540 Church St · New Britain, CT 06051

$460,000

6 bd · 3.0 ba · 3,078 sqft · MultiFamily public records · 3 Days on market

Built 1904 4,356 sqft lot $149/sqft · at area comps Est $441k · at est.

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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 +22.7/30.0
• Appreciation +10.0/10.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• ARV discount +5.5/15.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great 3 family home with three 2 BR units. Newer driveway and windows. Separate utilities with owner panel. Laundry hook up in each unit. Fully leased. Great investment or owner occupy. Convenient location.

Key facts

• Local services
• Convenient location
• Major roads

Tags

• CONVENIENT LOCATION
• ACCESS TO NEARBY AMENITIES
• MAJOR ROADS
• LOCAL SERVICES

Property features AI

Finance

• Other: Living area recorded as 3078
• Financial info: Assessed value listed

Exterior

• Utilities: Public water connected; Public sewer connected; Natural gas available
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Concrete foundation; Asphalt shingle roof; Asbestos exterior siding
• Exterior features: Level lot

Interior

• Bedrooms: 6 total bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heating; Hot air heating; Natural gas fuel for heating; Hot water described as other
• Interior features: 12 total rooms; Full, unfinished basement with hatchway; Property is a multi-family building with 3 units

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $460k.

Deal economics

• At list price, monthly cash flow is $787 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $460k).
• Cap rate 8.3% vs local median 4.4% in New Britain — 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 74/100 on livability (#67 in CT, #4,936 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime D, employment D.
• New Britain School District (suburban): math 6% / reading 17% proficiency, ranked #153 of 153 in CT (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: New Britain High School (math 10% / reading 31%, grade F, #162 of 194 statewide, top 83%, 2,331 students, 71% FRL) — zoned schools at 71% FRL track the district average.
• Market conditions: Rents soft (-0.6%/yr); 63 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $5,031/mo this rent would consume 118% of the median local household income ($51k/yr) (locally 2100% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $49k of equity ($3k loan paydown + $46k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 0.0% rent growth), your $129k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$79k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 17y 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: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $460,000

Questions for the listing agent

1. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.35%
• Cash-on-cash: 7.33%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

• ARV (median comp): $440,541
• List price: $460,000
• Delta: 4.42%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
540 Church St	0.00mi	6/3.0	3,078 (0%)	1mo	$480,000	$156	99
484 Church St	0.09mi	5/3.0 (-1)	2,620 (-15%)	0mo	$430,000	$164	65
112 Austin St	0.39mi	6/3.0	2,766 (-10%)	1mo	$485,000	$175	64
712 Stanley St	0.29mi	6/2.0	3,268 (+6%)	10mo	$355,000	$109	64
29 Olive St	0.32mi	6/3.0	2,668 (-13%)	5mo	$400,000	$150	59
228 Whiting St	0.45mi	6/3.0	3,312 (+8%)	11mo	$430,000	$130	57
36 Carlson St	0.36mi	6/3.0	3,420 (+11%)	10mo	$435,000	$127	56
182 West St	0.72mi	6/3.0	2,910 (-6%)	7mo	$485,000	$167	52
38 Fairview St	0.36mi	6/2.0	2,724 (-12%)	12mo	$450,000	$165	50
21 Tremont St	0.72mi	7/3.0 (+1)	3,277 (+6%)	8mo	$511,000	$156	44
411 Ellis St	0.68mi	5/3.0 (-1)	2,688 (-13%)	2mo	$450,000	$167	40
341 Stanley St	0.71mi	6/3.0	3,460 (+12%)	12mo	$440,000	$127	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 28.4%
• Equity multiple: 3.22×
• Total profit: $286,008
• Equity at exit: $414,404

10-year hold

• IRR: 23.9%
• Equity multiple: 7.03×
• Total profit: $776,575
• Equity at exit: $893,679

Cash invested: $128,800 (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 06051

• Home prices YoY: 9.0%
• Rents YoY: -0.6%
• Active inventory: 63
• Price-to-rent: 22.9×

Monthly cashflow live

• Estimated rent: $5,031 high
• Mortgage (P&I): −$2,412
• Tax from tax record: −$583 /mo · $6,999/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,057
• Net cashflow: $787

Break-even live

Break-even rent $4,034

Max offer price $460,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,031
Total (3 units)			$5,031

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: $115,000
• Closing costs: $13,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
151 Fairview St New Britain, CT	6.0	3.0	4098	$1,800	$0.44	3d	1	0.17mi

Listing history 10 events

1. 2026-05-02
   status Under Contract 622-char remark
2. 2026-04-29
   listed $460,000 Active 622-char remark
3. 2017-10-19
   soldstatus $163,600
4. 2017-10-17
   soldstatus $163,600 206-char remark

   Show marketing remark (206 chars)

   Great 3 family home with three 2 BR units. Newer driveway and windows. Separate utilities with owner panel. Laundry hook up in each unit. Fully leased. Great investment or owner occupy. Convenient location.

