Buying a Multifamily in NH? Look Beyond the Rent Roll
PRIDEFUL MOVE • AN INVESTOR’S PERSPECTIVE
The rent roll is a starting point. The real question is whether the whole property works for the life—and the responsibilities—you want.
I’m Kyle Cavanaugh, a New Hampshire REALTOR® and investor who owns multifamily and rental properties. I’ve also flipped properties and built and sold new-construction homes. Here are the conversations I want to have before the pretty spreadsheet becomes the whole story.
1. Start with your role, not just the address.
Will you live in one unit, manage from nearby or hire a property manager? How much time can you realistically give the property? A home you also rent out and a property you operate entirely as a rental can call for different financing, insurance and management plans. Tell your lender and insurance professional how you intend to use it before relying on estimates.
2. Ask what supports the income.
Request the available leases, rent ledger, occupancy information and expense records through the proper transaction channels. Compare what is documented with what is advertised. Ask which utilities the owner pays, what services are included and what arrangements you would need to understand at closing. A projected rent is not the same as collected income.
3. Give the unglamorous costs a seat at the table.
Build a property-specific budget with your lender and other qualified advisors. Include taxes, insurance, owner-paid utilities, maintenance, management, vacancy and reserves for larger replacements. Then ask what happens if a unit is empty or a major system needs work. The point is to understand your own margin for uncertainty, not to promise a return.
My favorite question: what happens after closing?
A fresh kitchen can be lovely. So can a clear maintenance history, an understandable utility setup and a plan for the roof. I want us to look at both.
4. Understand the building behind the unit count.
Ask qualified inspectors about the roof, heating, plumbing, electrical systems, moisture and other property-specific concerns. Verify the permitted use and unit configuration with the relevant local offices rather than treating a listing description as approval. Ask about access for inspections and what information is still missing.
For an older building, ask about lead information early. EPA says the federal Lead-Based Paint Disclosure Rule applies to most pre-1978 housing and requires specified information before a lease or purchase contract is signed. Exceptions and other requirements may apply; use the current EPA guidance and qualified professionals for your situation.
5. Bring the right people into the conversation.
Your lender, inspector, insurance professional, attorney and tax advisor each answer different questions. Existing leases, deposits, tenant obligations and your intended use deserve appropriate review. Buying the building is one decision; being prepared to own it is another.
Make the next step a practical one.
You do not need to arrive with a perfect portfolio plan. Tell me what you are considering, the towns on your mind and what you want ownership to look like. I’ll help you organize the property questions and the next conversation.
Meet the investor behind Prideful Move · Explore the move-planning toolkit · Considering a new build?
Source & scope
Source checked October 29, 2026: EPA: Real Estate Disclosures about Potential Lead Hazards. This article offers planning questions, not a property evaluation, return projection, financing commitment or legal or tax advice. Requirements and property circumstances vary.
Kyle Cavanaugh, REALTOR® • CENTURY 21 Lifestyles • NH License #075088
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