140 Douglas St · Manchester, NH 03102

$429,900

6 bd · 2.0 ba · 2,926 sqft · MultiFamily public records · 3 Days on market

Built 1920 8,276 sqft lot $147/sqft · 22% below area Est $548k · 22% under

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Why this score? — see what drove the C+ 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 +22.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +5.9/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• 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

Great Duplex with large 3 bedrooms units, separate laundry, newer roof, great parking, patio, covered porch, and plenty of attic space for storage. Showings to take place at the Open houses on May 2nd. and May 3rd. from 11:00 a. m. to 1:00 p. m. . The offer deadline is May 4th. at 5:00 p. m. . The Seller reserves the right to accept an offer at any time.

Key facts

• 8,276 sq ft lot
• Built 1920
• Listed 3 days

Property features AI

Finance

• Other: Total of 2 rental units; Both units are 3-bedroom units; Total finished area and overall area not listed in this output per instructions

Exterior

• Parking: Driveway parking (gravel)
• Utilities: Public water; Public sewer; Circuit breaker electrical service; Cable internet available; Trash service: municipal; Other utilities vary
• Home design: Duplex; Existing property; Built in 1920
• Construction: Vinyl siding; Shingle roof; Unfinished basement (foundation details not provided)
• Exterior features: Gravel driveway; Landscaped lot

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: Unit 1 has 3 bedrooms; Unit 2 has 3 bedrooms
• Bathrooms: Two full bathrooms total (one in each unit)
• Heating & cooling: Hot air heating; Hot water heating; No central cooling
• Interior features: Unfinished basement with interior access; 6 rooms in Unit 1, 5 rooms in Unit 2
• Laundry & utility: No specific laundry appliances provided

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $430k.

Deal economics

• At list price, monthly cash flow is $709 ($9k/yr) — positive. Per door: $355/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $430k).
• Cap rate 8.3% vs local median 3.1% in Manchester — 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 83/100 on livability (#10 in NH, #879 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Manchester School District (urban): math 14% / reading 27% proficiency, ranked #96 of 98 in NH (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.0%/yr); 71 active listings in the ZIP; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• At $4,705/mo this rent would consume 76% of the median local household income ($74k/yr) (locally 1368% 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.
• Hillsborough County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $429,900

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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.07%
• DSCR: 1.31
• GRM: 7.6

CMA / ARV

• ARV (median comp): $548,083
• List price: $429,900
• Delta: -21.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
162 Blaine St	0.29mi	7/3.0 (+1)	2,772 (-5%)	6mo	$605,000	$218	63
16 Hevey St	0.26mi	6/3.0	3,150 (+8%)	10mo	$625,000	$198	62
89 4Th St	0.22mi	6/3.0	2,591 (-11%)	9mo	$593,500	$229	59
434 Hevey St	0.66mi	6/2.0	3,067 (+5%)	10mo	$495,000	$161	53
296 Bartlett St	0.54mi	6/3.0	2,736 (-6%)	11mo	$599,000	$219	51
231 Milford St	0.61mi	6/4.0	3,178 (+9%)	1mo	$950,000	$299	48
25 Parker St	0.14mi	6/3.0	2,496 (-15%)	21mo	$540,000	$216	48
310 Putnam St	0.63mi	6/4.0	3,036 (+4%)	11mo	$720,000	$237	47
157 Cumberland St	0.72mi	5/2.0 (-1)	3,024 (+3%)	11mo	$540,000	$179	46

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

Projected returns pro-forma

-3.0% appreciation · 2.96% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.80×
• Total profit: $-24,588
• Equity at exit: $64,099

10-year hold

• IRR: 4.1%
• Equity multiple: 1.30×
• Total profit: $36,358
• Equity at exit: $37,170

Cash invested: $120,372 (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 03102

• Home prices YoY: -16.2%
• Rents YoY: 3.0%
• Active inventory: 71
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $4,705 high
• Mortgage (P&I): −$2,254
• Tax from tax record: −$574 /mo · $6,890/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$988
• Net cashflow: $709

Break-even live

Break-even rent $3,807

Max offer price $429,900

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,706
Total (2 units)			$4,705

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: $107,475
• Closing costs: $12,897
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-06
   price $429,900 356-char remark
2. 2026-05-06
   status Pending 356-char remark
3. 2026-05-02
   listed $400,000 Active 356-char remark
4. 2026-04-28
   historical $400,000 356-char remark

ⓘ 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: $6,890 · $574/mo
• Projected year-2 tax: $8,131 · $678/mo
• Expected delta: +$1,241/yr (+$103/mo · 18.0%)

ⓘ 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 4/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,460
• − Mortgage interest: −$24,081
• − Property taxes: −$6,890
• − Insurance: −$2,150
• − Repairs & maintenance: −$4,517
• − Management: −$4,517
• − Depreciation: −$12,506
• Taxable income: $1,800
• Est. tax owed @ 24.0%: −$432
• After-tax cash flow: $8,079/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: Manchester School District
• NCES district ID: 3304590
• Math proficiency: 14% ▼ -10.00%
• Reading proficiency: 27% ▼ -6.00%
• Median HH income: $54,096
• Composite: 18.67/100
• National rank: #8886
• State rank: #96 of 98 in NH

Livability — Manchester

• Score: 83/100
• State rank: #10
• US rank: #879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, NH
• County: Hillsborough County · 309,362 people
• City population: 110,172
• Metro: Manchester-Nashua, NH
• Population (ZIP): 33,959
• Household income: $74,327
• Rent vs Own: 59.0% rent · 41.0% own
• Severe rent burden: 1368.0

Population outlook (Hillsborough County) Hauer SSP2

• Today (2025): 412,771 people
• By 2030: 410,974 · -0.4%
• By 2040: 399,959 · -3.1%
• By 2050: 381,542 · -7.6%
• By 2075: 339,855 · -17.7%
• By 2100: 289,270 · -29.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 9% Two or more races 8% Black 6% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 2%
• Common ancestry: Lithuanian 11% Romanian 3% Slovak 3%
• Foreign-born: 14% · Canada, China, India
• Languages at home: 81% English-only · Spanish 5% French/Haitian/Cajun 5% Other Indo-European 3%

Political lean MEDSL · Hillsborough

• 2024 margin: Toss-up / Even · D 50.9% · R 48.0% · Other 1.0%
• 2008→2024 swing: -0.9pp no change · 2008: 3.8pp · 2024: 2.9pp
• All cycles: 2024: D+2.9 2020: D+7.7 2016: R+0.2 2012: D+1.7 2008: D+3.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.62%
• Current HPI: 355.9606
• Rent YoY: ▲ 2.96%
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

+7.5% since first listed

4 events — show timeline

• 2026-05-06 Price Changed $429,900 PrimeMLS
• 2026-05-06 Pending — PrimeMLS
• 2026-05-02 Listed $400,000 PrimeMLS
• 2026-04-28 Coming Soon $400,000 PrimeMLS

Property tax history

+4.0%/yr

Latest (2024): $6,890 · +3.8% YoY. Source: county tax records.