31-33 Howard St · Laconia, NH 03246

$420,000

7 bd · 3.0 ba · 3,415 sqft · MultiFamily public records · 2 Days on market

Built 1850 8,276 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 +27.4/30.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Great investment opportunity to own this fully occupied 3-unit property located in a neighborhood and close to all the Lakes Region has to offer: Restaurants, shopping, beaches, schools, hospital and downtown. Unit A consists of 2 levels, 3 bedrooms, enclosed porch and is fully renovated. Unit B is a 1st floor unit and has 2 bedrooms. Unit C is located on the 2nd floor, has 2 bedrooms and is fully renovated. Some newer windows, newer furnace and hot water heater, large back yard and plenty of parking. Financials and additional details available upon request.

Key facts

• New plumbing systems
• Fully renovated
• Newer windows

Tags

• WELL MAINTAINED
• EXTENSIVE RENOVATIONS
• NEW ELECTRICAL SYSTEMS
• NEW PLUMBING SYSTEMS
• FULLY RENOVATED
• NEWER WINDOWS

Property features AI

Exterior

• Parking: Paved driveway
• Utilities: Public water; Public sewer; Circuit breaker electrical service; Cable available on site; High-speed internet available
• Home design: Multi-family property; Existing construction
• Construction: Vinyl siding; Metal and asphalt shingle roof; Built in 1850
• Exterior features: Level lot; Near shopping and neighborhood amenities; Close to hospital; Paved driveway; Roads are paved and publicly maintained; Located in a flood zone

Interior

• Bedrooms: Three-unit building with two 2-bedroom units and one 3+ bedroom unit
• Heating & cooling: Oil heating; No central cooling
• Interior features: Basement present with walk-up access; Basement has dirt floor

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $774 ($9k/yr) — positive. Per door: $387/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $420k).
• Cap rate 9.8% vs local median 1.8% in Laconia — 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 79/100 on livability (#20 in NH, #2,314 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, commute F.
• Laconia School District (town): math 24% / reading 31% proficiency, ranked #89 of 98 in NH (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+21.6%/yr); 188 active listings in the ZIP; 301 units permitted in Belknap County in 2024 (32 in 5+ unit buildings).
• At $5,070/mo this rent would consume 83% of the median local household income ($73k/yr) (locally 722% 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.
• Belknap County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $118k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $420,000

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. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.21% ✓
• Cap rate: 9.82%
• Cash-on-cash: 12.59%
• DSCR: 1.56
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 1.7%
• Equity multiple: 1.07×
• Total profit: $8,297
• Equity at exit: $62,623

10-year hold

• IRR: 16.1%
• Equity multiple: 2.65×
• Total profit: $193,765
• Equity at exit: $36,314

Cash invested: $117,600 (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 03246

• Home prices YoY: -19.8%
• Rents YoY: 21.6%
• Active inventory: 188
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $5,070 medium
• Mortgage (P&I): −$2,203
• Tax from tax record: −$394 /mo · $4,723/yr
• Insurance: −$175
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,065
• Net cashflow: $774

Break-even live

Break-even rent $4,091

Max offer price $420,000

Occupancy floor 80%

Sensitivity live

Price	-10% $1,012	-5% $893	+0% $774	+5% $655	+10% $536
Rent	-10% $373	-5% $574	+0% $774	+5% $974	+10% $1,174
Rate	-1.0pp $985	-0.5pp $881	base $774	+0.5pp $665	+1.0pp $554

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$5,070
Total (2 units)			$5,070

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-19
   days on market $420,000 Active 2 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $420,000 Active 1 DOM

ⓘ 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: $4,723 · $394/mo
• Projected year-2 tax: $6,940 · $578/mo
• Expected delta: +$2,216/yr (+$185/mo · 46.9%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $60,840
• − Mortgage interest: −$23,527
• − Property taxes: −$4,723
• − Insurance: −$7,625
• − Repairs & maintenance: −$4,867
• − Management: −$4,867
• − Depreciation: −$12,218
• Taxable income: $3,013
• Est. tax owed @ 24.0%: −$723
• After-tax cash flow: $8,562/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: Laconia School District
• NCES district ID: 3304140
• Math proficiency: 24% ▼ -8.00%
• Reading proficiency: 31% ▼ -7.00%
• Median HH income: $49,155
• Composite: 24.03/100
• National rank: #7770
• State rank: #89 of 98 in NH

Livability — Laconia

• Score: 79/100
• State rank: #20
• US rank: #2314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Laconia, NH
• County: Belknap County · 17,103 people
• City population: 17,103
• Metro: Laconia, NH
• Population (ZIP): 17,103
• Household income: $73,241
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 722.0

Population outlook (Belknap County) Hauer SSP2

• Today (2025): 60,702 people
• By 2030: 60,353 · -0.6%
• By 2040: 58,264 · -4.0%
• By 2050: 54,533 · -10.2%
• By 2075: 45,622 · -24.8%
• By 2100: 33,772 · -44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Asian 1%
• Common ancestry: Lithuanian 17% Slovak 2% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Belknap

• 2024 margin: R (+13.1) · D 43.1% · R 56.1%
• 2008→2024 swing: -14.2pp toward R · 2008: 1.2pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+10.4 2016: R+16.8 2012: R+5.0 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -96.22%
• Current HPI: 389.8118
• Rent YoY: ▲ 21.59%
• Metro: Laconia, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+613.1% since first listed

13 events — show timeline

• 2026-06-17 Listed $420,000 PrimeMLS
• 2024-06-20 Sold (Public Records) $385,000 Public Records
• 2024-06-20 Listed $345,000 PrimeMLS
• 2024-06-20 Sold (MLS) $385,000 PrimeMLS
• 2024-06-19 Sold (MLS) $385,000 MLS PIN
• 2024-03-20 Pending — MLS PIN
• 2024-03-14 Listed $349,900 MLS PIN
• 2022-03-25 Sold (MLS) $192,969 PrimeMLS
• 2021-09-24 Contingent — PrimeMLS
• 2021-09-20 Listed $199,900 PrimeMLS
• 1997-12-01 Sold (Public Records) $58,900 Public Records
• 1997-11-25 Sold (MLS) $58,900 PrimeMLS
• 1997-09-30 Listed $58,900 PrimeMLS

Property tax history

+8.5%/yr

Latest (2025): $4,723 · +0.1% YoY. Source: county tax records.