31 William St · Danbury, CT 06810

$685,000

7 bd · 3.0 ba · 2,288 sqft · MultiFamily public records · 74 Days on market

Built 1900 3,049 sqft lot Est $620k · 10% 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 +21.6/30.0
• DSCR +6.9/10.0
• 1% rule +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• ARV discount +2.8/15.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 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 MLS

Nice 3 family house in a great location of down town Danbury. Gross income $4,000.00 monthly

Key facts

• Separate utilities
• Three family home
• Conveniently located

Tags

• INVESTMENT OPPORTUNITY
• THREE FAMILY HOME
• SEPARATE UTILITIES
• ON OFF STREET PARKING
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected; Natural gas hot water
• Home design: Multi-family property (3-family)
• Construction: Frame construction; Stone foundation; Built as a multi-family building
• Exterior features: Corner lot; Aluminum siding; Asphalt shingle roof

Interior

• Bedrooms: 7 bedrooms total
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heating; Natural gas heating fuel; Window units and ceiling fans for cooling; 50-gallon natural gas hot water tank
• Interior features: Total of 17 rooms; Home automation wiring and electric outlets throughout; Ceiling fans; Window air conditioning units; Has a walk-up attic; Crawl space with dirt floor

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $685k.

Deal economics

• At list price, monthly cash flow is $989 ($12k/yr) — positive. Per door: $330/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $684k (0.1% below list).
• Recommended offer: $644k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.6% in Danbury — 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 76/100 on livability (#51 in CT, #3,379 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities F, cost of living F.
• Danbury School District (urban): math 19% / reading 32% proficiency, ranked #131 of 153 in CT (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Park Avenue School (math 16% / reading 17%, grade F, #466 of 553 statewide, top 84%, 608 students, 53% FRL); Danbury High School (math 19% / reading 41%, grade F, #137 of 194 statewide, top 70%, 3,590 students, 48% FRL).
• Market conditions: Rents rising (+3.1%/yr); 197 active listings in the ZIP; solid renter incomes; 1,151 units permitted in Western Connecticut Planning Region in 2024 (714 in 5+ unit buildings).
• At $6,845/mo this rent would consume 107% of the median local household income ($77k/yr) (locally 3255% 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 $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($644k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 30y ago; this cycle's ask has dropped $65k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $350k; list at $685k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $643,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 8.12%
• Cash-on-cash: 6.54%
• DSCR: 1.29
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $620,048
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32 Spring St	0.38mi	6/3.0 (-1)	2,174 (-5%)	7mo	$520,000	$239	63
17 Pleasant St	0.27mi	6/2.0 (-1)	2,451 (+7%)	9mo	$665,000	$271	59
10-12 William St	0.12mi	8/4.0 (+1)	2,464 (+8%)	18mo	$679,000	$276	57

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 · 3.08% rent growth · sell at horizon

5-year hold

• IRR: -6.7%
• Equity multiple: 0.75×
• Total profit: $-47,535
• Equity at exit: $102,136

10-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $41,632
• Equity at exit: $59,226

Cash invested: $191,800 (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 06810

• Rents YoY: 3.1%
• Active inventory: 197
• Price-to-rent: 25.0×

Monthly cashflow live

• Estimated rent: $6,845 high
• Mortgage (P&I): −$3,592
• Tax from tax record: −$485 /mo · $5,822/yr
• Insurance: −$285
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,437
• Net cashflow: $989

Break-even live

Break-even rent $5,593

Max offer price $685,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$6,846
Total (3 units)			$6,845

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: $171,250
• Closing costs: $20,550
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-04-18
   status Under Contract
2. 2026-04-10
   status Active
3. 2026-04-09
   historical
4. 2026-03-24
   price $685,000
5. 2026-02-16
   price $714,900
6. 2026-02-02
   listed $749,900 Active
7. 2025-10-14
   historical
8. 2025-09-10
   listed $749,900 Active
9. 2024-05-16
   historical $1,650
10. 2024-05-09
    price $1,650
11. 2024-04-23
    price $1,700
12. 2024-04-12
    listed $1,800
13. 2024-04-10
    historical $1,800
14. 2024-04-03
    listed $1,800
15. 2020-09-09
    soldstatus $350,000
16. 2020-09-04
    soldstatus $335,000 Closed 92-char remark

    Show marketing remark (92 chars)

    Nice 3 family house in a great location of down town Danbury. Gross income $4,000.00 monthly

17. 2020-06-23
    historical Under Contract - Continue to Show 92-char remark

    Show marketing remark (92 chars)

    Nice 3 family house in a great location of down town Danbury. Gross income $4,000.00 monthly

18. 2020-06-04
    listed $355,000 Active 92-char remark

    Show marketing remark (92 chars)

    Nice 3 family house in a great location of down town Danbury. Gross income $4,000.00 monthly

19. 2020-06-03
    historical $355,000 92-char remark

    Show marketing remark (92 chars)

    Nice 3 family house in a great location of down town Danbury. Gross income $4,000.00 monthly

