26 Phelps St · East Hartford, CT 06108

$235,000

2 bd · 2.0 ba · 1,331 sqft · MultiFamily public records · 17 Days on market

Built 1900 6,098 sqft lot

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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 +25.9/30.0
• DSCR +8.7/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Attention investors and owner-occupants, here is your opportunity to own a well-positioned two-family property in East Hartford! 26 Phelps Street offers two separate one-bedroom, one-bath units, each featuring a functional eat-in kitchen layout that tenants appreciate for everyday living. With a combined 1,331 square feet, off-street parking, and natural gas heat, this property delivers the key fundamentals that make for a solid addition to any rental portfolio. Whether you're a seasoned investor or just getting started in real estate, this property presents a compelling opportunity to build equity in a convenient East Hartford location with easy access to major commuter routes, shopping, a

Key facts

• Off street parking
• Natural gas heat
• Two family property

Tags

• TWO FAMILY PROPERTY
• FUNCTIONAL EAT IN KITCHEN
• OFF STREET PARKING
• NATURAL GAS HEAT
• CONVENIENT LOCATION
• EASY ACCESS TO COMMUTER ROUTES

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family (2-family); Multi-family for sale
• Construction: Frame construction; Concrete foundation; Asphalt shingle roof; Built prior to or by public record (living area reported)
• Exterior features: Level lot; Aluminum siding

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot air heating; Natural gas heat; Natural gas domestic hot water
• Interior features: Full basement; Attic with pull-down stairs; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $580 ($7k/yr) — positive. Per door: $290/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $231k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 4.2% in East Hartford — 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 73/100 on livability (#76 in CT) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, commute A-; Watch: schools D+, amenities F, health & safety F.
• East Hartford School District (urban): math 17% / reading 30% proficiency, ranked #140 of 153 in CT (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 47 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At $2,969/mo this rent would consume 63% of the median local household income ($57k/yr) (locally 1205% 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 $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $231,475 (1.5% 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. 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: 1.26% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.57%
• DSCR: 1.47
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.4%
• Equity multiple: 0.98×
• Total profit: $-1,036
• Equity at exit: $35,039

10-year hold

• IRR: 9.3%
• Equity multiple: 1.72×
• Total profit: $47,165
• Equity at exit: $20,319

Cash invested: $65,800 (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 06108

• Home prices YoY: -17.6%
• Active inventory: 47
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,969 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$436 /mo · $5,228/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$623
• Net cashflow: $580

Break-even live

Break-even rent $2,235

Max offer price $235,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,968
Total (2 units)			$2,969

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39 Central Ave Unit 4 East Hartford, CT	1.0	1.0	900	$1,450	$1.61	3d	1	0.23mi
15 June St Unit 2 East Hartford, CT	2.0	1.0	930	$1,800	$1.94	20d	1	0.61mi
15 June St Unit 1 East Hartford, CT	2.0	1.0	930	$1,850	$1.99	20d	1	0.61mi
8 Turtle Creek Ln East Hartford, CT	2.0	1.0	975	$1,650	$1.69	44d	1	0.76mi
11 Turtle Creek Ln East Hartford, CT	2.0	1.0	975	$1,650	$1.69	44d	1	0.77mi
10 Cherry St Unit 2nd floor East Hartford, CT	3.0	1.0	960	$2,050	$2.14	12d	1	0.94mi
128-130 Sisson St Unit 2 East Hartford, CT	3.0	1.0	1056	$2,120	$2.01	24d	1	1.09mi
296 Tolland St Unit 2F East Hartford, CT	1.0	1.0	1125	$1,500	$1.33	24d	1	1.17mi

Listing history 13 events

1. 2026-06-18
   days on market $235,000 Active 17 DOM
2. 2026-06-17
   days on market $235,000 Active 16 DOM
3. 2026-06-16
   days on market $235,000 Active 15 DOM
4. 2026-06-15
   days on market $235,000 Active 14 DOM
5. 2026-06-13
   days on market $235,000 Active 12 DOM
6. 2026-06-10
   days on market $235,000 Active 9 DOM
7. 2026-06-09
   days on market $235,000 Active 8 DOM
8. 2026-06-08
   days on market $235,000 Active 7 DOM
9. 2026-06-07
   days on market $235,000 Active 6 DOM
10. 2026-06-05
    days on market $235,000 Active 3 DOM
11. 2026-06-03
    days on market $235,000 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $235,000 Active 1 DOM

ⓘ 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: $5,228 · $436/mo
• Projected year-2 tax: $5,228 · $436/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $35,628
• − Mortgage interest: −$13,164
• − Property taxes: −$5,228
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,850
• − Management: −$2,850
• − Depreciation: −$6,836
• Taxable income: $3,525
• Est. tax owed @ 24.0%: −$846
• After-tax cash flow: $6,109/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: East Hartford School District
• NCES district ID: 0901260
• Math proficiency: 17% ▼ -5.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $49,691
• Composite: 20.74/100
• National rank: #8519
• State rank: #140 of 153 in CT

Livability — East Hartford

• Score: 73/100
• State rank: #76
• US rank: #5527

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Hartford, CT
• County: Hartford County · 754,208 people
• City population: 50,918
• Metro: Hartford-East Hartford-Middletown, CT
• Population (ZIP): 23,499
• Household income: $56,663
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 1205.0

Population outlook (Capitol County) Hauer SSP2

• By 2040: 1,063,519

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Hispanic / Latino 44% Black 26% White 23% Two or more races 18% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 28% Dominican 2% Salvadoran 1%
• Common ancestry: Romanian 4% Lithuanian 4% Estonian 2%
• Foreign-born: 22% · Canada, Jamaica, Vietnam
• Languages at home: 55% English-only · Spanish 35% Other Indo-European 3% French/Haitian/Cajun 2%

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: ▼ -65.15%
• Current HPI: 306.0426
• Rent YoY: —
• 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

1 event — show timeline

• 2026-06-01 Listed $235,000 Smart MLS

Property tax history

+2.6%/yr

Latest (2025): $5,228 · +4.3% YoY. Source: county tax records.