34 Adams St

Hartford, CT 06112

$449,900B

10 bd · 4.0 ba · 3,073 sqft · Built 1922 · MultiFamily · Active · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,391/mo
• Mortgage (P&I): −$2,359
• Tax + insurance: −$750
• HOA: −$0
• Vac / Maint / Mgmt: −$1,132
• Net cashflow: $1,150/mo
• Annual: $13,797/yr
• Cap rate: 9.36%
• Cash-on-cash: 10.95%
• DSCR: 1.49
• 1% rule: 1.20%
• Cash to close: $125,972

Investor read

• This is a 2 × 5-bed/2.0-bath units multifamily listed at $450k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $575/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• It's been on market 122 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $396k (12.0% below list) — sets the bar for market timing.
• In year one you build about $48k of equity ($3k loan paydown + $45k appreciation (10.0% 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 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 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 (10.0% appreciation + 3.0% rent growth), your $126k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$77k 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 $5,391/mo this rent would consume 146% of the median local household income ($44k/yr) (locally 1466% 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 122 days. Have you received any prior offers? Is the seller open to a 12% 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 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets and appliances — The kitchen is cluttered and needs new cabinets and appliances to improve functionality and aesthetics.
• Major: Bathroom fixtures and tile — The bathrooms are outdated and need new fixtures and tile to improve functionality and aesthetics.
• Major: Interior walls and paint — The interior walls and paint show signs of wear and need repainting to improve the overall appearance.