531 Allen St · New Britain, CT 06053

$299,000

4 bd · 2.0 ba · 2,164 sqft · MultiFamily public records · 15 Days on market

Built 1870 8,712 sqft lot $138/sqft · 6% above area Est $422k · 29% under

---

Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.1/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Investor Opportunity: High-Cash Flow Potential Attention investors! This property offers significant cash flow potential once completed. The first floor features a 3-bedroom, 1-bathroom unit, while the second floor boasts a spacious 5-bedroom, 2-bathroom unit. Key updates include a newer roof, brand new vinyl siding, and thermal pane windows. The heavy lifting has been done-all rough plumbing, electrical wiring, and panels are completed and ready for final inspection. With an impressive ARV, this property is worth the effort. Permits and work invoices are available upon request. This property is being sold as a package with 525 Allen St. (See MLS # 24038849)

Key facts

• Newer vinyl siding
• Newer roof
• Newer windows

Tags

• INTERIOR RENOVATIONS
• NEW HOT WATER HEATERS
• NEWER VINYL SIDING
• NEWER ROOF
• NEWER WINDOWS
• HIGH-DEMAND RENTAL AREA

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected; Domestic hot water
• Home design: Multi-family property (2-family)
• Construction: Frame construction; Brick and stone foundation
• Exterior features: Level lot; Vinyl siding; Asphalt shingle roof

Interior

• Bedrooms: 8 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heat; Natural gas fuel
• Interior features: 15 total rooms; Full basement; Walk-up attic

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $631/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.4% 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, schools F.
• 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.
• Market conditions: Rents rising fast (+4.9%/yr); 69 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $4,226/mo this rent would consume 81% of the median local household income ($63k/yr) (locally 1835% 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 $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.9% rent growth), your $84k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $294,515 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.41% ✓
• Cap rate: 11.36%
• Cash-on-cash: 18.09%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $421,994
• List price: $299,000
• Delta: -29.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 Dudley St	0.39mi	4/2.0	2,084 (-4%)	19mo	$400,000	$192	60
70 Cottage Pl	0.69mi	4/2.0	2,072 (-4%)	9mo	$340,000	$164	54
45 Milton St	0.29mi	4/2.0	1,888 (-13%)	19mo	$380,000	$201	50
57 City Ave	0.67mi	4/2.0	1,944 (-10%)	7mo	$340,000	$175	46

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 · 4.94% rent growth · sell at horizon

5-year hold

• IRR: 38.7%
• Equity multiple: 4.01×
• Total profit: $251,697
• Equity at exit: $269,363

10-year hold

• IRR: 34.1%
• Equity multiple: 9.32×
• Total profit: $696,599
• Equity at exit: $580,891

Cash invested: $83,720 (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 06053

• Home prices YoY: 15.4%
• Rents YoY: 4.9%
• Active inventory: 69
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $4,226 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$384 /mo · $4,608/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$887
• Net cashflow: $1,262

Break-even live

Break-even rent $2,629

Max offer price $299,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,431	-5% $1,347	+0% $1,262	+5% $1,177	+10% $1,093
Rent	-10% $928	-5% $1,095	+0% $1,262	+5% $1,429	+10% $1,596
Rate	-1.0pp $1,413	-0.5pp $1,338	base $1,262	+0.5pp $1,184	+1.0pp $1,106

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$4,226
Total (2 units)			$4,226

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1366 Stanley St New Britain, CT	4.0	1.0	1944	$2,400	$1.23	44d	1	0.09mi
17 Foxon Pl New Britain, CT	4.0	1.5	1453	$2,400	$1.65	2d	1	0.28mi
24 Acorn St New Britain, CT	3.0	1.0	2444	$2,000	$0.82	24d	1	0.42mi
45 Union St New Britain, CT	5.0	2.0	2060	$2,800	$1.36	24d	1	0.88mi
119 Carroll St New Britain, CT	3.0	1.0	2652	$1,750	$0.66	44d	1	1.22mi
27 Janet Dr Unit 1st Floor New Britain, CT	3.0	1.0	1581	$2,300	$1.45	24d	1	1.27mi
24 Rocky Hill Ave New Britain, CT	3.0	1.0	2916	$1,650	$0.57	44d	1	1.49mi