20. 2019-08-21
    historical
21. 2019-05-14
    status Active
22. 2019-05-14
    historical
23. 2019-04-12
    price $399,000
24. 2019-03-23
    price $408,000
25. 2019-03-07
    price $411,000
26. 2019-02-08
    price $416,000
27. 2019-01-22
    price $419,000
28. 2018-12-22
    price $424,000
29. 2018-11-26
    price $434,000
30. 2018-11-12
    listed $439,000 Active
31. 2016-07-27
    soldstatus $125,000
32. 2015-12-23
    listed $125,000
33. 2015-12-14
    historical
34. 2015-06-23
    listed $100,000
35. 2000-02-05
    soldstatus $95,000
36. 1999-12-17
    listed $94,900
37. 1996-07-29
    historical
38. 1996-03-12
    listed $98,900

ⓘ 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: $5,822 · $485/mo
• Projected year-2 tax: $10,240 · $853/mo
• Expected delta: +$4,418/yr (+$368/mo · 75.9%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $82,140
• − Mortgage interest: −$38,371
• − Property taxes: −$5,822
• − Insurance: −$4,092
• − Repairs & maintenance: −$6,571
• − Management: −$6,571
• − Depreciation: −$19,927
• Taxable income: $786
• Est. tax owed @ 24.0%: −$189
• After-tax cash flow: $11,682/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: Danbury School District
• NCES district ID: 0901020
• Math proficiency: 19% ▼ -17.00%
• Reading proficiency: 32% ▼ -16.00%
• Median HH income: $65,793
• Composite: 23.93/100
• National rank: #7784
• State rank: #131 of 153 in CT

Livability — Danbury

• Score: 76/100
• State rank: #51
• US rank: #3379

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Danbury, CT
• County: Fairfield County · 765,532 people
• City population: 87,061
• Metro: Bridgeport-Stamford-Norwalk, CT
• Population (ZIP): 55,833
• Household income: $76,933
• Rent vs Own: 59.5% rent · 40.5% own
• Severe rent burden: 3255.0

Population outlook (Western Connecticut County) Hauer SSP2

• By 2040: 685,031

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Hispanic / Latino 37% White 35% Two or more races 19% Black 12% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Dominican 6%
• Common ancestry: Estonian 8% Russian 4% Romanian 3%
• Foreign-born: 41% · Canada, Jamaica, Dominican Republic
• Languages at home: 48% English-only · Spanish 32% Other Indo-European 16% Other Asian/Pacific 1%

Political lean MEDSL · Western Connecticut

• 2024 margin: D (+19.1) · D 58.8% · R 39.7% · Other 1.6%
• All cycles: 2024: D+19.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -309.71%
• Current HPI: 286.5484
• Rent YoY: ▲ 3.08%
• Metro: Bridgeport-Stamford-Norwalk, 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

+592.6% since first listed

38 events — show timeline

• 2026-04-18 Pending — Smart MLS
• 2026-04-10 Relisted — Smart MLS
• 2026-04-09 Listing Removed — Smart MLS
• 2026-03-24 Price Changed $685,000 Smart MLS
• 2026-02-16 Price Changed $714,900 Smart MLS
• 2026-02-02 Listed $749,900 Smart MLS
• 2025-10-14 Listing Removed — Smart MLS
• 2025-09-10 Listed $749,900 Smart MLS
• 2024-05-16 Rental Removed $1,650 APPFOLIO
• 2024-05-09 Price Changed $1,650 APPFOLIO
• 2024-04-23 Price Changed $1,700 APPFOLIO
• 2024-04-12 Listed for Rent $1,800 APPFOLIO
• 2024-04-10 Rental Removed $1,800 APPFOLIO
• 2024-04-03 Listed for Rent $1,800 APPFOLIO
• 2020-09-09 Sold (Public Records) $350,000 Public Records
• 2020-09-04 Sold (MLS) $335,000 Smart MLS
• 2020-06-23 Contingent — Smart MLS
• 2020-06-04 Listed $355,000 Smart MLS
• 2020-06-03 Coming Soon $355,000 Smart MLS
• 2019-08-21 Listing Removed — Smart MLS
• 2019-05-14 Relisted — Smart MLS
• 2019-05-14 Listing Removed — Smart MLS
• 2019-04-12 Price Changed $399,000 Smart MLS
• 2019-03-23 Price Changed $408,000 Smart MLS
• 2019-03-07 Price Changed $411,000 Smart MLS
• 2019-02-08 Price Changed $416,000 Smart MLS
• 2019-01-22 Price Changed $419,000 Smart MLS
• 2018-12-22 Price Changed $424,000 Smart MLS
• 2018-11-26 Price Changed $434,000 Smart MLS
• 2018-11-12 Listed $439,000 Smart MLS
• 2016-07-27 Sold (MLS) $125,000 Smart MLS
• 2015-12-23 Listed $125,000 Smart MLS
• 2015-12-14 Listing Removed — Smart MLS
• 2015-06-23 Listed $100,000 Smart MLS
• 2000-02-05 Sold (MLS) $95,000 Smart MLS
• 1999-12-17 Listed $94,900 Smart MLS
• 1996-07-29 Listing Removed — Smart MLS
• 1996-03-12 Listed $98,900 Smart MLS

Property tax history

+5.4%/yr

Latest (2023): $5,822 · +14.6% YoY. Source: county tax records.