41-43 Kibbe St

Hartford, CT 06106

$375,000A-

9 bd · 3.0 ba · 3,389 sqft · Built 1900 · MultiFamily · Under Contract · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,980/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$625
• HOA: −$0
• Vac / Maint / Mgmt: −$1,466
• Net cashflow: $2,923/mo
• Annual: $35,072/yr
• Cap rate: 15.65%
• Cash-on-cash: 33.40%
• DSCR: 2.49
• 1% rule: 1.86%
• Cash to close: $105,000

Investor read

• This is a 3 × 3-bed/1-bath units multifamily listed at $375k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $974/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $375k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $8k of equity ($3k loan paydown + $5k appreciation (1.4% 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 (+2.4%/yr); 62 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At projected returns (1.4% appreciation + 2.4% rent growth), your $105k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k 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 $6,980/mo this rent would consume 181% of the median local household income ($46k/yr) (locally 3400% 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 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?
• 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: kitchen appliances — Old and worn, need replacement
• Major: bathroom fixtures — Dated and possibly in need of replacement
• Minor: kitchen flooring — Visible wear, could be refinished