20 Wolf Rd #53 · Lebanon, NH 03766

$147,700

2 bd · 1.0 ba · 640 sqft · Condo public records · 180 Days on market

Built 1986 $565/mo HOA · 23% of rent

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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 +25.3/30.0
• 1% rule +10.0/10.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Rent growth +4.2/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Freshly renovated, cozy 2 bedroom condo in the Boulders Community. Located on the second level, this condo boasts of recent upgrades including new floors, appliances, and all new windows. This building also has a brand new high efficiency boiler installed in November 2025. On site, you will find the convenient laundry room, playground, and ample parking. Move in and call it home or keep it as a proven income producer. You're just minutes from Dartmouth Health, I-89, schools, shops, Downtown Lebanon, and Upper Valley adventures. Easy commutes, and community charm await.

Key facts

• New floors
• Recent upgrades
• Laundry room

Tags

• RECENT UPGRADES
• NEW FLOORS
• NEW APPLIANCES
• NEW WINDOWS
• HIGH EFFICIENCY BOILER
• LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $148k.

Deal economics

• At list price, monthly cash flow is $335 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $130k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.2% in Lebanon — 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 68/100 on livability (#59 in NH) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety D, amenities F, commute F.
• Lebanon School District (town): math 48% / reading 60% proficiency, ranked #26 of 98 in NH (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.6%/yr); 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $41k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 180 days — a 12% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 8340% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $129,976 (12.0% below list)

Questions for the listing agent

1. It's been on market 180 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.68% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.72%
• DSCR: 1.43
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.6% rent growth · sell at horizon

5-year hold

• IRR: 4.2%
• Equity multiple: 1.17×
• Total profit: $7,163
• Equity at exit: $22,023

10-year hold

• IRR: 18.0%
• Equity multiple: 2.85×
• Total profit: $76,671
• Equity at exit: $12,770

Cash invested: $41,356 (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 03766

• Home prices YoY: -10.6%
• Rents YoY: 6.6%
• Active inventory: 43
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,488 medium
• Mortgage (P&I): −$775
• Tax from tax record: −$230 /mo · $2,756/yr
• Insurance: −$62
• HOA: −$565
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $335

Break-even live

Break-even rent $2,064

Max offer price $147,700

Occupancy floor 82%

Sensitivity live

Price	-10% $419	-5% $377	+0% $335	+5% $293	+10% $252
Rent	-10% $139	-5% $237	+0% $335	+5% $433	+10% $532
Rate	-1.0pp $410	-0.5pp $373	base $335	+0.5pp $297	+1.0pp $258

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: $36,925
• Closing costs: $4,431
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
343 Mount Support Rd Lebanon, NH	1.0	1.0	636	$3,072	$4.83	44d	13	0.63mi

HOA detail condo

• Monthly dues: $565 · $6,780/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-09
   days on market $147,700 Active 180 DOM
2. 2026-06-08
   days on market $147,700 Active 179 DOM
3. 2026-06-07
   days on market $147,700 Active 178 DOM
4. 2026-06-03
   days on market $147,700 Active 174 DOM
5. 2026-06-02
   days on market $147,700 Active 173 DOM
6. 2026-06-01
   days on market $147,700 Active 172 DOM
7. 2026-05-31
   days on market $147,700 Active 171 DOM
8. 2026-05-30
   days on market $147,700 Active 170 DOM
9. 2026-03-16
   historical $1,750
10. 2026-02-19
    listed $1,750
11. 2026-02-02
    price $147,700 575-char remark

    Show marketing remark (575 chars)

    Freshly renovated, cozy 2 bedroom condo in the Boulders Community. Located on the second level, this condo boasts of recent upgrades including new floors, appliances, and all new windows. This building also has a brand new high efficiency boiler installed in November 2025. On site, you will find the convenient laundry room, playground, and ample parking. Move in and call it home or keep it as a proven income producer. You're just minutes from Dartmouth Health, I-89, schools, shops, Downtown Lebanon, and Upper Valley adventures. Easy commutes, and community charm await.

12. 2025-12-11
    listed $155,000 Active 575-char remark

    Show marketing remark (575 chars)

    Freshly renovated, cozy 2 bedroom condo in the Boulders Community. Located on the second level, this condo boasts of recent upgrades including new floors, appliances, and all new windows. This building also has a brand new high efficiency boiler installed in November 2025. On site, you will find the convenient laundry room, playground, and ample parking. Move in and call it home or keep it as a proven income producer. You're just minutes from Dartmouth Health, I-89, schools, shops, Downtown Lebanon, and Upper Valley adventures. Easy commutes, and community charm await.

13. 2025-02-19
    historical $1,475
14. 2025-02-01
    price $1,475
15. 2025-01-16
    listed $1,550

ⓘ 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: $2,756 · $230/mo
• Projected year-2 tax: $2,988 · $249/mo
• Expected delta: +$232/yr (+$19/mo · 8.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,862
• − Mortgage interest: −$8,273
• − Property taxes: −$2,756
• − Insurance: −$738
• − Repairs & maintenance: −$2,389
• − Management: −$2,389
• − HOA: −$6,780
• − Depreciation: −$4,297
• Taxable income: $2,239
• Est. tax owed @ 24.0%: −$537
• After-tax cash flow: $3,484/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: Lebanon School District
• NCES district ID: 3304230
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $56,648
• Composite: 46.7/100
• National rank: #2401
• State rank: #26 of 98 in NH

Livability — Lebanon

• Score: 68/100
• State rank: #59
• US rank: #9879

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, NH
• County: Grafton County · 11,195 people
• City population: 11,195
• Metro: Lebanon, NH-VT
• Population (ZIP): 11,195
• Household income: $100,881
• Rent vs Own: 47.6% rent · 52.4% own
• Severe rent burden: 488.0

Population outlook (Grafton County) Hauer SSP2

• Today (2025): 88,798 people
• By 2030: 87,131 · -1.9%
• By 2040: 82,000 · -7.7%
• By 2050: 77,064 · -13.2%
• By 2075: 68,769 · -22.6%
• By 2100: 61,631 · -30.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Asian 5% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 9% Slovak 4% Romanian 4%
• Foreign-born: 9% · China, Canada
• Languages at home: 89% English-only · Other Indo-European 3% Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Grafton

• 2024 margin: D (+19.9) · D 59.4% · R 39.4% · Other 1.2%
• 2008→2024 swing: -7.8pp toward R · 2008: 27.7pp · 2024: 19.9pp
• All cycles: 2024: D+19.9 2020: D+24.6 2016: D+19.0 2012: D+23.8 2008: D+27.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.72%
• Current HPI: 368.6264
• Rent YoY: ▲ 6.60%
• Metro: Lebanon, NH-VT
• State GDP YoY: —
• F500 in state: 0

Price history

+12.9% since first listed

7 events — show timeline

• 2026-03-16 Rental Removed $1,750 SHOWMOJO
• 2026-02-19 Listed for Rent $1,750 SHOWMOJO
• 2026-02-02 Price Changed $147,700 PrimeMLS
• 2025-12-11 Listed $155,000 PrimeMLS
• 2025-02-19 Rental Removed $1,475 SHOWMOJO
• 2025-02-01 Price Changed $1,475 SHOWMOJO
• 2025-01-16 Listed for Rent $1,550 SHOWMOJO

Property tax history

+6.5%/yr

Latest (2025): $2,756 · -0.2% YoY. Source: county tax records.