203 School St · Putnam, CT 06260

$374,500

5 bd · 3.0 ba · 1,887 sqft · MultiFamily public records · 28 Days on market

Built 1900 3,920 sqft lot Est $308k · 22% 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 +17.5/30.0
• DSCR +5.5/10.0
• 1% rule +4.0/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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 MLS

Investment Opportunity: 3-Family Home in Putnam, CT Discover a unique investment in Putnam, CT: a 3-family home currently generating $2,750/mo in rental income. With two 2-bedroom units and a cozy 1-bedroom unit, this property offers immediate cash flow and diverse tenant appeal. Although in need of repair, it presents a prime opportunity for value addition and increased returns. **Highlights:** - **Location:** Prime spot in vibrant Putnam. - **Income:** $2,750/mo from 3 units. - **Potential:** High renovation potential to boost value and appeal. - **Units:** Two 2-bedrooms and one 1-bedroom. - **Investment:** Perfect for both new and seasoned investors. Ideal for those looking to refurbish and capitalize on the growing demand in Putnam. This is more than just a property; it's a chance to shape and enhance a project with significant upside. Don't miss out on this investment ripe with potential for growth and profitability. Excellent opportunity for someone to do the BRRR Strategy, will not go through FHA or VA financing as is

Key facts

• 3,920 sq ft lot
• Built 1900
• Listed 28 days

What this means for you Summary

Snapshot

• This is a 2×2bd/1.5ba + 1×1bd/1.5ba units multifamily listed at $374k.

Deal economics

• At list price, monthly cash flow is $290 ($3k/yr) — positive. Per door: $97/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 $339k (9.6% below list).
• Recommended offer: $339k (9.6% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.5% in Putnam — 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 66/100 on livability (#117 in CT) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: health & safety D+, amenities F, commute F.
• Putnam School District (suburban): math 25% / reading 34% proficiency, ranked #126 of 153 in CT (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Putnam High School (math 34% / reading 54%, grade F, #94 of 194 statewide, top 49%, 253 students, 48% FRL) — zoned schools at 48% FRL track the district average.
• Zoned-school proficiency averages 44% at this address vs 30% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Putnam School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 58 active listings in the ZIP; 149 units permitted in Northeastern Connecticut Planning Region in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $220k; list at $374k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 58% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $338,700 (9.6% 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 1900 — 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. 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?
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: 0.90% ✗
• Cap rate: 7.22%
• Cash-on-cash: 3.32%
• DSCR: 1.15
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $307,581
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
203 School St	0.00mi	5/3.0	1,887 (0%)	1mo	$367,150	$195	99
19 Bolles St	0.06mi	4/2.0 (-1)	1,820 (-4%)	1mo	$297,500	$163	81
54 Farrows St	0.33mi	5/2.0	1,938 (+3%)	12mo	$330,000	$170	66
29 Bellevue St	0.42mi	4/2.0 (-1)	2,036 (+8%)	2mo	$321,645	$158	56
68 Battey St	0.58mi	5/2.0	1,824 (-3%)	15mo	$240,000	$132	51
41-43 Mill St	0.41mi	4/2.0 (-1)	2,128 (+13%)	1mo	$250,000	$117	50
126 Powhattan St	0.30mi	4/3.0 (-1)	2,116 (+12%)	15mo	$253,500	$120	48
48 Smith St	0.56mi	5/2.0	1,714 (-9%)	19mo	$365,000	$213	38
46 School St	0.37mi	4/2.0 (-1)	1,662 (-12%)	20mo	$230,000	$138	37
39 Battey St	0.53mi	4/2.0 (-1)	1,605 (-15%)	7mo	$300,000	$187	36
24-26 High St	0.64mi	6/2.0 (+1)	2,022 (+7%)	16mo	$360,000	$178	35
68-70 Smith St	0.60mi	6/3.5 (+1)	2,100 (+11%)	14mo	$225,000	$107	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.60×
• Total profit: $-42,287
• Equity at exit: $55,839

10-year hold

• IRR: -1.9%
• Equity multiple: 0.87×
• Total profit: $-13,335
• Equity at exit: $32,380

Cash invested: $104,860 (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 06260

• Home prices YoY: -4.3%
• Active inventory: 58
• Price-to-rent: 27.0×

Monthly cashflow live

• Estimated rent: $3,387 medium
• Mortgage (P&I): −$1,964
• Tax from tax record: −$266 /mo · $3,189/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$711
• Net cashflow: $290

Break-even live

Break-even rent $3,020

Max offer price $374,500

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,314
1× unit	1	1.5	$1,072
Total (3 units)			$3,387

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: $93,625
• Closing costs: $11,235
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-04-25
   status Under Contract
2. 2026-04-11
   status Active
3. 2026-04-02
   status Under Contract
4. 2026-04-02
   status Active
5. 2026-03-19
   historical
6. 2026-03-18
   price $374,500
7. 2026-03-05
   listed $379,900 Active
8. 2026-02-20
   historical $379,900
9. 2024-05-09
   soldstatus $220,000 Closed 1046-char remark

   Show marketing remark (1046 chars)