Listing history 17 events

1. 2026-05-11
   status Under Contract 996-char remark
2. 2026-05-10
   historical Under Contract - Continue to Show 996-char remark
3. 2026-04-26
   listed $299,000 Active 996-char remark
4. 2025-07-09
   soldstatus $260,000
5. 2024-11-06
   soldstatus $245,000
6. 2024-11-01
   soldstatus $220,000 Closed 668-char remark

   Show marketing remark (668 chars)

   Investor Opportunity: High-Cash Flow Potential Attention investors! This property offers significant cash flow potential once completed. The first floor features a 3-bedroom, 1-bathroom unit, while the second floor boasts a spacious 5-bedroom, 2-bathroom unit. Key updates include a newer roof, brand new vinyl siding, and thermal pane windows. The heavy lifting has been done-all rough plumbing, electrical wiring, and panels are completed and ready for final inspection. With an impressive ARV, this property is worth the effort. Permits and work invoices are available upon request. This property is being sold as a package with 525 Allen St. (See MLS # 24038849)

7. 2024-09-12
   status Under Contract 668-char remark

   Show marketing remark (668 chars)

   Investor Opportunity: High-Cash Flow Potential Attention investors! This property offers significant cash flow potential once completed. The first floor features a 3-bedroom, 1-bathroom unit, while the second floor boasts a spacious 5-bedroom, 2-bathroom unit. Key updates include a newer roof, brand new vinyl siding, and thermal pane windows. The heavy lifting has been done-all rough plumbing, electrical wiring, and panels are completed and ready for final inspection. With an impressive ARV, this property is worth the effort. Permits and work invoices are available upon request. This property is being sold as a package with 525 Allen St. (See MLS # 24038849)

8. 2024-09-07
   price $275,000 668-char remark

   Show marketing remark (668 chars)

   Investor Opportunity: High-Cash Flow Potential Attention investors! This property offers significant cash flow potential once completed. The first floor features a 3-bedroom, 1-bathroom unit, while the second floor boasts a spacious 5-bedroom, 2-bathroom unit. Key updates include a newer roof, brand new vinyl siding, and thermal pane windows. The heavy lifting has been done-all rough plumbing, electrical wiring, and panels are completed and ready for final inspection. With an impressive ARV, this property is worth the effort. Permits and work invoices are available upon request. This property is being sold as a package with 525 Allen St. (See MLS # 24038849)

9. 2024-08-09
   listed $299,000 Active 668-char remark

   Show marketing remark (668 chars)

   Investor Opportunity: High-Cash Flow Potential Attention investors! This property offers significant cash flow potential once completed. The first floor features a 3-bedroom, 1-bathroom unit, while the second floor boasts a spacious 5-bedroom, 2-bathroom unit. Key updates include a newer roof, brand new vinyl siding, and thermal pane windows. The heavy lifting has been done-all rough plumbing, electrical wiring, and panels are completed and ready for final inspection. With an impressive ARV, this property is worth the effort. Permits and work invoices are available upon request. This property is being sold as a package with 525 Allen St. (See MLS # 24038849)

10. 2023-01-31
    status Under Contract

    Show marketing remark (585 chars)

    Come and check out this unique opportunity to buy 2 Adjacent Duplexes in a Very Desirable Area of New Britain! Close to Central Connecticut State University! MUST be purchased together with adjacent duplex which is a turn key multi family with the 1st Floor Occupied at $1,050 and 2nd Floor recently vacated and ready to move right in (Refer to listing for 525 Allen St: MLS Listing #170538385)! Finish Renovation Needed. New Architectural Roof & Vinyl Windows installed in 2022. Demolition & Landscape clearing completed. Large Lots with Off Street Parking on both properties.

11. 2023-01-31
    soldstatus $135,000 Closed

    Show marketing remark (585 chars)

    Come and check out this unique opportunity to buy 2 Adjacent Duplexes in a Very Desirable Area of New Britain! Close to Central Connecticut State University! MUST be purchased together with adjacent duplex which is a turn key multi family with the 1st Floor Occupied at $1,050 and 2nd Floor recently vacated and ready to move right in (Refer to listing for 525 Allen St: MLS Listing #170538385)! Finish Renovation Needed. New Architectural Roof & Vinyl Windows installed in 2022. Demolition & Landscape clearing completed. Large Lots with Off Street Parking on both properties.

