48 Dikeman St · Waterbury, CT 06704

$445,500

6 bd · 3.0 ba · 3,193 sqft · MultiFamily public records · 51 Days on market

Built 1898 4,356 sqft lot $140/sqft · 17% above area Est $379k · 17% over

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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 +26.6/30.0
• DSCR +9.1/10.0
• 1% rule +7.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +1.5/10.0
• Schools +1.5/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

Cash-flowing, well-maintained 3-family in the desirable W.O.W. neighborhood of Waterbury, offering a strong opportunity for both investors and owner-occupants. Ideal setup to live in one unit while collecting rent from the others. 1st and 2nd floors feature approx. 1,000 SF with 3 bedrooms, living room, full bath, and eat-in kitchen. 3rd floor is approx. 1,000 SF with 2 bedrooms, living room, full bath, and eat-in kitchen. Hardwood floors throughout with some kitchen and bath updates across the units. Separate utilities for each unit-1st floor is gas, 2nd and 3rd floors are electric. All units include laundry hookups. On-street parking only, keeping expenses low for ownership. Turn-key, low-maintenance asset with solid income potential. PROPERTY WILL HAVE AN ENTIRELY NEW ROOF BEFORE CLOSING. Conveniently located near public transportation, major highways, downtown, shopping, hospitals, and other amenities.

Key facts

• Separate utilities
• Downtown
• Laundry hookups

Tags

• SEPARATE UTILITIES
• LAUNDRY HOOKUPS
• NEW ROOF
• PUBLIC TRANSPORTATION
• MAJOR HIGHWAYS
• DOWNTOWN

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $446k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $398/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $446k).
• Recommended offer: $432k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.6% in Waterbury — 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 79/100 on livability (#32 in CT, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Waterbury School District (suburban): math 12% / reading 23% proficiency, ranked #148 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.0%/yr); 100 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $5,326/mo this rent would consume 131% of the median local household income ($49k/yr) (locally 1981% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $125k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y 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 $25k; list at $446k implies a 1682% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $432,135 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% 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 1898 — 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. 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?
8. 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.
9. 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.
10. 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: 1.20% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.48%
• DSCR: 1.51
• GRM: 7.0

CMA / ARV

• ARV (median comp): $379,486
• List price: $445,500
• Delta: 17.40%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Putnam St	0.02mi	6/3.0	3,188 (-0%)	11mo	$387,000	$121	90
64 Wood St	0.11mi	7/3.0 (+1)	3,393 (+6%)	1mo	$495,000	$146	79
245 Walnut St	0.12mi	7/3.0 (+1)	2,970 (-7%)	0mo	$210,000	$71	78
290 Orange St	0.22mi	7/3.0 (+1)	3,050 (-4%)	7mo	$435,000	$143	71
21 Violet St	0.33mi	6/3.0	2,941 (-8%)	4mo	$270,000	$92	68
28 Wall St	0.32mi	6/3.0	3,280 (+3%)	15mo	$292,500	$89	68
33 Albert Pl	0.13mi	7/3.0 (+1)	3,584 (+12%)	1mo	$385,000	$107	67
78 Griggs St	0.46mi	7/3.0 (+1)	3,456 (+8%)	2mo	$470,000	$136	58
205 Cooke St	0.60mi	6/3.0	3,439 (+8%)	5mo	$380,000	$110	55
133-135 Byrneside Ave	0.74mi	6/3.0	3,355 (+5%)	14mo	$300,000	$89	46
230 Hill St	0.72mi	6/3.0	3,582 (+12%)	8mo	$435,000	$121	40
36 Irving St	0.71mi	6/2.0	3,408 (+7%)	16mo	$250,000	$73	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 6.2%
• Equity multiple: 1.26×
• Total profit: $32,033
• Equity at exit: $66,425

10-year hold

• IRR: 19.6%
• Equity multiple: 3.04×
• Total profit: $254,073
• Equity at exit: $38,519

Cash invested: $124,740 (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 06704

• Home prices YoY: -2.0%
• Rents YoY: 8.0%
• Active inventory: 100
• Price-to-rent: 20.9×

Monthly cashflow live

• Estimated rent: $5,326 high
• Mortgage (P&I): −$2,336
• Tax from tax record: −$492 /mo · $5,902/yr
• Insurance: −$186
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,118
• Net cashflow: $1,194

Break-even live

Break-even rent $3,815

Max offer price $445,500

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,325
Total (3 units)			$5,326

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: $111,375
• Closing costs: $13,365
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Niagara St Waterbury, CT	6.0	3.0	3156	$1,700	$0.54	3d	1	0.88mi

