23 Wall St · Waterbury, CT 06705

$489,900

9 bd · 3.0 ba · 3,840 sqft · MultiFamily public records · 22 Days on market

Built 1900 4,791 sqft lot Est $434k · 13% over

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Why this score? — see what drove the C 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 +26.8/30.0
• DSCR +9.2/10.0
• 1% rule +7.0/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• ARV discount +1.7/15.0
• 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: 3 units. confirmed

Listing remarks MLS

3 Family priced to move. Great investment for renovation. Being sold in as is condition.

Key facts

• Renovated kitchens
• Painted porches
• Good condition roof

Tags

• RENOVATED KITCHENS
• UPDATED FIXTURES
• PAINTED PORCHES
• GOOD CONDITION ROOF
• STRONG CURB APPEAL
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Listed as Multi-Family For Sale

Exterior

• Utilities: Public water connected; Public sewer connected; Natural gas service
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Vinyl siding; Masonry and stone foundation; Asphalt shingle roof; Tan exterior color
• Exterior features: Porch; Gutters; Exterior lighting; Level lot

Interior

• Bedrooms: 12 total bedrooms
• Bathrooms: 3 full bathrooms; 3 half bathrooms
• Heating & cooling: Baseboard heating; Hot water heating; Natural gas hot water
• Interior features: 18 total rooms; Full, unfinished basement
• Laundry & utility: In-unit laundry hook-ups in multiple units

What this means for you Summary

Snapshot

• This is a 3 × 4.0-bed/1.5-bath units multifamily listed at $490k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $446/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $490k).
• Recommended offer: $483k (1.5% 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 (+3.4%/yr); 79 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 $5,878/mo this rent would consume 131% of the median local household income ($54k/yr) (locally 1690% 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 $15k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $137k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($483k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y 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.
• Current owner paid $23k; list at $490k implies a 2039% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 27% 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 $482,551 (1.5% below list)

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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.20% ✓
• Cap rate: 9.57%
• Cash-on-cash: 11.70%
• DSCR: 1.52
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $433,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
52 Howard St	0.25mi	9/3.0	3,639 (-5%)	9mo	$410,000	$113	72
77 Wall St	0.10mi	8/3.0 (-1)	3,344 (-13%)	1mo	$385,000	$115	68
23 Irion St	0.45mi	9/3.0	3,840 (0%)	16mo	$390,000	$102	66
64 Irion St	0.44mi	9/3.0	3,539 (-8%)	7mo	$345,000	$97	61
49 Ashley St	0.24mi	8/3.0 (-1)	3,516 (-8%)	13mo	$381,000	$108	59
62 Oak St	0.40mi	9/3.0	3,636 (-5%)	17mo	$420,000	$116	58
25 Laurel St	0.12mi	10/3.0 (+1)	3,266 (-15%)	13mo	$420,000	$129	53
22 Putnam St	0.31mi	8/3.0 (-1)	3,406 (-11%)	13mo	$335,000	$98	51
40 Elizabeth St	0.63mi	9/3.0	3,511 (-9%)	21mo	$240,000	$68	39
23 W Clay St	0.67mi	10/6.0 (+1)	4,023 (+5%)	12mo	$200,000	$50	34
73 E Dover St	0.58mi	8/4.0 (-1)	3,320 (-14%)	11mo	$415,000	$125	32
98 Sylvan Ave	0.71mi	8/3.0 (-1)	3,468 (-10%)	16mo	$400,000	$115	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 · 3.37% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $8,052
• Equity at exit: $73,046

10-year hold

• IRR: 11.5%
• Equity multiple: 1.92×
• Total profit: $125,964
• Equity at exit: $42,358

Cash invested: $137,172 (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 06705

• Home prices YoY: -11.0%
• Rents YoY: 3.4%
• Active inventory: 79
• Price-to-rent: 20.8×

Monthly cashflow live

• Estimated rent: $5,878 high
• Mortgage (P&I): −$2,569
• Tax from tax record: −$533 /mo · $6,392/yr
• Insurance: −$204
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,234
• Net cashflow: $1,338

Break-even live

Break-even rent $4,185

Max offer price $489,900

Occupancy floor 72%

Sensitivity live

Price	-10% $1,615	-5% $1,476	+0% $1,338	+5% $1,199	+10% $1,060
Rent	-10% $873	-5% $1,106	+0% $1,338	+5% $1,570	+10% $1,802
Rate	-1.0pp $1,584	-0.5pp $1,462	base $1,338	+0.5pp $1,211	+1.0pp $1,082

