464 Third Ave · West Haven, CT 06516

$519,000

5 bd · 2.0 ba · 2,556 sqft · MultiFamily public records · 25 Days on market

Built 1908 9,583 sqft lot $203/sqft · at area comps Est $509k · 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 +23.2/30.0
• DSCR +7.5/10.0
• ARV discount +6.6/15.0
• 1% rule +6.1/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Opportunity knocks for this centrally located 2 family house. Each unit features 2/3 bedrooms, living room, dining room and kitchen. Extra space in partially finished walk up attic. Needs work but offers a tremendous opportunity for owner occupants or investors. 2 car detached garage rounds out the picture. Come see today!

Key facts

• I-95
• Train station
• West haven beaches

Tags

• WEST HAVEN BEACHES
• TRAIN STATION
• I-95
• I-91
• MERRITT PARKWAY
• UNIVERSITY OF NEW HAVEN

Property features AI

Exterior

• Parking: Detached garage; 4 total parking spaces; 1 garage
• Utilities: Public water connection; Public sewer connection; Natural gas and oil fuel
• Home design: Multi-family property (2-family)
• Construction: Frame construction; Brick and masonry foundation
• Exterior features: Level lot; Vinyl siding; Asphalt shingle roof

Interior

• Bedrooms: 6 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot air heating; Window unit cooling
• Interior features: 12 total rooms; Full basement; Walk-up attic
• Laundry & utility: 40-gallon electric hot water tank

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $519k.

Deal economics

• At list price, monthly cash flow is $943 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $519k).
• Recommended offer: $511k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.3% in West Haven — 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 83/100 on livability (#6 in CT, #915 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D.
• West Haven School District (suburban): math 26% / reading 38% proficiency, ranked #121 of 153 in CT (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Haven High School (math 23% / reading 39%, grade F, #135 of 194 statewide, top 70%, 1,780 students, 53% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: Rents rising (+3.9%/yr); 146 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At $5,747/mo this rent would consume 93% of the median local household income ($74k/yr) (locally 2671% 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 $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($511k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $131k; list at $519k implies a 296% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% 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 $511,215 (1.5% below list)

Questions for the listing agent

1. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.11% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.78%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (median comp): $509,220
• List price: $519,000
• Delta: 1.92%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
440 Third Ave	0.05mi	6/3.0 (+1)	2,482 (-3%)	9mo	$500,000	$201	77
8 Prospect Pl	0.33mi	5/3.0	2,729 (+7%)	2mo	$629,900	$231	68
24 George St	0.48mi	4/2.0 (-1)	2,548 (-0%)	6mo	$550,000	$216	67
76 Center St	0.18mi	4/2.0 (-1)	2,201 (-14%)	2mo	$500,000	$227	62
327 Center St	0.48mi	6/4.0 (+1)	2,683 (+5%)	2mo	$450,000	$168	55
248 Elm St	0.39mi	5/3.0	2,851 (+12%)	9mo	$460,000	$161	51
33 Jones St	0.40mi	4/2.0 (-1)	2,288 (-10%)	9mo	$470,000	$205	51
105 Church St	0.60mi	5/2.5	2,291 (-10%)	5mo	$428,000	$187	48
626 Savin Ave	0.52mi	5/3.0	2,840 (+11%)	7mo	$560,000	$197	48
9 Bayview Pl	0.35mi	6/4.0 (+1)	2,796 (+9%)	9mo	$875,000	$313	48
72 Atwater St	0.59mi	5/3.5	2,215 (-13%)	5mo	$565,000	$255	40
90 Blohm St	0.67mi	6/2.0 (+1)	2,226 (-13%)	4mo	$550,000	$247	39

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 · 3.9% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-18,721
• Equity at exit: $77,385

10-year hold

• IRR: 7.3%
• Equity multiple: 1.57×
• Total profit: $83,326
• Equity at exit: $44,874

Cash invested: $145,320 (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 06516

• Rents YoY: 3.9%
• Active inventory: 146
• Price-to-rent: 22.6×

Monthly cashflow live

• Estimated rent: $5,747 high
• Mortgage (P&I): −$2,722
• Tax from tax record: −$660 /mo · $7,915/yr
• Insurance: −$216
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,207
• Net cashflow: $943

Break-even live

Break-even rent $4,554

Max offer price $519,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,748
Total (3 units)			$5,747

