230 Bishop St · Waterbury, CT 06704

$295,000

6 bd · 4.0 ba · 2,145 sqft · MultiFamily public records · 99 Days on market

Built 1895 9,583 sqft lot $138/sqft · 20% below area Est $369k · 20% under

---

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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +7.4/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +1.5/10.0
• Schools +1.5/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This 3-family property located in the heart of Waterbury, Connecticut offers a great opportunity for investors. Each unit provides spacious layouts with multiple bedrooms, ample natural light, and separate living areas. Property features separate utilities, off-street parking, and a manageable yard space. Conveniently located near schools, shopping, restaurants, and major highways for easy commuting. Strong rental potential with the ability to generate steady income. Whether you're looking to expand your investment portfolio or live in one unit while collecting rental income from the others, this multi-family property offers excellent value and opportunity. PROPERTY IS BEING SOLD AS-IS AND IS SUBJECT TO SHORT SALE APPROVAL.

Key facts

• Separate utilities
• Off-street parking
• 9,583 sq ft lot

Tags

• SEPARATE UTILITIES
• OFF-STREET PARKING
• MANAGEABLE YARD SPACE
• STRONG RENTAL POTENTIAL

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $295k.

Deal economics

• At list price, monthly cash flow is $757 ($9k/yr) — positive. Per door: $252/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $295k).
• Recommended offer: $268k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.6% in Waterbury — 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 (#32 in CT, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Waterbury School District (suburban): math 12% / reading 23% proficiency, ranked #148 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.0%/yr); 100 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $3,654/mo this rent would consume 90% of the median local household income ($49k/yr) (locally 1981% 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 $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $83k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $268,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% 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 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is D 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?
10. 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.
11. 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.
12. 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: 1.24% ✓
• Cap rate: 9.60%
• Cash-on-cash: 11.80%
• DSCR: 1.53
• GRM: 6.7

CMA / ARV

• ARV (median comp): $368,620
• List price: $295,000
• Delta: -19.97%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 Bishop St	0.03mi	6/3.0	2,450 (+14%)	2mo	$450,000	$184	70
18 Adams Street Ext	0.22mi	5/3.0 (-1)	2,090 (-3%)	16mo	$215,000	$103	63
50 Summer St	0.14mi	6/2.0	2,466 (+15%)	1mo	$305,000	$124	60
250 Orange St	0.42mi	6/2.0	2,248 (+5%)	7mo	$355,000	$158	58
59 Gaffney Pl	0.54mi	5/3.0 (-1)	2,125 (-1%)	9mo	$395,000	$186	57
24 Butler St	0.14mi	5/2.0 (-1)	1,885 (-12%)	8mo	$430,000	$228	54
78 Tudor St	0.53mi	5/2.0 (-1)	2,224 (+4%)	5mo	$365,000	$164	52
1248 N Main St	0.63mi	6/2.0	2,315 (+8%)	0mo	$400,000	$173	49
9 2nd Ave	0.42mi	5/2.0 (-1)	2,203 (+3%)	18mo	$245,000	$111	48
318 Pine St	0.15mi	5/2.0 (-1)	2,448 (+14%)	12mo	$349,500	$143	46
4 Ann St	0.73mi	6/2.0	1,976 (-8%)	6mo	$335,000	$170	40
38 Beverly Ave	0.74mi	5/2.0 (-1)	1,920 (-10%)	3mo	$440,000	$229	32

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 5.8%
• Equity multiple: 1.24×
• Total profit: $19,824
• Equity at exit: $43,985

10-year hold

• IRR: 19.4%
• Equity multiple: 3.03×
• Total profit: $167,675
• Equity at exit: $25,506

Cash invested: $82,600 (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 06704

• Home prices YoY: -2.0%
• Rents YoY: 8.0%
• Active inventory: 100
• Price-to-rent: 20.2×

Monthly cashflow live

• Estimated rent: $3,654 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$404 /mo · $4,852/yr
• Insurance: −$123
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$767
• Net cashflow: $757

Break-even live

Break-even rent $2,696

Max offer price $295,000

Occupancy floor 74%

Sensitivity live

Price	-10% $924	-5% $840	+0% $757	+5% $673	+10% $590
Rent	-10% $468	-5% $613	+0% $757	+5% $901	+10% $1,046
Rate	-1.0pp $905	-0.5pp $832	base $757	+0.5pp $680	+1.0pp $603

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.3	$3,654
Total (3 units)			$3,654

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
37 Johnson St Waterbury, CT	6.0	1.5	2002	$3,200	$1.60	4d	1	0.69mi

