490 South St · New Britain, CT 06051

$475,000

6 bd · 3.0 ba · 2,910 sqft · MultiFamily public records · 193 Days on market

Built 1880 0.26 ac lot $163/sqft · at area comps Est $453k · at est.

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Why this score? — see what drove the C 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 +19.9/30.0
• Appreciation +10.0/10.0
• DSCR +6.3/10.0
• ARV discount +5.3/15.0
• 1% rule +5.2/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.0/10.0

Multi-family units

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

Listing remarks MLS

Welcome to this turn key 3 family property in New Britain. This property delivers a rare opportunity perfect for investors, owner occupants or anyone seeking strong cash flow with zero delays! Each unit has generous layouts, updated kitchens and baths and move in ready finishes! With separate utilities, Natural gas heating & a clean basement for storage. Whether you're building a high performing investment portfolio or planning to live in one unit and let the others offset your mortgage, this renovated income producing multi-family offers exceptional value, long term stability and the flexibility today's buyers are looking for in one of Ct's strongest rental markets!

Key facts

• Separate utilities
• Updated baths
• Natural gas heating

Tags

• TURN KEY PROPERTY
• UPDATED KITCHENS
• UPDATED BATHS
• SEPARATE UTILITIES
• NATURAL GAS HEATING
• CLEAN BASEMENT

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $573 ($7k/yr) — positive. Per door: $191/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $475k).
• Recommended offer: $418k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.4% in New Britain — 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 74/100 on livability (#67 in CT, #4,936 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime D, employment D, schools F.
• New Britain School District (suburban): math 6% / reading 17% proficiency, ranked #153 of 153 in CT (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.6%/yr); 63 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $4,850/mo this rent would consume 114% of the median local household income ($51k/yr) (locally 2100% 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 $51k of equity ($3k loan paydown + $48k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 0.0% rent growth), your $133k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$82k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 193 days — a 12% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $96k; list at $475k implies a 395% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $418,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 193 days. Have you received any prior offers? Is the seller open to a 12% 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is D 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?
9. 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.
10. 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.
11. 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: 1.02% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.17%
• DSCR: 1.23
• GRM: 8.2

CMA / ARV

• ARV (median comp): $453,068
• List price: $475,000
• Delta: 4.84%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26 Upton St	0.17mi	6/2.0	2,688 (-8%)	1mo	$443,000	$165	75
31 Roosevelt St	0.15mi	6/2.0	2,600 (-11%)	8mo	$430,000	$165	64
80 Collins St	0.51mi	6/3.0	2,610 (-10%)	1mo	$507,000	$194	58
112 Austin St	0.73mi	6/3.0	2,766 (-5%)	1mo	$485,000	$175	57
411 Ellis St	0.58mi	5/3.0 (-1)	2,688 (-8%)	2mo	$450,000	$167	54
23 Edward St	0.67mi	6/3.0	2,482 (-15%)	4mo	$360,000	$145	40
5 Whitman St	0.62mi	6/2.0	2,540 (-13%)	10mo	$452,000	$178	38
25 William St	0.59mi	6/3.0	2,496 (-14%)	18mo	$415,000	$166	34

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

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 26.9%
• Equity multiple: 3.11×
• Total profit: $281,030
• Equity at exit: $427,918

10-year hold

• IRR: 22.7%
• Equity multiple: 6.82×
• Total profit: $773,559
• Equity at exit: $922,821

Cash invested: $133,000 (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 06051

• Home prices YoY: 9.0%
• Rents YoY: -0.6%
• Active inventory: 63
• Price-to-rent: 24.5×

Monthly cashflow live

• Estimated rent: $4,850 high
• Mortgage (P&I): −$2,491
• Tax from tax record: −$570 /mo · $6,837/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,018
• Net cashflow: $573

Break-even live

Break-even rent $4,125

Max offer price $475,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,851
Total (3 units)			$4,850

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
151 Fairview St New Britain, CT	6.0	3.0	4098	$1,800	$0.44	3d	1	1.03mi

Listing history 21 events

1. 2026-06-18
   days on market $475,000 Active 193 DOM
2. 2026-06-17
   days on market $475,000 Active 192 DOM
3. 2026-06-16
   days on market $475,000 Active 191 DOM
4. 2026-06-15
   days on market $475,000 Active 190 DOM
5. 2026-06-13
   days on market $475,000 Active 188 DOM
6. 2026-06-13
   days on market $475,000 Active 187 DOM
7. 2026-06-10
   days on market $475,000 Active 185 DOM
8. 2026-06-09
   days on market $475,000 Active 184 DOM
9. 2026-06-08
   days on market $475,000 Active 183 DOM
10. 2026-06-07
    days on market $475,000 Active 182 DOM
11. 2026-06-05
    days on market $475,000 Active 179 DOM
12. 2026-06-03
    days on market $475,000 Active 178 DOM
13. 2026-06-02
    days on market $475,000 Active 177 DOM
14. 2026-06-01
    days on market $475,000 Active 176 DOM
15. 2026-05-31
    days on market $475,000 Active 175 DOM
16. 2026-04-21
    price $475,000 680-char remark