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: $129,750
• Closing costs: $15,570
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
203 Main St Unit 2nd fl West Haven, CT	4.0	1.0	1967	$2,400	$1.22	23d	1	0.09mi
17 Treadwell St West Haven, CT	4.0	1.0	2814	$2,450	$0.87	23d	1	0.15mi
37 Center St Unit 2 West Haven, CT	5.0	2.0	2500	$3,300	$1.32	2d	1	0.27mi
280 3rd Ave Unit 2nd fl West Haven, CT	4.0	2.0	1819	$2,500	$1.37	2d	1	0.37mi
36 Cassius St New Haven, CT	4.0	1.5	1872	$2,300	$1.23	43d	1	1.38mi
34 Cassius St Unit 36 New Haven, CT	5.0	2.0	1872	$2,300	$1.23	43d	1	1.38mi

Listing history 6 events

1. 2026-05-18
   price $519,000 542-char remark
2. 2026-05-01
   listed $536,000 Active 542-char remark
3. 2017-01-13
   soldstatus $131,000 324-char remark

   Show marketing remark (324 chars)

   Opportunity knocks for this centrally located 2 family house. Each unit features 2/3 bedrooms, living room, dining room and kitchen. Extra space in partially finished walk up attic. Needs work but offers a tremendous opportunity for owner occupants or investors. 2 car detached garage rounds out the picture. Come see today!

4. 2016-12-21
   historical 324-char remark

   Show marketing remark (324 chars)

   Opportunity knocks for this centrally located 2 family house. Each unit features 2/3 bedrooms, living room, dining room and kitchen. Extra space in partially finished walk up attic. Needs work but offers a tremendous opportunity for owner occupants or investors. 2 car detached garage rounds out the picture. Come see today!

5. 2016-10-12
   listed $132,900 324-char remark

   Show marketing remark (324 chars)

   Opportunity knocks for this centrally located 2 family house. Each unit features 2/3 bedrooms, living room, dining room and kitchen. Extra space in partially finished walk up attic. Needs work but offers a tremendous opportunity for owner occupants or investors. 2 car detached garage rounds out the picture. Come see today!

6. 1997-07-18
   soldstatus $92,900

ⓘ 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: $7,915 · $660/mo
• Projected year-2 tax: $9,511 · $793/mo
• Expected delta: +$1,596/yr (+$133/mo · 20.2%)

ⓘ 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 ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,964
• − Mortgage interest: −$29,072
• − Property taxes: −$7,915
• − Insurance: −$2,595
• − Repairs & maintenance: −$5,517
• − Management: −$5,517
• − Depreciation: −$15,098
• Taxable income: $3,250
• Est. tax owed @ 24.0%: −$780
• After-tax cash flow: $10,531/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: West Haven School District
• NCES district ID: 0904950
• Math proficiency: 26% ▼ -13.00%
• Reading proficiency: 38% ▼ -11.00%
• Median HH income: $52,405
• Composite: 28.05/100
• National rank: #6840
• State rank: #121 of 153 in CT

Livability — West Haven

• Score: 83/100
• State rank: #6
• US rank: #915

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Haven, CT
• County: New Haven County · 688,236 people
• City population: 55,351
• Metro: New Haven-Milford, CT
• Population (ZIP): 55,351
• Household income: $74,382
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 2671.0

Population outlook (South Central Connecticut County) Hauer SSP2

• By 2040: 608,362

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Hispanic / Latino 26% Black 18% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 11% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 3% Russian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 70% English-only · Spanish 17% Other Indo-European 5% Arabic 3%

Political lean MEDSL · South Central Connecticut

• 2024 margin: Strong D (+20.1) · D 59.0% · R 38.9% · Other 2.1%
• All cycles: 2024: D+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -312.86%
• Current HPI: 307.0655
• Rent YoY: ▲ 3.90%
• Metro: New Haven-Milford, 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

+458.7% since first listed

7 events — show timeline

• 2026-05-26 Pending — Smart MLS
• 2026-05-18 Price Changed $519,000 Smart MLS
• 2026-05-01 Listed $536,000 Smart MLS
• 2017-01-13 Sold (MLS) $131,000 Smart MLS
• 2016-12-21 Listing Removed — Smart MLS
• 2016-10-12 Listed $132,900 Smart MLS
• 1997-07-18 Sold (Public Records) $92,900 Public Records

Property tax history

+2.5%/yr

Latest (2023): $7,915 · +2.0% YoY. Source: county tax records.