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

Units	Beds	Baths	Est. rent
▸ 3× units	4.0	1.5	$5,877
Total (3 units)			$5,878

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: $122,475
• Closing costs: $14,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20 Coe St Waterbury, CT	9.0	3.0	3240	$1,800	$0.56	4d	1	0.29mi

Listing history 28 events

1. 2026-06-18
   days on market $489,900 Active 22 DOM
2. 2026-06-17
   days on market $489,900 Active 21 DOM
3. 2026-06-16
   days on market $489,900 Active 20 DOM
4. 2026-06-15
   days on market $489,900 Active 19 DOM
5. 2026-06-14
   days on market $489,900 Active 17 DOM
6. 2026-06-13
   days on market $489,900 Active 16 DOM
7. 2026-06-10
   days on market $489,900 Active 14 DOM
8. 2026-06-09
   days on market $489,900 Active 13 DOM
9. 2026-06-08
   days on market $489,900 Active 12 DOM
10. 2026-06-07
    days on market $489,900 Active 11 DOM
11. 2026-06-05
    days on market $489,900 Active 8 DOM
12. 2026-06-03
    days on market $489,900 Active 7 DOM
13. 2026-06-03
    days on market $489,900 Active 6 DOM
14. 2026-06-01
    days on market $489,900 Active 5 DOM
15. 2026-05-31
    days on market $489,900 Active 4 DOM
16. 2026-05-27
    listed $489,900 Active
17. 2024-08-12
    historical $2,000
18. 2024-08-02
    listed $2,000
19. 2024-07-25
    historical $1,595
20. 2024-07-24
    listed $1,595
21. 2022-08-09
    historical
22. 2022-05-25
    listed $270,000 Active
23. 2011-02-11
    soldstatus $22,900 88-char remark

    Show marketing remark (88 chars)

    3 Family priced to move. Great investment for renovation. Being sold in as is condition.

24. 2011-01-10
    listed $22,900 88-char remark

    Show marketing remark (88 chars)

    3 Family priced to move. Great investment for renovation. Being sold in as is condition.

25. 2007-07-06
    soldstatus $154,000
26. 2007-07-05
    soldstatus $154,000
27. 2007-05-01
    listed $169,000
28. 1994-10-13
    soldstatus $46,000

ⓘ 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: $6,392 · $533/mo
• Projected year-2 tax: $8,438 · $703/mo
• Expected delta: +$2,046/yr (+$170/mo · 32.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 16 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: $70,536
• − Mortgage interest: −$27,442
• − Property taxes: −$6,392
• − Insurance: −$2,450
• − Repairs & maintenance: −$5,643
• − Management: −$5,643
• − Depreciation: −$14,252
• Taxable income: $8,715
• Est. tax owed @ 24.0%: −$2,092
• After-tax cash flow: $13,961/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): 25,266
• Household income: $53,954
• Rent vs Own: 48.8% rent · 51.2% own
• Severe rent burden: 1690.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 34% Hispanic / Latino 34% Black 22% Two or more races 14% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 22% Dominican 3%
• Common ancestry: Lithuanian 6% Hispanic 3% Romanian 2%
• Foreign-born: 19% · Canada, Jamaica, China
• Languages at home: 66% English-only · Spanish 22% Other Indo-European 6% French/Haitian/Cajun 3%

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: ▼ -37.50%
• Current HPI: 304.4948
• Rent YoY: ▲ 3.37%
• 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

+965.0% since first listed

13 events — show timeline

• 2026-05-27 Listed $489,900 Smart MLS
• 2024-08-12 Rental Removed $2,000 SMARTMLS
• 2024-08-02 Listed for Rent $2,000 SMARTMLS
• 2024-07-25 Rental Removed $1,595 SMARTMLS
• 2024-07-24 Listed for Rent $1,595 SMARTMLS
• 2022-08-09 Listing Removed — Smart MLS
• 2022-05-25 Listed $270,000 Smart MLS
• 2011-02-11 Sold (MLS) $22,900 Smart MLS
• 2011-01-10 Listed $22,900 Smart MLS
• 2007-07-06 Sold (Public Records) $154,000 Public Records
• 2007-07-05 Sold (MLS) $154,000 Smart MLS
• 2007-05-01 Listed $169,000 Smart MLS
• 1994-10-13 Sold (Public Records) $46,000 Public Records

Property tax history

+5.0%/yr

Latest (2023): $6,392 · +71.6% YoY. Source: county tax records.