12. 2023-01-31
    soldstatus $135,000

    Show marketing remark (585 chars)

    Come and check out this unique opportunity to buy 2 Adjacent Duplexes in a Very Desirable Area of New Britain! Close to Central Connecticut State University! MUST be purchased together with adjacent duplex which is a turn key multi family with the 1st Floor Occupied at $1,050 and 2nd Floor recently vacated and ready to move right in (Refer to listing for 525 Allen St: MLS Listing #170538385)! Finish Renovation Needed. New Architectural Roof & Vinyl Windows installed in 2022. Demolition & Landscape clearing completed. Large Lots with Off Street Parking on both properties.

13. 2022-12-20
    historical Under Contract - Continue to Show

    Show marketing remark (585 chars)

    Come and check out this unique opportunity to buy 2 Adjacent Duplexes in a Very Desirable Area of New Britain! Close to Central Connecticut State University! MUST be purchased together with adjacent duplex which is a turn key multi family with the 1st Floor Occupied at $1,050 and 2nd Floor recently vacated and ready to move right in (Refer to listing for 525 Allen St: MLS Listing #170538385)! Finish Renovation Needed. New Architectural Roof & Vinyl Windows installed in 2022. Demolition & Landscape clearing completed. Large Lots with Off Street Parking on both properties.

14. 2022-12-06
    listed $140,000 Active

    Show marketing remark (585 chars)

    Come and check out this unique opportunity to buy 2 Adjacent Duplexes in a Very Desirable Area of New Britain! Close to Central Connecticut State University! MUST be purchased together with adjacent duplex which is a turn key multi family with the 1st Floor Occupied at $1,050 and 2nd Floor recently vacated and ready to move right in (Refer to listing for 525 Allen St: MLS Listing #170538385)! Finish Renovation Needed. New Architectural Roof & Vinyl Windows installed in 2022. Demolition & Landscape clearing completed. Large Lots with Off Street Parking on both properties.

15. 2022-01-27
    soldstatus $140,000
16. 2022-01-21
    soldstatus $140,000 Closed
17. 2021-12-21
    listed $139,900 Active

ⓘ 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: $4,608 · $384/mo
• Projected year-2 tax: $5,503 · $459/mo
• Expected delta: +$895/yr (+$75/mo · 19.4%)

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

Taxation est. · year 1

• Rental income: $50,712
• − Mortgage interest: −$16,749
• − Property taxes: −$4,608
• − Insurance: −$1,495
• − Repairs & maintenance: −$4,057
• − Management: −$4,057
• − Depreciation: −$8,698
• Taxable income: $11,048
• Est. tax owed @ 24.0%: −$2,652
• After-tax cash flow: $12,492/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): 36,774
• Household income: $62,645
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 1835.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 47% Hispanic / Latino 36% Two or more races 13% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 25% Dominican 4%
• Common ancestry: Romanian 19% Lithuanian 3% Russian 1%
• Foreign-born: 22% · Canada, Vietnam, China
• Languages at home: 50% English-only · Spanish 26% Russian/Polish/Slavic 15% French/Haitian/Cajun 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: ▲ 65.76%
• Current HPI: 491.4724
• Rent YoY: ▲ 4.94%
• 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

+113.7% since first listed

18 events — show timeline

• 2026-05-29 Sold (MLS) $299,000 Smart MLS
• 2026-05-11 Pending — Smart MLS
• 2026-05-10 Contingent — Smart MLS
• 2026-04-26 Listed $299,000 Smart MLS
• 2025-07-09 Sold (Public Records) $260,000 Public Records
• 2024-11-06 Sold (Public Records) $245,000 Public Records
• 2024-11-01 Sold (MLS) $220,000 Smart MLS
• 2024-09-12 Pending — Smart MLS
• 2024-09-07 Price Changed $275,000 Smart MLS
• 2024-08-09 Listed $299,000 Smart MLS
• 2023-01-31 Pending — Smart MLS
• 2023-01-31 Sold (Public Records) $135,000 Public Records
• 2023-01-31 Sold (MLS) $135,000 Smart MLS
• 2022-12-20 Contingent — Smart MLS
• 2022-12-06 Listed $140,000 Smart MLS
• 2022-01-27 Sold (Public Records) $140,000 Public Records
• 2022-01-21 Sold (MLS) $140,000 Smart MLS
• 2021-12-21 Listed $139,900 Smart MLS

Property tax history

+2.6%/yr

Latest (2025): $4,608 · +28.1% YoY. Source: county tax records.