5. 2017-09-24
   historical 206-char remark

   Show marketing remark (206 chars)

   Great 3 family home with three 2 BR units. Newer driveway and windows. Separate utilities with owner panel. Laundry hook up in each unit. Fully leased. Great investment or owner occupy. Convenient location.

6. 2017-01-06
   listed $155,000 206-char remark

   Show marketing remark (206 chars)

   Great 3 family home with three 2 BR units. Newer driveway and windows. Separate utilities with owner panel. Laundry hook up in each unit. Fully leased. Great investment or owner occupy. Convenient location.

7. 2010-06-23
   soldstatus $180,000
8. 2009-10-26
   soldstatus $65,000

   Show marketing remark (131 chars)

   Large house with great potential for the right investor to finish work started house is large floor 1 and 2 are larger than floor 3

9. 2009-08-11
   listed $74,900

   Show marketing remark (131 chars)

   Large house with great potential for the right investor to finish work started house is large floor 1 and 2 are larger than floor 3

10. 2003-12-05
    soldstatus $146,960

ⓘ 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: $6,999 · $583/mo
• Projected year-2 tax: $8,422 · $702/mo
• Expected delta: +$1,422/yr (+$119/mo · 20.3%)

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

Taxation est. · year 1

• Rental income: $60,372
• − Mortgage interest: −$25,767
• − Property taxes: −$6,999
• − Insurance: −$2,300
• − Repairs & maintenance: −$4,830
• − Management: −$4,830
• − Depreciation: −$13,382
• Taxable income: $2,265
• Est. tax owed @ 24.0%: −$543
• After-tax cash flow: $8,904/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: New Britain School District
• NCES district ID: 0902670
• Math proficiency: 6% ▼ -6.00%
• Reading proficiency: 17% ▼ -5.00%
• Median HH income: $40,827
• Composite: 9.95/100
• National rank: #9816
• State rank: #153 of 153 in CT

Livability — New Britain

• Score: 74/100
• State rank: #67
• US rank: #4936

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Britain, CT
• County: Hartford County · 754,208 people
• City population: 66,322
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 29,548
• Household income: $51,022
• Rent vs Own: 68.9% rent · 31.1% own
• Severe rent burden: 2100.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: Hispanic / Latino 52% White 30% Two or more races 17% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 40% Dominican 4%
• Common ancestry: Romanian 7% Lithuanian 6% Slovak 1%
• Foreign-born: 15% · Canada, Jamaica
• Languages at home: 51% English-only · Spanish 39% Russian/Polish/Slavic 6% Arabic 3%

Political lean MEDSL · Capitol

• 2024 margin: Strong D (+21.9) · D 60.1% · R 38.2% · Other 1.7%
• All cycles: 2024: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 31.52%
• Current HPI: 382.7816
• Rent YoY: ▼ -0.58%
• Metro: Hartford-East Hartford-Middletown, 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

+226.6% since first listed

11 events — show timeline

• 2026-05-18 Sold (MLS) $480,000 Smart MLS
• 2026-05-02 Pending — Smart MLS
• 2026-04-29 Listed $460,000 Smart MLS
• 2017-10-19 Sold (Public Records) $163,600 Public Records
• 2017-10-17 Sold (MLS) $163,600 Smart MLS
• 2017-09-24 Listing Removed — Smart MLS
• 2017-01-06 Listed $155,000 Smart MLS
• 2010-06-23 Sold (Public Records) $180,000 Public Records
• 2009-10-26 Sold (MLS) $65,000 Smart MLS
• 2009-08-11 Listed $74,900 Smart MLS
• 2003-12-05 Sold (Public Records) $146,960 Public Records

Property tax history

+4.0%/yr

Latest (2025): $6,999 · +2.4% YoY. Source: county tax records.