18 Walnut St · West Haven, CT 06516

$618,800

5 bd · 3.0 ba · 3,180 sqft · MultiFamily public records · 53 Days on market

Built 1910 6,098 sqft lot $195/sqft · 12% above area Est $553k · 12% over

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Why this score? — see what drove the D 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 +18.8/30.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• ARV discount +2.2/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

NICE 3 FAMILY LARGE ROOM RENTS ARE BELOW MARKET NICE ST , , SOLD AS IS , , MUST SHOW POF BEFORE SHOWING , , 1 MILE FROM TRAIN ST AND BEACH , ,, WONT LAST BROKER OWNED

Key facts

• 1 mile from beach
• 1 mile from train st
• 6,098 sq ft lot

Tags

• 1 MILE FROM TRAIN ST
• 1 MILE FROM BEACH

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected; Gas available in street
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Stone foundation; Fiberglass shingle roof
• Exterior features: Level lot; Vinyl siding

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot air heating; Natural gas hot water (30-gallon tank)
• Interior features: 14 total rooms; Full, shared basement; Attic with access via hatch
• Laundry & utility: Basement laundry hook-ups

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $619k.

Deal economics

• At list price, monthly cash flow is $626 ($8k/yr) — positive. Per door: $209/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $619k).
• Recommended offer: $600k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 4.3% in West Haven — 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 83/100 on livability (#6 in CT, #915 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D.
• West Haven School District (suburban): math 26% / reading 38% proficiency, ranked #121 of 153 in CT (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Haven High School (math 23% / reading 39%, grade F, #135 of 194 statewide, top 70%, 1,780 students, 53% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: Rents rising (+3.9%/yr); 151 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $6,204/mo this rent would consume 100% of the median local household income ($74k/yr) (locally 2671% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($600k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $210k; list at $619k implies a 195% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 60% 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.

Recommended offer $600,236 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 1.00% ✓
• Cap rate: 7.51%
• Cash-on-cash: 4.34%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (median comp): $553,482
• List price: $618,800
• Delta: 11.80%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
75 Leete St	0.16mi	6/3.0 (+1)	3,203 (+1%)	7mo	$517,000	$161	80
405 Savin Ave	0.20mi	5/3.0	3,367 (+6%)	4mo	$650,000	$193	78
222-224 Washington Ave	0.20mi	5/4.0	2,962 (-7%)	2mo	$630,000	$213	73
88 William St	0.32mi	4/3.0 (-1)	3,119 (-2%)	5mo	$428,000	$137	73
541 Savin Ave	0.13mi	5/3.0	3,518 (+11%)	8mo	$605,000	$172	69
626 Savin Ave	0.29mi	5/3.0	2,840 (-11%)	7mo	$560,000	$197	63
782 Savin Ave	0.58mi	4/2.0 (-1)	3,180 (0%)	6mo	$509,000	$160	59
638 Washington Ave	0.69mi	5/3.0	3,236 (+2%)	7mo	$515,000	$159	59
126 Richards Pl	0.75mi	6/3.0 (+1)	3,098 (-3%)	1mo	$420,000	$136	55
634 Washington Ave	0.68mi	5/3.0	3,052 (-4%)	10mo	$465,000	$152	53
248 Elm St	0.71mi	5/3.0	2,851 (-10%)	9mo	$460,000	$161	42
201 Center St	0.64mi	6/4.0 (+1)	2,710 (-15%)	10mo	$560,000	$207	28

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

Projected returns pro-forma

-3.0% appreciation · 3.9% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.68×
• Total profit: $-54,613
• Equity at exit: $92,265

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $27,884
• Equity at exit: $53,503

Cash invested: $173,264 (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 06516

• Rents YoY: 3.9%
• Active inventory: 151
• Price-to-rent: 24.9×

Monthly cashflow live

• Estimated rent: $6,204 high
• Mortgage (P&I): −$3,245
• Tax from tax record: −$772 /mo · $9,262/yr
• Insurance: −$258
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,303
• Net cashflow: $626

Break-even live

Break-even rent $5,411

Max offer price $618,800

Occupancy floor 85%

Sensitivity live

Price	-10% $977	-5% $802	+0% $626	+5% $451	+10% $276
Rent	-10% $136	-5% $381	+0% $626	+5% $871	+10% $1,117
Rate	-1.0pp $938	-0.5pp $784	base $626	+0.5pp $466	+1.0pp $303

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$6,204
Total (3 units)			$6,204

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: $154,700
• Closing costs: $18,564
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17 Treadwell St West Haven, CT	4.0	1.0	2814	$2,450	$0.87	25d	1	0.52mi
37 Center St Unit 2 West Haven, CT	5.0	2.0	2500	$3,300	$1.32	4d	1	0.91mi

Listing history 13 events

1. 2026-06-13
   days on market $618,800 Active 53 DOM
2. 2026-06-10
   days on market $618,800 Active 51 DOM
3. 2026-06-09
   days on market $618,800 Active 50 DOM
4. 2026-06-08
   days on market $618,800 Active 49 DOM
5. 2026-06-07
   days on market $618,800 Active 48 DOM
6. 2026-06-05
   days on market $618,800 Active 45 DOM
7. 2026-06-03
   days on market $618,800 Active 44 DOM
8. 2026-06-03
   days on market $618,800 Active 43 DOM
9. 2026-06-01
   days on market $618,800 Active 42 DOM
10. 2026-05-31
    days on market $618,800 Active 41 DOM
11. 2026-04-20
    listed $618,800 Active 164-char remark
12. 1989-01-11
    soldstatus $210,000
13. 1988-08-11
    soldstatus $201,400

ⓘ 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: $9,262 · $772/mo
• Projected year-2 tax: $11,252 · $938/mo
• Expected delta: +$1,990/yr (+$166/mo · 21.5%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $74,448
• − Mortgage interest: −$34,662
• − Property taxes: −$9,262
• − Insurance: −$3,094
• − Repairs & maintenance: −$5,956
• − Management: −$5,956
• − Depreciation: −$18,001
• Taxable loss: −$2,484
• Est. tax savings @ 24.0%: +$596
• After-tax cash flow: $8,113/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: West Haven School District
• NCES district ID: 0904950
• Math proficiency: 26% ▼ -13.00%
• Reading proficiency: 38% ▼ -11.00%
• Median HH income: $52,405
• Composite: 28.05/100
• National rank: #6840
• State rank: #121 of 153 in CT

Livability — West Haven

• Score: 83/100
• State rank: #6
• US rank: #915

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Haven, CT
• County: New Haven County · 688,236 people
• City population: 55,351
• Metro: New Haven-Milford, CT
• Population (ZIP): 55,351
• Household income: $74,382
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2671.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Hispanic / Latino 26% Black 18% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 11% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 3% Russian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 70% English-only · Spanish 17% Other Indo-European 5% Arabic 3%

Political lean MEDSL · South Central Connecticut

• 2024 margin: Strong D (+20.1) · D 59.0% · R 38.9% · Other 2.1%
• All cycles: 2024: D+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -312.86%
• Current HPI: 307.0655
• Rent YoY: ▲ 3.90%
• Metro: New Haven-Milford, 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

+207.2% since first listed

4 events — show timeline

• 2026-06-13 Listing Removed — Smart MLS
• 2026-04-20 Listed $618,800 Smart MLS
• 1989-01-11 Sold (Public Records) $210,000 Public Records
• 1988-08-11 Sold (Public Records) $201,400 Public Records

Property tax history

+3.2%/yr

Latest (2023): $9,262 · +2.0% YoY. Source: county tax records.