29 Home Ave · Manchester, NH 03103

$499,999

4 bd · 2.0 ba · 2,576 sqft · MultiFamily public records · 8 Days on market

Built 1920 10,454 sqft lot $194/sqft · at area comps Est $524k · at est.

---

Why this score? — see what drove the F 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 +9.5/15.0
• Cash flow +4.4/30.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• 1% rule +0.2/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

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

FANTASTIC SOUTH MANCHESTER location for this OVER SIZED 2 FAMILY. QUIETLY Set on a Dead end street with only a few homes and this one features over 137 feet of road frontage provided you with a TEXAS SIZED 1/4 ACRE LOT. 1st Floor unit has over 1,400 square feet of living space, 2 bedrooms and Enormous 400 square foot Living Room w/ vaulted ceiling & separate dining room. Second floor unit also has 2 bedrooms & eat in kitchen. All separate utilities. Same owner for past 44 years & both tenants have resided here for 7 and 10 years respectively. Property is in need of some paint and a little TLC. 24 HOUR NOTICE A MUST !!!

Key facts

• Fenced yard
• Paved driveway
• 0.24 acre lot

Tags

• FENCED YARD
• PAVED DRIVEWAY

Property features AI

Exterior

• Parking: Paved driveway
• Utilities: Public water; Public sewer; Electric with circuit breakers; Gas via LP/bottle; Internet availability unknown
• Home design: Multi-family property; Existing construction
• Construction: Built in 1920; Vinyl siding; Shingle roof
• Exterior features: Level lot; Paved driveway

Interior

• Bedrooms: Two 2-bedroom units (Unit 1: 2 beds; Unit 2: 2 beds)
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced air heating; Central air conditioning and mini-split cooling
• Interior features: Unfinished basement with interior access

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $268k (46.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $260k (48.0% below list).
• Recommended offer: $260k (48.0% below list) — sets the bar for 1% rule.

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.
• Zoned schools: Highland-Goffes Falls School (math 22% / reading 32%, grade F, #219 of 263 statewide, top 86%, 325 students, 49% FRL); Southside Middle School (math 8% / reading 24%, grade F, #93 of 96 statewide, top 97%, 750 students, 50% FRL); Manchester Memorial High School (math 27% / reading 50%, grade F, #68 of 90 statewide, top 75%, 1,405 students, 34% FRL).
• Market conditions: Rents rising (+1.7%/yr); 99 active listings in the ZIP; 981 units permitted in Hillsborough County in 2024 (381 in 5+ unit buildings).
• This rent runs 42% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y ago; this cycle's ask is 22627% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $259,823 (48.0% 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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.52% ✗
• Cap rate: 3.14%
• Cash-on-cash: -11.27%
• DSCR: 0.50
• GRM: 16.0

CMA / ARV

• ARV (median comp): $523,803
• List price: $499,999
• Delta: -4.54%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29 Home Ave	0.00mi	4/2.0	2,576 (0%)	1mo	$500,000	$194	99
265 Calef Rd	0.54mi	4/2.0	2,628 (+2%)	12mo	$660,000	$251	62
657 Calef Rd	0.54mi	5/2.0 (+1)	2,585 (+0%)	15mo	$550,000	$213	57
351 Morey St	0.71mi	4/2.0	2,280 (-12%)	18mo	$690,000	$303	32

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 · 1.73% rent growth · sell at horizon

5-year hold

• IRR: -38.2%
• Equity multiple: -0.20×
• Total profit: $-168,022
• Equity at exit: $74,551

10-year hold

• IRR: -66.3%
• Equity multiple: -0.91×
• Total profit: $-267,273
• Equity at exit: $43,231

Cash invested: $140,000 (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 03103

• Rents YoY: 1.7%
• Active inventory: 99
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $2,598 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$536 /mo · $6,438/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $-1,314

Break-even live

Break-even rent $4,262

Max offer price $267,827

Occupancy floor —

Sensitivity live

Price	-10% $-1,031	-5% $-1,173	+0% $-1,314	+5% $-1,456	+10% $-1,597
Rent	-10% $-1,520	-5% $-1,417	+0% $-1,314	+5% $-1,212	+10% $-1,109
Rate	-1.0pp $-1,062	-0.5pp $-1,187	base $-1,314	+0.5pp $-1,444	+1.0pp $-1,576

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-09
   status Pending 669-char remark
2. 2026-05-01
   listed $499,999 Active 669-char remark
3. 2020-11-24
   soldstatus $285,000
4. 2020-11-23
   soldstatus $285,000 Closed 644-char remark

   Show marketing remark (644 chars)

   FANTASTIC SOUTH MANCHESTER location for this OVER SIZED 2 FAMILY. QUIETLY Set on a Dead end street with only a few homes and this one features over 137 feet of road frontage provided you with a TEXAS SIZED 1/4 ACRE LOT. 1st Floor unit has over 1,400 square feet of living space, 2 bedrooms and Enormous 400 square foot Living Room w/ vaulted ceiling & separate dining room. Second floor unit also has 2 bedrooms & eat in kitchen. All separate utilities. Same owner for past 44 years & both tenants have resided here for 7 and 10 years respectively. Property is in need of some paint and a little TLC. 24 HOUR NOTICE A MUST !!!