    Show marketing remark (680 chars)

    Welcome to this turn key 3 family property in New Britain. This property delivers a rare opportunity perfect for investors, owner occupants or anyone seeking strong cash flow with zero delays! Each unit has generous layouts, updated kitchens and baths and move in ready finishes! With separate utilities, Natural gas heating & a clean basement for storage. Whether you're building a high performing investment portfolio or planning to live in one unit and let the others offset your mortgage, this renovated income producing multi-family offers exceptional value, long term stability and the flexibility today's buyers are looking for in one of Ct's strongest rental markets!

17. 2025-12-07
    listed $449,000 Active 680-char remark

    Show marketing remark (680 chars)

    Welcome to this turn key 3 family property in New Britain. This property delivers a rare opportunity perfect for investors, owner occupants or anyone seeking strong cash flow with zero delays! Each unit has generous layouts, updated kitchens and baths and move in ready finishes! With separate utilities, Natural gas heating & a clean basement for storage. Whether you're building a high performing investment portfolio or planning to live in one unit and let the others offset your mortgage, this renovated income producing multi-family offers exceptional value, long term stability and the flexibility today's buyers are looking for in one of Ct's strongest rental markets!

18. 2004-07-29
    soldstatus $96,000
19. 2004-07-28
    soldstatus $96,000 194-char remark

    Show marketing remark (194 chars)

    Hud case#061-151907 property to be sold in as is condition for more info go to hud internet site, all bids to be made on nternet.Uninsured.Freeze dmg,wtr dmg,evidence of mold, structural damage.

20. 2003-09-12
    listed $96,000 194-char remark

    Show marketing remark (194 chars)

    Hud case#061-151907 property to be sold in as is condition for more info go to hud internet site, all bids to be made on nternet.Uninsured.Freeze dmg,wtr dmg,evidence of mold, structural damage.

21. 1987-08-11
    soldstatus $136,300

ⓘ 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: $6,837 · $570/mo
• Projected year-2 tax: $8,501 · $708/mo
• Expected delta: +$1,664/yr (+$139/mo · 24.3%)

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

Taxation est. · year 1

• Rental income: $58,200
• − Mortgage interest: −$26,607
• − Property taxes: −$6,837
• − Insurance: −$2,375
• − Repairs & maintenance: −$4,656
• − Management: −$4,656
• − Depreciation: −$13,818
• Taxable loss: −$750
• Est. tax savings @ 24.0%: +$180
• After-tax cash flow: $7,054/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: New Britain School District
• NCES district ID: 0902670
• Math proficiency: 6% ▼ -6.00%
• Reading proficiency: 17% ▼ -5.00%
• Median HH income: $40,827
• Composite: 9.95/100
• National rank: #9816
• State rank: #153 of 153 in CT

Livability — New Britain

• Score: 74/100
• State rank: #67
• US rank: #4936

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Britain, CT
• County: Hartford County · 754,208 people
• City population: 66,322
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 29,548
• Household income: $51,022
• Rent vs Own: 68.9% rent · 31.1% own
• Severe rent burden: 2100.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: Hispanic / Latino 52% White 30% Two or more races 17% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 40% Dominican 4%
• Common ancestry: Romanian 7% Lithuanian 6% Slovak 1%
• Foreign-born: 15% · Canada, Jamaica
• Languages at home: 51% English-only · Spanish 39% Russian/Polish/Slavic 6% Arabic 3%

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: ▲ 31.52%
• Current HPI: 382.7816
• Rent YoY: ▼ -0.58%
• 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

+248.5% since first listed

6 events — show timeline

• 2026-04-21 Price Changed $475,000 Smart MLS
• 2025-12-07 Listed $449,000 Smart MLS
• 2004-07-29 Sold (Public Records) $96,000 Public Records
• 2004-07-28 Sold (MLS) $96,000 Smart MLS
• 2003-09-12 Listed $96,000 Smart MLS
• 1987-08-11 Sold (Public Records) $136,300 Public Records

Property tax history

+4.0%/yr

Latest (2025): $6,837 · +2.4% YoY. Source: county tax records.