985 Bank St · Waterbury, CT 06708

$3,960,000

3 bd · 1.0 ba · 10,052 sqft · MultiFamily public records · 41 Days on market

Built 1920 0.83 ac lot $394/sqft · 425% above area

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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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• Livability +4.0/5.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. 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

Don't miss this Brooklyn Center multifamily portfolio consisting of 44 units, in two locations less than 0.25 miles from one another. The portfolio is comprised of a total of six (6) buildings. There are four (4) contiguous properties on the corner of Bank St and Washington Ave for a total of 32 units and (2) adjacent buildings on Congress Ave with an additional 12 units. The portfolio offers a diverse unit mix of (5) studios, (26) one-bedroom, (4) two-bedroom and (9) three-bed apartments. All properties offer nicely renovated units, featuring improved and tasteful finishes including updated kitchens and bathrooms, modern flooring, and other in-unit improvements throughout most apartments. Many units have been turned, providing an investor with a strong combination of current cash flow and continued upside through ongoing rental increases. Each location features coin operated laundry and off street parking. This is a rare opportunity to acquire scale in Waterbury's Brooklyn neighborhood with well-maintained assets and proven rental demand.

Key facts

• Diverse unit mix
• Six buildings
• Two locations

Tags

• 44 UNITS
• TWO LOCATIONS
• SIX BUILDINGS
• CONTIGUOUS PROPERTIES
• DIVERSE UNIT MIX
• NICELY RENOVATED UNITS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $3.96M.

Deal economics

• At list price, monthly cash flow is $14k ($166k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($50k rent vs $3.96M).
• Recommended offer: $3.84M (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 (+9.8%/yr); 121 active listings in the ZIP; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $49,850/mo this rent would consume 888% of the median local household income ($67k/yr) (locally 1276% 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 $27k of loan paydown is wiped out by about $119k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $1.11M cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($3.84M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 $500k; list at $3.96M implies a 692% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,841,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.26% ✓
• Cap rate: 10.49%
• Cash-on-cash: 14.97%
• DSCR: 1.67
• GRM: 6.6

CMA / ARV

• ARV (median comp): $754,788
• List price: $3,960,000
• Delta: 424.65%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.8%
• Equity multiple: 1.45×
• Total profit: $502,611
• Equity at exit: $590,449

10-year hold

• IRR: 23.5%
• Equity multiple: 3.50×
• Total profit: $2,769,938
• Equity at exit: $342,388

Cash invested: $1,108,800 (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 06708

• Rents YoY: 9.8%
• Active inventory: 121
• Price-to-rent: 291.1×

Monthly cashflow live

• Estimated rent: $49,850 high
• Mortgage (P&I): −$20,767
• Tax from tax record: −$3,129 /mo · $37,546/yr
• Insurance: −$1,650
• HOA: −$0
• Vacancy / Maint / Mgmt: −$10,468
• Net cashflow: $13,836

Break-even live

Break-even rent $32,336

Max offer price $3,960,000

Occupancy floor 67%

Sensitivity live

Price	-10% $16,078	-5% $14,957	+0% $13,836	+5% $12,715	+10% $11,594
Rent	-10% $9,898	-5% $11,867	+0% $13,836	+5% $15,805	+10% $17,774
Rate	-1.0pp $15,830	-0.5pp $14,843	base $13,836	+0.5pp $12,810	+1.0pp $11,766

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

Units	Beds	Baths	Est. rent
▸ 26× units	1	1	$29,484
▸ 4× units	2	1	$4,888
▸ 9× units	3	1	$15,480
Total (39 units)			$49,850

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: $990,000
• Closing costs: $118,800
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-31
   days on market $3,960,000 Active 41 DOM
2. 2026-04-20
   historical

   Show marketing remark (1055 chars)

