62-64 Chapman St · Putnam, CT 06260

$374,900

6 bd · 3.0 ba · 3,591 sqft · MultiFamily · 8 Days on market

Built 1840 Fair condition 8,276 sqft lot $104/sqft · 7% below area Est $403k · 7% under

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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 +26.8/30.0
• ARV discount +10.6/15.0
• DSCR +9.2/10.0
• 1% rule +7.2/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

Incredible turnkey 3-unit opportunity offering strong rental income in a highly convenient Putnam location! This well-maintained property features 2 spacious 3-bedroom units, each w/ a desirable layout including living room, dining room & kitchen on the 1st floor, plus 3 generously sized bedrooms & full bath on the 2nd floor. The 1-bedroom unit offers impressive space as well, featuring an oversized bedroom, enormous walk-in closet & oversized bath. In-unit laundry, off-street parking & separate utilities add to the appeal. Mechanicals include 3 gas boilers (2 less than 10 years old), 2 gas hot water heaters, 1 electric hot water heater, and roof replacements completed in 2 sections approx. 2016 & 2026. Just minutes to the highway for an easy commute to Worcester, Providence & even Boston. Excellent income potential, strong layout, and turnkey condition make this a rare find at this price!

Key facts

• 8,276 sq ft lot
• 6 parking spots
• Built 1840

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $375k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $340/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $375k).
• Cap rate 9.6% vs local median 3.4% 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+, schools D-, amenities 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.
• Market conditions: 59 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $105k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1840 — 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 $374,900

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1840 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.22% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.67%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

• ARV (median comp): $402,960
• List price: $374,900
• Delta: -6.96%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 Wilkinson St	0.28mi	5/3.5 (-1)	3,719 (+4%)	4mo	$440,000	$118	71
64-66 Ring St	0.17mi	7/3.0 (+1)	3,825 (+6%)	15mo	$370,000	$97	64
133 Grove St	0.12mi	7/3.0 (+1)	3,818 (+6%)	22mo	$450,000	$118	61
70-74 Grove St	0.18mi	6/2.0	3,337 (-7%)	21mo	$365,000	$109	58
114 Grove St	0.16mi	6/4.0	4,014 (+12%)	18mo	$490,000	$122	54
182 Grove St	0.18mi	6/4.0	3,139 (-13%)	18mo	$330,000	$105	52

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: 1.1%
• Equity multiple: 1.04×
• Total profit: $4,349
• Equity at exit: $55,899

10-year hold

• IRR: 10.7%
• Equity multiple: 1.84×
• Total profit: $87,804
• Equity at exit: $32,415

Cash invested: $104,972 (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: 59
• Price-to-rent: 20.5×

Monthly cashflow live

• Estimated rent: $4,572 high
• Mortgage (P&I): −$1,966
• Tax est. 1.5%: −$469 /mo · $5,624/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$960
• Net cashflow: $1,021

Break-even live

Break-even rent $3,280

Max offer price $374,900

Occupancy floor 73%

Sensitivity live

Price	-10% $1,280	-5% $1,151	+0% $1,021	+5% $891	+10% $762
Rent	-10% $660	-5% $840	+0% $1,021	+5% $1,202	+10% $1,382
Rate	-1.0pp $1,210	-0.5pp $1,116	base $1,021	+0.5pp $924	+1.0pp $825

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$4,572
Total (3 units)			$4,572

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: $93,725
• Closing costs: $11,247
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-07
   status Under Contract 926-char remark

   Show marketing remark (926 chars)

   Incredible turnkey 3-unit opportunity offering strong rental income in a highly convenient Putnam location! This well-maintained property features 2 spacious 3-bedroom units, each w/ a desirable layout including living room, dining room & kitchen on the 1st floor, plus 3 generously sized bedrooms & full bath on the 2nd floor. The 1-bedroom unit offers impressive space as well, featuring an oversized bedroom, enormous walk-in closet & oversized bath. In-unit laundry, off-street parking & separate utilities add to the appeal. Mechanicals include 3 gas boilers (2 less than 10 years old), 2 gas hot water heaters, 1 electric hot water heater, and roof replacements completed in 2 sections approx. 2016 & 2026. Just minutes to the highway for an easy commute to Worcester, Providence & even Boston. Excellent income potential, strong layout, and turnkey condition make this a rare find at this price!