5. 2020-10-13
   price $285,000 644-char remark

   Show marketing remark (644 chars)

   FANTASTIC SOUTH MANCHESTER location for this OVER SIZED 2 FAMILY. QUIETLY Set on a Dead end street with only a few homes and this one features over 137 feet of road frontage provided you with a TEXAS SIZED 1/4 ACRE LOT. 1st Floor unit has over 1,400 square feet of living space, 2 bedrooms and Enormous 400 square foot Living Room w/ vaulted ceiling & separate dining room. Second floor unit also has 2 bedrooms & eat in kitchen. All separate utilities. Same owner for past 44 years & both tenants have resided here for 7 and 10 years respectively. Property is in need of some paint and a little TLC. 24 HOUR NOTICE A MUST !!!

6. 2020-09-25
   historical Active with Contract 644-char remark

   Show marketing remark (644 chars)

   FANTASTIC SOUTH MANCHESTER location for this OVER SIZED 2 FAMILY. QUIETLY Set on a Dead end street with only a few homes and this one features over 137 feet of road frontage provided you with a TEXAS SIZED 1/4 ACRE LOT. 1st Floor unit has over 1,400 square feet of living space, 2 bedrooms and Enormous 400 square foot Living Room w/ vaulted ceiling & separate dining room. Second floor unit also has 2 bedrooms & eat in kitchen. All separate utilities. Same owner for past 44 years & both tenants have resided here for 7 and 10 years respectively. Property is in need of some paint and a little TLC. 24 HOUR NOTICE A MUST !!!

7. 2020-09-22
   listed $269,900 Active 644-char remark

   Show marketing remark (644 chars)

   FANTASTIC SOUTH MANCHESTER location for this OVER SIZED 2 FAMILY. QUIETLY Set on a Dead end street with only a few homes and this one features over 137 feet of road frontage provided you with a TEXAS SIZED 1/4 ACRE LOT. 1st Floor unit has over 1,400 square feet of living space, 2 bedrooms and Enormous 400 square foot Living Room w/ vaulted ceiling & separate dining room. Second floor unit also has 2 bedrooms & eat in kitchen. All separate utilities. Same owner for past 44 years & both tenants have resided here for 7 and 10 years respectively. Property is in need of some paint and a little TLC. 24 HOUR NOTICE A MUST !!!

ⓘ 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: $6,438 · $536/mo
• Projected year-2 tax: $8,669 · $722/mo
• Expected delta: +$2,231/yr (+$186/mo · 34.7%)

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 22% 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: $31,179
• − Mortgage interest: −$28,008
• − Property taxes: −$6,438
• − Insurance: −$2,500
• − Repairs & maintenance: −$2,494
• − Management: −$2,494
• − Depreciation: −$14,545
• Taxable loss: −$25,301
• Est. tax savings @ 24.0%: +$6,072
• After-tax cash flow: $-9,699/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): 37,775
• Household income: $73,540
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 1809.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 62% Hispanic / Latino 24% Two or more races 13% Asian 7% Black 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7% Dominican 5%
• Common ancestry: Lithuanian 9% Romanian 3% Slovak 2%
• Foreign-born: 22% · Canada, Vietnam, Jamaica
• Languages at home: 66% English-only · Spanish 18% Other Indo-European 3% Vietnamese 2%

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: ▼ -301.43%
• Current HPI: 345.8593
• Rent YoY: ▲ 1.73%
• Metro: Manchester-Nashua, NH
• State GDP YoY: —
• F500 in state: 0

Price history

-99.2% since first listed

10 events — show timeline

• 2026-06-16 Listed for Rent $2,200 RENTALBEAST
• 2026-06-02 Sold (Public Records) $500,000 Public Records
• 2026-06-01 Sold (MLS) $500,000 PrimeMLS
• 2026-05-09 Pending — PrimeMLS
• 2026-05-01 Listed $499,999 PrimeMLS
• 2020-11-24 Sold (Public Records) $285,000 Public Records
• 2020-11-23 Sold (MLS) $285,000 PrimeMLS
• 2020-10-13 Price Changed $285,000 PrimeMLS
• 2020-09-25 Contingent — PrimeMLS
• 2020-09-22 Listed $269,900 PrimeMLS

Property tax history

+4.1%/yr

Latest (2024): $6,438 · +3.8% YoY. Source: county tax records.