114-116 Mather St

Hartford, CT 06120

$369,999B+

12 bd · 6.0 ba · 6,467 sqft · Built 1900 · MultiFamily · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,662/mo
• Mortgage (P&I): −$1,940
• Tax + insurance: −$617
• HOA: −$0
• Vac / Maint / Mgmt: −$2,659
• Net cashflow: $7,446/mo
• Annual: $89,352/yr
• Cap rate: 30.44%
• Cash-on-cash: 86.25%
• DSCR: 4.84
• 1% rule: 3.42%
• Cash to close: $103,600

Investor read

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $370k. Condition is rated poor.
• At list price, monthly cash flow is $7k ($89k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $370k).
• It's been on market 39 days — a 3% lower offer ($359k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $359k (3.0% below list) — sets the bar for market timing.
• In year one you build about $29k of equity ($3k loan paydown + $26k appreciation (7.1% local appreciation)).
• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.8%/yr); 21 active listings in the ZIP; lower-income renter base — watch delinquency; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At projected returns (7.1% appreciation + 2.8% rent growth), your $104k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: 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.
• At $12,662/mo this rent would consume 436% of the median local household income ($35k/yr) (locally 1435% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Peeling and damaged
• Major: Windows — Boarded up
• Major: Interior walls — Bare and in need of repair
• Major: Flooring — Dirty and worn
• Major: Systems — Likely all systems are in poor condition and need replacement
• Major: Landscaping — Likely in poor condition and needs improvement