33-35 Chesley St · Concord, NH 03301

$225,000

5 bd · 2.0 ba · 2,410 sqft · MultiFamily public records · 2 Days on market

Built 1900 Poor condition 3,920 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.5/5.0
• Rent growth +3.4/5.0
• Schools +3.2/10.0
• Condition / age +1.0/5.0
• 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

5 bedroom, 2 family in need of full gut renovation. The house needs about $150,000 in renovation so the project is not for the faint of heart. Though currently not very pretty, the bones are good and there are lots and lots of sweat equity to be had. Rents in this area are between $2500/$2800 per month per side. I have estimates for all work required, the project is just too far for me to properly manage. If the property does not sell in the first 60 days, I will remove it from the market, complete all the renovations and put it back on the market at $599,900

Key facts

• 3,920 sq ft lot
• Built 1900
• Listed 2 days

🏷️ Possibly a rental listed for sale. The $225,000 price doesn't fit this home's estimated sale value (~$501,280) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $225k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $771/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Cap rate 14.5% vs local median 2.0% in Concord — 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 91/100 on livability (#2 in NH, #60 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Concord School District (town): math 27% / reading 47% proficiency, ranked #71 of 98 in NH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 89 active listings in the ZIP; solid renter incomes; 380 units permitted in Merrimack County in 2024 (28 in 5+ unit buildings).
• At $4,290/mo this rent would consume 59% of the median local household income ($87k/yr) (locally 1312% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Merrimack County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $63k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

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

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.91% ✓
• Cap rate: 14.52%
• Cash-on-cash: 29.37%
• DSCR: 2.31
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $501,280
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17-19 Thompson St	0.09mi	4/2.0 (-1)	2,622 (+9%)	1mo	$522,000	$199	75
27 Laurel St	0.31mi	4/2.0 (-1)	2,217 (-8%)	17mo	$474,900	$214	53
75 S State St	0.31mi	4/2.0 (-1)	2,754 (+14%)	7mo	$430,000	$156	51
11 Washington St	0.66mi	4/3.0 (-1)	2,454 (+2%)	7mo	$511,000	$208	51
13 Clinton St	0.59mi	4/2.0 (-1)	2,132 (-12%)	0mo	$570,000	$267	48
13-15 Lyndon St	0.65mi	4/2.0 (-1)	2,397 (-0%)	19mo	$400,000	$167	48
5 Essex St	0.46mi	4/2.0 (-1)	2,542 (+6%)	22mo	$492,500	$194	46
16-18 Laurel St	0.27mi	6/2.0 (+1)	2,133 (-12%)	22mo	$505,000	$237	46
50 N Spring St	0.32mi	5/4.0	2,761 (+15%)	18mo	$550,000	$199	38
25 Pine St	0.48mi	4/2.0 (-1)	2,052 (-15%)	24mo	$480,000	$234	28

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 · 3.71% rent growth · sell at horizon

5-year hold

• IRR: 24.8%
• Equity multiple: 2.03×
• Total profit: $65,061
• Equity at exit: $33,548

10-year hold

• IRR: 33.1%
• Equity multiple: 4.13×
• Total profit: $196,931
• Equity at exit: $19,454

Cash invested: $63,000 (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 03301

• Home prices YoY: -30.6%
• Rents YoY: 3.7%
• Active inventory: 89
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $4,290 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$574 /mo · $6,885/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$901
• Net cashflow: $1,542

Break-even live

Break-even rent $2,339

Max offer price $225,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$4,290
Total (2 units)			$4,290

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-24
   status Pending
2. 2026-04-22
   listed $225,000 Active

ⓘ 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: $6,885 · $574/mo
• Projected year-2 tax: $6,885 · $574/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 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% 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: $51,480
• − Mortgage interest: −$12,603
• − Property taxes: −$6,885
• − Insurance: −$1,125
• − Repairs & maintenance: −$4,118
• − Management: −$4,118
• − Depreciation: −$6,545
• Taxable income: $16,084
• Est. tax owed @ 24.0%: −$3,860
• After-tax cash flow: $14,640/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.

Condition & rehab AI · 5 photos

Poor 20/100 Gut rehab

This multi-family property requires a full gut renovation with extensive repairs and updates to the exterior and interior. The project is estimated to cost approximately $150,000 and will significantly increase its resale and rental value.

Repairs flagged

• Major exterior siding — Severe damage and peeling
• Major interior walls — Exposed walls and missing trim
• Major kitchen cabinets — Damaged and missing countertops
• Major bathroom walls — Exposed walls and missing trim
• Major flooring — Damaged hardwood flooring

Value-add opportunities

• Both exterior siding repair — Improves curb appeal and structural integrity
• Both interior wall repair — Enhances interior appearance and structural stability
• Both kitchen cabinet replacement — Modernizes kitchen and increases functionality
• Both bathroom renovation — Enhances bathroom functionality and appearance
• Both flooring replacement — Improves comfort and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe damage and peeling	Major	$15,000–50,000
interior walls · Exposed walls and missing trim	Major	$15,000–50,000
kitchen cabinets · Damaged and missing countertops	Major	$15,000–50,000
bathroom walls · Exposed walls and missing trim	Major	$15,000–50,000
flooring · Damaged hardwood flooring	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both exterior siding repair — Improves curb appeal and structural integrity ↑
• Both interior wall repair — Enhances interior appearance and structural stability ↑
• Both kitchen cabinet replacement — Modernizes kitchen and increases functionality ↑
• Both bathroom renovation — Enhances bathroom functionality and appearance ↑
• Both flooring replacement — Improves comfort and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Concord School District
• NCES district ID: 3302460
• Math proficiency: 27% ▼ -21.00%
• Reading proficiency: 47% ▼ -12.00%
• Median HH income: $55,419
• Composite: 32.45/100
• National rank: #5719
• State rank: #71 of 98 in NH

Livability — Concord

• Score: 91/100
• State rank: #2
• US rank: #60

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Concord, NH
• County: Merrimack County · 65,598 people
• City population: 33,995
• Metro: Concord, NH
• Population (ZIP): 33,995
• Household income: $86,840
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 1312.0

Population outlook (Merrimack County) Hauer SSP2

• Today (2025): 151,287 people
• By 2030: 151,867 · +0.4%
• By 2040: 149,927 · -0.9%
• By 2050: 144,081 · -4.8%
• By 2075: 132,018 · -12.7%
• By 2100: 111,733 · -26.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Hispanic / Latino 4% Asian 4%
• Common ancestry: Lithuanian 12% Romanian 3% Slovak 3%
• Foreign-born: 9% · Canada, India
• Languages at home: 90% English-only · Spanish 2% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Merrimack

• 2024 margin: Lean D (+5.2) · D 52.1% · R 46.9% · Other 1.0%
• 2008→2024 swing: -8.7pp toward R · 2008: 13.9pp · 2024: 5.2pp
• All cycles: 2024: D+5.2 2020: D+9.8 2016: D+3.1 2012: D+12.7 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.92%
• Current HPI: 367.965
• Rent YoY: ▲ 3.71%
• Metro: Concord, NH
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-04-24 Pending — PrimeMLS
• 2026-04-22 Listed $225,000 PrimeMLS