187 Whitney St

Hartford, CT 06105

$649,000B+

42 bd · 49.0 ba · 4,514 sqft · Built 1921 · MultiFamily · Active · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,822/mo
• Mortgage (P&I): −$3,403
• Tax + insurance: −$1,082
• HOA: −$0
• Vac / Maint / Mgmt: −$2,903
• Net cashflow: $6,434/mo
• Annual: $77,211/yr
• Cap rate: 18.19%
• Cash-on-cash: 42.49%
• DSCR: 2.89
• 1% rule: 2.13%
• Cash to close: $181,720

Investor read

• This is a 7 × 6-bed/7.0-bath units multifamily listed at $649k. Condition is rated fair.
• At list price, monthly cash flow is $6k ($77k/yr) — positive. Per door: $919/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $649k).
• It's been on market 92 days — a 9% lower offer ($591k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $591k (9.0% below list) — sets the bar for market timing.
• 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.
• 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 1921 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.7%/yr); 47 active listings in the ZIP; lower-income renter base — watch delinquency; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• 6 sale attempts since 20y ago; this cycle's ask has dropped $51k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $315k; list at $649k implies a 106% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $182k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; 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 $13,822/mo this rent would consume 396% of the median local household income ($42k/yr) (locally 2389% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Severe weathering and visible damage
• Major: exterior siding — Significant wear and tear
• Major: landscaping — Overgrown and unkempt