Listing history 21 events

1. 2026-06-07
   days on market $445,500 Active 51 DOM
2. 2026-06-05
   days on market $445,500 Active 48 DOM
3. 2026-06-03
   days on market $445,500 Active 47 DOM
4. 2026-06-03
   days on market $445,500 Active 46 DOM
5. 2026-06-01
   days on market $445,500 Active 45 DOM
6. 2026-05-31
   days on market $445,500 Active 44 DOM
7. 2026-04-17
   listed $445,500 Active 919-char remark

   Show marketing remark (919 chars)

   Cash-flowing, well-maintained 3-family in the desirable W.O.W. neighborhood of Waterbury, offering a strong opportunity for both investors and owner-occupants. Ideal setup to live in one unit while collecting rent from the others. 1st and 2nd floors feature approx. 1,000 SF with 3 bedrooms, living room, full bath, and eat-in kitchen. 3rd floor is approx. 1,000 SF with 2 bedrooms, living room, full bath, and eat-in kitchen. Hardwood floors throughout with some kitchen and bath updates across the units. Separate utilities for each unit-1st floor is gas, 2nd and 3rd floors are electric. All units include laundry hookups. On-street parking only, keeping expenses low for ownership. Turn-key, low-maintenance asset with solid income potential. PROPERTY WILL HAVE AN ENTIRELY NEW ROOF BEFORE CLOSING. Conveniently located near public transportation, major highways, downtown, shopping, hospitals, and other amenities.

8. 2026-04-14
   historical
9. 2026-04-02
   listed $459,900 Active
10. 2026-03-01
    historical
11. 2026-01-20
    listed $449,900 Active
12. 2025-12-15
    historical
13. 2025-10-31
    price $449,900
14. 2025-10-30
    listed $499,900 Active
15. 2022-08-09
    historical
16. 2022-05-25
    listed $270,000 Active
17. 2009-01-28
    soldstatus $25,000
18. 2008-12-08
    listed $28,900
19. 2008-07-08
    historical
20. 2008-04-09
    listed $146,000
21. 2005-12-14
    soldstatus $61,000

ⓘ 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: $5,902 · $492/mo
• Projected year-2 tax: $7,718 · $643/mo
• Expected delta: +$1,816/yr (+$151/mo · 30.8%)

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,912
• − Mortgage interest: −$24,955
• − Property taxes: −$5,902
• − Insurance: −$2,228
• − Repairs & maintenance: −$5,113
• − Management: −$5,113
• − Depreciation: −$12,960
• Taxable income: $7,642
• Est. tax owed @ 24.0%: −$1,834
• After-tax cash flow: $12,492/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: Waterbury School District
• NCES district ID: 0904830
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 23% ▼ -8.00%
• Median HH income: $40,040
• Composite: 14.85/100
• National rank: #9380
• State rank: #148 of 153 in CT

Livability — Waterbury

• Score: 79/100
• State rank: #32
• US rank: #2205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterbury, CT
• County: New Haven County · 688,236 people
• City population: 115,012
• Metro: New Haven-Milford, CT
• Population (ZIP): 31,713
• Household income: $48,718
• Rent vs Own: 54.7% rent · 45.3% own
• Severe rent burden: 1981.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 48% Black 28% Two or more races 20% White 18% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 30% Dominican 8%
• Common ancestry: Romanian 2% Lithuanian 1% Russian 1%
• Foreign-born: 16% · Canada, South Korea
• Languages at home: 56% English-only · Spanish 38% Other Indo-European 3% French/Haitian/Cajun 1%

Political lean MEDSL · Naugatuck Valley

• 2024 margin: Lean R (+7.4) · D 45.6% · R 53.0% · Other 1.4%
• All cycles: 2024: R+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.05%
• Current HPI: 340.0917
• Rent YoY: ▲ 8.02%
• 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

+630.3% since first listed

15 events — show timeline

• 2026-04-17 Listed $445,500 Smart MLS
• 2026-04-14 Listing Removed — Smart MLS
• 2026-04-02 Listed $459,900 Smart MLS
• 2026-03-01 Listing Removed — Smart MLS
• 2026-01-20 Listed $449,900 Smart MLS
• 2025-12-15 Listing Removed — Smart MLS
• 2025-10-31 Price Changed $449,900 Smart MLS
• 2025-10-30 Listed $499,900 Smart MLS
• 2022-08-09 Listing Removed — Smart MLS
• 2022-05-25 Listed $270,000 Smart MLS
• 2009-01-28 Sold (MLS) $25,000 Smart MLS
• 2008-12-08 Listed $28,900 Smart MLS
• 2008-07-08 Listing Removed — Smart MLS
• 2008-04-09 Listed $146,000 Smart MLS
• 2005-12-14 Sold (Public Records) $61,000 Public Records

Property tax history

+5.3%/yr

Latest (2023): $5,902 · +78.4% YoY. Source: county tax records.