2. 2026-04-30
   listed $374,900 Active 926-char remark

   Show marketing remark (926 chars)

   Incredible turnkey 3-unit opportunity offering strong rental income in a highly convenient Putnam location! This well-maintained property features 2 spacious 3-bedroom units, each w/ a desirable layout including living room, dining room & kitchen on the 1st floor, plus 3 generously sized bedrooms & full bath on the 2nd floor. The 1-bedroom unit offers impressive space as well, featuring an oversized bedroom, enormous walk-in closet & oversized bath. In-unit laundry, off-street parking & separate utilities add to the appeal. Mechanicals include 3 gas boilers (2 less than 10 years old), 2 gas hot water heaters, 1 electric hot water heater, and roof replacements completed in 2 sections approx. 2016 & 2026. Just minutes to the highway for an easy commute to Worcester, Providence & even Boston. Excellent income potential, strong layout, and turnkey condition make this a rare find at this price!

3. 2026-04-22
   historical $374,900 926-char remark

   Show marketing remark (926 chars)

   Incredible turnkey 3-unit opportunity offering strong rental income in a highly convenient Putnam location! This well-maintained property features 2 spacious 3-bedroom units, each w/ a desirable layout including living room, dining room & kitchen on the 1st floor, plus 3 generously sized bedrooms & full bath on the 2nd floor. The 1-bedroom unit offers impressive space as well, featuring an oversized bedroom, enormous walk-in closet & oversized bath. In-unit laundry, off-street parking & separate utilities add to the appeal. Mechanicals include 3 gas boilers (2 less than 10 years old), 2 gas hot water heaters, 1 electric hot water heater, and roof replacements completed in 2 sections approx. 2016 & 2026. Just minutes to the highway for an easy commute to Worcester, Providence & even Boston. Excellent income potential, strong layout, and turnkey condition make this a rare find at this price!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $54,864
• − Mortgage interest: −$21,000
• − Property taxes: −$5,624
• − Insurance: −$1,874
• − Repairs & maintenance: −$4,389
• − Management: −$4,389
• − Depreciation: −$10,906
• Taxable income: $6,681
• Est. tax owed @ 24.0%: −$1,604
• After-tax cash flow: $10,649/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This multi-family home requires moderate renovations to improve its condition and increase its value. The kitchen and bathrooms need significant updates, while the exterior siding and landscaping could use some attention. Upgrading these areas will make the home more attractive to buyers and renters.

Repairs flagged

• Major Kitchen cabinets — The cabinets are visibly worn and need to be replaced or refinished.
• Major Bathroom fixtures — The bathroom fixtures are outdated and need to be replaced with modern, functional ones.
• Moderate Exterior siding — The siding shows signs of wear and discoloration, which may require repainting or replacement.
• Minor Landscaping — The landscaping appears somewhat unkempt and could benefit from some trimming and planting.

Value-add opportunities

• Resale Replace kitchen cabinets and fixtures — Updating the kitchen with new cabinets and fixtures will significantly enhance the home's appeal and value.
• Resale Replace bathroom fixtures — Modernizing the bathrooms with new fixtures will improve the home's overall appeal and functionality.
• Resale Paint interior walls and ceilings — Fresh paint will make the interior look more inviting and modern, increasing the home's value.
• Rental Improve landscaping — A well-maintained and aesthetically pleasing exterior will attract more renters and increase rental income.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The cabinets are visibly worn and need to be replaced or refinished.	Major	$15,000–50,000
Bathroom fixtures · The bathroom fixtures are outdated and need to be replaced with modern, functional ones.	Major	$15,000–50,000
Exterior siding · The siding shows signs of wear and discoloration, which may require repainting or replacement.	Moderate	$3,000–15,000
Landscaping · The landscaping appears somewhat unkempt and could benefit from some trimming and planting.	Minor	$500–3,000
Total estimated repair cost · 4 items		$33,500–118,000

Value-add ROI direction

• Resale Replace kitchen cabinets and fixtures — Updating the kitchen with new cabinets and fixtures will significantly enhance the home's appeal and value. ↑
• Resale Replace bathroom fixtures — Modernizing the bathrooms with new fixtures will improve the home's overall appeal and functionality. ↑
• Resale Paint interior walls and ceilings — Fresh paint will make the interior look more inviting and modern, increasing the home's value. ↑
• Rental Improve landscaping — A well-maintained and aesthetically pleasing exterior will attract more renters and increase rental income. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+0.0% since first listed

3 events — show timeline

• 2026-05-07 Pending — Smart MLS
• 2026-04-30 Listed $374,900 Smart MLS
• 2026-04-22 Coming Soon $374,900 Smart MLS