38-40 Redding St · Hartford, CT 06114

$1,500,000

39 bd · 11.7 ba · 5,643 sqft · MultiFamily · 28 Days on market

Built 1926 Good condition 5,227 sqft lot

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Why this score? — see what drove the B+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.9/5.0
• Schools +1.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 13 units. estimate disagrees with records

Listing remarks

Exceptional opportunity to acquire a 13-unit mixed-use portfolio with 9% CAP rate, consisting of two solid brick assets totaling 13 units (12 residential + 1 commercial) across two buildings. Combined square footage of approximately 13,579 SF with a strong unit mix and in-place cash flow, plus additional upside potential. 38 Redding Street is a 6-unit multifamily located in the South End, offering six 2.5-bedroom, 1-bath units with 5,643 SF. Units feature hardwood floors throughout with some kitchen and bath updates. Utilities are separately metered and tenant-paid. No on-site laundry; on-street parking. 89 Barbour Street is a mixed-use property comprised of six 3-bedroom, 1-bath apartments

Key facts

• 5,227 sq ft lot
• Built 1926
• Listed 28 days

What this means for you Summary

Snapshot

• This is a 13 × 3-bed/?-bath units multifamily listed at $1.50M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $8k ($99k/yr) — positive. Per door: $633/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.50M).
• Recommended offer: $1.48M (1.5% below list) — sets the bar for market timing.

Location & tenants

• 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.
• Market conditions: Rents rising (+1.5%/yr); 54 active listings in the ZIP; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $23,546/mo this rent would consume 542% of the median local household income ($52k/yr) (locally 1897% 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 $160k of equity ($10k loan paydown + $150k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 1.5% rent growth), your $420k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$258k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($1.48M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $1,477,500 (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 1926 — 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 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?
6. 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?
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: 1.57% ✓
• Cap rate: 12.88%
• Cash-on-cash: 23.53%
• DSCR: 2.05
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 1.47% rent growth · sell at horizon

5-year hold

• IRR: 41.1%
• Equity multiple: 4.11×
• Total profit: $1,306,092
• Equity at exit: $1,351,319

10-year hold

• IRR: 34.9%
• Equity multiple: 9.02×
• Total profit: $3,366,450
• Equity at exit: $2,914,170

Cash invested: $420,000 (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 06114

• Home prices YoY: 4.7%
• Rents YoY: 1.5%
• Active inventory: 54
• Price-to-rent: 69.0×

Monthly cashflow live

• Estimated rent: $23,546 medium
• Mortgage (P&I): −$7,866
• Tax est. 1.5%: −$1,875 /mo · $22,500/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,945
• Net cashflow: $8,235

Break-even live

Break-even rent $13,122

Max offer price $1,500,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 13× units	3	—	$23,543
Total (13 units)			$23,546

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: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $1,500,000 Active 28 DOM
2. 2026-06-17
   days on market $1,500,000 Active 27 DOM
3. 2026-06-16
   days on market $1,500,000 Active 26 DOM
4. 2026-06-15
   days on market $1,500,000 Active 25 DOM
5. 2026-06-13
   days on market $1,500,000 Active 23 DOM
6. 2026-06-13
   days on market $1,500,000 Active 22 DOM
7. 2026-06-10
   days on market $1,500,000 Active 20 DOM
8. 2026-06-09
   days on market $1,500,000 Active 19 DOM
9. 2026-06-08
   days on market $1,500,000 Active 18 DOM
10. 2026-06-07
    days on market $1,500,000 Active 17 DOM
11. 2026-06-05
    days on market $1,500,000 Active 14 DOM
12. 2026-06-03
    days on market $1,500,000 Active 13 DOM
13. 2026-06-02
    days on market $1,500,000 Active 12 DOM
14. 2026-06-01
    days on market $1,500,000 Active 11 DOM
15. 2026-05-31
    days on market $1,500,000 Active 10 DOM
16. 2026-05-20
    historical
17. 2026-05-01
    listed $1,750,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $282,552
• − Mortgage interest: −$84,023
• − Property taxes: −$22,500
• − Insurance: −$7,500
• − Repairs & maintenance: −$22,604
• − Management: −$22,604
• − Depreciation: −$43,636
• Taxable income: $79,684
• Est. tax owed @ 24.0%: −$19,124
• After-tax cash flow: $79,698/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This 13-unit mixed-use property offers a good condition with updated kitchens and bathrooms. It is ready for cosmetic improvements to enhance its curb appeal and rental value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Rental Replace curtains — Improves rental appeal and comfort

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Rental Replace curtains — Improves rental appeal and comfort ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hartford School District
• NCES district ID: 0901920
• Math proficiency: 13% ▼ -5.00%
• Reading proficiency: 21% ▼ -6.00%
• Median HH income: $30,521
• Composite: 13.54/100
• National rank: #9514
• State rank: #150 of 153 in CT

Livability — Hartford

• Score: 76/100
• State rank: #58
• US rank: #3553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford, CT
• County: Hartford County · 754,208 people
• City population: 121,162
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 26,458
• Household income: $52,110
• Rent vs Own: 61.6% rent · 38.4% own
• Severe rent burden: 1897.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 60% White 19% Black 19% Two or more races 10% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 36% Dominican 6%
• Common ancestry: American 6% Romanian 1% Lithuanian 1%
• Foreign-born: 31% · Canada, Jamaica
• Languages at home: 36% English-only · Spanish 49% Russian/Polish/Slavic 8% Other Indo-European 4%

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: ▲ 16.02%
• Current HPI: 356.5892
• Rent YoY: ▲ 1.47%
• 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

2 events — show timeline

• 2026-05-20 Listing Removed — Smart MLS
• 2026-05-01 Listed $1,750,000 Smart MLS