   Don't miss this Brooklyn Center multifamily portfolio consisting of 44 units, in two locations less than 0.25 miles from one another. The portfolio is comprised of a total of six (6) buildings. There are four (4) contiguous properties on the corner of Bank St and Washington Ave for a total of 32 units and (2) adjacent buildings on Congress Ave with an additional 12 units. The portfolio offers a diverse unit mix of (5) studios, (26) one-bedroom, (4) two-bedroom and (9) three-bed apartments. All properties offer nicely renovated units, featuring improved and tasteful finishes including updated kitchens and bathrooms, modern flooring, and other in-unit improvements throughout most apartments. Many units have been turned, providing an investor with a strong combination of current cash flow and continued upside through ongoing rental increases. Each location features coin operated laundry and off street parking. This is a rare opportunity to acquire scale in Waterbury's Brooklyn neighborhood with well-maintained assets and proven rental demand.

3. 2026-04-20
   listed $3,960,000 Active 1055-char remark

   Show marketing remark (1055 chars)

   Don't miss this Brooklyn Center multifamily portfolio consisting of 44 units, in two locations less than 0.25 miles from one another. The portfolio is comprised of a total of six (6) buildings. There are four (4) contiguous properties on the corner of Bank St and Washington Ave for a total of 32 units and (2) adjacent buildings on Congress Ave with an additional 12 units. The portfolio offers a diverse unit mix of (5) studios, (26) one-bedroom, (4) two-bedroom and (9) three-bed apartments. All properties offer nicely renovated units, featuring improved and tasteful finishes including updated kitchens and bathrooms, modern flooring, and other in-unit improvements throughout most apartments. Many units have been turned, providing an investor with a strong combination of current cash flow and continued upside through ongoing rental increases. Each location features coin operated laundry and off street parking. This is a rare opportunity to acquire scale in Waterbury's Brooklyn neighborhood with well-maintained assets and proven rental demand.

4. 2026-03-17
   price $4,250,000
5. 2026-01-21
   listed $4,500,000 Active
6. 2025-04-10
   historical $1,150
7. 2025-01-03
   listed $1,150
8. 2023-10-26
   historical $1,500
9. 2023-10-22
   listed $1,500
10. 2005-10-12
    soldstatus $500,000

ⓘ 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: $37,546 · $3,129/mo
• Projected year-2 tax: $61,145 · $5,095/mo
• Expected delta: +$23,599/yr (+$1,967/mo · 62.9%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 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: $598,200
• − Mortgage interest: −$221,822
• − Property taxes: −$37,546
• − Insurance: −$19,800
• − Repairs & maintenance: −$47,856
• − Management: −$47,856
• − Depreciation: −$115,200
• Taxable income: $108,120
• Est. tax owed @ 24.0%: −$25,949
• After-tax cash flow: $140,083/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): 29,594
• Household income: $67,364
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 1276.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 43% Hispanic / Latino 33% Black 17% Two or more races 13% Asian 2%
• Hispanic origin (detail): Puerto Rican 17% Dominican 8%
• Common ancestry: Romanian 2% Russian 2% Estonian 2%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 64% English-only · Spanish 23% Other Indo-European 8% 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: ▼ -297.81%
• Current HPI: 281.1446
• Rent YoY: ▲ 9.75%
• 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

+692.0% since first listed

9 events — show timeline

• 2026-04-20 Listing Removed — Smart MLS
• 2026-04-20 Listed $3,960,000 Smart MLS
• 2026-03-17 Price Changed $4,250,000 Smart MLS
• 2026-01-21 Listed $4,500,000 Smart MLS
• 2025-04-10 Rental Removed $1,150 LEASESTAR
• 2025-01-03 Listed for Rent $1,150 LEASESTAR
• 2023-10-26 Rental Removed $1,500 LISTANZA
• 2023-10-22 Listed for Rent $1,500 LISTANZA
• 2005-10-12 Sold (Public Records) $500,000 Public Records

Property tax history

+13.7%/yr

Latest (2023): $37,546 · +75.2% YoY. Source: county tax records.