and discoloration.	Major	$15,000–50,000
flooring · Significant wear and tear.	Major	$15,000–50,000
interior walls/paint · Visible cracks and discoloration.	Major	$15,000–50,000
landscaping · Overgrown vegetation and lack of maintenance.	Major	$15,000–50,000
HVAC/mechanicals · No visible signs of HVAC or mechanical systems in the provided photos.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both exterior painting — Improves curb appeal and property value. ↑
• Both landscaping — Enhances curb appeal and property value. ↑
• Both HVAC and mechanical upgrades — Improves comfort and energy efficiency, attracting tenants and buyers. ↑
• Both roof replacement — Extends the life of the roof and improves property value. ↑
• Both interior painting and repairs — Enhances the interior appearance and attracts tenants and buyers. ↑
• Both flooring replacement — Improves the overall appearance and functionality of the property, attracting tenants and buyers. ↑

ⓘ 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: 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

1 event — show timeline

• 2026-06-05 Listed $249,900 PrimeMLS