32-34 Bedford St

Hartford, CT 06120

$599,999B+

18 bd · 7.2 ba · 7,278 sqft · Built 1910 · MultiFamily · Under Contract · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $14,050/mo
• Mortgage (P&I): −$3,146
• Tax + insurance: −$1,000
• HOA: −$0
• Vac / Maint / Mgmt: −$2,950
• Net cashflow: $6,953/mo
• Annual: $83,436/yr
• Cap rate: 20.20%
• Cash-on-cash: 49.66%
• DSCR: 3.21
• 1% rule: 2.34%
• Cash to close: $168,000

Investor read

• This is a 1×2bd/1ba + 3×3bd/1ba + 2×4bd/1ba units multifamily listed at $600k. Condition is rated fair.
• At list price, monthly cash flow is $7k ($83k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $600k).
• It's been on market 39 days — a 3% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $582k (3.0% below list) — sets the bar for market timing.
• In year one you build about $47k of equity ($4k loan paydown + $43k appreciation (7.1% local appreciation)).
• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wish Museum School (math 8% / reading 8%, grade F, #529 of 553 statewide, top 97%, 291 students, 90% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.8%/yr); 21 active listings in the ZIP; lower-income renter base — watch delinquency; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At projected returns (7.1% appreciation + 2.8% rent growth), your $168k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$75k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; major wind risk, 27% 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.
• At $14,050/mo this rent would consume 484% of the median local household income ($35k/yr) (locally 1435% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F 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?

Repairs flagged (vision-AI assessment)

• Major: kitchen appliances — outdated and worn
• Major: bathroom fixtures — dated and worn
• Major: landscaping — overgrown and debris present