Listing history 29 events

1. 2026-06-18
   days on market $295,000 Active 99 DOM
2. 2026-06-17
   days on market $295,000 Active 98 DOM
3. 2026-06-16
   days on market $295,000 Active 97 DOM
4. 2026-06-15
   days on market $295,000 Active 96 DOM
5. 2026-06-14
   days on market $295,000 Active 94 DOM
6. 2026-06-13
   days on market $295,000 Active 93 DOM
7. 2026-06-10
   days on market $295,000 Active 91 DOM
8. 2026-06-09
   days on market $295,000 Active 90 DOM
9. 2026-06-08
   days on market $295,000 Active 89 DOM
10. 2026-06-07
    days on market $295,000 Active 88 DOM
11. 2026-06-05
    days on market $295,000 Active 85 DOM
12. 2026-06-03
    days on market $295,000 Active 84 DOM
13. 2026-06-03
    days on market $295,000 Active 83 DOM
14. 2026-06-01
    days on market $295,000 Active 82 DOM
15. 2026-05-31
    days on market $295,000 Active 81 DOM
16. 2026-03-12
    listed $295,000 Active 733-char remark

    Show marketing remark (733 chars)

    This 3-family property located in the heart of Waterbury, Connecticut offers a great opportunity for investors. Each unit provides spacious layouts with multiple bedrooms, ample natural light, and separate living areas. Property features separate utilities, off-street parking, and a manageable yard space. Conveniently located near schools, shopping, restaurants, and major highways for easy commuting. Strong rental potential with the ability to generate steady income. Whether you're looking to expand your investment portfolio or live in one unit while collecting rental income from the others, this multi-family property offers excellent value and opportunity. PROPERTY IS BEING SOLD AS-IS AND IS SUBJECT TO SHORT SALE APPROVAL.

17. 2025-01-20
    historical
18. 2025-01-14
    price $339,900
19. 2025-01-02
    listed $345,500 Active
20. 2023-05-23
    soldstatus $1,054,000
21. 2012-08-14
    soldstatus $1,562,536
22. 2007-09-05
    soldstatus $40,000
23. 2007-08-29
    soldstatus $40,000
24. 2007-05-03
    listed $59,900
25. 2004-12-02
    soldstatus $38,000
26. 2004-11-02
    listed $32,000
27. 2002-04-18
    soldstatus $80,000
28. 2002-01-24
    soldstatus $23,000
29. 2001-03-28
    listed $29,900

ⓘ 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: $4,852 · $404/mo
• Projected year-2 tax: $5,582 · $465/mo
• Expected delta: +$730/yr (+$61/mo · 15.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,848
• − Mortgage interest: −$16,525
• − Property taxes: −$4,852
• − Insurance: −$2,142
• − Repairs & maintenance: −$3,508
• − Management: −$3,508
• − Depreciation: −$8,582
• Taxable income: $4,732
• Est. tax owed @ 24.0%: −$1,136
• After-tax cash flow: $7,946/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: Waterbury School District
• NCES district ID: 0904830
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 23% ▼ -8.00%
• Median HH income: $40,040
• Composite: 14.85/100
• National rank: #9380
• State rank: #148 of 153 in CT

Livability — Waterbury

• Score: 79/100
• State rank: #32
• US rank: #2205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterbury, CT
• County: New Haven County · 688,236 people
• City population: 115,012
• Metro: New Haven-Milford, CT
• Population (ZIP): 31,713
• Household income: $48,718
• Rent vs Own: 54.7% rent · 45.3% own
• Severe rent burden: 1981.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 48% Black 28% Two or more races 20% White 18% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 30% Dominican 8%
• Common ancestry: Romanian 2% Lithuanian 1% Russian 1%
• Foreign-born: 16% · Canada, South Korea
• Languages at home: 56% English-only · Spanish 38% Other Indo-European 3% French/Haitian/Cajun 1%

Political lean MEDSL · Naugatuck Valley

• 2024 margin: Lean R (+7.4) · D 45.6% · R 53.0% · Other 1.4%
• All cycles: 2024: R+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.05%
• Current HPI: 340.0917
• Rent YoY: ▲ 8.02%
• 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

+886.6% since first listed

14 events — show timeline

• 2026-03-12 Listed $295,000 Smart MLS
• 2025-01-20 Listing Removed — Smart MLS
• 2025-01-14 Price Changed $339,900 Smart MLS
• 2025-01-02 Listed $345,500 Smart MLS
• 2023-05-23 Sold (Public Records) $1,054,000 Public Records
• 2012-08-14 Sold (Public Records) $1,562,536 Public Records
• 2007-09-05 Sold (Public Records) $40,000 Public Records
• 2007-08-29 Sold (MLS) $40,000 Smart MLS
• 2007-05-03 Listed $59,900 Smart MLS
• 2004-12-02 Sold (MLS) $38,000 Smart MLS
• 2004-11-02 Listed $32,000 Smart MLS
• 2002-04-18 Sold (Public Records) $80,000 Public Records
• 2002-01-24 Sold (MLS) $23,000 Smart MLS
• 2001-03-28 Listed $29,900 Smart MLS

Property tax history

+5.1%/yr

Latest (2023): $4,852 · +73.0% YoY. Source: county tax records.