171 High St · Berlin, NH 03570

$179,900

2 bd · 2.0 ba · 2,092 sqft · MultiFamily public records · 37 Days on market

Built 1893 4,791 sqft lot $86/sqft · 15% below area Est $211k · 15% under

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Why this score? — see what drove the D+ 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).

• ARV discount +14.2/15.0
• Appreciation +10.0/10.0
• Cash flow +7.7/30.0
• Livability +3.3/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• DSCR +1.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

(268) Well maintained home located on a nice corner lot close to schools and town amenities. Over 2000 sqft of living space, storage galore, well landscaped, garage with automatic open, walk up attic, full walkout basement, two driveways, possible seperate living quarters, 3 bedrooms, den, enclosed porches, aluminum siding, vinyl replacement windows and 2 full baths. Move in condition. This home would make a nice single family home, 2 family home or a home with an in-law apartment. All stairways are within the interior of the home.

Key facts

• On demand hot water
• Cast iron radiators
• Harmon pellet stove

Tags

• ARCHITECTURAL SHINGLED ROOF
• ON DEMAND HEATING SYSTEM
• ON DEMAND HOT WATER
• CAST IRON RADIATORS
• UPGRADED CIRCUIT BREAKERS
• HARMON PELLET STOVE

Property features AI

Exterior

• Parking: 1-car garage
• Utilities: Public water; Public sewer; 200 Amp service with circuit breakers; High-speed internet available; Cable available
• Home design: Multi-level home; Existing construction; Green exterior
• Construction: Built in 1893; Wood frame with vinyl siding; Architectural shingle roof
• Exterior features: Corner lot; Level lot; Paved driveway

Interior

• Kitchen: Dishwasher; Gas stove; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Propane heating; Hot water heating
• Interior features: 5 total rooms; Basement with interior access and concrete floor
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $-206 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (20.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (19.3% below list).
• Recommended offer: $144k (20.2% below list) — sets the bar for cash-flow.
• Cap rate 4.9% vs local median 7.1% in Berlin — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: amenities F, commute F, employment 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.
• Zoned schools: Berlin Elementary School (math 35% / reading 33%, grade F, #188 of 263 statewide, top 71%, 422 students, 62% FRL).
• 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.
• 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 37 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $180k implies a 190% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $143,587 (20.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1893 — 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. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.81% ✗
• Cap rate: 4.92%
• Cash-on-cash: -4.90%
• DSCR: 0.78
• GRM: 10.3

CMA / ARV

• ARV (median comp): $211,099
• List price: $179,900
• Delta: -14.78%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.8%
• Equity multiple: 2.69×
• Total profit: $84,975
• Equity at exit: $162,068

10-year hold

• IRR: 18.9%
• Equity multiple: 6.18×
• Total profit: $260,712
• Equity at exit: $349,506

Cash invested: $50,372 (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 03570

• Home prices YoY: 14.3%
• Active inventory: 102
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,452 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$335 /mo · $4,015/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $-206

Break-even live

Break-even rent $1,713

Max offer price $143,587

Occupancy floor —

Sensitivity live

Price	-10% $-104	-5% $-155	+0% $-206	+5% $-256	+10% $-307
Rent	-10% $-320	-5% $-263	+0% $-206	+5% $-148	+10% $-91
Rate	-1.0pp $-115	-0.5pp $-160	base $-206	+0.5pp $-252	+1.0pp $-300

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $179,900 Active 37 DOM
2. 2026-06-18
   days on market $179,900 Active 35 DOM
3. 2026-06-17
   days on market $179,900 Active 34 DOM
4. 2026-06-16
   days on market $179,900 Active 33 DOM
5. 2026-06-15
   days on market $179,900 Active 32 DOM
6. 2026-06-13
   pricedays on market $179,900 Active 30 DOM
7. 2026-06-12
   days on market $189,500 Active 29 DOM
8. 2026-06-09
   days on market $189,500 Active 26 DOM
9. 2026-06-08
   days on market $189,500 Active 25 DOM
10. 2026-06-07
    days on market $189,500 Active 24 DOM
11. 2026-06-07
    days on market $189,500 Active 23 DOM
12. 2026-06-04
    days on market $189,500 Active 20 DOM
13. 2026-06-02
    days on market $189,500 Active 19 DOM
14. 2026-06-01
    days on market $189,500 Active 18 DOM
15. 2026-05-31
    days on market $189,500 Active 17 DOM
16. 2026-05-14
    listed $189,500 Active 727-char remark
17. 2012-06-29
    soldstatus $62,000
18. 2012-06-28
    soldstatus $62,000 537-char remark

    Show marketing remark (537 chars)

    (268) Well maintained home located on a nice corner lot close to schools and town amenities. Over 2000 sqft of living space, storage galore, well landscaped, garage with automatic open, walk up attic, full walkout basement, two driveways, possible seperate living quarters, 3 bedrooms, den, enclosed porches, aluminum siding, vinyl replacement windows and 2 full baths. Move in condition. This home would make a nice single family home, 2 family home or a home with an in-law apartment. All stairways are within the interior of the home.

19. 2011-05-23
    listed $69,000 537-char remark

    Show marketing remark (537 chars)

    (268) Well maintained home located on a nice corner lot close to schools and town amenities. Over 2000 sqft of living space, storage galore, well landscaped, garage with automatic open, walk up attic, full walkout basement, two driveways, possible seperate living quarters, 3 bedrooms, den, enclosed porches, aluminum siding, vinyl replacement windows and 2 full baths. Move in condition. This home would make a nice single family home, 2 family home or a home with an in-law apartment. All stairways are within the interior of the home.

ⓘ 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: $4,015 · $335/mo
• Projected year-2 tax: $4,015 · $335/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 8 d/yr ≥85°F today · 18 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: $17,429
• − Mortgage interest: −$10,077
• − Property taxes: −$4,015
• − Insurance: −$900
• − Repairs & maintenance: −$1,394
• − Management: −$1,394
• − Depreciation: −$5,233
• Taxable loss: −$5,585
• Est. tax savings @ 24.0%: +$1,340
• After-tax cash flow: $-1,126/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

+160.7% since first listed

5 events — show timeline

• 2026-06-13 Price Changed $179,900 PrimeMLS
• 2026-05-14 Listed $189,500 PrimeMLS
• 2012-06-29 Sold (Public Records) $62,000 Public Records
• 2012-06-28 Sold (MLS) $62,000 PrimeMLS
• 2011-05-23 Listed $69,000 PrimeMLS

Property tax history

+4.8%/yr

Latest (2025): $4,015 · +8.8% YoY. Source: county tax records.