119 Jefferson Ave · New London, CT 06320

$285,000

5 bd · 3.0 ba · 1,936 sqft · MultiFamily public records · 9 Days on market

Built 1890 10,454 sqft lot Est $360k · 21% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 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

Great opportunity to own and have tennants pay your mortgage, live free, great imcome property $ 2225 monthly it could easily be increased, absentee owner, home needs some cosmetic work. The numbers work!!!!!!!!!!

Key facts

• 0.24 acre lot
• Garage
• Built 1890

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $3k ($42k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $285k).
• Cap rate 20.9% vs local median 4.3% in New London — 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 (#66 in CT, #4,772 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A-, crime B+; Watch: employment D+, amenities F, commute F.
• New London School District (urban): math 11% / reading 21% proficiency, ranked #149 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: New London High School (math 2% / reading 12%, grade F, #188 of 194 statewide, top 98%, 532 students, 93% FRL) — zoned schools average 93% FRL vs 72% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 69 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 487 units permitted in Southeastern Connecticut Planning Region in 2024 (244 in 5+ unit buildings).
• At $6,741/mo this rent would consume 137% of the median local household income ($59k/yr) (locally 2014% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $80k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 23y 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 $228k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $285,000

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 1890 — 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 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?
6. 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.
7. 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.
8. 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: 2.37% ✓
• Cap rate: 20.93%
• Cash-on-cash: 52.27%
• DSCR: 3.33
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $360,096
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20 Lincoln Ct	0.26mi	5/3.0	2,015 (+4%)	10mo	$380,000	$189	73
26 Connecticut Ave	0.13mi	5/2.0	1,776 (-8%)	11mo	$330,000	$186	67
42 Spring St	0.21mi	4/2.0 (-1)	1,760 (-9%)	2mo	$360,000	$205	65
32 Center St	0.58mi	4/3.0 (-1)	1,920 (-1%)	7mo	$406,000	$211	60
18 W Pleasant St	0.21mi	6/2.0 (+1)	2,132 (+10%)	6mo	$280,000	$131	60
845 Bank St	0.30mi	6/2.0 (+1)	1,824 (-6%)	10mo	$390,000	$214	59
31 Grand St	0.15mi	4/2.0 (-1)	1,666 (-14%)	2mo	$295,000	$177	59
19 Colver St	0.23mi	6/2.0 (+1)	2,132 (+10%)	10mo	$300,000	$141	55
48 Moore Ave	0.57mi	5/3.0	2,074 (+7%)	10mo	$385,000	$186	54
25 W Coit St	0.20mi	4/2.0 (-1)	1,680 (-13%)	10mo	$280,000	$167	52
72 Brainard St	0.55mi	4/2.0 (-1)	2,088 (+8%)	1mo	$365,000	$175	51
23 Moore Ave	0.54mi	4/3.0 (-1)	2,184 (+13%)	8mo	$460,000	$211	42

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 · 0.7% rent growth · sell at horizon

5-year hold

• IRR: 47.7%
• Equity multiple: 3.00×
• Total profit: $159,977
• Equity at exit: $42,494

10-year hold

• IRR: 52.4%
• Equity multiple: 5.57×
• Total profit: $364,725
• Equity at exit: $24,642

Cash invested: $79,800 (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 06320

• Home prices YoY: -20.7%
• Rents YoY: 0.7%
• Active inventory: 69
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $6,741 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$236 /mo · $2,834/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,416
• Net cashflow: $3,476

Break-even live

Break-even rent $2,341

Max offer price $285,000

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$6,741
Total (3 units)			$6,741

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
78 West St Unit 2A New London, CT	4.0	4.0	1250	$1,895	$1.52	21d	1	0.55mi
32 Berkeley Ave Unit 2 New London, CT	4.0	1.0	1800	$2,500	$1.39	43d	1	0.77mi
47 Perry St Unit 2 New London, CT	4.0	2.0	1920	$2,750	$1.43	13d	1	0.93mi

Listing history 9 events

1. 2026-04-04
   status Under Contract
2. 2026-03-26
   listed $285,000 Active
3. 2026-03-24
   historical $285,000
4. 2005-03-25
   soldstatus $227,500 213-char remark

   Show marketing remark (213 chars)

   Great opportunity to own and have tennants pay your mortgage, live free, great imcome property $ 2225 monthly it could easily be increased, absentee owner, home needs some cosmetic work. The numbers work!!!!!!!!!!

5. 2005-03-09
   soldstatus $227,500
6. 2005-03-09
   soldstatus $227,500
7. 2004-12-30
   listed $234,900 213-char remark

   Show marketing remark (213 chars)

   Great opportunity to own and have tennants pay your mortgage, live free, great imcome property $ 2225 monthly it could easily be increased, absentee owner, home needs some cosmetic work. The numbers work!!!!!!!!!!

8. 2004-03-09
   soldstatus $158,500 35-char remark

   Show marketing remark (35 chars)

   1St floor vacant. Call for showing.

9. 2003-11-26
   listed $155,000 35-char remark

   Show marketing remark (35 chars)

   1St floor vacant. Call for showing.

ⓘ 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: $2,834 · $236/mo
• Projected year-2 tax: $4,466 · $372/mo
• Expected delta: +$1,632/yr (+$136/mo · 57.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $80,892
• − Mortgage interest: −$15,964
• − Property taxes: −$2,834
• − Insurance: −$1,425
• − Repairs & maintenance: −$6,471
• − Management: −$6,471
• − Depreciation: −$8,291
• Taxable income: $39,435
• Est. tax owed @ 24.0%: −$9,464
• After-tax cash flow: $32,246/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 London School District
• NCES district ID: 0902820
• Math proficiency: 11% ▼ -11.00%
• Reading proficiency: 21% ▼ -11.00%
• Median HH income: $40,640
• Composite: 13.66/100
• National rank: #9502
• State rank: #149 of 153 in CT

Livability — New London

• Score: 74/100
• State rank: #66
• US rank: #4772

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New London, CT
• County: New London County · 147,197 people
• City population: 27,703
• Metro: Norwich-New London, CT
• Population (ZIP): 27,703
• Household income: $59,170
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 2014.0

Population outlook (Southeastern Connecticut County) Hauer SSP2

• By 2040: 293,442

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 45% Hispanic / Latino 34% Black 13% Two or more races 13% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 17% Dominican 7%
• Common ancestry: Romanian 3% Hispanic 3% Lithuanian 1%
• Foreign-born: 19% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 27% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Southeastern Connecticut

• 2024 margin: D (+13.0) · D 55.6% · R 42.6% · Other 1.8%
• All cycles: 2024: D+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.39%
• Current HPI: 273.3024
• Rent YoY: ▲ 0.70%
• Metro: Norwich-New London, 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

+83.9% since first listed

9 events — show timeline

• 2026-04-04 Pending — Smart MLS
• 2026-03-26 Listed $285,000 Smart MLS
• 2026-03-24 Coming Soon $285,000 Smart MLS
• 2005-03-25 Sold (MLS) $227,500 Smart MLS
• 2005-03-09 Sold (Public Records) $227,500 Public Records
• 2005-03-09 Sold (Public Records) $227,500 Public Records
• 2004-12-30 Listed $234,900 Smart MLS
• 2004-03-09 Sold (MLS) $158,500 Smart MLS
• 2003-11-26 Listed $155,000 Smart MLS

Property tax history

-0.4%/yr

Latest (2023): $2,834 · -0.2% YoY. Source: county tax records.