1380 State St · New Haven, CT 06511

$414,900

7 bd · 3.0 ba · 3,101 sqft · MultiFamily public records · 88 Days on market

Built 1900 4,356 sqft lot Est $490k · 15% under

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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
• ARV discount +14.4/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• 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

Introducing 1380 State Street, a high-performing two-family investment property delivering strong rental income in one of New Haven's most convenient and accessible locations. This well-maintained multifamily features a desirable unit mix with a two-bedroom apartment on the first floor and a rare five-bedroom unit on the second floor - ideal for maximizing rental demand in a market where larger apartments are consistently sought after. The property currently brings in approximately $44,000 per year in gross rent, providing immediate cash flow and a reliable return from day one. Both units are tenant-occupied with steady rental history, making this a true turnkey opportunity for any investor

Key facts

• Tenant occupied
• Desirable unit mix
• Strong rental income

Tags

• TWO FAMILY INVESTMENT PROPERTY
• STRONG RENTAL INCOME
• WELL MAINTAINED MULTIFAMILY
• DESIRABLE UNIT MIX
• TENANT OCCUPIED
• STEADY RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 1×2bd/1.5ba + 1×5bd/1.5ba units multifamily listed at $415k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $903/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $415k).
• Recommended offer: $390k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 4.8% in New Haven — 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 79/100 on livability (#31 in CT, #2,190 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment D, crime F.
• New Haven School District (urban): math 12% / reading 25% proficiency, ranked #147 of 153 in CT (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lincoln-Bassett School (math 2% / reading 2%, grade F, #551 of 553 statewide, top 100%, 237 students, 95% FRL); James Hillhouse High School (math 2% / reading 12%, grade F, #188 of 194 statewide, top 98%, 1,139 students, 79% FRL) — zoned schools average 87% FRL vs 66% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 5% at this address vs 18% district-wide (-14 pts) — the specific schools serving this property underperform the New Haven School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.6%/yr); 137 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $5,901/mo this rent would consume 118% of the median local household income ($60k/yr) (locally 4999% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $116k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($390k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $390,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 1.42% ✓
• Cap rate: 11.52%
• Cash-on-cash: 18.65%
• DSCR: 1.83
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $489,958
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1380 State St	0.00mi	7/3.0	3,101 (0%)	1mo	$415,000	$134	100
222 Dover St	0.24mi	6/3.0 (-1)	3,108 (+0%)	12mo	$294,800	$95	73
181 Lombard St	0.43mi	6/3.0 (-1)	3,222 (+4%)	1mo	$462,500	$144	68
284 Lombard St	0.41mi	8/3.0 (+1)	3,059 (-1%)	9mo	$400,000	$131	66
549 Lombard St	0.50mi	8/3.0 (+1)	3,135 (+1%)	6mo	$350,000	$112	65
56 Nash St	0.65mi	6/3.0 (-1)	3,096 (-0%)	4mo	$815,000	$263	61
41 Canner St	0.55mi	6/3.0 (-1)	3,053 (-2%)	12mo	$895,000	$293	57
115 Clay St	0.73mi	7/3.0	2,850 (-8%)	5mo	$450,000	$158	49
167 Willow St	0.61mi	8/3.0 (+1)	3,313 (+7%)	8mo	$910,000	$275	48
544 Ferry St	0.43mi	6/2.0 (-1)	3,355 (+8%)	12mo	$540,000	$161	47
122 Atwater St	0.52mi	6/3.0 (-1)	3,407 (+10%)	9mo	$430,000	$126	47
16 Linden St	0.68mi	8/3.0 (+1)	3,307 (+7%)	14mo	$862,000	$261	40

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 · 2.6% rent growth · sell at horizon

5-year hold

• IRR: 10.0%
• Equity multiple: 1.39×
• Total profit: $45,508
• Equity at exit: $61,863

10-year hold

• IRR: 18.8%
• Equity multiple: 2.54×
• Total profit: $178,442
• Equity at exit: $35,873

Cash invested: $116,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06511

• Home prices YoY: -20.8%
• Rents YoY: 2.6%
• Active inventory: 137
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $5,901 high
• Mortgage (P&I): −$2,176
• Tax from tax record: −$507 /mo · $6,086/yr
• Insurance: −$173
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,239
• Net cashflow: $1,806

Break-even live

Break-even rent $3,615

Max offer price $414,900

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$2,509
1× unit	5	1.5	$3,392
Total (2 units)			$5,901

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: $103,725
• Closing costs: $12,447
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1480 Quinnipiac Ave New Haven, CT	6.0	2.0	3890	$3,100	$0.80	11d	1	1.47mi

Listing history 2 events

1. 2026-02-27
   status Under Contract
2. 2025-12-01
   listed $414,900 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 CT · Partial reset (capped growth)

• Current annual tax: $6,086 · $507/mo
• Projected year-2 tax: $7,482 · $624/mo
• Expected delta: +$1,396/yr (+$116/mo · 22.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $70,812
• − Mortgage interest: −$23,241
• − Property taxes: −$6,086
• − Insurance: −$2,074
• − Repairs & maintenance: −$5,665
• − Management: −$5,665
• − Depreciation: −$12,070
• Taxable income: $16,011
• Est. tax owed @ 24.0%: −$3,843
• After-tax cash flow: $17,829/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: New Haven School District
• NCES district ID: 0902790
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 25% ▼ -10.00%
• Median HH income: $38,058
• Composite: 15.48/100
• National rank: #9308
• State rank: #147 of 153 in CT

Livability — New Haven

• Score: 79/100
• State rank: #31
• US rank: #2190

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Haven, CT
• County: New Haven County · 688,236 people
• City population: 132,813
• Metro: New Haven-Milford, CT
• Population (ZIP): 54,730
• Household income: $59,969
• Rent vs Own: 80.3% rent · 19.7% own
• Severe rent burden: 4999.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 34% White 32% Hispanic / Latino 21% Two or more races 8% Asian 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 10% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Russian 1%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 74% English-only · Spanish 15% Chinese 3% Other Indo-European 2%

Political lean MEDSL · South Central Connecticut

• 2024 margin: Strong D (+20.1) · D 59.0% · R 38.9% · Other 2.1%
• All cycles: 2024: D+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.05%
• Current HPI: 328.1353
• Rent YoY: ▲ 2.60%
• Metro: New Haven-Milford, CT
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

2 events — show timeline

• 2026-02-27 Pending — Smart MLS
• 2025-12-01 Listed $414,900 Smart MLS

Property tax history

+7.7%/yr

Latest (2023): $6,086 · -6.4% YoY. Source: county tax records.