18-22 Main St

Pittsfield, NH 03263

$249,900B+

None bd · None ba · 13,002 sqft · Built 1895 · MultiFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,867/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$416
• HOA: −$0
• Vac / Maint / Mgmt: −$1,022
• Net cashflow: $2,118/mo
• Annual: $25,415/yr
• Cap rate: 16.46%
• Cash-on-cash: 36.32%
• DSCR: 2.62
• 1% rule: 1.95%
• Cash to close: $69,972

Investor read

• This is a 3 × ?-bed/?-bath units multifamily listed at $250k. Condition is rated poor.
• 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).
• It's been on market 15 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 active listings in the ZIP; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).
• 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.
• Cap rate 16.5% vs local median 1.8% 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• 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.