Real Estate Investing in Manchester, New Hampshire (03104)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 03104 (Manchester, NH)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Manchester, NH (03104)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 03104 Manchester
ZIP 03104 in Manchester, NH carries a substantial set of headwinds. Home values near $486K and rents of $1,951/mo sit inside a market where underwriting has to be tight.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 03104 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
From a cash-flow lens, 03104 offers a low basis, the region around Manchester has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
The demographic picture in 03104 includes headwinds that any investor should price in. Income distribution skews lower than Manchester averages, and tenant stability requires active management.
Experienced landlords with local relationships tend to find 03104 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Manchester:
Property Strategy for 03104
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $250,880 | $1,540 | 4.4% | +11.1% | $250,880 |
| 2BR | $354,751 | $2,020 | 4.1% | +9.6% | $177,375 |
| 3BR | $495,669 | $2,550 | 3.7% | +9.1% | $165,223 |
| 4BR | $564,392 | $2,670 | 3.4% | +9.2% | $141,098 |
| 5BR | $665,855 | — | — | +9.4% | $133,171 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 03104 Compare?
| Metric | 03104 | Manchester | Manchester-Nashua, NH | New Hampshire |
|---|---|---|---|---|
| Home Value | $486,491 | $280,496 | N/A | $496,656 |
| 5-Year CAGR | 6.9% | 5.9% | N/A | 9.6% |
| Avg Rent | $1,951 | $1,993 | N/A | - |
| Cap Rate | 3.1% | 3.5% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 03104 (Manchester, NH). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 03104 (Manchester, NH)?
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Property managers serving Hillsborough County
Manage rentals here? List your business →Finley Property Management, LLC is a boutique firm offering leasing and full-time management for single-family homes, townhomes, condos, and small multi-unit properties in Portland. summary from their website
North Point Property Management, LLC, also known as RowCal, is an HOA & Community Association Management Company offering financial, maintenance, and construction services. summary from their website
Peloquin Realty & Property Management offers property management services and real estate sales in Southern New Hampshire, including multi-family properties. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $486,491 |
| Monthly Rent | $1,951 |
| Price-to-Rent | 20.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.8% |
| Cap Rate | 3.1% |
| 5-Year IRR | 10.0% |
📈 Home Appreciation
| 1-Year | +4.1% ▲ |
| 3-Year CAGR | +5.2% ▲ |
| 5-Year CAGR | +6.9% ▲ |
| 10-Year CAGR | +7.8% ▲ |
🏠 Rent Trends
| 1-Year | +1.6% ▲ |
| 3-Year CAGR | +3.9% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.1%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 03104
Population: 35,274
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 03104
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Bakersville School
Gossler Park School
Northwest Elementary School
Parker-Varney School
Middle School At Parkside
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,783 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the average home sale price in Manchester, NH?
Typical homes in Manchester, NH go for around $486K. The 5-year CAGR of 0.0% predictable price movement.
What kind of market is Manchester, NH for investors?
Investors tracking Manchester, NH will find a 3.0/5 rating supported by $486K median home values and $1,951/mo rents. That profile suits long-term holders targeting predictable returns.
Which investment style suits Manchester, NH?
A careful cash-flow rentals with hands-on management strategy Manchester, NH best. The market produces reliable results for that approach at the $486K price point.
Can owner-occupants cash flow in Manchester, NH?
Manchester, NH offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,951/mo rent level.
What kind of tenants rent in Manchester, NH?
Tenant quality in Manchester, NH ranks as solid. Landlords generally report steady occupancy at market rents of $1,951/mo.
You know 03104 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 03104 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 03104 ranks in Manchester-Nashua, NH
Every ZIP in this metro, ranked. Free.
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