   Investment Opportunity: 3-Family Home in Putnam, CT Discover a unique investment in Putnam, CT: a 3-family home currently generating $2,750/mo in rental income. With two 2-bedroom units and a cozy 1-bedroom unit, this property offers immediate cash flow and diverse tenant appeal. Although in need of repair, it presents a prime opportunity for value addition and increased returns. **Highlights:** - **Location:** Prime spot in vibrant Putnam. - **Income:** $2,750/mo from 3 units. - **Potential:** High renovation potential to boost value and appeal. - **Units:** Two 2-bedrooms and one 1-bedroom. - **Investment:** Perfect for both new and seasoned investors. Ideal for those looking to refurbish and capitalize on the growing demand in Putnam. This is more than just a property; it's a chance to shape and enhance a project with significant upside. Don't miss out on this investment ripe with potential for growth and profitability. Excellent opportunity for someone to do the BRRR Strategy, will not go through FHA or VA financing as is

10. 2024-04-11
    status Under Contract 1046-char remark

    Show marketing remark (1046 chars)

    Investment Opportunity: 3-Family Home in Putnam, CT Discover a unique investment in Putnam, CT: a 3-family home currently generating $2,750/mo in rental income. With two 2-bedroom units and a cozy 1-bedroom unit, this property offers immediate cash flow and diverse tenant appeal. Although in need of repair, it presents a prime opportunity for value addition and increased returns. **Highlights:** - **Location:** Prime spot in vibrant Putnam. - **Income:** $2,750/mo from 3 units. - **Potential:** High renovation potential to boost value and appeal. - **Units:** Two 2-bedrooms and one 1-bedroom. - **Investment:** Perfect for both new and seasoned investors. Ideal for those looking to refurbish and capitalize on the growing demand in Putnam. This is more than just a property; it's a chance to shape and enhance a project with significant upside. Don't miss out on this investment ripe with potential for growth and profitability. Excellent opportunity for someone to do the BRRR Strategy, will not go through FHA or VA financing as is

11. 2024-04-01
    listed $219,999 Active 1046-char remark

    Show marketing remark (1046 chars)

    Investment Opportunity: 3-Family Home in Putnam, CT Discover a unique investment in Putnam, CT: a 3-family home currently generating $2,750/mo in rental income. With two 2-bedroom units and a cozy 1-bedroom unit, this property offers immediate cash flow and diverse tenant appeal. Although in need of repair, it presents a prime opportunity for value addition and increased returns. **Highlights:** - **Location:** Prime spot in vibrant Putnam. - **Income:** $2,750/mo from 3 units. - **Potential:** High renovation potential to boost value and appeal. - **Units:** Two 2-bedrooms and one 1-bedroom. - **Investment:** Perfect for both new and seasoned investors. Ideal for those looking to refurbish and capitalize on the growing demand in Putnam. This is more than just a property; it's a chance to shape and enhance a project with significant upside. Don't miss out on this investment ripe with potential for growth and profitability. Excellent opportunity for someone to do the BRRR Strategy, will not go through FHA or VA financing as is

12. 2011-01-28
    soldstatus $300,000
13. 1986-12-31
    soldstatus $36,000

ⓘ 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: $3,189 · $266/mo
• Projected year-2 tax: $5,602 · $467/mo
• Expected delta: +$2,413/yr (+$201/mo · 75.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,644
• − Mortgage interest: −$20,978
• − Property taxes: −$3,189
• − Insurance: −$1,872
• − Repairs & maintenance: −$3,252
• − Management: −$3,252
• − Depreciation: −$10,895
• Taxable loss: −$2,793
• Est. tax savings @ 24.0%: +$670
• After-tax cash flow: $4,151/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: Putnam School District
• NCES district ID: 0903480
• Math proficiency: 25% ▼ -12.00%
• Reading proficiency: 34% ▼ -19.00%
• Median HH income: $51,031
• Composite: 25.85/100
• National rank: #7349
• State rank: #126 of 153 in CT

Livability — Putnam

• Score: 66/100
• State rank: #117
• US rank: #11486

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Putnam, CT
• Population (ZIP): 9,227

Population outlook (Northeastern Connecticut County) Hauer SSP2

• By 2040: 104,160

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 7% Two or more races 6% Black 2% Asian 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Lithuanian 18% Romanian 5% Scotch-Irish 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 4% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Northeastern Connecticut

• 2024 margin: R (+15.4) · D 41.5% · R 57.0% · Other 1.5%
• All cycles: 2024: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -14.95%
• Current HPI: 332.9661
• Rent YoY: —
• Metro: —
• 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

+940.3% since first listed

13 events — show timeline

• 2026-04-25 Pending — Smart MLS
• 2026-04-11 Relisted — Smart MLS
• 2026-04-02 Pending — Smart MLS
• 2026-04-02 Relisted — Smart MLS
• 2026-03-19 Listing Removed — Smart MLS
• 2026-03-18 Price Changed $374,500 Smart MLS
• 2026-03-05 Listed $379,900 Smart MLS
• 2026-02-20 Coming Soon $379,900 Smart MLS
• 2024-05-09 Sold (MLS) $220,000 Smart MLS
• 2024-04-11 Pending — Smart MLS
• 2024-04-01 Listed $219,999 Smart MLS
• 2011-01-28 Sold (Public Records) $300,000 Public Records
• 1986-12-31 Sold (Public Records) $36,000 Public Records

Property tax history

+4.1%/yr

Latest (2023): $3,189 · +3.6% YoY. Source: county tax records.