285 Garden St

Hartford, CT 06112

$520,000B+

12 bd · 6.0 ba · 4,740 sqft · Built 1910 · MultiFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,977/mo
• Mortgage (P&I): −$2,727
• Tax + insurance: −$867
• HOA: −$0
• Vac / Maint / Mgmt: −$1,885
• Net cashflow: $3,498/mo
• Annual: $41,979/yr
• Cap rate: 14.37%
• Cash-on-cash: 28.83%
• DSCR: 2.28
• 1% rule: 1.73%
• Cash to close: $145,600

Investor read

• This is a 4 × 3-bed/?-bath units multifamily listed at $520k. Condition is rated poor.
• At list price, monthly cash flow is $3k ($42k/yr) — positive. Per door: $875/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $520k).
• It's been on market 17 days — a 2% lower offer ($512k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $512k (1.5% below list) — sets the bar for market timing.
• In year one you build about $56k of equity ($4k loan paydown + $52k 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 1910 — 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).
• 5 sale attempts since 20y 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 $63k; list at $520k implies a 725% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $146k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$89k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• At $8,977/mo this rent would consume 242% 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

• 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 1910 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior paint — Peeling paint on brick facade
• Major: exterior siding — Visible wear on brick facade
• Major: landscaping — Overgrown grass and unkempt appearance